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IBFX Fined By The NFA Today -- No Surprise

  • #21
  • Jul 31, 2009 8:53am Jul 31, 2009 8:53am
to my surprise, the fines doesn't include IBFX's FIFO workaround.

As far as my concern, IBFX has been fair to me. I'm only targeting for about 5% per month with minimum 100pips TP / SL per positions.

Those who have problems with IBFX is probably scalpers or those who tried to make 5-10% per day.
  • #22
  • Jul 31, 2009 9:14am Jul 31, 2009 9:14am
Quoting vsumardi
to my surprise, the fines doesn't include IBFX's FIFO workaround.

As far as my concern, IBFX has been fair to me. I'm only targeting for about 5% per month with minimum 100pips TP / SL per positions.

Those who have problems with IBFX is probably scalpers or those who tried to make 5-10% per day.
That wasnt me vsumardi. If your experience was good-great! Stay with what you believe in and works for u. When i experienced a false price spike(this was my main reason for bailing BTW) they did offer to "make good" after I called them to complain. I actually made money( 2 or 3 bucks-small win) so I didnt need an account correction. Back in 2008 those spikes were quite common and forced me to babysit my open trades. They were very apologetic and would have reimbursed me which I do believe. Thats not the problem though. What if i did lose big on that spike-and never called to complain or they refused to "make good"? See where i am going? If it was a one time incident I wouldnt be writing this post and they would still be my broker. I would NEVER give anyone a second chance to "screw me". Did they issue a statement to all their clients concerning this spike? Of course NOT! Only the clients that complained were given the account adjustments. Thats close to criminal in my book. I do not experience these "mystery spikes" with my present Broker and I have been with them now over 1 year.
FF = Forex Faggots
  • #23
  • Jul 31, 2009 9:16am Jul 31, 2009 9:16am
hey marilyn..... happy birthday...........

and keep up the good work..... rest assured the silent majority appreciates it but unfortunately tends to remain silent......h
to trade and code, keep both simple... no call to impress....h
  • #24
  • Jul 31, 2009 9:27am Jul 31, 2009 9:27am
Quoting vsumardi
to my surprise, the fines doesn't include IBFX's FIFO workaround.

As far as my concern, IBFX has been fair to me. I'm only targeting for about 5% per month with minimum 100pips TP / SL per positions.

Those who have problems with IBFX is probably scalpers or those who tried to make 5-10% per day.

Don’t be too sure, Read the last sentence's.

“Interbank and Crosland must also submit to NFA within 180 days a final independent review of its electronic trading platforms conducted by an outside party to ensure that Interbank's electronic trading platforms are in compliance with NFA requirements. “

Looks to me as IBFX still needs to have their MT4 platform evaluated via 3erd party, my question is who and what qualifies as a unbiased 3erd party,?

As I think the fine is a slap on the wrest considering how much Brokers profit of their deceptions..
  • #25
  • Jul 31, 2009 10:17am Jul 31, 2009 10:17am
Quoting hayseed
.... rest assured the silent majority appreciates it but unfortunately tends to remain silent......h
The silent majority actually loses money, my friend. That's 95% of them losers.

Unfotunately, this thread has sidetracked into a sparring match between supporters (?) of IBFX or their undisclosed reps and those real traders who have a bad experience with them. The real issue here is the money laundering case and that IBFX did not report the case in a timely manner to the regulators. As a result, they got a hefty fine and have been put on notice. There are a couple of links in one of the first posts above that spells out the case. Read the document and you will see that the NFA has a very compelling case.
  • #26
  • Jul 31, 2009 11:15am Jul 31, 2009 11:15am
Quoting PipStar
The silent majority actually loses money, my friend. That's 95% of them losers.

Unfotunately, this thread has sidetracked into a sparring match between supporters (?) of IBFX or their undisclosed reps and those real traders who have a bad experience with them. The real issue here is the money laundering case and that IBFX did not report the case in a timely manner to the regulators. As a result, they got a hefty fine and have been put on notice. There are a couple of links in one of the first posts above that spells out the case. Read...
you can make a case about any broker that have a record with N.F.A. they have fine 99% of brokers in the industry including multi billion dollar future, forex brokers. do that stop me from trading with them.
  • #27
  • Jul 31, 2009 11:20am Jul 31, 2009 11:20am
and by the way pipstar why are you so concern with a broker you don't even trade with. what your motive? and shouldn't you worry about whats going on with your broker, don't forex.com have a record with N.F.A.
  • #28
  • Jul 31, 2009 11:31am Jul 31, 2009 11:31am
Quoting traderfx
and by the way pipstar why are you so concern with a broker you don't even trade with. what your motive? and shouldn't you worry about whats going on with your broker, don't forex.com have a record with N.F.A.
And why do you spend your time defending this broker? What's your motive? You sure are becoming very anxious about the whole thing. But you have added nothing to this discussion about the NFA case against IBFX. That's the real issue being discussed here. Don't worry, IBFX will still be around to pay you for your services.
  • #29
  • Jul 31, 2009 11:51am Jul 31, 2009 11:51am
Quoting PipStar
And why do you spend your time defending this broker? What's your motive? You sure are becoming very anxious about the whole thing. But you have added nothing to this discussion about the NFA case against IBFX. That's the real issue being discussed here. Don't worry, IBFX will still be around to pay you for your services.
, Why do i spend time defending this broker, mabe becuase i trade with them unlike you and i had nothing but good experience with them, im sure you have good experience with the broker you trade with and you would want people to know if they was bad mouthing your broker i guess thats my motive .
  • #30
  • Jul 31, 2009 11:54am Jul 31, 2009 11:54am
Quoting traderfx
, Why do i spend time defending this broker, mabe becuase i trade with them unlike you and i had nothing but good experience with them, im sure you have good experience with the broker you trade with and you would want people to know if they was bad mouthing your broker i guess thats my motive .
and by the way i notice 99% of your post is about brokers, do you even trade i guess i better stop here before i end up with 99% of my post about brokers.
  • #31
  • Jul 31, 2009 12:05pm Jul 31, 2009 12:05pm
Quoting traderfx
, Why do i spend time defending this broker, mabe becuase i trade with them unlike you and i had nothing but good experience with them, im sure you have good experience with the broker you trade with and you would want people to know if they was bad mouthing your broker i guess thats my motive .


