InterbankFX | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

InterbankFx 12 replies

More on interbankfx . . . 30 replies

using interbankfx 2 replies

do any one know about interbankfx.com broker 3 replies

Interbankfx 8 replies

InterbankFX

  • #1
  • First Post: May 31, 2006 7:03pm May 31, 2006 7:03pm
I am on here now to warn all of you who have or plan to have a 7 figure account. I am currently working with InterbankFX as my broker and have an account that is over 7 figures with them. I STRONGLY warn against using them in any way. They will not guarnatee trades. They have lied to me constantly for the last 2 months now and I have lost well over a couple hundred thousand dollars because they lie about everything. They do not and I repeat do not have an institutional account. So stay away from InterbankFX if you have or plan to have a large account. If you are already using them I suggest leaving them.
You don't lose money in the market, you lose time. - Jim Cottrell
  • #2
  • May 31, 2006 7:40pm May 31, 2006 7:40pm
Could you explain further? I started a small account with them recently.
  • #3
  • May 31, 2006 8:39pm May 31, 2006 8:39pm
What would you like to know?
You don't lose money in the market, you lose time. - Jim Cottrell
  • #4
  • Edited Jun 1, 2006 8:08pm May 31, 2006 8:39pm | Edited Jun 1, 2006 8:08pm
Quoting rtparty
I am on here now to warn all of you who have or plan to have a 7 figure account. I am currently working with InterbankFX as my broker and have an account that is over 7 figures with them. I STRONGLY warn against using them in any way. They will not guarnatee trades. They have lied to me constantly for the last 2 months now and I have lost well over a couple hundred thousand dollars because they lie about everything. They do not and I repeat do not have an institutional account. So stay away from InterbankFX if you have or plan to have a large account. If you are already using them I suggest leaving them.
I am an Interbankfx customer too... in fact have been a proponent of them on other boards for quite a while. I am also friends with RTPARTY and his principal... this is what I know.

He does have an account WELL past 7 figures... on his way to 8 figures this year. He is a solid trader from whom I have learned much. I've seen the account, and the trades.

IBFX says they have 2 pips spreads on the EUR/USD... in fact their spreads widen to 5 pips on a regular basis, even during non-news event times. I use market orders, and have found myself 5 pips down, instead of 2 pips down form the start, because the spread widens as it approches my order.

IBFX says their execution is instant, and they have guaranteed liquidity up to 10,000,000... in practice, they will NOT guarantee trades. In fact, Jims trades were MANUALLY approved by the BANK... not IBFX mind you... the friggin BANK. Sometimes his orders wouldn't execute for 30-60 seconds. Worse yet, the ONLY trades that executed instantly, were those that instantly moved AGAINST him. If a price moved in is favor, after he executed the order.. it would NEVER FILL!!!!!!!!

IBFX would not honor his market orders, limits or stops. We WATCHED the trade go right past his order and then move into profit at least two times on the same trade. Granted... this was 100 standard lots... but, that is within IBFX's guaranteed liquidity.

IBFX says they offer "Completely Transparent and Anonymous Trading". This is a total bold faced lie. Todd Crossland admitted today that the BANK was watching our accounts, and MANUALLY approving each trade. He admitted that there was NO WAY he could guarantee trades.

I am very dissapointed in this, as IBFX had tight spreads, and a good platform. They have had their problems, but usually fixed them in the past. Their customer service was somewhat lame, but at least they were there.

All of us are planning on growing our accounts to the biggest level possible. When told they were going to lose a multi-million dollar account today, Todd replied with... "That's fine!". That tells me that they only make money on the small, unprofitable traders.

I am requesting a wire transfer in the morning.... and have to begin the process of hunting a new broker again.

