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  • #21
  • Dec 7, 2007 9:02am Dec 7, 2007 9:02am
Quoting Marilyn
we had to take our IBFX forum down because of potential liability issues so I was looking for a new place to chat with traders.
M
When IBFX used to have a lot of happy customers the forum was working fine.
But when IBFX changed I could see a lot of unhappy posts on the IBFX forum and I suppose that became a liability.
  • #22
  • Dec 7, 2007 9:21am Dec 7, 2007 9:21am
Quoting Marilyn
Hi ForexSean...

The MT4 back office doesn't process the best bid/ask - that is true.. however there is a program that manages the feeder files and sends the best bid & ask through to the MT platforms.

As for the smaller lot sizes.. You are right, the bigger banks don't want those trades. The little ones are netted and then sent through.

Just so we are all upfront.. I work for IBFX. Not here to cause issues or get growled at... but I used to spend a bit of time on the IBFX forum & the Equis forum before that.. we had to take our IBFX forum down because of potential liability issues so I was looking for a new place to chat with traders.

M

I apologize for any incorrect information posted. It was my understanding that the MT4 backoffice lacks much of the information the National Futures Association is looking for...
  • #23
  • Dec 7, 2007 1:01pm Dec 7, 2007 1:01pm
No problems and thanks for the welcome.. You know having our own forum was fantastic.. if anyone had an issue they could come right over and we could work on getting it resolved.. but the liability comes from being responsible ( to the NFA ) for every word, post and link on the forum. Essentially it goes like this.. if IBFX has a link on their site (including the forum) then they are responsible for everything on that site that they link to (first generation links).. you can imagine how crazy that gets..

I happy to be here and hope to get to know you all, learn a bit and answer any questions when I can!

M
  • #24
  • Dec 7, 2007 1:16pm Dec 7, 2007 1:16pm
Has any requested funds from FXLQ since the shutdown? If so, what was their response?
  • #25
  • Dec 7, 2007 5:15pm Dec 7, 2007 5:15pm
I sent in request to close account within 5 minutes of receiving email. I called FXLQ yesterday and was told my request had been received and was pending "approval" from the NFA before any funds could be released, and that it would take longer than normal to process because of this, though no clue could be obtained as to how long (if ever, right?).

Guess there's nothing to do but wait and see. Fortunately, I had reduced the account size several months back.

I'll post again if I get lucky (yeah).

Lyn
  • #26
  • Dec 8, 2007 4:24am Dec 8, 2007 4:24am
I suggest everyone reads the PDF document of the NFA case against FXLQ which is on the NFA website further down there is a link after the case summary. It is all mind boggling to me that FXLQ could behave in such a manner. Deception is the right word to use in this case.
  • #27
  • Dec 8, 2007 12:46pm Dec 8, 2007 12:46pm
It is amazing that the posting of FXCM was even allowed. Who cares how big you are, what we care about is fair trading practices.

The largest organizations are usually the most corrupt. Does anyone remember Enron, or even Refco, they were very large, do we also remember that FXCM and REFCO were virtually one in the same. Do we also remember that the largest loss of retail clients funds was from REFCO.

Do we also remember NFA warning FXMC about their repeated misleading and false advertising. The list could go on and on.

Le's put this into layman's terms.

Business operator XYZ - a family owned honest business, working very hard, paying their taxes every year and going by the book. They however barely make a profit.

Business operator "The Sapranos" - they have a lot of money, need I say more.


So....FXCM. It is no surprise. But please.....show us someting we can use besides the size of your wallet.
  • #28
  • Dec 8, 2007 12:46pm Dec 8, 2007 12:46pm
The situation at fxlq is pure deceit and lies. They have blattently lied to NFA about having $40million. When NFA asked to show the cash, they made up some fictitious account. NFA called fxlq's bluff and verify if the account exists, and surprise, it did not.

I called the NFA on Friday, spoke to Jennifer Sunnu. She said basically, NFA cannot approve withdrawal until there are sufficient funds for every client. Apparently, FXLQ's bank account in the U.S. does not have sufficient funds to cover all clients! FXLQ's response was that it will take time for them to bring funds back from counter parties. NFA said they are also waiting for money coming from offshore bank accounts. So far as of Friday, there are just not enough funds in the U.S. bank account to cover. I'm hoping next week will be a different story.

