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  • #21
  • Oct 27, 2010 9:36pm Oct 27, 2010 9:36pm
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.

I traded IBFX for past 7yrs... been thru it all from them saying "we don't tollerate scalping but yet we don't have any concrete definition to what scalping is... we just make it up as we go along."

To now>>> "We just luv scalpers, all scalping EA's accepted."

"We don't trade against our clients."

To now>>> "The CFTC is making us say... we are the counter party to any trade you make, we fully control the price we sell a particular currency... but hey don't worry, you aren't trading on an actual exchange anywho... so whoopti do."

[We are in CFTC pocket and they in ours. We are one in the same, we don't care what you think... 9000 comments don't mean nothing to us. ]

It all comes down to money. Think long and hard before you stick $10k in any broker. Start out small... test them, test them, test them... but if you are stuck with 50:1 starting out with a small account will really hand cuff you. You will not be able to maintain many positions at once.

If not for the 50:1 I would likely still be with them.... in the end tho' thinking back on all the BS they put us thru... I think it's probably better I'm not with them anymore.

If you have a good system it will fail just as easily at $1000 as it will $10,000. Don't let greed be your downfall. If you don't have patience to start at 1k, patience will flee from you when you are down $7k.

Forex is hard fought for money... trading with real money changes everything. Start small and work your way up with "their" money.
  • #22
  • Oct 28, 2010 2:44am Oct 28, 2010 2:44am
Quoting Aja
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
IBFX another worst of beast i have seen on earth, some of my friends who was IB from them years back got screwed them badly to the extent, their clients just thrown them out of business.
  • #23
  • Oct 28, 2010 5:44am Oct 28, 2010 5:44am
Here's their disclosure they were making us agree to.

However, a week or so later they recanted the requirement that we have to agree with it.

If you like a broker that makes it up as they go along, IBFX is the king of BS.
Attached Image (click to enlarge)
Click to Enlarge Name: IBFX_cftc_disclosure.jpg Size: 214 KB
  • #24
  • Oct 28, 2010 5:53am Oct 28, 2010 5:53am
What's with all this IBFX bashing?

I was with them for a while, and they're weren't a bad broker.

I've now moved on for leverage sake (fxopen), but to bash ibfx I think is unfair.
Enter Signature
  • #25
  • Oct 28, 2010 6:05am Oct 28, 2010 6:05am
The company you keep makes you "guilty" in a court of law.

So with that said I suppose 99% of it is directed at CFTC. But when you're a CFTC lover you're gonna take 100% of the gun fire.

If you can't take the heat, never come close to the stove.


over 9000 comments, they did nothing! I for one will never forget it.

In my mind bashing is making up lies... all of what I have said is true, I can even supply the recant email if you so wish to see it.
  • #26
  • Oct 28, 2010 6:10am Oct 28, 2010 6:10am
I'm just talking from my own trading experience with them OK.
Enter Signature
  • #27
  • Oct 28, 2010 6:19am Oct 28, 2010 6:19am
Quoting pip_seeker
over 9000 comments, they did nothing! I for one will never forget it.
I wouldn't say it was all for nothing. 10:1 leverage could have been much worse. The conspiracy theorist in me says they threw out 10:1 so they could scale it back and everyone "would be thankful" for 50:1.

BTW, did you get an email from them saying you don't have to agree to it anymore. I hadn't heard of this.
  • #28
  • Oct 28, 2010 8:13am Oct 28, 2010 8:13am
Quoting pip_seeker

In my mind bashing is making up lies... all of what I have said is true, I can even supply the recant email if you so wish to see it.
I would like to see that email, as I did not get one. I only got the one requiring agreement. They said it was required by the CFTC.
  • #29
  • Oct 28, 2010 2:14pm Oct 28, 2010 2:14pm
Quoting JP_s
I wouldn't say it was all for nothing. 10:1 leverage could have been much worse. The conspiracy theorist in me says they threw out 10:1 so they could scale it back and everyone "would be thankful" for 50:1.

BTW, did you get an email from them saying you don't have to agree to it anymore. I hadn't heard of this.

If you think it's over at 50:1 I wouldn't count on it. NFA has power to change it on any whim they want. Plan on 10:1 sooner or later.

I attach a copy of the recant email... because according to IBFX "Transparency Matters".

I can tell you there are worse brokers out there, but these little "white" lies IBFX tells all the time are all but over for me.
Attached Image (click to enlarge)
Click to Enlarge Name: IBFX_cftc_recant.jpg Size: 69 KB
  • #30
  • Oct 28, 2010 2:25pm Oct 28, 2010 2:25pm
Quoting vosterfxandy
What's with all this IBFX bashing?

I was with them for a while, and they're weren't a bad broker.

I've now moved on for leverage sake (fxopen), but to bash ibfx I think is unfair.

When you don't stand for something you fall for anything.

When you know something is not right you stand up against it regardless of what it might cost you, regardless of what you think the outcome will be. You do it because it is the right thing to do.

We gave them 9000 comments. The most ever received. Now because the ruling has been made we are expected to rollover?