This really sucks...
  • #5
  • Edited 11:33pm May 31, 2006 8:41pm | Edited 11:33pm
Quoting rtparty
What would you like to know?
Jim,Ryan... hope i didn't step on your toes here... i'm just still a tad livid after that last phone call... tell 'em.
  • #6
  • May 31, 2006 9:01pm May 31, 2006 9:01pm
Quoting rtparty
What would you like to know?
At what level would it be a good idea to ditch them in your opinion? I started a little micro account with $500 at the moment.
  • #7
  • May 31, 2006 9:16pm May 31, 2006 9:16pm
Quoting rtparty
I am on here now to warn all of you who have or plan to have a 7 figure account. I am currently working with InterbankFX as my broker and have an account that is over 7 figures with them. I STRONGLY warn against using them in any way. They will not guarnatee trades. They have lied to me constantly for the last 2 months now and I have lost well over a couple hundred thousand dollars because they lie about everything. They do not and I repeat do not have an institutional account. So stay away from InterbankFX if you have or plan to have a large account. If you are already using them I suggest leaving them.
Quoting rtparty
so 400% a month is not real? im not sayin im plannin that this month but ill least get 100% return. i have qaudrupled my account since the beginning of april. i leverage more than think is wise but am never in what i call a "bad trade". i trade different than everyone else on here. i never trade before noon MSTand never enter a trade after 3AM MST. i stay out of the market while announcements and money movers have their fun. i look for 100% a month and have done it for over 2 months now. yes time will come when i will maybe go for 50% a month but not til the account gets up to 25k or so. i never look at pips just percentage.
I have a question if it does not offend you.In above post you say you have seven figure account with them.Whereas on 17th of this month you said you will go for 50% a month when reach 25k.???Can you tell about the difference/discrepancy.
  • #8
  • May 31, 2006 9:18pm May 31, 2006 9:18pm
I thought I'd jump in here to validate some of what's being said. If you all saw the thread I started on stop hunting, you'll know I have a trader friend with a very large account. Prior to his now infamous stop hunt, he was with InterbankFX. The reason he went to the broker who stopped him out was because of these practices highlighted in this thread. IBFX admitted that the bank was now going to manually execute his trades. They forced him to move to MT3, apparently so that they could have better control of manual execution (that was the effect, though, I'm not sure why that really made a difference.) They reduced his leverage significantly, and did several other things. On the bright side, they were very upfront about all of this. At least they weren't trying to do this in a dark corner and hide it away. IBFX indicated that these actions were dictated by their bank, not by them.

I'd imagine that it's OK to trade with them until you start getting profitable, trade large amounts, and have funny things start to happen on your system, such as a lot of re-quotes, etc.
  • #9
  • May 31, 2006 9:25pm May 31, 2006 9:25pm
I doubt they would mess with a little guy like me... but I had an ~85% accuracy rate on three demo accounts averaging 2% return daily and it seems like all I make is wrong trades now that I'm live on my micro account Could just be the market is being weird right now. We shall see... I'm in a few trades with small lots right now.
  • #10
  • Jun 1, 2006 1:04am Jun 1, 2006 1:04am
rtparty is a successful trader. He does represent an individual who has a seven figure account. I know this individual personally. I have traded with him many times.

That being said, they are running into the problems that have been mentioned. Interbank FX really only seems to want small inexperienced traders. They did create an understanding with this individual that they would be able to fill his larger orders on the Interbank platform but this has not been the case. He has lost well over 100k in the last while due to orders not filling.

