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Iran Account

  • #1
  • First Post: Edited 2:52pm Jun 1, 2006 1:48pm | Edited 2:52pm
Hi Folks,

I usually do not express my feelings explicitly but because of the insulting behaviour of InterbankFx I have no choice but to write this.

I am originally from Iran but a permanent resident of Canada. Right now I work for the Canadian branch of an American company. My website is also affiliated with two American websites. I've also done some contract work for some American publishers and companies so far. I have several American friends and thousands of American readers who respect me and I respect them. I love the American culture and that's one of the reasons that I'm here in North America.

Anyway, I'm not very happy with my current broker so I decided to open a mini account with IBFX and see if I can switch to them. I filled out the application form and got the following answer after a couple of days:

"Thank you for your application. I apologize but we are unable to open an account for your because you are a citizen of Iran. Please contact me if you have any questions.
Kind regards,
[...]
[...] Manager

Interbank FX, LLC
6550 South Millrock Drive, Suite 325
Holladay, Utah 84121"


Okay, for those of you who are not aware of this there are US embargoes in place against Iranian government and Iranians who live in Iran. Those Iranians who are residents of other countries are exempted from these embargoes. That's why as mentioned above I work for an American company right now. There are many Iranians that live in United States peacefully and work there without any problem. Anyway, I sent them an email and explained the situation and here is the answer I received from the same person.

"Thank you for your email. Unfortunately, although there may not be a limitation to do trade with American Companies, we are unable to open the account for you. This is a rule within Interbank FX and we have decided not to assume this liability. I apologize but we will not be able to open an account for you."

This is really insulting. You are judged just because you are born in a specific place. I've never felt so bad.
  • #2
  • Jun 1, 2006 2:10pm Jun 1, 2006 2:10pm
Have you contacted IBFX directly about this issue? Or sought legal advice?

Merlin> Do you think we need to set up a due dilligence section for complaints like these? I've noticed a rise of these kind of posts here recently.

I'm not saying that these kind of posts are wrong but I think that the US is a litigious society (more so than the rest of the world) and think that we might need to do something like MoneyTec here.
  • #3
  • Jun 1, 2006 2:15pm Jun 1, 2006 2:15pm
Iso, I agree. I have not moved them because they are not spam. However they do go against the flow of the forum as a whole. I would like to see any broker bashing threads removed. This is not a tool to collect money that people think they are owed. It is a forum to express ideas about trading, not strong arming.



Quoting Isotonic
Have you contacted IBFX directly about this issue? Or sought legal advice?

Merlin> Do you think we need to set up a due dilligence section for complaints like these? I've noticed a rise of these kind of posts here recently.

I'm not saying that these kind of posts are wrong but I think that the US is a litigious society (more so than the rest of the world) and think that we might need to do something like MoneyTec here.
  • #4
  • Jun 1, 2006 2:29pm Jun 1, 2006 2:29pm
I can understand he might have a genuine complaint here but you have to be careful you've stated all the facts correctly before publicising them.

FF need to be careful about what material they're hosting as well...if it was my site I would consult my legal team and perhaps reformulate some policies around here.

I still think the original forum rules are way too simplistic for a site of this size now and they need to be reviewed quickly.
  • #5
  • Edited 3:03pm Jun 1, 2006 2:47pm | Edited 3:03pm
I didn't really mean to offend anybody or move against the rules of a fair discussion. If you look at my previous posts you'll clearly see that my intension was and still is to share my ideas about Forex trading. If you feel it is beyond your standards remove it but I just tried to share my suffer and receive some sympathy from my friends at Forex Factory.

My complaint is geniun but as a general rule your capital will move to the location that you feel safe. I don't feel safe with IBFX anymore so I'll simply invest with another company (actually I got denied by them although I could go ahead and probably convince them I decided not to). Anyway, I mitigated the tone of my first message to avoid it to become a thread for IBFX enemies or a source of aggitation in the flow of our discussions.
  • #6
  • Jun 1, 2006 2:53pm Jun 1, 2006 2:53pm
Hey Aparsai,

What INterbankfx is doing is normal. If you join a lot of companies -- especially US based, you will see they have an exclusion list for certain countries (Sudan, North Korea, Iran etc.). What is common about the list is that these countries are on the US government's terrorist country list.
  • #7
  • Jun 1, 2006 2:56pm Jun 1, 2006 2:56pm
Quoting Yardie
Hey Aparsai,

What INterbankfx is doing is normal. If you join a lot of companies -- especially US based, you will see they have an exclusion list for certain countries (Sudan, North Korea, Iran etc.). What is common about the list is that these countries are on the US government's terrorist country list.
Is Canada one of them?
Try hard, think fast, die young
  • #8
  • Jun 1, 2006 2:58pm Jun 1, 2006 2:58pm
NO at least not yet .



