12 reviews of IBFX are presented here. All reviews represent only their author's opinion, which is not necessarily based on the real facts.
Well, after 7 years with this Broker; I must say that every occasion you have to make money; their server just boycots your accoung. Nothing works; Stop loss is not executed, server change anf impossibility of logging in whenever you have opportunity to make money. They screwed my account and stopped me frpm making some 3900 points in the last debacle of the euro and AUD and NZD and CAD and JPY. I quit and left my balance for them. It is not much but would have been had I benefited from honesty
They do not deserve to receive a good words from all their clients because they are scammers and thieves. They stole all my money and never heard anything from them. They all deserve to die
Reading some of the bad the reviews below makes me think of this: I have learned over the years that 90% of people's problems with various products are user error. I've seen it time and time again. Someone thinks the product their using is flawed or trying to rip them off; but really, they just don't know any better.
I have been with IBFX for almost two years now and they definitly cheat. I have accounts with other brokers and place the same trade with them as with IBFX. I have them on two seperate monitors and can literally see the dishonesty. IBFX flashes to hit my stop loss, and resists hitting my take profit almost all the time. The "flash" to hit my stop loss and the resistance to hit my take profit doesn't happen on the other broker. I watched my eur/usd spread widen from 2 to almost 5 pips so they wouldn't have to hit my take profit. They are cheaters for sure. The only way to make money with them is to have your stop loss very far away so a flash would be very obvious fraud, and any time you are close to your take profit, manually close your order.
More than 2.5 years with ibfx. Nice and quick support, fast withdrawal. Yes, spreads are wider during the news, but this is standard in this business. All calls were executed in time, no slippage.
The guy above was right, saying probably others didn't have a chance to compare ibfx with other brokers.
Please note that Interbank Fx has changed the terms for deposits. There are no minimum deposit sum for starting a live account.
Regarding to their services, they are great. They had few little problems but not very bad.
IBFX DOING IT BIG! WHATEVER!
I would like to know who's making money if the majority of brokers appear to be shooting at the stop.
Which brokers are allowing you to trade w/o all the interference?
It's dangerous, but when I realized I was being cheated, I cheated. Due to the stop hunt [which I've experienced in the pass] I refuse to add stops to my trades and it works for me. Nevertheless, I would prefer to trade with integrity driven brokers/companies.
When you download the IBFX MT4 platform, beware because IBFX drops a virus known as Aardmark on your computer that is a keystroke virus: records every thing you you do including taking screenshots of your charts-don't believe me? Run a deep virus scan and if you look hard enough you can even find the drop file for the screen shots it sends in your hard drive. I have also witnessed their stop hunting in action as well. Caveat emptor-these guys are really scary the way they operate...
IBFX plays the same server switch game for re-pricing to assure that otherwise profitable trades get stopped out at a loss . I purchased a new sophisticated EA that was recently offered. Using a dummy account the EA was consistnetly profitable. As sonn as it went live with many others who also purchased it the trades began to get stopped out regularly. INteresting how the system spiked the price almost to the exact stop loss point and then re-priced again to the previous level. I am beginning to believe there are no honest brokers in the forex game. I don't know how a firm registered with the CFTC can get away with this level of dioshinesty.
I really do not understand why some Forex Brokers have cheat and deceive their clients. I was just doing some research and I came across this NFA action. There is enough money in the Industry without having to defraud and mislead clients. If you wish to know why I came across action after I received an unsolicited email from IBFX in violation of the CAN-SPAM Act; Final Rule" took effect July 7, 2008 and changes the original CAN-SPAM Act offering me a free account with $25.00 to start trading. That is pretty desperate if you ask me because the email violation carries a multi million dollar fine.
Earnforex does it's best to warn new traders and I thought I would try and do my part by posting this NFA action. It spells BUYER BEWARE to me.
PS: I have no axe to grind with this Company. This is just intended save you from heartache at a later date. A 100K fine is one thing, but what about the customers who are used, abused and manipulated. YOU MIGHT JUST SAVE YOURSELF MONEY AND A HEADACHE.
NOTE****** There are probably some typos because the Doc was read on the NFA Internet Website by an OCR Machine.
National FUTURES ASSOCIATION -
BEFORE THE APR 42007
BUSINESS CONDUCT COMMITTEE
NATIONAL FUTURES ASSOCIATION
and ) NFA Case No. 07-BCC-O1O
TODD CROSLAND )
(NFA ID #349820),
Having reviewed the investigative report submitted by the Compliance Department of National Futures Association (“NFA”), and having found reason to believe that NFA Compliance Rules (“NrA Requirements”) are being, have been, or are about to be violated and that the matter should be adjudicated, NFA’s Business Conduct Committee (“Committee”) issues this Complaint against Interbank FX LLC (“lnterbank FX”) and Todd Crosland (“Crosland”).