So, if your plans are to keep a small account forever and not build into something you could be independent on Interbank FX should work great for you. If you have goals of something more, start planning ahead.
  • #11
  • Jun 1, 2006 1:05am Jun 1, 2006 1:05am
i know rtparty, he is the personal assistant for a guy who is trading a seven figure account. He is having the issues with IBFX . rtparty's boss asked him to make the post. rt has is own mini account and has had tremendous growth and gains. that is the discrepency in the two threads. I have learned everything i know about forex from rt's boss, he is a great guy, it is too bad he is being jerked around by IBFX. Dont they relize that when his orders are filled they make alot of money.
  • #12
  • Jun 1, 2006 1:22am Jun 1, 2006 1:22am
Quoting redflurry45
i know rtparty, he is the personal assistant for a guy who is trading a seven figure account. He is having the issues with IBFX . rtparty's boss asked him to make the post. rt has is own mini account and has had tremendous growth and gains. that is the discrepency in the two threads. I have learned everything i know about forex from rt's boss, he is a great guy, it is too bad he is being jerked around by IBFX. Dont they relize that when his orders are filled they make alot of money.
Thanks for the clarification.I asked because of curiosity and am thankful for reasonable answer.
  • #13
  • Jun 1, 2006 1:40am Jun 1, 2006 1:40am
Yes, there is the discrepancy. I was told by my boss to just talk as if it is my account. I technically kind of speak for him I guess you could say. He is very busy so I do this work for him. If Interbank does not care to lose him as a customer do you think they care about you, the little guy? No way, they care about the small guy. If I had a customer that had 7 figures with me I'd be at their doorsetp with a bagel and the limo. Well that might go a little far but you get the point. If you want to stay small they are great but they don't care about me so I say, " See ya later!"
You don't lose money in the market, you lose time. - Jim Cottrell
  • #14
  • Jun 1, 2006 5:03am Jun 1, 2006 5:03am
Quoting rtparty
Yes, there is the discrepancy. I was told by my boss to just talk as if it is my account. I technically kind of speak for him I guess you could say. He is very busy so I do this work for him. If Interbank does not care to lose him as a customer do you think they care about you, the little guy? No way, they care about the small guy. If I had a customer that had 7 figures with me I'd be at their doorsetp with a bagel and the limo. Well that might go a little far but you get the point. If you want to stay small they are great but they don't care about me so I say, " See ya later!"
That is pretty disturbing... what other brokers is he looking at?
  • #15
  • Edited 11:13am Jun 1, 2006 6:00am | Edited 11:13am
Hello,
From what I understand you have been in the business for a while.
Why would a professional trader ever open an account with IBFX?

I know of NoOne that is really mastering currency via Bucketshops.

From me to you: Try Currency Futures or ATLEAST at ECN broker.

Wish you Luck man.

-Alex



Quoting rtparty
I am on here now to warn all of you who have or plan to have a 7 figure account. I am currently working with InterbankFX as my broker and have an account that is over 7 figures with them. I STRONGLY warn against using them in any way. They will not guarnatee trades. They have lied to me constantly for the last 2 months now and I have lost well over a couple hundred thousand dollars because they lie about everything. They do not and I repeat do not have an institutional account. So stay away from InterbankFX if you have or plan to have a large account. If you are already using them I suggest leaving them.
  • #16
  • Jun 1, 2006 12:17pm Jun 1, 2006 12:17pm
I was going to open an account with interbank, but now I am worried so I will not open one with them. Have anyone use forex.com?

They say that its good to trade currency because it has no commission, but it sounds like the broker is out to get you from the spread. I feel like they will be trading against me.

Is there a broker or an ecn platform that does not go by spread but by commission? or can anyone suggest a good broker that cares about their clients? Thanks
  • #17
  • Jun 8, 2006 1:00am Jun 8, 2006 1:00am
I am just kind of bumping this thread up so more people see this and don't get caught in a mess. Once again I warn you stay away from InterbankFX if you ever plan on managing a large account(7+ figures).
You don't lose money in the market, you lose time. - Jim Cottrell
  • #18
  • Jun 8, 2006 1:16am Jun 8, 2006 1:16am
From what I have read, it seems it would be madness to maintain an account size even much into 6 figures, let alone 7, with any particular FXbroker given that the funds aren't guaranteed. Not that I really know, but thats the impression I've gotten from reading the comments of other people.. you hear a lot about the 'refco' situation where I guess everyone with them has either lost or atleast had frozen their account funds. Like I said, I don't really know since I'm still very green, but I don't ever plan to have an account of such size anywhere that isn't insured.

To be clear I havn't been thrilled with IBFX myself - had some problems making trades just earlier today, although that is on a Demo account. But still.. if I can't demo reliably, I am unlikely to trust them with real money.

just my thoughts
nate
  • #19
  • Jun 8, 2006 1:38am Jun 8, 2006 1:38am
Try www.globalbankfx.com and I think you will be very pleased!!!

Thanks,

Piphavester
  • #20
  • Jun 8, 2006 2:29am Jun 8, 2006 2:29am
in my humble opinion trading such an account through a retail broker is plainly insane as the funds ar mixed with their own trading and in case of bankruptcy, you know what happens.

the question is where is the line? what account size is the limit to move from such brokers to the big boys in futures and insured accounts? of course, you won't get 100:1 leverage anymore.

any thoughts?
0 traders viewing now