I don't think so...
  • #31
  • Oct 30, 2010 9:44am Oct 30, 2010 9:44am
I've been with IBFX for about 6 months now. They're the only live broker I've had. I've only been trading pennies. I've had no problems with them and the customer support has been good. But as others have mentioned, IBFX does have large spreads.
  • #32
  • Oct 30, 2010 3:47pm Oct 30, 2010 3:47pm
Quoting smile1
I've been with IBFX for about 6 months now. They're the only live broker I've had. I've only been trading pennies. I've had no problems with them and the customer support has been good. But as others have mentioned, IBFX does have large spreads.

To my knowledge there is no where you can go to trade penny lots. You have to decide what's right for you. There are plenty of worse brokers than IBFX as I have said at least once, maybe more times already.

Just realize they aren't being truthful in many areas. The broker client relationship is one of trust. The client is what puts the broker in business, not the other way around.

Don't rely on the CFTC for anything. Don't think for one second you are any more secure than any other broker any where. I hold out hope still that IBFX will stand up and do what they should have done all along.

IBFX if you are listening... on top of the 9000 Comments I hand you this.

Even if IBFX doesn't read it... you should!
  • #33
  • Oct 30, 2010 10:22pm Oct 30, 2010 10:22pm
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.
Agreed, invaluable advice

I have used IBFX for 2 years now, live mini account.

I had one minor problem with the statements, they resolved it quickly without issue.
I have had relatively consistent profit over the longer term.

My experience with this particular forum is most traders that lose money want to blame anyone but themselves for losing money trading, and the broker is always the first shotgun blast, whether it be stop hunting, lack of connectivity, widening spreads, freezing during major news events, blaa blaa blaa, heard it all 1000 times. I can say from personal experience that IBFX is a reputable broker. I think the real question is:

Who is making money consistently trading Forex?
  • #34
  • Edited 2:10am Oct 31, 2010 1:37am | Edited 2:10am
>Who is making money consistently trading Forex?<

Well, I do. But not with IBFX. I quit IBFX long ago when they started jacking up spreads in the asian session. Not during news or rollover, or anything in particular. But you'd just find your spreads going from 4 to 13 or 18 in an instant.

If somebody is doing fine trading pennies with a broker, that's all well & good, but it doesn't tell you anything. I made $10K last month at GoMarkets & withdrew my profits (for that matter withdrew the whole account post CFTC). I made $3300 last week at my new broker. The ultimate test will be whether I can run that up another $20K or so & then withdraw the profits. I can tell you factually doing something like that is difficult or impossible at the Alpari-US, FXCM, Gain Capital or IBFX of this world. But there are other reasons I wouldn't use an IBFX. I have a $100K+ account & if I decide I like a broker, I'd look to double that (could duplicate that out of a bank account). IBFX has total assets (including client funds) on the order of $20 million. Like all US NFA/CFTC brokers they do not offer segregated accounts (Australian brokers DO). The thought of my $200K sloshing around in an account with assets of roughly 100 accounts my size commingled with broker operating funds is a thought too horrible to contemplate. The NFA sees nothing wrong with that & will, in fact, discipline a broker for telling you the funds are segregated. Their latest answer seems to be getting you to sign a statement the funds aren't segregated. So your broker can bet your money at the track & lose it & you've acknowledged you understand that. So, I have a very big problem with the NFA for supporting such policies, and with the CFTC for using my tax money to force me to trade with such entities.

In sum, if the 95% of traders who regularly lose get along great with IBFX, that's fine but doesn't tell you anything. If those who win pennies get along with IBFX, that's also fine, but again doesn't tell you anything. I can tell you I travelled the path of NFA/CFTC regulated brokers early in my forex trading career, and can tell you the most important lesson learned was "don't do it.". You can learn from my experience or recreate the wheel. As far as NFA/CFTC, they aren't your friends and aren't there to help you. They are either the enemy or in bed with him. Get used to that idea.
  • #35
  • Oct 31, 2010 4:48am Oct 31, 2010 4:48am
Quoting smile1
I've been with IBFX for about 6 months now. They're the only live broker I've had. I've only been trading pennies. I've had no problems with them and the customer support has been good. But as others have mentioned, IBFX does have large spreads.
yeah, i would share your opinion. they're not a bad broker.

having said that, fxopen are my preferred choice.
  • #36
  • Oct 31, 2010 4:51am Oct 31, 2010 4:51am
Quoting zalienz
I think the real question is:

Who is making money consistently trading Forex?
What does that have to do in determining who's a good broker?
  • #37
  • Oct 31, 2010 7:43pm Oct 31, 2010 7:43pm
Quoting fxvoilaaa
What does that have to do in determining who's a good broker?
Because a bad broker will do everything in it's power to stop you being profitable. Only applicable to dealing desks though.
  • #38
  • Dec 8, 2010 8:38pm Dec 8, 2010 8:38pm
Quoting smile1
IBFX does have large spreads.
Their spreads suck indeed. They're charging you more than they should, that should tell you enough about a broker.

Leave IBFX, there are better deals out there.

Quoting pip_seeker
To my knowledge there is no where you can go to trade penny lots.
What's wrong with Oanda?

You can trade as little as $0.01 per pip, their spreads are at least half those of IBFX, and execution is the same if not better.
  • #39
  • Last Post: Dec 20, 2010 9:40am Dec 20, 2010 9:40am
i wouldn't say ibfx is a bad broker. i have an account with them. however, i'm preferring fxopen nowadays.
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