The key here - IF FXLQ has good intention, they may bring back all the cash from offshore and counter parties - which may take some time (1-2 weeks). Then, NFA will proceed to approve the withdrawals.

IF FXLQ decide to quit this business, then the company's assets and client funds will go to a receivership "court", handled by CFTC or NFA. This "court" will decide how to split up the remaining funds... and hopefully, Robert Gray will go to jail for a long time.

It is unbelievable how NFA did not check on the broker's "declared" assets and excess funds... There is a flaw in the process here. Anyone could have formed a broker and declare themselves having $100million... unless Robert Gray had a good way to deceive everyone - which it seems like he did.

What's disturbing, is that there may be $10million in unpaid liability owe by FXLQ. Let's hope that robert gray didn't use client's fund to pay for this expense liability.

I have to wait for my withdraws, kindda bitter, but hopefully time and justice will prevail.

Alternatively, may be robert finds another broker who will infuse cash and take over the company... but that's like a 6 month process if not more.

Just doesn't look good right now. Let's hope CFTC and NFA have got some power to do something, soon and fast.

Forexedge
  • #29
  • Dec 8, 2007 12:56pm Dec 8, 2007 12:56pm
Well, FxStreet had a good run, they made a mistake and made it public that they had a relationship with InterBankFx and began defending this multiple NFA violator.

What' worse is that they are now censoring valid comments in their defense.
I hope this does not happen here, becuase the word is rapidly spreading about FxStreet and will no doubt hurth their credibility.

Forum operators should know not to take sides in these things. Especially when it comes to defending brokers. But then again if you have your hand in their pocket I guess you have to, but is it worth ruining your credibility? Too bad for FxStreet.
  • #30
  • Dec 8, 2007 1:21pm Dec 8, 2007 1:21pm
Marilyn,

What, if any, is InterbankFX's relationship with FXLQ, LLC and/or Robert F. Gray?
  • #31
  • Dec 9, 2007 1:57pm Dec 9, 2007 1:57pm
Hi CFX -

IBFX used to use FXLQ as a liquidity provider.. but obviously they are not one of our counterparties any more.. You know.. there are a number of FCM's that either use FXLQ or have used them in the past... you'd probably be surprised, honestly.

Just an fyi.. IBFX currently has 5 counterparties.. we can add more if the situation presents itself or remove counterparties if we need to.

As for ForexBastards... you know the funny thing is that I have posted there (my comments never made it to the site and I was completely honest about who I was) and I have also contacted them about blatant inaccuracies such as IBFX being in Cyprus or trading gold and have never had a response or acknowledgment. I would put my faith in open forums, such as this one, rather than a site that doesn't allow open dialog. Just my thoughts on that subject..

M
  • #32
  • Dec 9, 2007 2:42pm Dec 9, 2007 2:42pm
I am knowledgeable about the workings of IBFX and previously with FXLQ. It has been my understanding that Mr. Gray is contractually tied to IBFX for the rest of IBFX's life as an entity, but I may have misunderstood the information given to me.

Yes, FXLQ is an LP for many firms - Velocity, FastFX, initially come to mind.

When was the relationship with FXLQ severed? Can you give that information?

Thanks for your candid reply. You won't get far with ForexB****'s, Felix has an axe to grind of his own.
  • #33
  • Dec 9, 2007 4:43pm Dec 9, 2007 4:43pm
Quoting JasonF
It is amazing that the posting of FXCM was even allowed. Who cares how big you are, what we care about is fair trading practices.

The largest organizations are usually the most corrupt. Does anyone remember Enron, or even Refco, they were very large, do we also remember that FXCM and REFCO were virtually one in the same. Do we also remember that the largest loss of retail clients funds was from REFCO.

Do we also remember NFA warning FXMC about their repeated misleading and false advertising. The list could go on and on.

Le's put this into layman's terms.

Business operator XYZ - a family owned honest business, working very hard, paying their taxes every year and going by the book. They however barely make a profit.

Business operator "The Sapranos" - they have a lot of money, need I say more.


