Hi all,
IBFX (Interbank FX) is the one of the worst brokers ever. Taking a position with this broker is up to you but closing it is up to IBFX. They will not let you close your trade when you are in a good profit. You will close it only when you have lost a lot. I had heard many things about stop loss hunting and trading against the traders by the broker but I had never experienced them personally until I opened an account with IBFX. I have no doubt that they trade against the position of their clients because it is proved to me. I took the same position with another broker and could easily close it with profit but the same position with IBFX never went to a profit and even when I compared the charts I see the difference in the same currency pair and time frame. I know another trader who has experienced the stop loss hunting with IBFX.
IBFX is always proud of not having a dealing desk but they also drain a lot of money from your account through changing the spreads. Their spreads are really terrible and you can never find such high spreads with any other broker. While the other borkers try to decrease their spreads to attract more traders, IBFX always increases the spreads.
They also freeze robots. If you use a robot to trade, IBFX will freeze it after opening a position. So the robot can not close the position on time until your trade will be closed by the stop loss.
Of course those who have mini accounts and trade very small amounts may not have such problems but if you have an account larger than $20,000 you know what I mean.
Their support team is also so rude and arrogant.
Be careful! There are a lots of brokers that you can trust. Stay away from IBFX.
IBFX (Interbank FX) is the one of the worst brokers ever. Taking a position with this broker is up to you but closing it is up to IBFX. They will not let you close your trade when you are in a good profit. You will close it only when you have lost a lot. I had heard many things about stop loss hunting and trading against the traders by the broker but I had never experienced them personally until I opened an account with IBFX. I have no doubt that they trade against the position of their clients because it is proved to me. I took the same position with another broker and could easily close it with profit but the same position with IBFX never went to a profit and even when I compared the charts I see the difference in the same currency pair and time frame. I know another trader who has experienced the stop loss hunting with IBFX.
IBFX is always proud of not having a dealing desk but they also drain a lot of money from your account through changing the spreads. Their spreads are really terrible and you can never find such high spreads with any other broker. While the other borkers try to decrease their spreads to attract more traders, IBFX always increases the spreads.
They also freeze robots. If you use a robot to trade, IBFX will freeze it after opening a position. So the robot can not close the position on time until your trade will be closed by the stop loss.
Of course those who have mini accounts and trade very small amounts may not have such problems but if you have an account larger than $20,000 you know what I mean.
Their support team is also so rude and arrogant.
Be careful! There are a lots of brokers that you can trust. Stay away from IBFX.