Products
We provide two vehicles for the exchange of currencies, IDEALPRO which allows a customer to trade Forex and IDEAL which allows a customer to convert their balances from one currency to another. See our Forex product highlights for more details.
Click on any Market Center Details link below to find details on products traded, order types available, and exchange website information.
| Country | Market Center Details | Products | Hours |
![]() |
IDEAL |
Forex (Forex conversions) |
19:00 - 17:00 (ET) Sunday-Friday NZD only: 19:00 - 14:00 (ET) |
| IDEAL PRO |
Forex (25000 or USD equivalent minimum) |
17:15 - 17:00 (ET) Sunday-Friday NZD only: 17:15 - 13:00 (ET) |
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*Click here for the Forex Holiday Calendar.
Notes:
To make the routing of forex orders between IDEAL and IDEALPRO, we have implemented the following logic:
To make the routing of forex orders between IDEAL and IDEALPRO, we have implemented the following logic:
- Prefer Speed over Price: Customers submitting large-sized orders on IDEALPRO (orders greater than 3 million) who are more concerned with filling the order than getting the best price may choose Prefer Speed Over Price. When enabled (indicating that speed is preferred), this feature informs the SMART Router that it is OK to trade outside the NBBO to attempt to get the faster fill for a large-sized order. When disabled (indicating that price is preferred), execution of large-sized orders may be delayed due to dealer order size restrictions.
To set this feature on a per-order basis, use the Misc tab of the Order Ticket in TWS. To set this as an Order Preset, use the Timing section of the Forex Order Presets page. API customers can define this setting for ALL orders sent via the API by enabling the feature on the API page of Global Configuration. This feature is not available on a per-order basis for API orders. - Large Order Routing Protection: Orders submitted for more than the minimum order size (25,000 USD) will be automatically routed to IDEALPRO, even if they are accidentally entered into IDEAL. This is intended to provide better fills for clients who erringly enter larger orders into the less liquid small order book. There are limitations to this added protection (i.e. KRW is not available in IDEALPRO) but this mechanism should eliminate most pricing problems and mistrades.
- Residuals: Residual small orders will still be executable in IDEALPRO. Example: Client A submits a buy order for 40,000 USD.CHF. Client B submits a sell order for 50,000 executed against the resting 40,000 bid, but leaves a 10,000 residual. The 10,000 will be executable on IDEALPRO, even if the price is changed. If the size is changed, however, it will be deemed to be a new order and will be subject to the minimum order size restriction.
- Small Orders Entered Into IDEALPRO: You can enter small orders directly into the IDEALPRO quoteline. When you hit submit, you will get a warning message that the order is too small for IDEALPRO, but it can be accepted anyway. If accepted, these small orders will actually get routed to the IDEAL small order facility.
- IDEAL (small order) Liquidity: There will be an imputed small order quote 1 pip outside the interbank BBO. Small orders will execute against these prices to ensure that small orders get reasonable fills.
- FX Sweep: Non-base currency positions less than or equal to 5 USD or USD equivalent will be swept back to the account's base currency after settlement.
Click on any Market Center Details link below to find details on products traded, order types available, and exchange website information.
| Country | Market Center Details | Products | Hours |
![]() United States |
BondDesk |
Bonds (Treasuries, Corporates) |
08:00 - 17:00 (ET) |
| Knight BondPoint |
Bonds (Corporates) |
08:00 - 17:00 (ET) | |
| Knight BondPoint for Munis |
Bonds (Munis) |
08:00 - 17:00 (ET) | |
| Knight BondPoint for US Government Securities |
Bonds (Corporates, Treasuries) |
08:00 - 17:00 (ET) | |
| MuniCenter |
Bonds (Munis) |
08:00 - 17:00 (ET) | |
| NYSE Arca Bonds |
Bonds (Corporates) |
08:20 - 16:00 (ET) | |
| Timber Hill Auto-Ex Bonds |
Bonds (Corporates) |
08:20 - 16:00 (ET) | |
| Tradeweb |
Bonds (Corporates) |
08:00 - 17:00 (ET) | |
| Tradeweb for Munis |
Bonds (Munis) |
08:00 - 17:00 (ET) | |
| Tradeweb for US Government Securities |
Bonds (Treasuries) Bills |
08:00 - 17:00 (ET) | |
Notes:
Unlike other trading products with standardized market structures, bonds have certain peculiarities due to the decentralized nature of bond trading, including:
Unlike other trading products with standardized market structures, bonds have certain peculiarities due to the decentralized nature of bond trading, including:
- Bond quotes are not firm and order minimums can vary. Some TradeWeb and Knight BondPoint quotes may have a minimum size requirement that is not displayed. These factors can make smaller trades (<100k) extremely difficult to execute, and may preclude your order from being executed.
