Interbank FX

Interbank FX

Interbank FX - Forex Broker

Broker nameInterbank FX
Company nameInterbank FX
Online since2001-01-01
Site urlhttp://www.ibfx.com
CountryUSA
Minimum account size250.00
Minimum account size currencyUSD
Minimum position size0.010000
Maximum leverage50
Maximum leverage descriptionup to 1:50
Spread levelmedium
Spread description2 pips on EUR/USD
Is regulatedYES
Regulation descriptionRegistered Futures Commission Merchant (FCM), registered with the Commodity Futures Trading Commission (CFTC).
Easy registrationNO
Votes count254
Rating4.60
Email[email protected]

Please rate this broker


Advantages

  • MetaTrader 4 Forex broker.
  • Really low spreads.

Disadvantages

  • Opening an account is a complicated process.

Payments

  • Bank wire
  • Credit cards
  • check

Categories

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9 Reviews

  1. Al:

    The people at IBFX are definetly a bunch of cheaters! I have several accounts with many brokers and I use to trade the same deals to be able to compare their services. I have to screens to watch my graphs and it pretty easy to see the differences. IBFX always is responding hard to my commands when I hit the “take profit button” but when I hit “stop loss” the order is executed immediately. I have witnessed my spread on EUR/USD being increased from 2 to 5 pips so the take profit limit I settled wouldn’t work. I am sure they use all these tricks to cheat on you. It is very hard to money in these conditions when you do not have to fight only the market but your broker too.

  2. Alex:

    I have almost 3 years with IBFX and I am very satisfied with my achievements for now. I like the fast withdrawals that you will not encounter anywhere else. The spreads may be too wide during the news but every where is the same about this problem.
    Most people that took bad about this site never had a chance to compare it with other brokers and that‘s why they are not realistic with their reviews.

  3. Andrei:

    Recently there have been some changes at IBFX regarding their Terms. From now on there is no minimum for deposits when you open a Live account.
    I like the services offered by this broker. I had very few problems trading with them.
    Good luck to everybody!

  4. Ben-Noble:

    IBFX IS A BIG SCAMMER AND CHEATER.
    I can’t figure it out who is really making money on this site is the majority of traders have submitted negative reviews about the broker.
    Are they any brokers that allow you to trade without their interference?
    As for me when I noticed that a site tries to cheat me I started to cheat on him. Lately I do not settle stops to my trades because they just don’t seem to work properly. I would like to know a good and reliable broker on the Internet but I think there isn’t such thing. If you know, give me a hint.

  5. Tom Brogan:

    Be aware when you download their MetaTreder platform because it has a virus incorporated. His name is Aardmark and it is a very dangerous virus that can take screenshots of your graphs or read important data about your computer. Just take your time and run a deep scan of your computer and you will see what I’m talking about.When I discovered that I was really scared of what these guys from IFBX can do to your computer. Be very careful when you download their trading programs.

  6. Tony:

    IBFX has a special designed program that helps them to manipulate the market so that the trader will never go in profit. I both a EA recently because I wanted something more sophisticated and using it on my account I noticed that it is extremely profitable. When I decided to go Live with my trades like many others friend of mine did the deals began to be stopped more often. The system often dropped down the price almost to the Stop loss limit and then the price was established to the same level as before. This is the proof that there is not even a single honest broker in this industry. I still wonder how they manage to work legally and in the same time trait their customers with such big dishonesty.

  7. Alex j. Findlay:

    Why do forex broker have to scam their own clients? After all not even a single broker cannot exist with a fair amount of clients. I doubt very much that they have problems with making profits just by applying the rules with honesty. If you want to find out why I have this opinion is because I received an unexpected email from IBFX reporting me the violation of CAN-SPAM Act; The Final Word on this case was to offer me an account with $25.00 for free to start trading.
    I did not understand their behaviour with this problem but I think neither did they.
    EarnForex does a pretty good job when it comes to warn people about potential scams. I tried to d the same with my action and say to all the trader to ba aware with IBFX.
    Best Wishes,
    Alex Fibdlay
    [email protected]

    PS:
    My intention was not to discredit this broker. I just tried to show you that being a customer of this company can get you end up manipulated, abused and with your money stolen. So you better think twice before opening an account there in order to avoid further headaches.