1. At all times relevant to this Complaint, Interbank FX way an NFA Member futures commission merchant (“FCM”). As such, Interbank FX was and is required to comply with NFA Requirements and is subject to disciplinary proceedings for violations thereof.
2. At all times relevant to this Complaint, Crosland was a principal and associated person (“AP”) of Interbank FX. As such, Crosland was and is required to comply
with NI-M i-requirements and is subject to disciplinary proceedings br violations thereof. Interbank FX is liable for violations of NFA Requirements committed by Crosland during the course of his activities on behalf of Interbank FX.
3. Interbank FX has been an NFA Member since December 2004 and conducts business in off-exchange foreign futures and options (“forex”) as a Forex Dealer Member Q’FDM”). Crosland is Interbank FX’s chief executive officer (“CEO”) and is a registered AP, NFA Associate Member, and listed principal of the firm. At the time of NFA’s 2006 examination of Interbank FX, the firm had approximately 4,800 customer accounts and approximately $25.8 million in customer liabilities.
4. The Committee issued a Complaint against Interbank FX on August 30, 2006 charging Interbank FX with failing to collect the required security deposit from its retail forex customers, in violation of NFA Financial Requirements Section 12(a). Interbank FX settled the Complaint simultaneously with its issuance — agreeing to pay a $25,000 fine.
5. NFA conducted an examination of Interbank FX in 2006 which found numerous and serious deficiencies with Interbank FX’s promotional material, as alleged herein.
6. NFA Compliance Rule 2-36(b) provides, in pertinent part, that no FDM shall cheat, defraud or deceive, or attempt to cheat, defraud, or deceive any other person.
1. NI-A Compliance Rule Z-3b(c) provides that I—VMS and their Associates shall observe high standards of commercial honor and just and equitable principles of trade in the conduct of their foreign currency futures and options business.
8. NFA Compliance Rule 2-36(e) provides that each FDM shall diligently supervise its employees and agents in the conduct of their foreign currency futures and options activities for or on behalf of the FDM. Each Associate of an FDM who has supervisory duties shall diligently exercise such duties in the conduct of that Associate’s foreign currency futures and options activities for or on behalf of the
VIOLATION OF NFA COMPLIANCE RULES 2-36(b) AND (c): USE OF MISLEADING
AND DECEPTIVE PROMOTIONAL MATERIAL AND FAILURE TO UPHOLD HIGH
STANDARDS OF COMMERCIAL HONOR AND JUST AND EQUITABLE
PRINCIPLES OF TRADE.
9. The allegations set forth in paragraphs 1, 6 and 7 are realleged as paragraph 9.
10. In August and September 2006, NFA reviewed a website maintained by Interbank FX, viz., www.lnterbank FXfx.com, which contained the following representations:
Operational funds are kept completely separate from client funds. When you send you funds to be traded, you send them directly an account titled the ‘Interbank FX Customer Funds Account’ that Interbank FX has set up specifically for you at Bank of the West for this reason. Funds never come to an Interbank FX company account for your protection.
Occasionally a customer will ask ‘if your company were to have a financial problem, how would I get my funds?’ This is a great question and the answer is simple. Again, because we have set up a separate account for you, in this instance you would simply request your funds and they will be immediately wired or mailed to you.
• Commission I-Khlz I rading. While currency futures have the added baggage of trading commissions, exchange fees and clearing fees, the Forex market has eliminated such expenses to the investor.
• 200:1 leverage — this leveraging power enables traders to have a $50 margin controlling a $10,000 position or a 0.05% of the position value. The substantial leverage that is available to online Forex Traders can be a powerful money making tool.
• The daily currency volume on the Chicago Mercantile Exchange (CME) is a mere 1% of what Forex market investors experience every day. This unmatched volume and liquidity is one of many advantages that the Forex markets have over currency futures.
• . . . our platform allows a customer to trade in the lnterbank FX market with no market manipulation. Our electronic access to the Interbank FX market also means that there is no dealing desk at Interbank FX. Your trades are typically executed within one second and go directly to our banks.
• Direct Interbank FX trading. That means that no one is interfering with the prices and pip spreads.
• With a weekly volume equivalent to one year of NYSE (New York Stock Exchange) trading volume, there is not [sic] shortage of buyers and sellers in the Forex market. With the vast number of traders involved in the Forex market, the trading volume offers price stability and a consistency in fair market pricing.. . Liquidity in the equities market is not [sic] match to the liquidity that the Forex market offers.
11. Interbank FX used a promotional brochure entitled “Interbank fx”. The brochure contained the following representations:
• Our electronic access to the Interbank FX market also means there is no dealing desk at Interbank FX. Your trades are executed instantly and directly with our banks.
• Interbank FX customers also enjoy access to direct execution from a streaming quote feed. This means you
will have access to real Interbank FX liquidity....
