who is really using interbankfx here? | Forex Factory

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who is really using interbankfx here?

  • #1
  • First Post: Sep 4, 2010 12:49am Sep 4, 2010 12:49am
I really need your opinion on this broker.

Firstly, they claim themselves to be an ecn broker.
Secondly, i hear so many people complaining about them.
Thirdly, they are under the NFA and CFTC.

So my question is, why NFA have not gotten rid of this company yet if the clients have evidences of them trying to manipulate their customers. I am planning to invest $10,000 in forex and trying to find a really reliable honest broker. But seems like every single forex broker is being shoot at.
  • #2
  • Sep 4, 2010 10:38am Sep 4, 2010 10:38am
Quoting sg_trader
I really need your opinion on this broker.

Firstly, they claim themselves to be an ecn broker.
Secondly, i hear so many people complaining about them.
Thirdly, they are under the NFA and CFTC.

So my question is, why NFA have not gotten rid of this company yet if the clients have evidences of them trying to manipulate their customers. I am planning to invest $10,000 in forex and trying to find a really reliable honest broker. But seems like every single forex broker is being shoot at.
Just go to MF Global
  • #3
  • Sep 7, 2010 4:03am Sep 7, 2010 4:03am
Quoting sg_trader
I really need your opinion on this broker.

Firstly, they claim themselves to be an ecn broker.
Secondly, i hear so many people complaining about them.
Thirdly, they are under the NFA and CFTC.

So my question is, why NFA have not gotten rid of this company yet if the clients have evidences of them trying to manipulate their customers. I am planning to invest $10,000 in forex and trying to find a really reliable honest broker. But seems like every single forex broker is being shoot at.
sg_trader,

just a word of caution if i may, if you do not have atleast a years experience trading forex profitably please do not invest 10k right off the bat, you will lose most of it.

What you should do is invest a $100 and trade pennies, if you're profitable for 3 months ratchet up to $500, if ur profitable anotht 3 months ratchet up to 1k.

Thus gradually increase ur capital as u gain experience and are able to trade profitably over different market conditions.
  • #4
  • Sep 7, 2010 5:30am Sep 7, 2010 5:30am
Forget InterbankFx, go with IB,Oanda,MBtrading
  • #5
  • Sep 7, 2010 5:47am Sep 7, 2010 5:47am
Quoting fugly
sg_trader,

just a word of caution if i may, if you do not have atleast a years experience trading forex profitably please do not invest 10k right off the bat, you will lose most of it.

What you should do is invest a $100 and trade pennies, if you're profitable for 3 months ratchet up to $500, if ur profitable anotht 3 months ratchet up to 1k.

Thus gradually increase ur capital as u gain experience and are able to trade profitably over different market conditions.
invaluable advice
  • #6
  • Sep 7, 2010 12:02pm Sep 7, 2010 12:02pm
Big crap.i had an account with them.they reduced my leverage to 1:10 for scalping.
  • #7
  • Sep 12, 2010 2:28am Sep 12, 2010 2:28am
Quoting fugly
sg_trader,

just a word of caution if i may, if you do not have atleast a years experience trading forex profitably please do not invest 10k right off the bat, you will lose most of it.

What you should do is invest a $100 and trade pennies, if you're profitable for 3 months ratchet up to $500, if ur profitable anotht 3 months ratchet up to 1k.

Thus gradually increase ur capital as u gain experience and are able to trade profitably over different market conditions.
This is great advice and is what I plan to do in my first attempt at forex trading off higher timeframes (daily).

Can you suggest a broker that would be good for starting with $100? My research tells me Oanda is good for the euro with 1 pip spread but has bigger spread for other currencies. MBTrading has a commission that works out to be about 39 cents for $10k but I'm not sure what the minimum trade size is. It looks like it is $1k. If this is the case I don't mind starting with $1k size with MBTrading (I'm a full time futures trader so not new to trading).
  • #8
  • Sep 12, 2010 2:44am Sep 12, 2010 2:44am
ATC brokers anyone?
  • #9
  • Sep 18, 2010 4:22am Sep 18, 2010 4:22am
Quoting sg_trader
I really need your opinion on this broker.

Firstly, they claim themselves to be an ecn broker.
Secondly, i hear so many people complaining about them.
Thirdly, they are under the NFA and CFTC.

So my question is, why NFA have not gotten rid of this company yet if the clients have evidences of them trying to manipulate their customers. I am planning to invest $10,000 in forex and trying to find a really reliable honest broker. But seems like every single forex broker is being shoot at.