As long as your broker provides you with an excellent service you should not worry about small things. If they did not promise easy millions to the public and never did any bad things to the customers, they can’t be recognized as bad broker. PERIOD.
  • #32
  • Jul 31, 2009 12:09pm Jul 31, 2009 12:09pm
Quoting lavatrader

As long as your broker provides you with an excellent service you should not worry about small things. If they did not promise easy millions to the public and never did any bad things to the customers, they can’t be recognized as bad broker. PERIOD.
im
  • #33
  • Jul 31, 2009 3:05pm Jul 31, 2009 3:05pm
crappiest broker ever for a host of reasons


stay away !!
  • #34
  • Jul 31, 2009 3:48pm Jul 31, 2009 3:48pm
Quoting fugly
crappiest broker ever for a host of reasons


stay away !!
Ah ah ah oh u must be a loser and not good trader because u bad mouth my current Broker!!-ROFL!!!- Just one more totally DISSATISFIED IBFX customer-we ALL must be wrong traderfx(or should I say tradermoronfx?) LOL
BTW fugly your opinion is shared by many more FF members(including me) than traderfx's opinion.
FF = Forex Faggots
  • #35
  • Jul 31, 2009 3:50pm Jul 31, 2009 3:50pm
Quoting 8fingers
Ah ah ah oh u must be a loser and not good trader because u bad mouth my current Broker!!-ROFL!!!- Just one more totally DISSATISFIED IBFX customer-we ALL must be wrong traderfx(or should I say tradermoronfx?) LOL
BTW fugly your opinion is shared by many more FF members(including me) than traderfx's opinion.
we all have our opinions.
  • #36
  • Jul 31, 2009 3:55pm Jul 31, 2009 3:55pm
Quoting traderfx
we all have our opinions.
That I do agree with u on-but i bet thats the only thing. I still wish u great luck trading(ironic aint it) because I firmly believe they bucket many trades in house(no proof just opinion) . Any way, enjoy the weekend and we can continue this schoolyard battle on Monday?
FF = Forex Faggots
  • #37
  • Jul 31, 2009 7:11pm Jul 31, 2009 7:11pm
Quoting 8fingers
That I do agree with u on-but i bet thats the only thing. I still wish u great luck trading(ironic aint it) because I firmly believe they bucket many trades in house(no proof just opinion) . Any way, enjoy the weekend and we can continue this schoolyard battle on Monday?
same time same place on monday , i wish you good in your trading not luck, luck is when you gamble. enjoy your weekend
  • #38
  • Edited 11:42pm Aug 2, 2009 10:53pm | Edited 11:42pm
I don't mean to stir things up, but if these guys are such a crappy broker, why do I see their ads plastered all over these forums? I was under the impression that Forex Factory listed only the reputable brokers. This is why I signed up with IBfx over a year ago. (They were located in the US, they were regulated and they accepted credit cards.) And, while I lost my initial $500 deposit, I didn't blame them for it, but rather it was due to a turn in the market (when the Euro crashed against the Dollar), plus I didn't fully understand what I was doing.

I just started trading with them again this last month, and thus far I haven't had any real problems, except for some strange reason my EA's don't seem to be working to today? And, although I haven't ruled out the programmer, which is me (am still developing them), they were working fine last Friday, on three separate accounts, two live and one demo. This is why I checked in today, to see if anyone else was experiencing similar problems.

Now all I can say is I wish I saw this thread before I made another deposit last Friday. Shit!
  • #39
  • Aug 2, 2009 11:16pm Aug 2, 2009 11:16pm
ecTrade I wouldnt worry- withdraws were never a problem at IBFX-they were quick too. Its the actual trading (profiting due to many undesirable problems).
FF = Forex Faggots
  • #40
  • Aug 2, 2009 11:48pm Aug 2, 2009 11:48pm
Quoting Abigail
Hi, my name is Abigail (new here) and I'm an employee of Interbank FX. I wanted you to be aware of our official statement regarding the NFA's complaint. See below:

INTRODUCTION

[color=black][font=Times New Roman]Interbank FX is dedicated to excellence in meeting our compliance responsibilities. As a company we are continually reviewing and improving our compliance policies, procedures and safeguards for the benefit of our current and prospective[size=3]...

haha. Nice try Abigail. It was not IBFX's fault. The NFA just randomly fines brokers.
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