how good is interbankfx | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

InterbankFx 12 replies

More on interbankfx . . . 30 replies

using interbankfx 2 replies

do any one know about interbankfx.com broker 3 replies

Interbankfx 8 replies

Attachments: how good is interbankfx
Exit Attachments

how good is interbankfx

  • #1
  • First Post: Nov 4, 2006 3:15pm Nov 4, 2006 3:15pm
I posted this on the IBFX forum but then i figured the answers might be biased alittle bit haha so maybe I can get a better opinion here

Hi, I am trying to pick a broker for myself for a while now. I brought it down to two brokers. Either Oanda or IBFX. I am having a problem deciding tho. I do trade the news and I will start with a mini account. Now Oanda has alot of advantages.

- It allows to trade any amount
- Its suppose to have fast execution
- The spread is capped off at 15 pips according to their chart but usual news spreads are at 10
- I can fund my account with paypal
- They have a forum
- It is located in Toronto, Canada which is where I am

Unfortunatly its not exactly what I thought it would be. I just tried trading the NFP and I got several error messages before they filled my order. I didn't actaully lose anything on it because the price just bounced around and I ended up with approximatly what I wanted. I probably even benefited because the spread dropped right away and I only paid 1.5-3 pips. But that is not the point. Also initially the spread did go all the way up to 15 pips. and finally I really really dislike the platform compared to MT4.

Now I was thinking of IBFX because

- They allow to trade mini and micro lots which is just as good as trading
any amount for me
- I can use MT4
- They have a forum
- They seem like nice people.

But I'm alittle bit worried about them too. So I'd like to ask a couple of questions here.

1) How big could the spread get here?
2) How fast is the execution during NFP and similar market movers


Thank you
  • #2
  • Nov 4, 2006 6:31pm Nov 4, 2006 6:31pm
I thought they were located in Utah?
  • #3
  • Edited 8:04pm Nov 4, 2006 7:38pm | Edited 8:04pm
Well, first of all, this last NFP may not have been the best time to evaluate anyone. If you thought oanda was bad, consider that I had 33 pips slippage using a different broker.

I think IBFX is pretty much the middle of the road. Their spreads widen quite a bit and execution is OK. MetaTrader is a great platform, much better than oanda's. But, I've been pretty pleased with oanda so far.

I've now diversified with 3 different brokers. Each has their strengths and weaknesses.



stockwet
  • #4
  • Nov 5, 2006 10:26am Nov 5, 2006 10:26am
Quoting mappollo69
I thought they were located in Utah?
I know one of their offices is located in Toronto. They have two more. You can read about it here http://fxtrade.oanda.com/about/.

stockwet, thats a great idea if you trade under all market conditions. I only trade the news so I need a reliable broker with the best fills and low slippage. That should be my number one priority aside from them being legit of course. I played around with the settings and I can execute my trades pretty quickly. If I was on metatrader I would have just written a script to do it.

Can you tell me which brokers you use and when?
  • #5
  • Nov 5, 2006 11:23am Nov 5, 2006 11:23am
Quoting mappollo69
I thought they were located in Utah?
interbankfx is oanda has one in canada.
If I Go Broke Trying Then I Will die happy.
  • #6
  • Nov 5, 2006 1:43pm Nov 5, 2006 1:43pm
Quoting mmnoname
I know one of their offices is located in Toronto. They have two more. You can read about it here http://fxtrade.oanda.com/about/.

stockwet, thats a great idea if you trade under all market conditions. I only trade the news so I need a reliable broker with the best fills and low slippage. That should be my number one priority aside from them being legit of course. I played around with the settings and I can execute my trades pretty quickly. If I was on metatrader I would have just written a script to do it.

Can you tell me which brokers you use and when?
I have a SpotFX account. I use that for my intraday system because I need good execution. Execution was great until they screwed up in their backoffice and got hammered by the NFA. I may be closing that account, but, am not sure yet.

I use CFGTrader only as an interim solution for trades like fozzy. I opened this account when SpotFX stopped trading only because I could get it open quickly. I won't stay with them and won't recommend them.

I use oanda as my all around backup. I like oanda, but, I like MetaTrader more.

I will likely re-fund my IBFX account, stick with my oanda account and hope spotfx gets back going. If not, I'll be looking for a 3rd broker, preferably an MT4 broker.
  • #7
  • Edited 2:58pm Nov 5, 2006 2:57pm | Edited 2:58pm
I have all the same criteria as you and am also in Toronto, after doing much reading on the forums IBFX is also the choice i've whittled it down to, especially since I want to use MetaTrader.