    NOTE****** There may exist some typos because the Doc was presented on the NFA Internet Website using a OCR Machine.
    FILED
    National FUTURES ASSOCIATION -
    BEFORE THE APR 42007
    BUSINESS CONDUCT COMMITTEE
    NATIONAL FUTURES ASSOCIATION
    LEGAL DOCKETING
    IntheMatterof: )
    )
    INTERBANKFXLLC
    (NFAID#326091), )
    and ) NFA Case No. 07-BCC-O1O
    )
    TODD CROSLAND )
    (NFA ID #349820),
    )
    Respondents. )
    COMPLAINT
    After reviewing and investigating the case submitted by the Compliance Department of National Futures Association (“NFA”), and discovering that the NFA Compliance Rules (“NrA Requirements”) were violated by the companies Todd Crosland (“Crosland”) and Interbank FX LLC, NFA’s Business Conduct Committee (“Committee”) makes the following statements:
    ALLEGATIONS JURISDICTION
    1. Considering the nature of this complaint there is the need to say that Interbank FX is a member of NFA and thus the company has to respect all the NFA Requirements. In case the company will be found guilty for violations disciplinary sanctions will be applied.
    2. Considering the subject of the present complaint we recognize the company Crosland to be an associate of Interbank FX.
    Therefore Crosland has to comply to the NI-M i-requirements and in case of violations the company will be the subject of disciplinary sanctions. Interbank can be held responsible for the illegal actions carried by Crosland on behalf of Interbank FX.
    BACKGROUND

    3. Interbank FX is a member of NFA since December 2004 and has an activity business in off-exchange foreign futures and options (“forex”) as a Forex Dealer Member Q’FDM”). Mr. Crosland has the position of chief executive officer (“CEO”) at Interbank FX’s and is a registered AP, NFA Associate Member, and is number 1 responsible person of this company. At the examination that HFA carried in 2006 regarding the Interbank FX business activity, there were aproximately 4,800 client accounts which had approximately $25.8 million in customer liabilities.
    4.
    The Committee filed out a Complaint against Interbank FX on August 30, 2006 accusing Interbank FX for failing to make the collection of the required security deposit from its retail customers. This is the subject of violation of NFA Financial Requirements Section 12(a). Interbank FX has agreed pay a $25,000 fine to solve the issue of this Complaint with its insurance funds.
    5. At the examination that HFA carried in 2006 regarding the Interbank FX business activity, there were found numerous and serious problems regarding the Interbank FX’s advertising material, as alleged herein.
    APPL1CABLE RULES

