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IBFX Australia soon

  • #1
  • First Post: Apr 9, 2010 6:32am Apr 9, 2010 6:32am
just learned IBFX has plans to open an Australia branch.
i have no affiliations... just FYI.



Quote
IBFX Holdings LLC Continues Global Expansion With Australian Company


SALT LAKE CITY, UT--(Marketwire - April 6, 2010) - IBFX Holdings LLC, parent company of leading U.S. off-exchange retail foreign currency (Forex/FX) broker Interbank FX LLC, announced today the plans to open a Sydney based company aimed to accommodate the retail trader within the Australian continent and neighboring countries.
see the complete news here, or check their website.
  • #2
  • Apr 9, 2010 6:39am Apr 9, 2010 6:39am
what happened to IBFX UK ?
  • #3
  • Apr 9, 2010 7:28am Apr 9, 2010 7:28am
Good question.
  • #4
  • Apr 9, 2010 9:27am Apr 9, 2010 9:27am
Quoting tar
what happened to IBFX UK ?
It's awaiting FSA approval in the UK.
  • #5
  • Apr 9, 2010 6:26pm Apr 9, 2010 6:26pm
Pre AFSL application approval advertising is against the law.

I could name 3 brokers who plan to open an office in aus, but only one of them will have more than a few pencil pushers sitting at desks.

A few of the already established brokers in sydney have laid off heaps of staff because they do not know how to cater to the australian market.

I doubt IBFX will gain any more substance than it had in the US.. That is, being anything other than a stop hunting manipulating bucketshop.
  • #6
  • Apr 9, 2010 10:36pm Apr 9, 2010 10:36pm
Quoting Takisd
Pre AFSL application approval advertising is against the law.

I could name 3 brokers who plan to open an office in aus, but only one of them will have more than a few pencil pushers sitting at desks.

A few of the already established brokers in sydney have laid off heaps of staff because they do not know how to cater to the australian market.

I doubt IBFX will gain any more substance than it had in the US.. That is, being anything other than a stop hunting manipulating bucketshop.
Sorry you feel this way about IBFX. Since I am a position trader and not a short term or scalper I dont have issues with them. When price goes into profit on my trade I make money and they are very good at sending me checks when I ask for one. I have learned to quit blaming the broker for my bad trades and learned to trade to a point they cant stop me from being a successful trader. I have been with them over 3 years and will only be interested in an overseas company if the USA goes to 10:1 leverage. Otherwise I will stay put here in the USA. Many companies have opened offices in Australia and I dont think its because they dont understand or dont know how to cater the Aussie market. There are too many companies and not enough traders. That will change if the USA changes leaverage however. So that is what these companies are banking on. If the USA doesnt change leverage a lot of companies will have wasted a lot of money.
  • #7
  • Apr 10, 2010 3:07am Apr 10, 2010 3:07am
Quoting nanningbob
Sorry you feel this way about IBFX. Since I am a position trader and not a short term or scalper I dont have issues with them. When price goes into profit on my trade I make money and they are very good at sending me checks when I ask for one. I have learned to quit blaming the broker for my bad trades and learned to trade to a point they cant stop me from being a successful trader. I have been with them over 3 years and will only be interested in an overseas company if the USA goes to 10:1 leverage. Otherwise I will stay put here in the USA. Many...
*signed*

Even with quick scalps I never had any issues with them.
But I'm really curious if the Austrialian Office is a substitue for the planned UK office.

"IBFX Australia Pty. Ltd. plans to provide a complete portfolio of services to better serve European customers, including proprietary Forex trading tools, sophisticated IT solutions and Multi-bank Liquidity Feed pricing."

They said exactly the same about their UK office. Or is this just a typo?
  • #8
  • Apr 10, 2010 6:53am Apr 10, 2010 6:53am
Quoting TJPLD
*signed*

Even with quick scalps I never had any issues with them.
But I'm really curious if the Austrialian Office is a substitue for the planned UK office.

"IBFX Australia Pty. Ltd. plans to provide a complete portfolio of services to better serve European customers, including proprietary Forex trading tools, sophisticated IT solutions and Multi-bank Liquidity Feed pricing."

They said exactly the same about their UK office. Or is this just a typo?
Me too, that seemed strange to me. I wonder if they are having trouble with their application in the UK? They also tried to open an office in Korea or they have but it is very limited to people outside of Korea.
  • #9
  • Apr 12, 2010 11:44am Apr 12, 2010 11:44am
Quoting nanningbob
Me too, that seemed strange to me. I wonder if they are having trouble with their application in the UK? They also tried to open an office in Korea or they have but it is very limited to people outside of Korea.
I just recived notice that they are planning on opening offices in both locations.
  • #10
  • Apr 12, 2010 9:25pm Apr 12, 2010 9:25pm
yeh, i wonder if you live in usa if you will be able to open or transfer an account when they open in australia?
  • #11
  • Apr 13, 2010 12:24am Apr 13, 2010 12:24am
Does this mean hedging will be possible if I open an IBFX Australian account?
  • #12
  • Apr 13, 2010 2:25am Apr 13, 2010 2:25am
I think this is very likely.
  • #13
  • Apr 14, 2010 8:42pm Apr 14, 2010 8:42pm
So, after being shut down in this thread. I decided to contact ASIC... Heres what I got..

Re: Interbankfx Advertising without AFSL [<AD86863>]‏

Dear Sir/Madam Thank you for your email.



There are many overseas organisations that are contacting ("cold calling") people in Australia with invitations to invest offshore. I have provided a link to our FIDO website where you will find information regarding this practice. The company you mention is named on the list of Cold Callers Blacklist on FIDO.

