1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Interbankfx.com

Discussion in 'Forex Brokers' started by Administrator, Dec 1, 2007.

  1. Administrator

    Administrator Just Administrator :-)

    Joined:
    Sep 24, 2007
    Messages:
    6,066
    Likes Received:
    503
  2. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,591
    Likes Received:
    2,176
    Despite the . . . less than stellar reviews, I decided to start my live trading with IBFX. There were several reasons for this:

    1. I wanted a US based brokerage. I realize that this may not really be any safer than a foreign brokerage, but I do take some small comfort in knowing that I don't need to dig out my passport if it becomes necessary to express my feelings live and in person. :hissyfit:

    2. I wanted to use MetaTrader.

    3. I wanted to trade microlots (10 cents/pip) or smaller.

    These requirements left me with few alternatives. Of that limited selection I ended up choosing IBFX.

    And now, the good:

    1. IBFX miniaccounts allow you to trade nanolots (1 cent/pip), thus letting me scale out of microlot trades and also letting me do live experimental trades at nano-scale.

    2. 19 pairs to play with (my demo mini account with them only had 10 pairs). Most of the available combinations of USD, GBP, EUR, JPY, CHF, CAD, AUD, and NZD.

    3. Credit card funding - it took 2 days (as advertised), but they didn't charge my card until shortly before crediting my account. (That was a very pleasant surprise.) Also, it posted as a purchase instead of a cash advance.

    4. Free deposits/withdrawals via check. NOTE: I haven't withdrawn any money yet, so can't comment on the success or speed of this method.

    5. They sent out an email to customers warning that trading the NFP could be dangerous since prices could gap. Gapping prices is a bad thing, but I'll give them points for at least giving fair warning.

    The bad:

    1. Slippage - even during calm times, I get requoted frequently. Some of this is my pitiful internet connection. If that was all it was, it should happen fairly often on the demo account. It happens a LOT more on the live account.

    2. Spread widening. I've seen GPBUSD jump into the 12-15 pip range during news reports with wide deviation from expectations. Today's NFP was an exception, since it was only a little better than expected. In this instance, the GBPUSD only widened a few pips. Unfortunately, a couple of the biggest surprise announcements (an interest rate cut and Canadian employment numbers) this week caught me off guard, so I didn't get to watch what happened to the spread during those extreme conditions.

    3. A very special $20 "convenience" fee for using the credit card to put money in. Technically, fees for using credit cards violate the internal rules of Visa and MasterCard, but this is seldom enforced. I guess it cost me less than if they'd posted it as a cash advance.

    4. They have none of the really exotic pairs.

    The ugly:

    1. Server freezes. I've seen several short ones (including one that spanned a major news report), a 10+ minute one at a slow point of the day, and then they did a fairly long one starting about 10 minutes or so after this morning's NFP report. I'm very annoyed about that one. I'd moved my stops on long-term trades in close, and had just started re-adjusting things after the dust was settling. During the freeze, 2 of my positions fell back into their "temporary state of emergency stoplosses" and then retraced past where they were at the beginning of the freeze.

    2. When I first opened the demo account (while debating which of the limited number of brokers who met my criteria to use), I was surprised to see it could trade nanolots. I went to the online chat to try to confirm that this was also true of the live accounts. The rep kept going on and on about changing leverage and never would give me a straight answer. While the chat rep was looking up another non-answer in her list of default responses to questions, I called the toll free number and got the correct answer from the person who answered the phones.

    I'll update in this thread as more things (good and/or bad and/or ugly) happen. Feel free to add any of your own real-life experience involving live trading with IBFX.
     
