InterbankFX NFA Crackdown!

http://www.nfa.futures.org/basicnet/...10&contrib=NFA read the pdf at bottom of the page, number 13

The link cannot be accessed. Looks like the whole NFA website is shut down as even the home page cannot be reached. What is it all about?

I have no problem accessing NFA, but unable to access interbankfx.com. It seems IBFX already shutdown today.

n.f.a. shut'em down already that was quick, l.m.a.o.

LOL, or it could be Easter in Utah...

everything ok. here. Both website and platform...

no reason to start panicking. read the doc.

n.f.a. main complaint was ibfx claim how customers funds was handle giving traders false hopes on there funds incase ibfx goes under and ibfx telling us that all our trades goes straight to the interbank market witch is not the case your right no need to panic they will probly get a big fine and change there website a little.

just went to there website seems like there doing an upgrade, you know those changes that n.f.a wants.

Gonna check...

I've sent them an e-mail asking for a statement. If I receive something, I'll post here...

Just being one lil pain in the arse customer, you know...

I'm just curious if people are understanding the implications of this document. InterbankFX has implied for a long time that they were not a deal desk. I think most of the people trading on the platform have learned over time that this is not the case. However, this is basically the NFA hitting them with it. It's basically a "you said you weren't a deal desk and you marketed that way, but you are" document.

The other issue is less serious but still interesting. There are many people that believe that there is some magical way to protect funds when you deposit them in a bank, stock, or forex accounts beyond whatever the insurance protections for that account are. It appears that InterbankFX has been stating that they keep client funds segregated, which may be true, but they imply that that makes them 100% safe. Having funds segregated and having something like a Fraud bond, which I'm not sure if InterbankFX has, does help protect the customer, but at the end of the day, if the brokerage firm has a $20 million probably, you aren't getting any money back. This doesn't mean that InterbankFX ever would have that problem, but it seems that they may have led customers to believe that there were no circumstances that the customers wouldn't or couldn't get their money back, and that's just not true. Even a big bank can't really "guarantee" your funds over a certain amount no matter what. I wish these guys would just be most honest and state that "if major market events occur that throw us out of business by millions of dollars, you might not see a dime." I don't expect them to have such problems, and I'll take my chances, but I hate that they try to lie about it. Hopefully, we start to see more actions by the NFA to get them to be honest about client deposits and also about where they make their money.

n.f.a have been cracking down on these brokers look at what happen with ( c.f.g. ) it's a good thing. i look for them to start craking down on brokers for false advertising on these brokers that say no deal desk intervetion and best bid and ask from the top banks witch we all no if it was the best bid and ask spreads woundn't be 5 pips, so the deal desk has to be playing with the spreads, they better off saying straight thru process.

personally I wouldn't be surprised if they where required to change their name in a way itself is misleading...

i always thought you coundn't use the name "bank" if you wasn't a bank, correct me if im wrong.

Well, the broker Saxobank is not actually a bank

this was always a u.s. thing i beleive.

I know many internet domain registers don't allow this but you can at godaddy.

dont forget things like word banks, blood banks

bankrates is a US company

I dont think they have a name rule...

They have a danish banking licence.

Well bank RUPT is controlled by all EU and US government ! ! That you can trust will be done orderly

Here is InterbankFXs President / CEO Todd Crosland's response from their forum.