What if a forex order is transmitted to the incorrect venue?
If a trader transmits a forex (FX) order to the incorrect venue (Ideal or IdealPro), IB will automatically re-route that order to the proper venue based upon the order size. The minimum order size for IdealPro is USD 25,000, or equivalent, and all order below that size are eligible for routing to Ideal.
Orders will be routed to the proper market venue should a market venue inconsistent with the order size be selected. This ensures that small orders are not routed to a venue where they cannot be executed and that large orders are availed of the generally tighter spreads afforded by the interbank market.
Example:
If an order to buy 500 EUR.USD is transmitted to the IdealPro venue, IB will recognize that this order is not of sufficient quantity to be sent to that venue and will re-route the order to Ideal.
Similarly, if a trader transmits an order to buy 100,000 EUR.USD to the Ideal venue, IB will recognize that the order is eligible to be routed to IdealPro and will automatically re-route the order.