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FYI: InterbankFX has integrity

  • Post #1
  • Quote
  • First Post: May 15, 2006 3:49pm May 15, 2006 3:49pm
I was stuck in a couple of EUR/USD long positions over the weekend, and on the Sunday night open, it gapped up over my take profit. It opened up 6 pips above my TP. The market reversed short today, and I ended up 100 pips negative.

I never leverage more than 5% of my account at any given time, so I wasn't concerned about the drawdown, and even pretty confident in the Bullish direction of the EUR/USD this week, so I probably would have waited it out, but I would have missed some other trading oppotunities.

I contacted InterbankFX this morning via chat, they looked at it and said they would have a supervisor double check it for me. Meantime, the EUR/USD fell farther, and I was down as much as 120 pips.

All of a sudden, my trades cleared out, and my trade history showed a profit on both trades. Not only did they get my out, but they got me out at the first available price at their open, which was ABOVE my actual take profit. They actually took a substantial loss on that, as I was trading a total of 10 lots.

They then sent an email explaining what they did. The whole process took less than 30 minutes.

With all the talk about brokers, stop hunting, honesty, reputation, etc... I just thought everyone should know about this. This is the kind of thing that will make me want to stay.

Jon
Quoting joneborn
I was stuck in a couple of EUR/USD long positions over the weekend, and on the Sunday night open, it gapped up over my take profit. It opened up 6 pips above my TP. The market reversed short today, and I ended up 100 pips negative.

I never leverage more than 5% of my account at any given time, so I wasn't concerned about the drawdown, and even pretty confident in the Bullish direction of the EUR/USD this week, so I probably would have waited it out, but I would have missed some other trading oppotunities.

I contacted InterbankFX this morning via chat, they looked at it and said they would have a supervisor double check it for me. Meantime, the EUR/USD fell farther, and I was down as much as 120 pips.

All of a sudden, my trades cleared out, and my trade history showed a profit on both trades. Not only did they get my out, but they got me out at the first available price at their open, which was ABOVE my actual take profit. They actually took a substantial loss on that, as I was trading a total of 10 lots.

They then sent an email explaining what they did. The whole process took less than 30 minutes.

With all the talk about brokers, stop hunting, honesty, reputation, etc... I just thought everyone should know about this. This is the kind of thing that will make me want to stay.

Jon
Excellent anecdote, Jon. Glad to hear there are some upstanding cases in the neverending battle to find a good broker.
Nice.
So I cannot figure out, is interbankfx good or bad
kiss the trend
Quoting fx-trader777
So I cannot figure out, is interbankfx good or bad
obviously, this depends on who you talk to.

Like most things in life, everyone has a different opinion. A lot of people have IBFX and are unhappy, but then again, a lot of people have IBFX and are quite pleased.

Really, the only thing you can gather from threads like this one and the other is that IBFX is a broker that needs to be evaluated on an individual basis.

I think you will find more agreement on the negative brokers (and there are a few mentioned here) than the ones that have mixed reviews (because I don't think there is a universally accepted broker).

Take you for example, you're a big proponent of Forex.com, right? I'm sure there are plenty of people who agree with you. However, I personally don't like trading with them, and there are plenty of people who agree with me. People will trade with whatever they feel comfortable and you should definitely do the same. (Incidentally, let me know if I'm wrong about Forex.com with you and I'll delete this paragraph).
Several of their MetaTrader servers were down at market open on Sunday. I was unable to connect until later that night. A conversation with IBFX support confirmed it. Luckily I didn't have any open positions.
Here is another nice thing that Interbank FX just did!!!

I noticed they gave me a $500.00 credit for being a good customer!!!

I really like these guys!

thanks
"We are the superior beings, we obey no one!"
Quoting bigballer
Here is another nice thing that Interbank FX just did!!!

I noticed they gave me a $500.00 credit for being a good customer!!!

I really like these guys!

thanks
I'm a bit confused. Are you serious???
Quoting aparsai
I'm a bit confused. Are you serious???
Yes they did!! On thursday there was a $500 dollar credit....

thanks
"We are the superior beings, we obey no one!"
I was feeling a little left out... but I just got mine too.. on a Sunday evening no less. My daily goal is 3%... and I just got 2% for free. Cool.
Quoting bigballer
Yes they did!! On thursday there was a $500 dollar credit....

thanks
that's amazing. but why they do that?
In view of Interbankfx's recent decision to limit trades on their cutomers accounts to 500 trades maximum from 15 Sept 2006, attached is there current customer agreement as of 2 Sept 2006.
Attached File(s)
File Type: pdf ibfx customer agreement as of 2 Sept 06.pdf   124 KB | 476 downloads
joneborn, thanks for the postive comments on Interbank. too many times we fail to talk of the good expereinces, yet when something bad happens nobody can forget
Relax and be happy.
Quoting treberk
In view of Interbankfx's recent decision to limit trades on their cutomers accounts to 500 trades maximum from 15 Sept 2006, attached is there current customer agreement as of 2 Sept 2006.
Where exactly did you see that on the pdf (page, paragraph). thanks.
Quoting jhathawa
Where exactly did you see that on the pdf (page, paragraph). thanks.
You can see their current customer agreement here: https://interbankfx.com/newapp/trading_aggreement.php
InterBankFX removed my winning position. They claim that I deleted the order.

Funny, how can I delete an order that was supposed to be in the market for 5 minutes? And closed on its own via TP 30-40 seconds BEFORE the supposed DELETE/REMOVE command I sent over?
LOL burger i think we will have to elect you the broker complaint champion!
Relax and be happy.
Quoting treberk
In view of Interbankfx's recent decision to limit trades on their cutomers accounts to 500 trades maximum from 15 Sept 2006, attached is there current customer agreement as of 2 Sept 2006.
Sorry, I don't understand this statement. I don't see how or why a broker would do this.
Quoting merlin
LOL burger i think we will have to elect you the broker complaint champion!
Thats because I keep getting the bad ones.

And the better ones are a well kept secret.
  • Post #20
  • Quote
  • Edited 12:36pm Sep 17, 2006 12:09pm | Edited 12:36pm
This document does not say this. I have read it 4 times. Could you please provide where this text is and what do you mean? Do you mean 500 trades in a month, a year, a day, lifetime... As far as I can tell I cannot find this statement except from you... thanks much, Scott

NOTE:
I have read the agreement at the link you provided also. This is not in that text either... Please respond...



Quoting treberk
In view of Interbankfx's recent decision to limit trades on their cutomers accounts to 500 trades maximum from 15 Sept 2006, attached is there current customer agreement as of 2 Sept 2006.
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