Quoting dof
Is Canada one of them?
  • #9
  • Jun 1, 2006 3:02pm Jun 1, 2006 3:02pm
Quoting Yardie
NO at least not yet .
I wasn't looking for an answer , but thanx
Try hard, think fast, die young
  • #10
  • Jun 1, 2006 3:03pm Jun 1, 2006 3:03pm
Quoting smjones
Iso, I agree. I have not moved them because they are not spam. However they do go against the flow of the forum as a whole. I would like to see any broker bashing threads removed. This is not a tool to collect money that people think they are owed. It is a forum to express ideas about trading, not strong arming.
Scott, I'm going to agree with you on a provisional basis.

However, suffice it to say that the better tools you have, the better trader you will be, and there are some really dead-beat brokers out there. Me personally, I would find it quite helpful to have a legitmate anonymous rating/review system or something of the sort in place so I could find the best broker possible...I feel lucky to have found a good few, but make no mistake, there are something real advantages to knowing which brokers to choose.

I agree that miscellaneous broker-bashing isn't conducive to trading, but community lead investigations that would help expose near-criminal behavior could be most useful for the community.

That, of course, is my opinion.
  • #11
  • Jun 1, 2006 3:08pm Jun 1, 2006 3:08pm
Maybe a poll set up in the Poll Forum would take care of it. Even make it a stcky if need be... That should be enough... I really feel for those who have been abused, but after all we are only hearing one side and in addtion there is not much that can be done in this forum other than which could be accomplished with a rating poll.

Thanks Scott

Quoting mrmikal
Scott, I'm going to agree with you on a provisional basis.

However, suffice it to say that the better tools you have, the better trader you will be, and there are some really dead-beat brokers out there. Me personally, I would find it quite helpful to have a legitmate anonymous rating/review system or something of the sort in place so I could find the best broker possible...I feel lucky to have found a good few, but make no mistake, there are something real advantages to knowing which brokers to choose.

I agree that miscellaneous broker-bashing isn't conducive to trading, but community lead investigations that would help expose near-criminal behavior could be most useful for the community.

That, of course, is my opinion.
  • #12
  • Jun 1, 2006 3:12pm Jun 1, 2006 3:12pm
Quoting Yardie
Hey Aparsai,

What INterbankfx is doing is normal. If you join a lot of companies -- especially US based, you will see they have an exclusion list for certain countries (Sudan, North Korea, Iran etc.). What is common about the list is that these countries are on the US government's terrorist country list.
You are right about the Iranian government but I live in Canada and I'm a full time employee of an American company. My current broker is American. I'm a member of some American associations. My website host is an American company. I do business with American companies and individuals.

What IBFX has done is beyond the US law. But anyway as I said in another post I'll either continue with my current broker although they are not very good or find another broker as an alternative.
  • #13
  • Jun 1, 2006 3:15pm Jun 1, 2006 3:15pm
Quoting dof
Is Canada one of them?
Of course not, but dual citizenship IS a red flag...and justifiably so. I'm not saying they should ban anyone and everyone who comes from a listed country, but they have to revoke their citizenship with the countries in question.

Again, Apa...I sympathize with your situation, but if Canadian citizenship automatically excludes anyone from being "flagged" (even if they have dual citizenship with a listed country), I don't think it would be a very secure system. Then anyone from a listed country would simply apply for Canadian citizenship while keeping ties to the listed country...we'd have a loophole in the system...one that could be exploited very easily.

I'm not saying that system itself is correct...but changing it requires a democratic response. If enough Americans get fed up with the way other countries get on and off the list, then the public outcry will trickle to the law-makers and things will change. However, as long as the laws of the land were created and voted on by the majority, then we have to abide by them no matter how insideous they seem to those outside the system.

Ethically, I believe this will eventually be challenged...and rightfully so...however, IBFX does have a right to accept clients as they see fit...with that said, I certainly believe there are plenty of american countries ready to take your business from them. Perhaps one of the kind members here should speak up and help Apa out with his search for a broker who will be of service.
  • #14
  • Jun 1, 2006 3:16pm Jun 1, 2006 3:16pm
Quoting aparsai
You are right about the Iranian government but I live in Canada and I'm a full time employee of an American company. My current broker is American. I'm a member of some American associations. My website host is an American company. I do business with American companies and individuals.

