Anybody at all have good experiences with IBFX?

Hello All

No bad experiences please, I have read all the horror stories!

Anybody out there, a pro or at least a trader who has an account of 20,000+ have anything good to say about IBFX? I don't have any problems with them but I currently have a mini-account. So no real worries.

Gotta admit I am intimidated by all the negativity and hesitant to add any real money to my account.

Please, no negative vibes, we got those of all kinds, so maybe no one will answer this post!

regards all

I have a standard account and have had no problems. I pretty much only trade EURUSD these days though.

Also, I do not scalp. However, I place as many as 8 trades per day, or as few as 2 or 3 trades per day.
I only use stop entry orders. no market orders at all, ever.

Thanks for the Feedback! I just trade the Euro and Cable myself.

waow one positive feedback out of thousands of happy ibfx traders

I agree .... LOL

Huh. I've had an account with IBFX for many years now, and I can't say I've ever had a problem with them. I ran a small pooled fund through them with a balance of $150K+, no problems.

Maybe I've been lucky because I normally hold positions a while, so small stuff that other short-term traders would notice, I don't. I dunno.

I recently opened with FXDD to have a home for a smaller EA-based account because IBFX has kicked out their British Columbia clients due to registration issues with our Securities regulators... gotta say that IBFX's customer service is great and makes FXDD look like they are in the stone age!

Just my $0.02.

No problems here whatsoever.

I get my money fast when I withdraw and don't have any problems with my fills.

I have never had any problem with fills at all on Eurusd.

Of course my trades are such that I try to trade congestion and Support and resistance, so I can't see that IBFX would care much about my trades, because I am trading the market, not them, the way scalping does. I never use market orders and I look for high volume times. Pretty much the Wycoff philosophy.

IBFX has been great, no problems here

the only problem with ibfx is that they've begun to get a little bit too greedy and at times mark up outrageously high spreads. They probably have the dubious distinction of being the highest spread broker.

on the plus side their support is quite prompt, no minimum deposit, you can do mini accounts with micro lots, MT4 based.

hate their requotes...

for a "non-dd" why are their spreads one of the highest?

If you set stop and limit orders they hit the mark every time without a problem. If something goes wrong with the platform I've had fantastic customer service.

However their spreads are huge to the point of not being competitive on a number of pairs, and if you try for manual close of a trade (even outside of news time) I can get up to 3 re-quotes. (I live in Australia and their servers are in London.)

I find the points in 2nd paragraph so bad, that I'm preparing to move broker.

I have had accounts with IBFX and can't recall any major issues I had with them, surely they are one of the best forex brokers out there.

Straight after having said what I said, above they did the exact opposite. They dishonoured their own spread by two pip.

In the end the trade was still a profit. However, this "slippage occurred more than 5 minutes after the hour and it was no where near any major news. Further to this their original consultant said that they would fix the 2 pip mistake, however, the manager then sent an email later saying that they won't honour the 2 pip. Giving a long winded explanation. To add insult to 'injury' my order was a pending order.

If truth be truth.... A client trades against their hedger / broker in the fixed spread world. IBFX offer a fixed rate spread, which is agreed to by both the broker and client. By being allowed to slip you because they cannot match the price in their data feed simply means that they are increasing the spread because they are not willing to forfeit the loss that should of been theirs. IBFX offer fixed spreads and should be willing to honour them consistently that and not when they choose to. Lack of consistency in data feed is the broker's problem and is simply the result of them not having enough banks offering the price to them.


And no I am not some other broker trying to bag out another broker. I will post the evidence below

A fixed spread broker is also the one that hedges against your position, by hedging against an aggregated number of positions by all their clients at the one time. They are also, in charge of the data feed, and as a result you should be able to expect that a fixed spread is fixed with the exception to exceptional conditions like BIG news release such NFP or CPI.

So as a result slippage should be within their control, what you click should be what you get. IBFX are one of the most expensive brokers out there so far as fixed spread brokers and as soon as I can close out a hedge trade my money is walking its way to another broker. Possible direct ECN (not STP styled ECN) with MBTrading, where brokers are less likely to have conflict of interest with hedging and make their money simply out of commissions.

2 pips is not much but honouring your agreed spread is everything in the fixed spread broker world, especially when their spreads are as high as IBFX.

I have not seen an MT4 broker that charges such high spreads. Evidence will be posted below.