I'm currently with FXCM, and while I like the fixed spreads, I don't like the platform, and want to at least use MT4 EA's for signals with a datafeed from the same broker. FXCM also dosn't have micro accounts, and i'm currently suffering from asymetrical leverage due to my account size.
To be one with the market, you must first be one with yourself.
  • #8
  • Nov 6, 2006 4:04am Nov 6, 2006 4:04am
Quoting mmnoname
- They allow to trade mini and micro lots which is just as good as trading
any amount for me
IBFX has micro lots? Thanks for the information, I was looking at them, but thought they only had standard and mini.

I've been consdering them for the longest time(alright, only two weeks). MT4, micro lots, working on a 4 hour and daily chart(not trading news, no worries of spread) think they'll work for me.

Good trading all.
If my answers frighten you then you should cease asking scary questions.
  • #9
  • Nov 6, 2006 10:11am Nov 6, 2006 10:11am
Quoting edge-t
IBFX has micro lots? Thanks for the information, I was looking at them, but thought they only had standard and mini.

I've been consdering them for the longest time(alright, only two weeks). MT4, micro lots, working on a 4 hour and daily chart(not trading news, no worries of spread) think they'll work for me.

Good trading all.

yup in your case they are perfect. Can anyone tell me the usual spread I can expect at IBFX during major news announcments? is it comparable to oanda?
  • #10
  • Nov 6, 2006 9:12pm Nov 6, 2006 9:12pm
Quoting edge-t
IBFX has micro lots? Thanks for the information, I was looking at them, but thought they only had standard and mini.

Good trading all.
Actually the go down to nanolots as well. Useful especially if you run eas.
  • #11
  • Nov 6, 2006 11:10pm Nov 6, 2006 11:10pm
Quoting mmnoname
yup in your case they are perfect. Can anyone tell me the usual spread I can expect at IBFX during major news announcments? is it comparable to oanda?

IBFX widens their spreads during news but it is not as wide as Oanda's spreads during same news.

I have seen widening of 10-12 pips during major news at IBFX.
I believe oanda widens 15-25 pips.
  • #12
  • Nov 7, 2006 12:06am Nov 7, 2006 12:06am
Quoting edge-t
IBFX has micro lots? Thanks for the information, I was looking at them, but thought they only had standard and mini.

I've been consdering them for the longest time(alright, only two weeks). MT4, micro lots, working on a 4 hour and daily chart(not trading news, no worries of spread) think they'll work for me.

Good trading all.

Actually, they only have Standard and Mini Accounts.

What yuo should understand is:

A standard account allows you to trade $100K lots (standard), $10K lots (mini) and $1K lots (micro).

A mini account allows you to trade $10K lots (mini), $1k lots (micro) and $100 lots (micro-mini).

The maximum you can trade with IBFX mini is 50 lots ($500K) per order. If you want to trade $1M lots, you will need to separate it into 2 orders. while on a standard account, the maximum is 100 lots or $10M lots in a single click.

Maximum Leverage is 100:1 for standard and 200:1 for mini accounts.
  • #13
  • Nov 7, 2006 1:14pm Nov 7, 2006 1:14pm
Quoting BurgerKing
Actually, they only have Standard and Mini Accounts.

What yuo should understand is:

A standard account allows you to trade $100K lots (standard), $10K lots (mini) and $1K lots (micro).

A mini account allows you to trade $10K lots (mini), $1k lots (micro) and $100 lots (micro-mini).

The maximum you can trade with IBFX mini is 50 lots ($500K) per order. If you want to trade $1M lots, you will need to separate it into 2 orders. while on a standard account, the maximum is 100 lots or $10M lots in a single click.

Maximum Leverage is 100:1 for standard and 200:1 for mini accounts.
Here is more info regarding to both accounts:
Mini Account. $250 Minimum - $10,000 Maximum (USD only).
Mini lot sizes are $10,000 only, leverage is 200:1 and maximum lots traded per click is 50.
Standard Account. $2,500 Minimum. No Maximum (USD only).
Standard lot sizes are $100,000 only, leverage is 100:1 only and maximum lots traded per click is 100.