What IBFX has done is beyond the US law. But anyway as I said in another post I'll either continue with my current broker although they are not very good or find another broker as an alternative.
I would take a lawyer. At least to hear the case. A good human rights or something like that. But that's me
Try hard, think fast, die young
  • #15
  • Jun 1, 2006 3:16pm Jun 1, 2006 3:16pm
How do they know that you are Iranian? If you are in Canada they should not block you from joining. Tell them you are Canadian not Iranian.



Quoting aparsai
You are right about the Iranian government but I live in Canada and I'm a full time employee of an American company. My current broker is American. I'm a member of some American associations. My website host is an American company. I do business with American companies and individuals.

What IBFX has done is beyond the US law. But anyway as I said in another post I'll either continue with my current broker although they are not very good or find another broker as an alternative.
  • #16
  • Jun 1, 2006 3:23pm Jun 1, 2006 3:23pm
Quoting Yardie
How do they know that you are Iranian? If you are in Canada they should not block you from joining. Tell them you are Canadian not Iranian.
It was my mistake when I was filling the form I could simply say Canada but I didn't.
  • #17
  • Jun 1, 2006 3:28pm Jun 1, 2006 3:28pm
Quoting mrmikal
Of course not, but dual citizenship IS a red flag...and justifiably so. I'm not saying they should ban anyone and everyone who comes from a listed country, but they have to revoke their citizenship with the countries in question.

Again, Apa...I sympathize with your situation, but if Canadian citizenship automatically excludes anyone from being "flagged" (even if they have dual citizenship with a listed country), I don't think it would be a very secure system. Then anyone from a listed country would simply apply for Canadian citizenship while keeping ties to the listed country...we'd have a loophole in the system...one that could be exploited very easily.

I'm not saying that system itself is correct...but changing it requires a democratic response. If enough Americans get fed up with the way other countries get on and off the list, then the public outcry will trickle to the law-makers and things will change. However, as long as the laws of the land were created and voted on by the majority, then we have to abide by them no matter how insideous they seem to those outside the system.

Ethically, I believe this will eventually be challenged...and rightfully so...however, IBFX does have a right to accept clients as they see fit...with that said, I certainly believe there are plenty of american countries ready to take your business from them. Perhaps one of the kind members here should speak up and help Apa out with his search for a broker who will be of service.
Do you agree to leave your country forever and forget about your relatives and all your memories. Immigration take a courage but leaving everything behind just because somebody might judge you because of where you are born is ridiculous.
  • #18
  • Jun 1, 2006 3:33pm Jun 1, 2006 3:33pm
This type of situation is deplorable, but unfortunetly is how it is in the world today. Best bet its forget IBFX. I don't read much good about them anyway. Tradestation denied nafara an acct cause he's Egyption.

I agree that another bucket shop, i mean broker is your best bet. Try Oanda, their charts suck so just use MT4 from SBFX for charts and your good to go. If your ready for an ECN i'd say try COESfx Stiull need a chart package though. OR go through one of the Swiss brokers. U don't need to use a US company. If a company doesn't want you r money, screw them.
In trading, there is no bullshit. You either make money or you don't.
  • #19
  • Jun 1, 2006 3:34pm Jun 1, 2006 3:34pm
Quoting aparsai
It was my mistake when I was filling the form I could simply say Canada but I didn't.
If you don't have dual citizenship, I'd call them and explain the situation that you have revoked your Iranian citizenship and are a citizen of Canada...if they revoke you still without a background check, you definitely have cause for complaints.

DOF,

Incidentally, a human rights lawyer isn't the correct lawyer to seek in this case...his human rights weren't violated. There is no basic human right to be allowed to open a forex account in the US (or for any other country).

In case you aren't aware there are plenty of other brokers that would gladly revoke any US Citizen's money, so please realize that it's a 2-way street. If the country can't accept money from a particular foreign citizen, then they can't...that is sovereign right of any state to declare where money can and can't come from...and thus it falls to the individual business to follow those laws.

Whether or not it's "right" in the compassionate sense of the word is up for debate...but if there is a question about where a person came from and there are rules in place under the pretense of security then that's that...unfortunate, but true.
  • #20
  • Jun 1, 2006 3:40pm Jun 1, 2006 3:40pm
Quoting mrmikal
If the country can't accept money from a particular foreign citizen, then they can't...that is sovereign right of any state to declare where money can and can't come from...and thus it falls to the individual business to follow those laws.
He works for an US company, so US accepts money from him in form of taxes.
Try hard, think fast, die young
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