So....FXCM. It is no surprise. But please.....show us someting we can use besides the size of your wallet.
very true
If I Go Broke Trying Then I Will die happy.
  • #34
  • Dec 9, 2007 6:01pm Dec 9, 2007 6:01pm
Quoting forexedge

IF FXLQ decide to quit this business, then the company's assets and client funds will go to a receivership "court", handled by CFTC or NFA. This "court" will decide how to split up the remaining funds... and hopefully, Robert Gray will go to jail for a long time.

Forexedge
I hope, for everyone's sake, that all of the clients don't have to wait it out like another Refco fiasco.

Remember, it has taken over two years for Refco clients to see any of their money. And the money dispersed so far to accounts with over $10k has been a paltry 22.5% !

Cross your fingers.
  • #35
  • Dec 9, 2007 6:46pm Dec 9, 2007 6:46pm
After learning about this bogies “cap funds” ploy FXLQ Tried to poll off I immediately closed my and my clients accounts with IBFX and now hoping (4 DAYS NOW) I receive my funds back prier to the NFA halting IBFX accounts’ to, As the post above mine stated IBFX technology belongs to FXLQ I know this is fact since I have had accounts with IBFX for 3 years and was working with Robert gray when he decided to branch off and start his own FCM I recall gray boasting to me and my partners “I am the one who built IBFX technology and that IBFX was contractually tied to me for the rest of their existence” then tried swaying me to move over to his new firm, what a power trip this guy had, I bet he’s not so cocky now. . I’m not sure if IBFX was able to get out of grays contracts/grips “only time will tell, I much rather be safe with my funds in my own bank then sorry wit them at IBFX when NFA halts them (I certainly was surprised when Both IBFX and FXLQ received those cap injections of 40 something million each around the same time out of nowhere!!!! I wouldn’t be surprised if IBFX’s reserve is bogus as well.. What a month, I’ve never seen so many firms get closed down in the 16 years I’m this business Anyone with half a brain would agree, this is not a good time for’ anyone to keep funds in anyone of these fly by night FX brokers, after the holidays the NFA will have the new caps in affect and we will see who’s standing.
  • #36
  • Dec 9, 2007 7:50pm Dec 9, 2007 7:50pm
Quoting FXCM Rep
Considering recent regulatory actions taken against under capitalized Forex brokers it is extremely important for retail traders and introducing brokers to align themselves with a well capitalize and reputable Forex broker.

FXCM Group is one of the most well capitalized Forex brokers currently holding over $120,000,000 in firm capital. FXCM Group is regulated in 4 international jurisdictions including the United States, United Kingdom, British Columbia, and Hong Kong. Long Ridge Hedge Fund and a premier Wall Street investment bank have directly expressed a vote of confidence in FXCM by purchasing a 35% share in the firm. Clients trading with FXCM also benefit from FXCM’s No Dealing Desk execution model, which allows the firm to have no bias against clients’ positions.

FXCM Group is registered and Regulated in 4 international jurisdictions including the United Kingdom, which provides clients with full Segregated Fund protection - www.fxcm.com/regulation.jsp

FXCM Group holds over $120,000,000 in firm capital – FXCM is the only privately held Forex Dealer Member to publicly post their Balance Sheet - www.fxcm.com/company-profile.jsp

Long Ridge Hedge Fund and a premier Wall Street investment bank have collectively purchased a 35% share in FXCM – a vote of confidence in FXCM - www.fxcm.com/news-release.jsp

FXCM integrates with MetaTrader4, available early Q1 ’08 - www.fxcm.com/meta-trader.jsp

For more information about FXCM’s Introducing Broker program please send an email to [email protected] .

For more information about FXCM’s client services please email [email protected] or call 1 888-50-FOREX (6739).

Kind Regards,

FXCM Staff
www.FXCM.com
As long as your here i'll ask you about the article that appeared in Euro FX magazine regarding the portion of FXCM that was owned by REFCO that recently got sold. The article mentioned that FXCM recently changed it's model and routes trades to your liquidity providers.