12. lf May 2UUt5, Interbank I-A published promotional material in two publications named “FX & MM” and “Technical Analyst”. Interbank FX made the following representations in one or both of the above publications:
• Direct Interbank FX Trading (Never a dealing desk). The following passage appeared in Interbank FX’s promotional
material in “Technical Analyst”:
• Our proprietary technology and distinctive approach to foreign exchange trading allow you to execute directly from a streaming Interbank FX quote feed, not a dealing desk.
13. The representations referred to in paragraphs 10, 11 and 12 above were deceptive and misleading in the following respects:
a. they falsely implied that forex funds deposited with Interbank FX are given special protection under the bankruptcy laws and that each customer has a separate personal account;
b. they represented that Interbank FX’s services are commission free without an accompanying and proximate disclosure of how the firm is compensated;
c. they highlighted the benefits of leverage without balancing the discussion with an equally prominent discussion of the increased risk associated with increased leverage; and
d. they falsely implied that Interbank FX customers are dealing directly in the “lnterbank FX market.”
14. Interbank FX’s use of the misleading promotional material referred to in paragraphs 10, 11 and 12 above was a violation of lnterbank FX’s obligation to observe high standards of commercial honor and just and equitable principles of trade in the conduct of its foreign currency futures and options business.
By reason of the foregoing acts and omissions, Interbank I-A is charged with violations of NFA Compliance Rules 2-36(b) and (c).
VIOLATION OF NFA COMPLIANCE RULE 236(e): FAILURE TO SUPERVISE.
16. The allegations set forth in paragraphs 1,2 and 8 are realleged as paragraph 16.
17. The diligent supervision of employees and agents in the conduct of their foreign currency futures and options activities for or on behalf of an FDM requires, in part, FDMs and their Associates who have supervisory duties to supervise the content and use of promotional material to ensure that it is in compliance with all NFA Requirements.
18. Crosland was responsible for reviewing and approving all of Interbank FX’s promotional material.
19. The allegations set forth in paragraphs 10 through 14 are realleged as paragraph
20. Interbank EX and Crosland failed to adopt and implement effective steps to supervise the content and use of promotional material to ensure that it was in compliance with all NFA Requirements.
21. By reason of the foregoing acts and omissions, Interbank FX and Crosland are charged with violations of NFA Compliance Rule 2-36(e).
You must file a written Answer to the Complaint with NFA within thirty (30) days of the date of the Complaint. The Answer shall respond to each allegation in the Complaint by admitting, denying or averring that you lack sufficient knowledge or
6inormation to admit or deny the allegation. An averment of insufficient knowledge or information may only be made after a diligent effort has been made to ascertain the relevant facts and shall be deemed to be a denial of the pertinent allegation.
NFA staff is authorized to grant such reasonable extensions of time in which an Answer may be filed as it deems appropriate. The place for filing an Answer shall be:
National Futures Association
200 West Madison Street
Chicago, Illinois 60606-3447
Attn: Legal Department- Docketing
Failure to file an Answer as provided above shall be deemed an admission of the facts and legal conclusions contained in the Complaint. Failure to respond to any allegation shall be deemed an admission of that allegation. Failure to file an Answer as provided above shall be deemed a waiver of hearing.
POTENTIAL PENALTIES, DISQUALIFICATION AND INELIGIBILITY
At the conclusion of the proceedings conducted as a result of or in connection with the issuance of this Complaint, NFA may impose one or more of the following penalties:
(a) expulsion or suspension for a specified period from NFA membership;
(b) bar or suspension for a specified period from association with an NFA Member;
(c) censure or reprimand;
(d) a monetary fine not to exceed $250,000 for each violation found; and
(e) order to cease and desist or any other fitting penalty or remedial action not inconsistent with these penalties.
The allegations in this complaint may constitute a statutory communication from registration under Section 8a(3)(M) of the Commodity Exchange Act. Respondents in this matter who apply for registration in any new capacity, including as an AP with a new sponsor, may be denied registration based on the tendency of this proceeding.
Pursuant to the provisions of Commodity Futures Trading Commission (“CFTC”) Regulation 1.63, penalties imposed in connection with this Complaint may temporarily or permanently render Respondents who are individuals ineligible to serve on disciplinary committees, arbitration panels and governing boards of a self-regulatory organization, as that term is defined in CFTC Regulation 1.63.
NATIONAL FUTU S SSOCIATION
BUSINESS CONDUCT COMMITTEE
Dated: O4=04-07 By: 0
M:/pmr.compiaints. Interbank FX & Crosland.doc
Do yourself a favour... Check out every other broker on here before you look at IBFX. Why? Because if you check IBFX out first, you wont have a chance to see how poorly put together the other companies are! IBFX has great customer service, education, spreads, and neat add-ons for Metatrader.
The size of thier daily trades speaks for itself. Honestly, these guys are excellent, and with anonomous market execution, it means you are not dealing against your broker...
What more could you want?
A great Broker, i like it. And i think now IBFX have min. 0.01 lot for mini account. well done..