Lot size can be from 0.01 to Max
  • #14
  • Nov 7, 2006 3:46pm Nov 7, 2006 3:46pm
Quoting thomson
Here is more info regarding to both accounts:
Mini Account. $250 Minimum - $10,000 Maximum (USD only).
Mini lot sizes are $10,000 only, leverage is 200:1 and maximum lots traded per click is 50.
Standard Account. $2,500 Minimum. No Maximum (USD only).
Standard lot sizes are $100,000 only, leverage is 100:1 only and maximum lots traded per click is 100.

Lot size can be from 0.01 to Max
Does anyone know what happens to a mini account at interbankfx once it hits $10,000 ? Do they immediately convert it to a standard account ? Does the leverage change automatically ? If you have a real life experience with this at IBFX please reply with details.

And on a seperate note, does anyone know any broker with a standard account leverage above 100:1 other than FXSOL ?
  • #15
  • Nov 7, 2006 4:00pm Nov 7, 2006 4:00pm
http://www.patricknouvion.com/IBFX/viewtopic.php?t=925

You can have a mini account in any amount. You just have the different rules on max lot size and higher leverage, as well as lower pip value.

Labrat407

P.S. I do have an account but am not promoting this service.


Quoting jhathawa
Does anyone know what happens to a mini account at interbankfx once it hits $10,000 ? Do they immediately convert it to a standard account ? Does the leverage change automatically ? If you have a real life experience with this at IBFX please reply with details.

And on a seperate note, does anyone know any broker with a standard account leverage above 100:1 other than FXSOL ?
  • #16
  • Nov 7, 2006 4:07pm Nov 7, 2006 4:07pm
I m glad u started this thread. As i was planning to open an account with them.

Keep droping ur views...fellow traders.
thanks.
  • #17
  • Nov 7, 2006 4:53pm Nov 7, 2006 4:53pm
I think one of the most diffficult aspects of FX trading is coming to terms with the Broker shananagins. While it is certainly difficult enough to try and pinpoint entry and exit points correctly to make a profit...you have Brokers running interference against their own clients for their own profit.

Unfortuneatly, until this industry is truly regulated we are at their mercy. It is almost unfathomable to me that they would even try these kinds of stunts. Did they think we wouldn't notice.

I remember an interview with Lefty Rosenthal on ABC news Nightline with Ted Koppell a few years ago when the Online gaming industry was born and Lefty was asked if the Casinos cheated in the early days of Vegas....Lefty laughed and said "of course we cheated ...until we found out that we didn't have to"

Soon and I hope soon, an honourable Broker will emerge who will realize that the PIPS are the brokers profit not the clients funds.

On the same note...I think a couple of class action law suits might be what the doctor ordered
  • #18
  • Nov 7, 2006 5:53pm Nov 7, 2006 5:53pm
[this was originally posted as reply #17- before SportsTrader's post, but I requested the mods delete it because I hadn't edited personal info from the original post]



I'm closing my InterbankFX account as of TODAY.

At approximately 1:55 p.m. EST I moved my stop losses on 4 long NZD/JPY trades on my live account from 78.50 (all positions) to 78.80/81 when the market had just pierced through the 79.00 zone.

At exactly 1:59 (a few minutes later) I watched my chart plummet from just above 79.00 down to 78.79.

How obvious can we get?

I went to IBFX's online chat and spoke with Darryl, who admitted that the low bid price for that particular 1 hour bar was 78.88. (Read chat transcript, below)

I requested an explanation for why my stops were taken out, and after much waiting and "pulling charts", etc. Darryl "explained" that even though on the recorded accounting statement the trade was stopped out @ 1:59 hrs, the bars were actually "overlapping"... puh-leze!

I pulled charts from two other online charting services, neither of them showed a price anywhere near 78.79 for that hour bar.

I believe that contrary to IBFX's claims otherwise, that they do indeed have a dealing desk, and they target rare pairs to take out stoplosses...and it makes a nice excuse for them that the stops are taken out right at the last minute of the hour.

