facing problems with interbankfx | Forex Factory

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facing problems with interbankfx

  • #1
  • First Post: May 24, 2009 5:33am May 24, 2009 5:33am
Once u start making money, they will do slippage, constant re-quotes, spikes and lost connection to your platform.....all these things will start happening and u will begin to realise they are scammers. Some people even got phantom trades from them. I just do not know why NFA did not close them down but i believe that all these brokers have dealings with NFA and NFA is just something to show those traders out there that there is security in trading but in actual real fact, trading is not safe at all......and 100% of the people lose in trading....even when your winning, the brokers takes it all....
  • #2
  • May 24, 2009 5:58am May 24, 2009 5:58am
Quoting shadowman
Once u start making money, they will do slippage, constant re-quotes, spikes and lost connection to your platform.....all these things will start happening and u will begin to realise they are scammers. Some people even got phantom trades from them. I just do not know why NFA did not close them down but i believe that all these brokers have dealings with NFA and NFA is just something to show those traders out there that there is security in trading but in actual real fact, trading is not safe at all......and 100% of the people lose in trading....even...
how much money are we talking about?
  • #3
  • May 24, 2009 6:07am May 24, 2009 6:07am
i have 5k inside and trading 1 standard lot.....i grew the account from initial $500
  • #4
  • May 24, 2009 11:52am May 24, 2009 11:52am
Quoting shadowman
Once u start making money, they will do slippage, constant re-quotes, spikes and lost connection to your platform.....all these things will start happening and u will begin to realise they are scammers. Some people even got phantom trades from them. I just do not know why NFA did not close them down but i believe that all these brokers have dealings with NFA and NFA is just something to show those traders out there that there is security in trading but in actual real fact, trading is not safe at all......and 100% of the people lose in trading....even...
If you're a good enough trader to increase your account by 10X, then just leave IBFX and go to a decent ECN broker.

Although you'll get lots of opinions, IBFX is well known as the king of the bucketshops, and I believe the majority of their business comes from eager newbies hoping to cash in on forex. I don't know of many experienced traders that still have accounts there...
  • #5
  • May 24, 2009 12:22pm May 24, 2009 12:22pm
They are an ecn.......i guess other ecn are the same when you start to profit
  • #6
  • May 24, 2009 1:25pm May 24, 2009 1:25pm
Quoting shadowman
They are an ecn.......i guess other ecn are the same when you start to profit

Says who?
  • #7
  • May 24, 2009 3:52pm May 24, 2009 3:52pm
Quoting shadowman
They are an ecn.......i guess other ecn are the same when you start to profit
LOL! Are you serious?? Why do you think that? Because their website says so?

If you've been believing that this whole time, then I understand why you've had problems...
  • #8
  • May 24, 2009 9:19pm May 24, 2009 9:19pm
Quoting shadowman
They are an ecn.......i guess other ecn are the same when you start to profit
The advertising on their website can be misleading. IBFX is not an ECN and never has been.
  • #9
  • May 24, 2009 9:28pm May 24, 2009 9:28pm
From what evidence can you based on that interbankfx is not an ecn? I was told they are an STP....if they were lying, they will be shut down...do u know you can sue them for wrong information given to clients? But u need evidence
  • #10
  • Edited 3:27am May 25, 2009 3:16am | Edited 3:27am
Quoting shadowman
From what evidence can you based on that interbankfx is not an ecn? I was told they are an STP....if they were lying, they will be shut down...do u know you can sue them for wrong information given to clients? But u need evidence
To answer your question, first of all, no offense, but it is common knowledge to most traders. Second, the below NFA disclosure is right off the IBFX website as part of their new account application forms. As long as they include that disclosure, they can say whatever they want, call themselves an ECN, etc. By the way, when you opened your account there, your signature indicated that you had read and understood this disclosure.

"THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. INTERBANKFX, LLC IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. AS A RESULT, INTERBANKFX, LLC'S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS INTERBANKFX, LLC ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES INTERBANKFX, LLC OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND INTERBANKFX, LLC MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS. IF INTERBANKFX, LLC ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT INTERBANKFX, LLC MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE INTERBANKFX, LLC ACTS AS THE BUYER OR SELLER IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM INTERBANKFX, LLC OR ANY OF ITS SOLICITORS."

Up to you, but I'd suggest listening more closely to what actual traders have to say, rather than believing IBFX's own press...if you want "evidence" before you pull your money out and trade someplace better, well as they say, "let the buyer beware."
  • #11
  • May 25, 2009 5:35am May 25, 2009 5:35am
Well, shadowman, you actually need to define what ECN versus STP only means before you can even have this discussion.

