InterbankFX

G

greedysob

I checked the listing of brokers in the broker ratings section but I didn't find interbankfx. I was going to add a review as former customer. I'll put it here and if the powers that be see fit they can add it to the brokerage rating section.

80-90% of my experience with InterbankFX was actually good. Metaquotes' trading software worked fine for the trading scripts I intended to write, and all of my orders went through very quickly. Making deposits and withdrawals (well, my final and only withdrawal) was a fast and easy process. Their online chat support also allowed me to get help quickly and easily. Their server reliability left a little wanting, though. A while back they had some problems with their servers going down from what they claimed to be an unexpected influx of customers but they seemed to have taken care of that and my connectivity was fairly dependable.

My biggest problem with them came after making what was actually a very successful trade. I installed the software on a new computer and when it downloaded the data the history had been changed for that day. I wouldn't have even noticed if it weren't for the fact that I had that trade in the bank. When I ran the backtesting function on my new computer it didn't show that winning trade, and when I compared the charts for that day on both computers the one that had been on at the time showed different prices than the one that had just downloaded the data. I deleted all of the history from my old computer and sure enough it downloaded the new 'fixed' prices. Needless to say I was pretty stunned.

You can probably guess why I've decided not to do business with them anymore. As a systems trader I can now never trust any backtesting results I get using their data, because I can't count on their history to reflect what prices my fills would have actually gone through as. This is more than an issue of just calculating in slippage. This is a potential for fills WAY off the chart.
 
I had tried them once, and had performed much better using another party's MT4 for technical analysis. The data off the IBFX live accounts is definitely influenced.

What made me leave them, and the FX industry, was the disconnections that seemed to happen only to me after several weeks of consecutive winning trades.

Someone mentioned that IBFX clears through FXLQ (http://forexbastards.com/public/review/www.fxlq.com), so it's like IBFX retail customers are basically trading against FXLQ, except they're now also paying an extra commission to IBFX for the crappy MT4 feed.
 
In their Home page Interbank list the following services:
Professional Charting, No Dealing Desk, 2 pip Euro*
Standard, Mini & Micro Lots Full Hedging & Trailing Stops Real Time News.

The No Dealer Desk is a false claim and
I believe Interbank to be guilty of practicing the following:
•Re-quoting or Re-ordering– this is when the broker rejects your buy/sell order and sends you an alternate price in favor of the broker

•Stop Loss Hunting – looking for clients stop losses and manipulating prices in order to kick clients out of trades

•Lagging market prices reflected in their charting

•Increasing spreads or freezing their trading platforms during times of high volume such as just before or right after an economic announcement

•Hedging “You” – the broker actively opening a trade position against your open position (often done when the broker can’t decide what side of the trade they want to be on).

I have filed complains both with the NFA and the CFTC and I suggest that all those that have been cheated by these crooks do so also.

Their violations are flagrant and only by making then public and enough people filing complains with both of these agencies the regulators will be able to tear them apart.

:mad:
 
Quote from Al Pipo:

In their Home page Interbank list the following services:
Professional Charting, No Dealing Desk, 2 pip Euro*
Standard, Mini & Micro Lots Full Hedging & Trailing Stops Real Time News.

The No Dealer Desk is a false claim and
I believe Interbank to be guilty of practicing the following:
•Re-quoting or Re-ordering– this is when the broker rejects your buy/sell order and sends you an alternate price in favor of the broker

•Stop Loss Hunting – looking for clients stop losses and manipulating prices in order to kick clients out of trades

•Lagging market prices reflected in their charting

•Increasing spreads or freezing their trading platforms during times of high volume such as just before or right after an economic announcement

•Hedging “You” – the broker actively opening a trade position against your open position (often done when the broker can’t decide what side of the trade they want to be on).

I have filed complains both with the NFA and the CFTC and I suggest that all those that have been cheated by these crooks do so also.

Their violations are flagrant and only by making then public and enough people filing complains with both of these agencies the regulators will be able to tear them apart.

:mad:
More...
you don't have a case, i have over 100k with this broker no problems here
 
Quote from Moe27:

you don't have a case, i have over 100k with this broker no problems here
More...

Maybe you could provide some exact evidence then we could decide to believe him or you.
There's a lot of speculations here.
 
Quote from Rocko1:

Maybe you could provide some exact evidence then we could decide to believe him or you.
There's a lot of speculations here.
More...
im not the one with the beef, if he has a problem let him go to whoever, im just letting him know i don't think he has a case. there is nothing for him or me to prove here, he has to do that with n.f.a.
 
seems no better brokers providing data feeds, years of historical data for backtesting, good platform and free API for trading except MQ4 brokers if not concerning the reliability in the run time environment.. brothers, any other choices? I have tried to port my strategy from MQ4 brokers to IB and MBT but they do not provide historical data for backtesting.. any good options ? please advise !
 
My post was not intended for me to provide proof to the general public but rather to inform those who feel that they have been wronged by a broker that there are ways to file a complain and have the regulating authorities look into the matter.

Yes, I have filed a grievance with the two regulating agencies and although a lot if this schemes are hard to prove (they are aware of it) the mere fact that you are reporting it warrants monitoring of the broker involved.

We all trade at different hours and therefore the guy with the 100k+ may not trade at 2AM EST forward when most of the requote goes on or tries to take profit during news release hours when they shut down their servers and you loose everything if the market moves against you.

They don't advertise this on their website as a matter of fact one of the reasons I went with them is their claim that they don't have a dealers desk, only after some research I found out that they use someone else dealer desk(FXDD) to filter your orders, they are just another middle men.
That being the case is much better and cheaper to deal with FXDD directly.

Yes they provide a good platform for practicing and testing and on that aspect they are one of my favorites, just be aware that the same method you used to be profitable on practice may not work when you use them for real. Specially if you try scalping.

I'm aware that nobody experiences the same things at the same time but if only ten percent are, that is too many when it comes to your money and I have read about having the same problems with this broker from other members in this forum.

So the moral is "Research the broker till exhaustion before you give him your money"
 
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