If someone can produce some evidence that NZDJPY was near that price at that time, I'll gladly recant this post, but in the transcript below you have the evidence right out of their own mouths.



info: Thank you for contacting us. The next available agent will be right with you. Our goal is quality service. You may tell us how we do today by clicking HERE.
info: You are now chatting with 'Client Services'
Client Services: Hello, my name is Darrell, How may I help you?
you: Can you tell me what the low price was for the 1900 GMT 1 hour bar on NZDJPY?
you: I'm on the live trading account...MT4
Client Services: Low bid is 78.88
you: can you explain how my trade was stopped out when my stops were all set to 78.80?
Client Services: were you going long or short
you: i was long
Client Services: what was your stop set at?
you: btw...no other charting services show a price even close to that
you: 78.80
Client Services: That is the price
Client Services: I see on my chart
you: what is the price you see on your chart?
Client Services: Low of 78.88 bid price for a low during the 19:00 hour
Client Services: Is this a live trade ?
you: i want my funds RECOVERED
you: YES
Client Services: What is your account number
you: you folk took out my stop!
you: 18814
Client Services: What is the name on the account?
you: i had just set those stops not 5 minutes before the price plunged by more than TWENTY PIPS
you: Xxx Xxxxxx
Client Services: What is your address please
you: xxx xxxxxx xxxxxxxx xxxxx
Client Services: What is the trade number
you: 4 trades...
you: 11805551
you: 11805827
you: 11807175
you: 11810016
you: all the same currency
Client Services: ok give me a moment to go over the numbers and charts
you: still there?
Client Services: Yes, I had a chance to review your trades
Client Services: I see all of your trades were stoppped out
you: yes?
Client Services: at 78.80 and 78.81
Client Services: The candle sticks over lap at 19:59 & 20:00
you: yeah...pretty handy
you: what's your point?
Client Services: The low of 20:00 was 18.79
Client Services: sorry 78.79
you: that's not what you told me at the top of this conversation
Client Services: Therefore you did get stopped out on your orders
Client Services: You asked me to look at 19:00
you: I have it on record. You said low bid for the hour was 78.88
Client Services: For that hour the time is 19:00 to 19:59
you: shall we go to smaller timeframes?
Client Services: You got stoppped out on the next candle stick of 20:00
Client Services: which had a low of 78.79
Client Services: For 19:00 to 19:59
you: sorry...my records show I was stopped out at 19:59
Client Services: that is what you asked sir
you: that was BEFORE the 20:00 candle
Client Services: I'm terribly sorry
you: I WANT A REFUND
Client Services: You got stoppped out at 20:00
Client Services: They are not exactly in sych I see
you: this won't look good all pasted on the forums my friend...I have the records
Client Services: Which does not change the fact that you got stopped out at 20:00
Client Services: You are welcome to share if you would like
you: no other charting service has those numbers for lows anywhere NEAR the time they happened
Client Services: Anyone carefuuly reviewing the chart would be able to determine the same thinkg I did
you: Interbank FX- STOP HUNTERS
Client Services: It did drop on those 2 time periods at 19:59 & 20:00
Client Services: Which included your stop
you: you owe me 113.01...it will cost you much more than that in lost client fees
Client Services: I'm terribly sorry, I had your trades reviewed by my supervisor and he determined the same thing also
Client Services: There is nothing else I can do for you
you: oh...your supervisor is a crook TOO
Client Services: I tried
you: whatever...
Client Services: Thank you
Client Services: Is there anyting else I can help you with today?


[end of transcript]
Is your SL my TP?
  • #19
  • Nov 7, 2006 11:40pm Nov 7, 2006 11:40pm
Quoting Labrat407
http://www.patricknouvion.com/IBFX/viewtopic.php?t=925

You can have a mini account in any amount. You just have the different rules on max lot size and higher leverage, as well as lower pip value.

Labrat407

P.S. I do have an account but am not promoting this service.
Cool, thanks for the link....just what I needed to know and the answer I wanted to hear also :-)
  • #20
  • Nov 8, 2006 4:08am Nov 8, 2006 4:08am
Quoting mmnoname
I know one of their offices is located in Toronto. They have two more. You can read about it here http://fxtrade.oanda.com/about/.

stockwet, thats a great idea if you trade under all market conditions. I only trade the news so I need a reliable broker with the best fills and low slippage. That should be my number one priority aside from them being legit of course. I played around with the settings and I can execute my trades pretty quickly. If I was on metatrader I would have just written a script to do it.

Can you tell me which brokers you use and when?
Hello mmnoname, in my understanding from elitetraxxx.com if you only trade figures or being a scalper and consistently profitable, you will be blacklisted easily by the brokers ... they have some programmed agents scanning on the trade logs and will escalate your outstanding trades to trade desk for manual approval (both buy or sell) and then you will experience great slippage or they trade against your account... How is your experience ?
0 traders viewing now