Just to let everyone know that IBFX has been in contact with me and this was their answer:
[FONT='Calibri','sans-serif']Thank you for your reply to IBFX. After reviewing the trades in question, both of these pairs are not minimum spread currency pairs. They would be considered exotic pairs which are consistently fluctuating, even rapidly at times. There is not a minimum spread on these pairs and what you are seeing is erratic movement between the bid and ask which it would do at anytime of the day. It is a specific point made by Interbank’s business model not to interfere with our clients’ trading strategies. The fluctuation of spread on these pairs and other exotics, and, even pairs set on our original 19 are due to the market conditions and the volatile nature of the pairs.
As you can see, they say there is nothing they can do, that this is their business model. Right or wrong I will be taking the pairs in question off of my tests. It is not worth taking the chance of not getting my TP. I do believe this however, right or wrong, IBFX is in business to make money, obviously, and they take the wholesale price of their feeds put a markup into them and then we get the retail price. They do have control of the spreads to some degree and they are clearly more volatile and bigger than they have been in the past. If they are making bigger profits, which they claim they are doing quite well on their web page, to me they are doing the same as the oil companies did in early 2008, make bigger profits using volatility as an excuse. Since this is a free and open market place, there are other dealers which have been keeping their spreads smaller than IBFX has. We as consumers have a right to explore these possibilities. I would prefer to stay with IBFX, their customer service has been second to none but whether currencies are exotics or not when they go to 40-50 pip spreads and other companies are staying in the 10-25 pip range, obviously, as a man who is going to watch his pennies, I am going to explore the competition. Maybe IBFX is still one of the best brokers out there, but then, as I have warned many people about trading forex, greed kills and destroys. I dont think I am being unreasonable here. I wish you well.
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[FONT='Calibri','sans-serif']Thank you for your reply to IBFX. After reviewing the trades in question, both of these pairs are not minimum spread currency pairs. They would be considered exotic pairs which are consistently fluctuating, even rapidly at times. There is not a minimum spread on these pairs and what you are seeing is erratic movement between the bid and ask which it would do at anytime of the day. It is a specific point made by Interbank’s business model not to interfere with our clients’ trading strategies. The fluctuation of spread on these pairs and other exotics, and, even pairs set on our original 19 are due to the market conditions and the volatile nature of the pairs.
As you can see, they say there is nothing they can do, that this is their business model. Right or wrong I will be taking the pairs in question off of my tests. It is not worth taking the chance of not getting my TP. I do believe this however, right or wrong, IBFX is in business to make money, obviously, and they take the wholesale price of their feeds put a markup into them and then we get the retail price. They do have control of the spreads to some degree and they are clearly more volatile and bigger than they have been in the past. If they are making bigger profits, which they claim they are doing quite well on their web page, to me they are doing the same as the oil companies did in early 2008, make bigger profits using volatility as an excuse. Since this is a free and open market place, there are other dealers which have been keeping their spreads smaller than IBFX has. We as consumers have a right to explore these possibilities. I would prefer to stay with IBFX, their customer service has been second to none but whether currencies are exotics or not when they go to 40-50 pip spreads and other companies are staying in the 10-25 pip range, obviously, as a man who is going to watch his pennies, I am going to explore the competition. Maybe IBFX is still one of the best brokers out there, but then, as I have warned many people about trading forex, greed kills and destroys. I dont think I am being unreasonable here. I wish you well.
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