The advice from ASIC is to hang up on these overseas callers, or delete their emails. If you invest with them, and your money goes offshore, it is then out of ASIC's jurisdiction and ASIC has no powers to intervene to retrieve any monies lost. However, ASIC does work with overseas commissions to clamp down on this activity, and the information provided by the public is kept on record for any future reference.

If you have money to invest, ensure you do this through a registered investment adviser. You can check to see if the person you are dealing with is registered by searching the Australian Financial Services Licensees and Professional Registers on our ASIC website, which you can access via the links below. You an also obtain this information by ringing the ASIC Infoline on 1300 300 630.

ASIC also has a publication called "Getting Advice" which you may helpful. This booklet provides you with information that will assist you with getting Financial Advice regarding Investing and your superannuation. I have provided a link to the booklet on our FIDO website but if you respond to this email with your mailing address a copy will be sent to you by post.

For more about cold calling, and to join our e-newsletter FIDO News for ASIC's financial tips and safety checks, and visit our website at http://www.asic.gov.au/fido.

I have also forwarded this our Misconduct & Breach Reporting department for their information.
Due to the unique nature of each enquiry ASIC is not able to provide interpretations or recommendations specific to some enquiries or circumstances. If you require further information please seek independent advice through an ASIC registered agent, your accountant or solicitor.
Yours sincerely
Lorelie McDermott
Customer Service Consultant, Enquiries
Stakeholder Services


Given that IBFX is already blacklisted for soliciting Australian business illegally, I strongly doubt that their AFSL application will be successful, if it is, it will be delayed heavily.

Apologies to those whos hopes I have tarnished.

Regards..
  • #14
  • Apr 14, 2010 9:14pm Apr 14, 2010 9:14pm
There is nothing wrong for a company to let the public know that they are applying for a licence to open an office in Australia. That is not advertising or soliciting business; it's just general information to the public. I really can't see what the problem is here.
  • #15
  • Apr 14, 2010 9:41pm Apr 14, 2010 9:41pm
I am just practicing what I have recently studied. And suggesting that you will open a branch in Australia, is a form of advertisement. Its like me saying "Soon steaks will be only $10". You sit on the sideline waiting for the steaks to be $10 in order to purchase.

Its like creating business before business has started.. It is a form of advertising. And it is AGAINST the law.

On second look, I am unable to find IBFX on the fido website, so I have emailed the person back to ask for more information. The email seemed a little bit generic.

Back on the advertising, there are only two companies, I have seen openly expressing they will be opening in Aus, and one of them already had their first application rejected. For some financial reason not the advertising bit (as far as i know no one reported it).

The funniest thing about brokers in Australia is, the AFSL is easy to get, sure, but maintaining it is the hard part without getting fined constantly. My guess is IBFX's uk office was taking too long, so they jumped into the AFSL pool, not understanding the full commitments required to be part of the AFS industry. It is probably the only governing body that regulates DURING business instead of prior to. FSA NFA etc, all regulate only if a complaint has been made OR during the sign up process (fee collecting). ASIC is very different, as various firms have soon found out, and alot of them pack up and leave quick smart before they get locked up. The general broker business model, especially the US business model, does not fit into the Australian standards, and will result in heavy legal issues and problems with revenue

Hope you found this post insightful
  • #16
  • Apr 14, 2010 10:00pm Apr 14, 2010 10:00pm
Ok, IBFX IS NOT! on the blacklist, sorry for the misinformation I was provided.

However there are reports in the Misconduct & Breach Reporting department currently.
  • #17
  • Apr 14, 2010 10:06pm Apr 14, 2010 10:06pm
Quoting Takisd
...However there are reports in the Misconduct & Breach Reporting department currently.
IBFX is a good and responsible broker. I highly doubt this
BarrySDCA Commercial Network Services
  • #18
  • Edited 4:05am Apr 15, 2010 1:03am | Edited 4:05am
Quoting Takisd
I am just practicing what I have recently studied. And suggesting that you will open a branch in Australia, is a form of advertisement. Its like me saying "Soon steaks will be only $10". You sit on the sideline waiting for the steaks to be $10 in order to purchase.

Its like creating business before business has started.. It is a form of advertising. And it is AGAINST the law.

On second look, I am unable to find IBFX on the fido website, so I have emailed the person back to ask for more information. The email seemed a little bit generic.

Back...
I like what you said about investor's protection in Australia but not about mentioning an application to open an office in the future. I run a business here in China and they ask me if I have this or that and I tell them I have this and have applied for that. This makes me legal to operate in China and this credential is pending. This is normal business procedure. If I ask IBFX what are you going to do if new regulations are passed in the USA I dont think it is improper for them to say we have made applications in Great Britain and Australia for new offices. It keeps me as a customer because I am comfortable doing business with them and I realize they are going to offer me alternatives. I just think that is good business and is practiced like that all over the world.
  • #19
  • Apr 15, 2010 3:33pm Apr 15, 2010 3:33pm
Hi Takisd,

Interbank FX is in fact opening IBFX UK Ltd. and IBFX Australia Pty. Ltd. We already have a legal entity in Australia and hope to be licensed this year. Our UK FSA application is further along, however, we still do not have an exact date of when we plan to open doors. We understand it's a bit of a waiting game at this point and I wish we had more information, but we ask for everyone's patience-- we're just as anxious.
  • #20
  • Oct 14, 2010 7:02am Oct 14, 2010 7:02am
The general broker business model, especially the US business model, does not fit into the Australian standards, and will result in heavy legal issues and problems with revenue

How?

From regulation point of view Does Australian market maker FX broker has to have more cash assets than US regulated brokers?

As far as Client money safety.. ASIC rules don't really protect clients. check news of SONRAY capital markets collapse
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