J *****:Hi Just wondering is it normal for a stop order to be slipped 2 pip in non-news times?
J *****:Buy order
J *****:it was a pending order 10 mins before hand
Client Services: Stops are not guaranteed.
Client Services:Thank you for your questions. At IBFX, we work hard to make the trading experience a good one for our customers. Unfortunately, there are many variables that play a part in online trading technology and we cannot control all of these. There are risks associated with online trading including fast moving markets and prices, the spreads in the market widening, latency in the time it takes for a customer’s request to reach our systems and many others. We value your business and though we work hard to maintain great execution, we also understand that there may be times that even though you may be trying to execute on a valid price, you may not be able to get the execution or the price that you would like. This is part of the nature of trading online and though these instances are rare, we think you will find the trading experience here very competitive with other financial brokers. We look forward to serving you and welcome any additional questions you may have.
J *****: this was a slow moving market and a pending order, so there should not have been any latency
J *****:almost stationary as a matter of fact
Client Services:If you have problems with a particular trade, I can submitt a trade ticket for you.
Client Services:I just need to get some information from you.
Client Services: May I please have your live account number, full name, date of birth and phone number?
J *****:ok
J *****: ***** account
J *****: **************
J *****: ********
J *****: 612*******
J *****: Australian phone number
Client Services: And can I have the trade ticket number?
J *****: 33074881
Client Services: Thank you.
Client Services:One moment please.
J *****:on the gbpjpy
J *****:it was only a 2 pip slip but I was sure that entered it at 138.25
Client Services:One moment please
Client Services:So the trade is still open ?
J *****:yes
Client Services:Then what what went wrong with it ?
J *****:i put in a pending order for 138.25
J *****:it put me in at 138.27
J *****:i was watching it at the time
Client Services:What this should happened ?
Client Services:What time* this should happened ?
Client Services:What was the price on the platform?
J *****:platform price came from beneath and 138.25 pending
J *****:but entered at 138.27
Client Services:What time ?
J *****:the pending had been placed 5 mins beforehand
Client Services:What time this this happened?
J *****:15.05GMT
Client Services:Do you know that on a buy trade you enter at the ask price ?
Client Services:The platform only display the Bid prices.
J *****:yes
Client Services:Ok.
Client Services:Then one more thing,
J *****:not if you have the ask price line showing which is what I have set Client Services:What is the expected resolution for this? The trade ticket that I am going to submit ?
J *****:its just that I could close it and maybe 138.25 should be given as the entry Client Services:Ok, no proble,
Client Services:problem*
J *****:yeah it was simple thanks
Ticket order was submitted but as you will see it was rejected in the follow up email.

Red is my editing - This was their reply

Thank you for contacting IBFX today with questions about account ****** and trade number 33074881. The trade ticket that was created states you believe this order should have been filled at 138.25 and not 138.27. It also states this was during a non-news times and the market was fairly stable. Please remember that a Buy Stop or a Sell Stop are defined as stop orders. This means that if the market gaps during a news announcement or over the weekend the fill price can be drastically different than the requested price. Additionally, it is possible to see smaller jumps in price during a stable market especially on a currency pair like the GBPJPY.

I know this but that is the whole purpose of having fixed spreads to your client, that is they know how much they will be charged in spread. I also know that it is especially the cas with the GBPJPY which is why you charge 9 pip spread during high volume times and 12 pip (approx) during the Asian session (low volume times).

It is common to see the price jump 2 or 3 pips between ticks on this pair. In a situation like the one you experienced this morning the Ask price moved from just below your entry point to just above it in one tick. This would create a slightly different fill price since stop orders get filled at the first available price. There was no error in execution and no adjustments or credits will be made to your account. Please contact IBFX with any additional questions.

Yes there was an error in your execution IBFX did not honour IBFX's fixed spread agreement. And although IBFX might trade against me (hedge), IBFX is also responsible for IBFX's data feed and I the client should not have to argue over IBFX's tick data feed (whether it was inadequate or not). IBFX, YOU ARE RESPONSIBLE FOR YOUR TICK DATA FEED not me, and if I place a pending order, it should be honoured.

During news times / week ends it is understandable as banks withdraw their offers in the market place creating a temporary void of price availability in the market that is being fed to IBFX. But during non-news times IBFX have made an aggregate estimate of the costs to trade and have given a fixed spread, so that your client and IBFX have a stable price agreement. I should not have to debate it, I should not have to grovel for it, I should not have to argue my case, it should be simple case that IBFX agree to IBFX's fixed spread whether it benefits IBFX or not.

This is IBFX’s ability to be transparent in the fixed spread world of forex, and if you cannot be transparent my money will walk away from your brokerage. And even if the next brokerage is as untransparent as IBFX was in this case, at least they will be a number of pips cheaper per standard trade.

I have seen people use IBFX and get a lot of requote issues with slow internet connection, e.g wireless. I have not had any issues at all with them.

I have an account with them, their spreads are not so great, and the withdrawal/deposit is very bad. If you charge by credit card, they rip you off by 20 dollars.

But they have good educational tools, a lot of their own indicators that could be useful. Customer support is also pretty good.

It is normal thing for brokers to break their own customer service agreements.

This is an average broker.

Forexlion is a pro trader that uses IBFX pro and has been doing that for sometime now, im guessing hes had good experiences since hes been with them for an extended period of time, i think you should get in touch with him

If you want to do some serious trading with large amounts, its probably not a good idea to use Metatrader at all for execution.
Its only suitable for charting if you dont want to pay for any chart service.