    6. NFA Compliance Rule 2-36(b) ensures, in pertinent part, that FDM will not cheat, attempt to cheat, defraud or deceive any person involved in trading activity..
    1. NI-A Compliance Rule Z-3b(c) ensures that I—VMS together with their Associates will provide a fair observation for the appliance of high standards of commercial honor and also for the the implementation of equitable principles of trade in the foreign currency futures and options business.
    8. NFA Compliance Rule 2-36(e) ensures that each FDM will provide a surveillance of its employees and agents with the purpose of making their foreign currency futures and options activities more transparent for thebehalf of the FDM. Each Associate that is a FDM supervisor has the obligation to follow his duties in the conduct of that Associate’s foreign currency futures and options activities in the name of the FDM.
    COUNT I
    VIOLATION OF NFA COMPLIANCE RULES 2-36(b) AND (c): USE OF DECAPTIVE AND MISSLEADING ADVERTISING MATERIAL TOGETHER WITH THE IMPOSSIBILITY TO MAINTAIN HIGH STANDARDS OF HONNOR, AND FAIR PRINCIPLES OF TRADE.
    9. The allegations will be set forth in paragraphs 1, 6 and 7 and will be realleged in paragraph 9.
    10. In the months of August and September 2006, NFA has reviewed a site which was a property of Interbank FX, http://www.lnterbank FXfx.com. The following irregularities were found:
    The operational funds were held separate from the customer funds. When a client sent his funds to trade they were placed in the account named ‘Interbank FX Customer Funds Account’. This account was specially created by Interbank FX at the Bank of the West with the reason of collecting the customer’s deposits.
    Customers can have sometime the legitimate question: “In case the company will face some financial problems shall I be able to recover my funds?” This is a totally understandable question and the answer is simple. Because your money is held in a separate account you will just need to contact us and we will release your funds.
    3.
    • Commission I-Khlz I rading. It is important to know that forex market does not charge any trading commissions of exchange fees which can be found on the currency features.
    • 200:1 leverage — this leverage rate allows traders to have a $50 marginand havind the possibility to trade $10,000 at a position value of only 0.05%. This attractive leverage is a very powerful marketing tool that attracts lots of customers.
    • The average daily currency volume registered at the Chicago Mercantile Exchange (CME) is about 1% comparing to the total amount that is on the Forex market. This is one of the biggest advantages that the Forex market is offering by opposite to the currency features.
    • . . . The trading platform allows our clients to trade at Interbank Forex market without any market manipulation. The access to the site is electronic and this is the best proof that there is no trading desk in the company. The trade orders are executed in a matter of seconds and are going directly to the bank accounts.
    •The Direct Interbank FX trading means that no one is allowed to manipulate the trading rates or the pip prices.
    • Having a weekly volume of trades equivalent to a yearly NYSE (New York Stock Exchange) trading volume there isn’t any risk of going short on buyers and sellers in the Forex market. Because of the big number of traders involved in this market the trading volume and the prices have a good stability and a fair consistency. The liquidity available on the equities market is not the same as the liquidity available on the Forex market.
    11.
    Interbank FX had an advertising brochure called “Interbank fx”. The brochure presented the following privileges:
    • The Direct Interbank FX trading trough electronic access means that no one is allowed to manipulate the trading rates or the pip prices.
    • The clients at Interbank FX will have the opportunity to use a streaming quote feed to access the direct execution. This means that Interbank FX gives you the access to real liquidity.
    4.
    12. ln May 2005, Interbank I-A published an advertising material in two samples named “FX & MM” and “Technical Analyst”. Interbank FX was presenting the following advantages in these two publications:
    • Direct Interbank FX Trading (Never a dealing desk). This opportunity has also appeared in a previous advertising material of Interbank FX, called “Technical Analyst”
    • The advanced technology that is used by Interbank FX allows its customers to trade and execute orders directly from streaming quote feed of Interbank FX without the necessity to use a dealing desk.
    13. the information present in the paragraphs 10, 11 and 12 is considered misleading and deceptive for the following reasons:
    a. the broker has made a false statement that the funds deposited with Interbank FX have an increased protection against the case of bankruptcy and the clients have each one their own account.
    b. The broker said that all the commissions and fees for Interbank FX services are 0% but did not give any details on how the company is compensated for its services.
    c. The company has shown the benefits of its leverage rates but did not said a word about the increased risks due to a higher level of leverage rates.
    d. They made a false statement that Interbank FX clients are trading directly in the “lnterbank FX market.”
    14. Interbank FX used misleading advertising material described in paragraphs 10, 11 and 12 above and this way made a violation of lnterbank FX’s obligation to protect the high standards of commercial honor along with just and equitable principles of trade in its foreign currency futures and options business activity..
    5.
    Considering the reasons above Interbank I-A is found guilty of violations of NFA Compliance Rules 2-36(b) and (c).
    COUNT II
    VIOLATION OF NFA COMPLIANCE RULE 236(e): FAILURE TO SUPERVISE.