  3. trader

    trader Private

    Joined:
    Oct 7, 2007
    Messages:
    19
    Likes Received:
    0
  4. Garuda

    Garuda Recruit

    Joined:
    Oct 25, 2007
    Messages:
    5
    Likes Received:
    0
    Drive your car

    I use the IBFX and have had some crazy things happen recently they put me in a trade early, I called and there expert said it shouldn't have happened and they refunded my money lost, from there error back into my account. It's kind of like driving your car you can go out and never have driven get into your car and crash and burn or pay attention learn and drive safely, it appears that 99.9% of all brokers have problems of some sort or another, I have tried MB, FXCM and don't trade with them anymore, for starting accounts Mini and small pip trading they are decent.
    http://www.forexpeacearmy.com/forex-forum/images/smilies/smile.gif
    :):)


    Garuda
     
    #4 Garuda, Dec 17, 2007
    Lasted edited by : Aug 15, 2015
  5. ernest8fingers

    ernest8fingers Master Sergeant

    Joined:
    Feb 25, 2008
    Messages:
    475
    Likes Received:
    7
    How is the InterbankFX experiance?

    Pharoh-I was just wondering how your current InterbankFX experiance is going? I just opened live account and am about to fund it.Its a MINI w/500. - I will trade micro lots till account can absorb larger trades-Plz let me know anything u can about this broker.Good luck !
     
  6. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,591
    Likes Received:
    2,176
    They don't seem to be having quite as many server freezes lately.

    Yesterday's rate cut sent spreads to insane levels (it was jumpy, but I saw well over 40 pips on GBPUSD). I had a long position open on EURUSD and had moved my stoploss up, and they did honor it without any slippage during the rate cut chaos, so that was pleasing.

    The main times I have problems with slippage are manually opening and closing orders. So far, I haven't had them miss a pending order or a stoploss/take profit number.

    They aren't perfect, and they are a bucketshop. I'd say that they are at least trying not to be a bad bucketshop. Check the scam alerts folder and you'll see where someone else is currently having problems with them due to price gapping. I haven't had this happen to me yet, but obviously it can happen with them.

    One thing - some brokers run to 4 pm New York time on Friday and open at 5 pm New York time on Sunday. IBFX closes at 4 on Friday and opens at 6 on Sunday. This increases the chance of something very unpleasant happening if you have trades open over the weekend.

    At this stage, I'd rate them around 2 to 2.5 stars.
     
  7. ernest8fingers

    ernest8fingers Master Sergeant

    Joined:
    Feb 25, 2008
    Messages:
    475
    Likes Received:
    7
    85 %

    Thnxs Pharoh for the feedback. I was waiting for your thoughts before funding. Seems like an average Broker. I also have MBT and have yet to fund that as I am still staring blankly at their screen as I play w/their demo-lol- learning curve is steep compared to others. Best of luck and may the Forex be with u.:D
     
  8. ernest8fingers

    ernest8fingers Master Sergeant

    Joined:
    Feb 25, 2008
    Messages:
    475
    Likes Received:
    7
    Any luck with this Broker?

    Pharoh - I was wondering how your InterbankFX account is doing? Just wanted any thoughts or experiences you may have concerning this Broker. I still dont trust them with any decent size account (above 10,000$) .:D
     
  9. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,591
    Likes Received:
    2,176
    Server freezes continue to decline in frequency and duration - they are now very rare and generally only last for a few seconds.

    Spreads still get crazy around big news releases.

    I do get requoted some of the time, but my stoplosses and take profits have always worked to the pip.

    Of course, if I traded much larger amounts of money and was a lot more profitable, things might or might not change.
     
  10. ernest8fingers

    ernest8fingers Master Sergeant

    Joined:
    Feb 25, 2008
    Messages:
    475
    Likes Received:
    7
    InterbankFx

    Thank u for your speedy response! I tread lightly when Im about to deposit "real" money anywhere. My experience has been about the same as yours. I only trade micro-mini lot size (.01) so far - so there really isnt any fear factor when placing these trades. Of course Im not making any real money either. I am on the never ending quest for a Broker I can fully trust( I have never withdrawn money from Interbankfx and only made 1 deposit) so I dont yet have warm and fuzzy feeling for this company. Again -thnxs for the response and I will keep u informed as to any problems(or otherwise) from this Broker.:D
     
: interbankfx

Share This Page