Listen I am using since 6 months Dukascopy and I am very satisfied. They are ECN broker.
  • #10
  • Sep 18, 2010 1:50pm Sep 18, 2010 1:50pm
I am Emmanuel. I have being trading with IFCMARKETS for 3 solid years they are one of the best in the market. You can count on my words. 3yrs not small joke.
  • #11
  • Sep 19, 2010 1:18pm Sep 19, 2010 1:18pm
I already with IBFX for almost 2 years. I have mt4 mini account with equity over 10k. So far I have no problem with this broker.
Vedanta - The End Of Knowledge. ~ J. Krishnamurti ~
  • #12
  • Sep 19, 2010 3:25pm Sep 19, 2010 3:25pm
I've used InterbankFX (IBFX) for 8 months live. I didn't notice any difference in how my trades went between demo and live. I've had to contact their customer service a couple of times now - both related to my MT4 software having a problem displaying (something quirky with my particular machine). I used their online chat to contact them and was favorably impressed with the response time. They solved my problem quickly both times.

Anyway, I'm happy with them.
  • #13
  • Oct 24, 2010 3:03am Oct 24, 2010 3:03am
None of them are worth more than a warm barrel of piss. I've traded with most of them & experienced their mendacity first hand. IBFX is awful. But then again so are alpari-us, fxcm, fxdd,... Different reasons & different varieties of awful. Some slip, some requote you, some spike you, some merely technically incompetent & leave you hanging with no connectivity at critical times. They're dishonest to the core & will rip you off. They are undercapitalized (many of the "biggies" have all of $20 million in operating capital!) & you have no protection against insolvency. If they go belly-up your funds are jumbled in with their operating capital & you can take a number in bankruptcy court with the rest of the unsecured creditors. Ask the poor schmucks trading with Refco. If I simply had to trade with a US NFA/CFTC broker, I'd quit trading instead. As far as the NFA getting rid of anybody, it's like Bugsy Segal versus Meyer Lansky in la cosa nostra. They aren't looking out for you & neither is the CFTC. Get used to that idea.

Search around a while to find a broker abroad where client funds are kept in segregated accounts. Many are now closed to US citizens because they've been bullied by the CFTC, but you can still find some open. And by all means go with an ECN or true STP broker where your broker isn't trading against you. Starting small & trading small until you know what you're doing is also terrific advice.

Last but not least, good luck.
  • #14
  • Oct 24, 2010 7:21pm Oct 24, 2010 7:21pm
Can anyone who trades with IBFX tell me about how much interest is paid for buying 1 std lot of usd/jpy and holding it? Thanks in advance......
  • #15
  • Oct 25, 2010 6:20am Oct 25, 2010 6:20am
sandman: do u wonder it is sometimes that your trading method don't work? Why would they spike and make u lose for?
  • #16
  • Oct 26, 2010 12:54am Oct 26, 2010 12:54am
Consistent money-earners. Spikes actually tend to help me. Don't mind them at all.
  • #17
  • Oct 27, 2010 3:08pm Oct 27, 2010 3:08pm
Quoting go4pips
Can anyone who trades with IBFX tell me about how much interest is paid for buying 1 std lot of usd/jpy and holding it? Thanks in advance......
Hi go4pips,

you can find all of our swap rates here.

In answer to your question, for 1 std usdjp you would pay -$1.59 per day and just remember that amount triples on Wednesday.

Hope that helps!

Abigail~
  • #18
  • Oct 27, 2010 8:25pm Oct 27, 2010 8:25pm
IBFX has high uncompetitive spreads and price spikes that are prone to take out stops that other brokers don't have.

I use IBFX MT4 for my signals, but trade on OANDA bc of very low spreads. There are numerous price spikes during every week that IBFX has, whereas you can look at OANAD or other brokers charts and price just stayed where it was without a spike.
  • #19
  • Oct 27, 2010 8:31pm Oct 27, 2010 8:31pm
If you have to ask this question the way you did, then why on earth would you even consider them? It appears that you answered your own question. There are brokers out there that will fit your needs.

Quoting sg_trader
I really need your opinion on this broker.

Firstly, they claim themselves to be an ecn broker.
Secondly, i hear so many people complaining about them.
Thirdly, they are under the NFA and CFTC.

So my question is, why NFA have not gotten rid of this company yet if the clients have evidences of them trying to manipulate their customers. I am planning to invest $10,000 in forex and trying to find a really reliable honest broker. But seems like every single forex broker is being shoot at.
  • #20
  • Oct 27, 2010 9:08pm Oct 27, 2010 9:08pm
IBFX Stop Hunts just like most any bucketshop broker does. They know where everyones stops are and have many reason$$$ to spike your trades. If you're not trading with a ECN you can expect to get stop hunted by your broker (you can avoid this) AND the central banks (you CANT avoid this). Thats just the FX game. IBFX just cashes out their clients far more than most brokers, CHA-CHING!!

http://www.investopedia.com/articles...topHunting.asp
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