    16. The allegations will be set forth in paragraphs 1,2 and 8 and will be realleged in paragraph 16
    17. The supervision that was held on behalf of FDM, and the purpose of which was the conduct of employees and agents in their foreign currency futures and options trading activities requires that FDM and his Associates involved in the supervision duties to make a fair supervise of all the advertising material and to ensure themselves that does not break any of the NFA Requirements.
    18. Crosland was in charge to review and aprove all the advertising material of Interbank FX company..
    19. The allegations will be set forth in paragraphs 10 through 14 and will be realleged in paragraph 19
    20. Interbank EX together with its associate Crosland didn’t succeed in applying efficient measures for surveillance of the use of the advertising materials and the proper compliance with the all the NFA Requirements
    21. Considering the reasons above Interbank I-A is found guilty of violations of NFA Compliance Rules 2-36(e).
    PROCEDURAL REQUIREMENTS
    ANSWER
    You have to file a written Answer to the Complaint with NFA is a period of thirty (30) days of the date of the Complaint. The answer you will receive will give you a response for each point of the allegation and will be in a form of admitting, denying or averring if you do not have sufficient information to present the true situation. The lack of insufficient information or knowledge about the subject in discussion will be made after considerable efforts to reveal all the relevant fact of the case were taken. This will also represent a denial of the pertinent allegation.
    NFA staff has the authorization to award a reasonable extension of time in which an Answer has to be filled in appropriate terms. You can fill an answer at the following adress:
    National Futures Association
    200 West Madison Street
    Suite 1600
    Chicago, Illinois 60606-3447
    Attn: Legal Department- Docketing
    In case of failure to file an Answer as in the example above will produce an admission of the total number of facts and conclusions of the Compliant. In case of failure to give a response to an allegation you will be forbidden to participate at that allegation. In case of failure to give an Answer as in the example above you will be deemed a waiver of hearing.
    POTENTIAL PENALTIES, DISQUALIFICATION AND INELIGIBILITY
    At the end of the proceedings conducted to investigate the issuance of the present complaint, NFA has the right to impose the following penalties and restrictions:
    (a) the suspension or expulsion for a determined period from NFA membership;
    (b suspension for a determined period from association with an NFA Member;
    (c) censure to the content;
    (d) a monetary penalty not more than $250,000 paid for each violation; and
    (e) order to cease and stop any other fitting penalty or remedial action that are not in concordance with the present penalties.
    7.
    The present allegations of this Complaint may have the statutory communication regarding the registration with Section 8a(3)(M) of the Commodity Exchange Act. All the respondents applying for a registration in a new capacity, including the one of AP and a new sponsor may receive a denial based on the results of this proceeding.

    Following the provisions of Commodity Futures Trading Commission (“CFTC”) Regulation 1.63, the penalties imposed that are related with this Complaint may be temporarily or permanently render Respondents as individuals who are not allowed to serve on disciplinary committees, governing boards, arbitration panels and on a self-regulatory organization, as it is stipulated in CFTC Regulation 1.63.
    NATIONAL FUTU S SSOCIATION
    BUSINESS CONDUCT COMMITTEE
    Dated: O4=04-07 By: 0
    Chairperson
    M:/pmr.compiaints. Interbank FX & Crosland.doc

  8. Russ:

    Take a good decision for yourself and for your money and review all the existing brokers before trying to open an account at IBFX. If you will register at IBFX and would not search for other companies then you will never know how bad they are compared with IBFX. Interbank FX offers very helpful add-ons for MT and has a very receptive customer support.
    The amount of daily trade is the best proof for the honesty of this company. This broker is a very good broker with fast order executions and almost instant withdrawals.
    What could you desire more than that?

  9. Dhita:

    I like this broker, it’s just great! And I really like the minimal 0.01 lot for trading on a mini account. This is very nice!

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