That sounds like a good thing to me. I assume your liquidity providers are the big banks like Citi, Barclay's etc?
  • #37
  • Dec 9, 2007 8:01pm Dec 9, 2007 8:01pm
Quoting KasperFX
After learning about this bogies “cap funds” ploy FXLQ Tried to poll off I immediately closed my and my clients accounts with IBFX and now hoping (4 DAYS NOW) I receive my funds back prier to the NFA halting IBFX accounts’ to, As the post above mine stated IBFX technology belongs to FXLQ I know this is fact since I have had accounts with IBFX for 3 years and was working with Robert gray when he decided to branch off and start his own FCM I recall gray boasting to me and my partners “I am the one who built IBFX technology and that IBFX was contractually tied to me for the rest of their existence” then tried swaying me to move over to his new firm, what a power trip this guy had, I bet he’s not so cocky now. . I’m not sure if IBFX was able to get out of grays contracts/grips “only time will tell, I much rather be safe with my funds in my own bank then sorry wit them at IBFX when NFA halts them (I certainly was surprised when Both IBFX and FXLQ received those cap injections of 40 something million each around the same time out of nowhere!!!! I wouldn’t be surprised if IBFX’s reserve is bogus as well.. What a month, I’ve never seen so many firms get closed down in the 16 years I’m this business Anyone with half a brain would agree, this is not a good time for’ anyone to keep funds in anyone of these fly by night FX brokers, after the holidays the NFA will have the new caps in affect and we will see who’s standing.
???

Please provide proof to where the NFA has halted InterbankFX client accounts from withdrawals? I have seen this nowhere, nor has their been any announcement by IBFX stating such a situation. Of course they would be required by law and by NFA standards to disclose this if it were indeed the case.
  • #38
  • Dec 9, 2007 8:32pm Dec 9, 2007 8:32pm
Quoting KasperFX
After learning about this bogies “cap funds” ploy FXLQ Tried to poll off I immediately closed my and my clients accounts with IBFX and now hoping (4 DAYS NOW) I receive my funds back prier to the NFA halting IBFX accounts’ to, As the post above mine stated IBFX technology belongs to FXLQ I know this is fact since I have had accounts with IBFX for 3 years and was working with Robert gray when he decided to branch off and start his own FCM I recall gray boasting to me and my partners “I am the one who built IBFX technology and that IBFX was contractually tied to me for the rest of their existence” then tried swaying me to move over to his new firm, what a power trip this guy had, I bet he’s not so cocky now. . I’m not sure if IBFX was able to get out of grays contracts/grips “only time will tell, I much rather be safe with my funds in my own bank then sorry wit them at IBFX when NFA halts them (I certainly was surprised when Both IBFX and FXLQ received those cap injections of 40 something million each around the same time out of nowhere!!!! I wouldn’t be surprised if IBFX’s reserve is bogus as well.. What a month, I’ve never seen so many firms get closed down in the 16 years I’m this business Anyone with half a brain would agree, this is not a good time for’ anyone to keep funds in anyone of these fly by night FX brokers, after the holidays the NFA will have the new caps in affect and we will see who’s standing.
this is not true, for one interbankfx got over 30 million from a large fund company, and as far as i know n.f.a. did not halt ibfx account, mod please delete this post untill evedience is provided.
If I Go Broke Trying Then I Will die happy.
  • #39
  • Dec 9, 2007 11:16pm Dec 9, 2007 11:16pm
Wow sorry if I’ve alarmed you. All of my post is true, I never wrote “they did halt IBFX accounts” I wrote “prier to them doing so”.

I closed my account because I don’t what to be stuck if they do halt trading, Been there done that, but I don't want to again!!. . They are very close to FXLQ from my understanding so this would not be the time to take assumptions lightly, again better safe in my bank then sorry in theirs.
  • #40
  • Dec 10, 2007 11:11am Dec 10, 2007 11:11am
If anyone on here is around Los Angeles, please let me know. I am organizing a march into FXLQ office as a group to demand for explanation and resolution path. No more lies or bullshit. What's the real story.

My mission is to harass them and bring them into the spotlight. They seem so arrogant that they can get away with this.

Heck if harassment doesn't work, it's okay - yelling and venting at them is therapeutic.

Please private message me if you are coalition of the willing.

forexedge
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