I've found different brokers will define it differently. One common definition is that ECN will match orders between customers as well as with market makers, whereas STP means that they straight pass thru customer orders to market makers only.

However, frequently STP only brokers will claim that they are ECN even though they don't match customers. I'm not sure there is a legal NFA approved definition here, unfortunately, so they can probably continue to do that.

NFA would do the market a great favor to come up with legal definitions that NFA approved brokers have to follow. This would improve transparency. Much better than rules telling brokers on how to conduct their business.

BTW, I don't know for sure, but my understanding is that IBFX is not an ECN (according to the above def), but rather just an NDD/STP.
  • #12
  • May 25, 2009 10:47am May 25, 2009 10:47am
I've heard IBfx was the end all to bucketshops.
In the beginning of my trading career, they were the ones that were most visable; as they advertised a lot more than anyone else at the time. I almost opened an account with them but decided with Oanda at the time.

Happy that I didn't. For all the horror stories I've heard, has not changed one bit in the past 3 years. Yet, many traders flock to them. I guess because they are a known broker that offers Metatrader. Back then there weren't a lot of known brokers that offered MT. Now there are plenty of known MT brokers, yet traders continue this epic saga between them and IBfx.

I guess, for those of us looking from the outside, they can't be that bad. Most of FF user based trade with IBfx. Being in business for as long as they have ... they must be doing something right.
  • #13
  • May 25, 2009 11:29am May 25, 2009 11:29am
Quoting Jhig
I guess, for those of us looking from the outside, they can't be that bad. Most of FF user based trade with IBfx. Being in business for as long as they have ... they must be doing something right.
I personally think IBFX isn't that bad.

I have account with both IBFX and Oanda and I'm making money and satisfied with their service.

The only thing I don't like about IBFX is their lousy "no oposite pending order" rules.
  • #14
  • May 25, 2009 3:35pm May 25, 2009 3:35pm
First of all if a broker doesn't charge commission then thats your first "You Might Screw Me" clue - If they make money on the spread they'll find a million ways to increase it to pad their profits. The chat support will readily admit they're not a ECN just STP (AFTER they're padded the spread and IBFX is NOTORIOUS for spread widening when other platforms have flat spreads)
  • #15
  • May 25, 2009 6:18pm May 25, 2009 6:18pm
i agree with fulltime.

there is no reason to trade with a market maker that has huge spread. if you wanna trade with market maker, go with a tight fix spread (like fxdd).
if you want tight variable spread, go with true ecn.

ibfx suck! and doubly suck with their bad no hedge implementation.
pack up and leave.
  • #16
  • May 29, 2009 3:20pm May 29, 2009 3:20pm
Quoting Fulltime247
First of all if a broker doesn't charge commission then thats your first "You Might Screw Me" clue - If they make money on the spread they'll find a million ways to increase it to pad their profits. The chat support will readily admit they're not a ECN just STP (AFTER they're padded the spread and IBFX is NOTORIOUS for spread widening when other platforms have flat spreads)

Hi, it sounds like you really know what you're talking about. How exactly does the spread padding work in conjunction with their "multibank feed"? I thought the multibank feed couldn't screw you because it's similar to Oanda's mechanism? (please explain to me why I'm wrong?)

Also, what is the difference between ECN and STP, and could you please recommend a MT4 EA ECN broker? (and possibly why ECN is better? I know they're common questions but it's been a while since I've done forex now - just finished uni, haha)

Thanks
  • #17
  • Jun 2, 2009 11:14pm Jun 2, 2009 11:14pm
Quoting Skyhr
Hi, it sounds like you really know what you're talking about. How exactly does the spread padding work in conjunction with their "multibank feed"? I thought the multibank feed couldn't screw you because it's similar to Oanda's mechanism? (please explain to me why I'm wrong?)

Also, what is the difference between ECN and STP, and could you please recommend a MT4 EA ECN broker? (and possibly why ECN is better? I know they're common questions but it's been a while since I've done forex now - just finished uni, haha)

Thanks

Have you read Structure of a Forex Broker by Darkstar?

http://www.forexfactory.com/showthread.php?t=7484
  • #18
  • Last Post: Jun 3, 2009 12:47am Jun 3, 2009 12:47am
Quoting shadowman
Once u start making money, they will do slippage, constant re-quotes, spikes and lost connection to your platform.....all these things will start happening and u will begin to realise they are scammers. Some people even got phantom trades from them. I just do not know why NFA did not close them down but i believe that all these brokers have dealings with NFA and NFA is just something to show those traders out there that there is security in trading but in actual real fact, trading is not safe at all......and 100% of the people lose in trading....even...
You think NFA should shut them down yet you still trade with them?
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