- While NYSE Arca and Timber Hill Auto-Ex orders are immediately executable when marketable, TradeWeb and Knight BondPoint orders can take up to five minutes to become executable due to the manual nature of these market destinations.
- NYSE Arca has a tick increment of 0.125 while TradeWeb, Knight BondPoint and Timber Hill Auto-Ex have a tick increment of 0.001. This difference in tick increment may determine the exchange on which your non-marketable order is held for execution.
- Bond prices are specified as percentage points of the face value of the bond. Effective April 7, 2008, the face value for Treasuries, including T-Bonds, T-Notes and T-Bills is 100. Most other bonds have a face value of 1,000.
- Some TradeWeb and Knight BondPoint quotes may have a minimum size requirement that is not displayed, which may preclude your order from being executed on this exchange.
- Direct routing of bond orders is not supported. All bond orders must be Smart Routed.
- Click here for information on distressed bonds.
- Buy side RFQs are not supported at ValuBond or MuniCenter.
| Country | Market Center Details | Products | Hours |
![]() United States |
American Century Funds |
Mutual Funds |
9:30am - 3:59pm ET |
| Baron Funds |
Mutual Funds |
9:30am - 3:59pm ET | |
| Dreyfus |
Mutual Funds |
9:30am - 3:59pm ET | |
| Evergreen Investments |
Mutual Funds |
9:30am - 3:59pm ET | |
| Fidelity Funds |
Mutual Funds |
9:30am - 3:59pm ET | |
| Janus |
Mutual Funds |
9:30am - 3:59pm ET | |
| Pimco Funds |
Mutual Funds |
9:30am - 3:59pm ET | |
| RiverNorth |
Mutual Funds |
9:30am - 3:59pm ET | |
| State Street Global Advisors |
Mutual Funds |
9:30am - 3:59pm ET | |
| T. Rowe Price |
Mutual Funds |
9:30am - 3:59pm ET | |
| Vanguard Funds |
Mutual Funds |
9:30am - 3:59pm ET | |
Notes:
- Only no-load funds with no early redemption fees are offered. In some instances, IB may receive a 12b-1 fee from a mutual fund company. See individual prospectuses for details.
- Delivery of prospectuses will only be made electronically and not by postal mail.
- All dividends will be automatically reinvested.
- Minimum size on initial fund order is USD 3,000. Subsequent minimum order size is USD 100.
- Mutual fund orders are accumulated during the day and transmitted to the fund at 15:59pm for pricing.
- Investors are prohibited from purchasing a fund for 60 calendar days after any portion of the fund has been redeemed or exchanged.
- Money market mutual funds require a 200,000 purchase minimum.
- Funds are not available for our Brokers and their clients.
Currently we offer exchange-listed CFDs only, as noted in the table below. UK regulations do not permit us to offer over-the-counter CFDs at this time. You may wish to consider direct trading in the underlying LSE shares.
Details about exchange listed CFDs for the Australian market can be found below.
| Country | Market Center Details | Products | Hours |
![]() Australia |
Sydney Futures Exchange (SNFE) |
Contracts For Difference (CFDs) |
00:00 - 08:00 09:50 - 16:30 17:10 - 23:59 (Sydney Time) |
Note: Legal residents of the US and Canada are prohibited from trading CFDs.






















