IBFX forex broker review and detailed information

Interbank FX (IBFX) forex broker review and detailed information

How does IBFX compare with its competitors? Check out also our comprehensive and fully interactive comparison of forex brokers. If you do not know what the terms in the following tables mean, read the tutorial about forex brokers first.

Interbank FX forex broker logo

Basic information about Interbank FX

WebsiteVisit Interbank FX
TypeNo dealing desk (NDD)
Regulated byNFA, CFTC
CountryUSA
Established in2001
Live chatno

Trading terms

Commission (pips)0.00-0.00
Fixed spreadno
Variable spreadyes
Spread on majors (pips)1.8-3.5
Leverage50:1
Minimum deposit (USD)0
Minimum trade size (USD)1000
Accepts scalpingno

Available features

Number of currency pairs19
Precious metals (gold & silver)no
Oilno
Stocks, Indices, and/or CFDsno
Hedgingyes
Trailing stopyes
Free automated tradingyes
MetaTrader 4yes
Mobile tradingyes

Forex account

Demo accountyes
Interest on unused balance
Islamic swap-free accountsno
Accepts U.S. citizensyes
Payment by Bank wireyes
Payment by Credit cardyes
Payment by PayPalno
Payment by checkyes
Other payment options
Account in USDyes
Account in Eurono
Account in GBPno
Account in CHFno
Account in JPYno
Account in AUDno
Account in CADno
Account in NZDno
Account in CZKno
Account in DKKno
Account in HKDno
Account in ILSno
Account in NOKno
Account in PLNno
Account in RMBno
Account in RURno
Account in SEKno
Account in SGDno
Account in ZARno

Languages

Arabicno
Chineseyes
Czechno
Dutchno
Englishyes
Frenchyes
Germanyes
Greekyes
Hebrewno
Indonesianno
Italianyes
Japaneseyes
Koreanno
Malaysianno
Polishno
Portugueseyes
Russianyes
Spanishyes
Turkishno

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Interbank FX (IBFX) customer reviews

Are you a satisfied customer? Or you want to share a scary story? Tell the world about your real-life experience with this forex broker! While writing your review, please also specify for how long time you have been trading with them and what trading style you use (for example news trading, grid trading, scalping, etc.). Readers with a similar trading strategy will pay more attention to your comment. Only genuine broker reviews will be published; posts promoting a website and generic comments will be removed.



Chris H
2011-04-27
I have been with IBFX for a few months now. Quite honestly, I have nothing but good things to say about them. There spreads are a little bit high, but I have yet to have a requote, slow execution and my EA's for my automated trades have not failed even once. Short story here - Couple months ago, I had a losing trade and eventually got stopped out. No big deal, we all have losing trades once in a while. What they did was what I thought remarkable. They sent me an email regarding the trade and removed the trade and gave me a credit for a couple bucks stating that do to some unpresidented spikes in related currency pairs we are giving you a credit for your trade. They did not have to do that and I would have never know, but they did. So, that in itself showed me that they were a broker with a lot of integrity.

Kudo's to IBFX!


Malaysia user
2009-07-28
Awards are nothing, it can be bought by $$$, is just an awarded bucket shop, or i say butcher shop, ya, u the meat, and they the butcher.
Recently it raising spreads on "certain" pairs in asian session, and only serve one purpose = to avoid ur profiting EA to work.
Fapt had make all MM brokers raising EurChf and EurGBP in asian time, but IBFX the Butcher even raise EurUsd to 5-7pips in Asian Time recently, to stop usage of Megadrxxd EA. But they still claim : Expert Advisor are welcome, haha
Regulated doesn't mean Ethic, is just an Regulated Butcher Shop a.k.a Bucket shop


Glynn E. Connor
2009-03-10
IBFX refuse to accept my visa gift card as a valid payment form. All credit cards must be accepted on the same level,since the underlining reason is for the sole purpose of paying for a product,service or purchase.And the entity issueing the card is the only one who decides for what purpose and reasons the card can be use for according to local and international laws.They are also insisting that the credit card must be sign in the reverse.Again this is not there jurisdiction.They are also insisting that the name on the credit card must be exactly and completely the same as on the opening account.Again names on credit cards are usually restricted to three(3).Your name.your initial(s)(Second,ect) and last name.There is a vast difference you have to pay on commisons between funding an account by credit card and to wire funds to an account. So the choice is very simple,since there are other brokers that are offering the same platform,same service, with less credit card scrutiny.


Akpos
2008-12-13
If all this is so, how come they won the following awards as stated on their site

Latest News

1)IBFX Repeats as Best Foreign Exchange Broker at 2008 Shares Awards in London
2)IBFX Named Best Online Broker at 2008 Middle East Money Summit Awa


Alex J. Findlay
2008-11-15
RE: IBFX or InterbankFX. If you are searching for a broker this is a must read.

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.

Forex Learning Site 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.

Best Wishes,

Alex J. Findlay

FXcompliance@comcast.net

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.

FILED National FUTURES ASSOCIATION - BEFORE THE APR 42007 BUSINESS CONDUCT COMMITTEE NATIONAL FUTURES ASSOCIATION LEGAL DOCKETING IntheMatterof: ) ) INTERBANKFXLLC (NFAID#326091), ) and ) NFA Case No. 07-BCC-O1O ) TODD CROSLAND ) (NFA ID #349820), ) Respondents. )
COMPLAINT
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, NFAs Business Conduct Committee (Committee) issues this Complaint against Interbank FX LLC (lnterbank FX) and Todd Crosland (Crosland).
ALLEGATIONS
JURISDICTION
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.
BACKGROUND
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 QFDM). Crosland is Interbank FXs chief executive officer (CEO) and is a registered AP, NFA Associate Member, and listed principal of the firm. At the time of NFAs 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 FXs promotional material, as alleged herein.
APPLICABLE RULES
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 IVMS 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 Associates foreign currency futures and options activities for or on behalf of the FDM.
COUNT I 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. 3 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 FXs 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 FXs 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 FXs use of the misleading promotional material referred to in paragraphs 10, 11 and 12 above was a violation of lnterbank FXs 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).
COUNT II 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 FXs promotional material.
19. The allegations set forth in paragraphs 10 through 14 are realleged as paragraph 19.
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).
PROCEDURAL REQUIREMENTS ANSWER
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 Suite 1600 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. 7 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 FUTURES ASSOCIATION BUSINESS CONDUCT COMMITTEE Dated: O4=04-07 By: 0 Chairperson M:/pmr.compiaints. Interbank FX & Crosland.doc 98.226.165.230, Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; GoogleT5; .NET CLR 1.0.3705; .NET CLR 1.1.4322; Media Center PC 4.0; .NET CLR 2.0.50727; .NET CLR 3.0.04506.648; .NET CLR 3.5.21022)


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