This is an email I just received from www.forexbastards.com


One of my full time forex trading buddies just had a serious problem happen. He had an account with www.Interbankfx.com with $620,000 of real money in it. They went through some "technical difficulties", executed a bunch of trades that he didn't execute, margin called him, e.t.c. Long story short, lost him $280,000 in a matter of days, because of "technical difficulties".



Then he spoke to the CEO of the company, who shook his hand, admitted that these were indeed technical difficulties, and he would take care of him.



Now, they are dropping the ball on him, saying that he is a beginner trader, and it was all his fault...I mean these guys opened some trades while this guy was out of town!



Having this website, I get a bunch of different complaining emails from people, and obviously I usually don't email about people's problems to you. But in all honesty, I know this guy very well personally, I've seen his account statements, and I know he is not bullshitting me. I mean this guy was making hundreds of thousands in forex, while I was still in high school, and didn't even know what the word forex meant. And by the way, it's not Tom or Rob...it's somebody else.



Here is the real reason why I am emailing you. This guy has a lawsuit going against Interbank FX right now, he already has a federal attorney involved, and he is trying to shut these suckers down, in addition to getting some of his money back.



If you had an account with Interbank FX, and you also feel you got "screwed" by them, then perhaps you could add yourself to the lawsuit, and recover some of your losses, and put an extra complaint against them to get them shut down.



If you want to get involved in this or have some other helpful information for my friend, please don't respond to this email, instead send an email with your story to interbankfxfraud@forexbastards.com



To Our Success!

-Felix Homogratus

what court or county is this case and what is the case number or who is the lawyer handling the case?

Go there and demand your money with menaces.....

The complaint above has the name signed "Felix Homogratus".
I do not think it is the same Felix Homogratus, as the owner of that site with the same name has a different opinion.

From: Felix Homogratus, USA
Rating: Not Rated
Date of Post: 02/11/06
Review: I do not have any experience with this broker. If you used them, please submit your review below.

Please check this link http://www.forexbastards.com/Interbankfx.shtml

I traded with real money with IBFX for 10 months.
They had some connection problems and bugs in their Metatrader4 platform in the past that have been mostly corrected now.

Only people I know who had major problems were those who were running strategies that does not involve stop losses. These strategies can be very profitable, at the same time very risky when there are outages of the broker server or there are huge spikes in prices. These people ran these strategies for several months in a row making a lot of money. They got too confident and did not pay attention to dangers involved in trading them. Also, they used bad money management by not using very low lot sizes in comparison to the account size.

I too have used these kinds of strategies on a small account using smallest lot size possible and was able to withstand drawdowns and IBFX server connection problems. I traded 0.001 lots per $10,000. I came out a winner making modest gains, while others got their accounts blown out or suffer significant losses in the end.

On the whole, I am satisfied with IBFX, but I think they have some room to improve. They are a small broker that does not trade against clients.

It is going to be mighty difficult to sue and win against IBFX since the Forex market is not regulated, and because of the cluase that is in the contract you sign when you opened your account with them.

Their slippage is legendary, leave them well alone

While we're on the subject, anybody hate MIG yet? Any problems. I have not had any thus far but only a couple months.

I can feel, or I guess, some global campaing against some forex companies?
Because it´s not the first advertisment "warning you" about this company, or this other company, or this other company, or this other company etc etc etc.

I received several warnings about other 2 companies that concern me because are/was my brokers.

In truth. I just can be withnness of two swindle. The first, I think we all knows: Refco.

The second is litlle broker called Forexvan based on Panama who involves one company in Argentina, Curatola y Asociados. 30 million usd from their clients (60 thousand mine) stolen. You could chek all facts (casu, lawyear, judge, justice, prosecutor, etc) here (spanish article) or just made a simple google search.


It´s seems to be many coincidences or posts in differents forums warning about some particular company.

Several days ago I received an email warnig me about some problems with fxcm, (the same wich is post in SBFX forum). Scared, I ordered a withdrawal and 24 hours later the bank confirmed me the money was in my account.

I think is hard to avoid this warnings when you have some interests with the company involved.

But we must learn to distinguish between stop loss hunters or markets makers from bankruptcy problems or illegal practices.

I also think, if i was a little company, one way to fight against the biggest players is start a dirty campaing a using the most popular forums or spam.

But, I also think, there are many angered traders with some company who is "guilty" of all the loser trades. And responsible to blow out her account.

I like to check all months the last FCM report. For me is like put a w1 macd .

Ah, by the way. Make the next question to you? Why a guy who makes millions at month choose interbankfx? and why not interactive brokers wich 10 times biggest .

Regards.

I've had some weird things happen with Interbank as well. Yesterday, an EA of mine placed an order for 1.0 lot when the EA was set at .03 lots so it is beyond me how that happened. The EA had been compiled hours before this and even had started placing orders at .03. I ended up winning on the trade but that was awfully strange.

i've heard so many horror stories about MT4 brokers and other various brokers .. that i'm just going to use MT4 for my charting and do my actual trading through http://www.manfinancialfx.ca they bought out refco Canada.. however the laws in Canada are very strict. And manfinancial is a huge and reputable company that has it's users accounts covered by the Canadian Investor Protection Fund.

that is why when Refco when bankrupt in the U.S, Refco canada users could still withdraw their money thanks to the CIPF


OR use http://OANDA.com which has a long and reputable history along with the smallest spreads i've ever seen.. 1.5 for EURUSD, and 2 for USDJPY!!!

I just want to clear up some confusion about my original post.

Felix Homogratus is a fictional name of a real person. His real name is found on his site. He is the owner of www.forexbastards.com

He is primarily a Fundamentals trader. Im quite sure he doesnt use EAs at all.
His website is all about trading the NEWS using fundamental analysis.

Secondly, he is NOT the compaintant against Interbankfx. One of his friends is the complaintant. He just sent out this email to his subscription list as a "heads up" warning to them about Interbankfx.

As a member of forexbastards.com I have come to trust Felix. I very much doubt he is out to paint Interbankfx reputation Black unless he truly believed the complaint of his friend/associate is real. Thats my gut feeling. Im not party to the facts first hand.

Lastly, someone above mentioned that they had a fluke 10x trade with an EA at Interbankfx. I did also. I have an EA set to 0.1, but it traded at 1 full Unit for one single trade. (Demo mode). This may have nothing to do with a fault with Interbankfx. It might simply be the fault in the coding of the EA? or a coding fault with MT4? I also won that particular trade.

As with all warnings..take them with a grain of salt. Do your own DD and make up your own mind about the suitabiliy of a broker.

Secondly, with any broker. Take out at least 1/2 your profits! that way if you have a trouble down the line...you are at least not fully at loss.