hi to all

I'am planning to open live a/c with any one of them shortly,............please let me know who is better and whose server is more reliable......and regarding safety of deposit with them........

thanks in advance

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your attitude determines your altitude.......

Hi,

I have been trading live with IBFX over 2 years, so far so good

thanks for the reply

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your attitude determines your altitude.......

so far, no problems with interbank here.
I got an email saying they'll upgrade the servers this weekend.

I am trading live with them.

CJ.-

This is not my account nor is it something i wrote. I pulled this of FF and thought i would share with everyone. I would like to get peoples thoughts and opinions on this.

I'm closing my InterbankFX account as of TODAY.

At approximately 1:55 p.m. EST I moved my stop losses on 4 long NZD/JPY trades on my live account from 78.50 (all positions) to 78.80/81 when the market had just pierced through the 79.00 zone.

At exactly 1:59 (a few minutes later) I watched my chart plummet from just above 79.00 down to 78.79.

How obvious can we get?

I went to IBFX's online chat and spoke with Darryl, who admitted that the low bid price for that particular 1 hour bar was 78.88. (Read chat transcript, below)

I requested an explanation for why my stops were taken out, and after much waiting and "pulling charts", etc. Darryl "explained" that even though on the recorded accounting statement the trade was stopped out @ 1:59 hrs, the bars were actually "overlapping"... puh-leze!

I pulled charts from two other online charting services, neither of them showed a price anywhere near 78.79 for that hour bar.

I believe that contrary to IBFX's claims otherwise, that they do indeed have a dealing desk, and they target rare pairs to take out stoplosses...and it makes a nice excuse for them that the stops are taken out right at the last minute of the hour.

If someone can produce some evidence that NZDJPY was near that price at that time, I'll gladly recant this post, but in the transcript below you have the evidence right out of their own mouths.



info: Thank you for contacting us. The next available agent will be right with you. Our goal is quality service. You may tell us how we do today by clicking HERE.
info: You are now chatting with 'Client Services'
Client Services: Hello, my name is Darrell, How may I help you?
you: Can you tell me what the low price was for the 1900 GMT 1 hour bar on NZDJPY?
you: I'm on the live trading account...MT4
Client Services: Low bid is 78.88
you: can you explain how my trade was stopped out when my stops were all set to 78.80?
Client Services: were you going long or short
you: i was long
Client Services: what was your stop set at?
you: btw...no other charting services show a price even close to that
you: 78.80
Client Services: That is the price
Client Services: I see on my chart
you: what is the price you see on your chart?
Client Services: Low of 78.88 bid price for a low during the 19:00 hour
Client Services: Is this a live trade ?
you: i want my funds RECOVERED
you: YES
Client Services: What is your account number
you: you folk took out my stop!
you: 18814
Client Services: What is the name on the account?
you: i had just set those stops not 5 minutes before the price plunged by more than TWENTY PIPS
you: Xxx Xxxxxx
Client Services: What is your address please
you: xxx xxxxxx xxxxxxxx xxxxx
Client Services: What is the trade number
you: 4 trades...
you: 11805551
you: 11805827
you: 11807175
you: 11810016
you: all the same currency
Client Services: ok give me a moment to go over the numbers and charts
you: still there?
Client Services: Yes, I had a chance to review your trades
Client Services: I see all of your trades were stoppped out
you: yes?
Client Services: at 78.80 and 78.81
Client Services: The candle sticks over lap at 19:59 & 20:00
you: yeah...pretty handy
you: what's your point?
Client Services: The low of 20:00 was 18.79
Client Services: sorry 78.79
you: that's not what you told me at the top of this conversation
Client Services: Therefore you did get stopped out on your orders
Client Services: You asked me to look at 19:00
you: I have it on record. You said low bid for the hour was 78.88
Client Services: For that hour the time is 19:00 to 19:59
you: shall we go to smaller timeframes?
Client Services: You got stoppped out on the next candle stick of 20:00
Client Services: which had a low of 78.79
Client Services: For 19:00 to 19:59
you: sorry...my records show I was stopped out at 19:59
Client Services: that is what you asked sir
you: that was BEFORE the 20:00 candle
Client Services: I'm terribly sorry
you: I WANT A REFUND
Client Services: You got stoppped out at 20:00
Client Services: They are not exactly in sych I see
you: this won't look good all pasted on the forums my friend...I have the records
Client Services: Which does not change the fact that you got stopped out at 20:00
Client Services: You are welcome to share if you would like
you: no other charting service has those numbers for lows anywhere NEAR the time they happened
Client Services: Anyone carefuuly reviewing the chart would be able to determine the same thinkg I did
you: Interbank FX- STOP HUNTERS
Client Services: It did drop on those 2 time periods at 19:59 & 20:00
Client Services: Which included your stop
you: you owe me 113.01...it will cost you much more than that in lost client fees
Client Services: I'm terribly sorry, I had your trades reviewed by my supervisor and he determined the same thing also
Client Services: There is nothing else I can do for you
you: oh...your supervisor is a crook TOO
Client Services: I tried
you: whatever...
Client Services: Thank you
Client Services: Is there anyting else I can help you with today?

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Cheers,

B

On the M5 time frame my chart shows that that trade would have been stopped out in the 19:55 bar. Also the 19:55 bar in the NZD/USD and AUD/NZD show very large moves.

Attached Images

trade.jpg (48.7 KB, 1005 views)

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"Only those who dare to fail greatly can ever achieve greatly."

They definetely have a dealing desk!

Todays dealing desk is actually a buy / sell software that manages the orders sent to the bank.

The best way to know if a broker has a dealing desk is to ask him wether he allows scalping.

Non-dealing desk brokers would love you to scalp, and to do as many trades as possible (so they could earn the spread). They send your order straight away to the bank.

Dealing desk brokers (like IBFX) will not permit scalping, because their dealing desk tries to compensate the buy / sell orders from all the traders before sending any order to the bank. They can't deal with orders shorter than a couple of minutes.

I researched IBFX before too. They don't have a dealing desk, their clearing bank is shared by 3 other brokers. The clearing bank has a dealing desk. I have heard unconfirmed reports from a source with poor reputation that there is a nasty character who runs the clearing bank/dealing desk for several companies. I have confirmed from good sources (financial reports) that all three brokers are using the same clearing house. I can provide links if people are very interested.

Can I get the date of this 'spike' ?

I don't plan to use any broker with spreads once my trades are over 5 lots. I might switch sooner, but that honestly means no MetaQuotes.

i highly doubt that any broker no matter how crooked, would run that stop and open themselves up to a whopping arb for a hundred bucks! think about it! besides...it is a cross. it should be expected behavior.

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"Anyone who has never made a mistake has never tried anything new." -Albert Einstein

That is a good point, i wonder how common those spikes are up and down.

Since it was a cross and a rare currency it is much more susceptible to spikes, but more than one data source needs to verify these spikes. Prices are *purely* from the broker, but they do collaborate with the market. Since IBFX uses the same clearing bank as 2 other brokers, maybe there was enough bids on NZD or JPY to skew the prices.

I really want to look at the history data for the day from 5 different sources, 2 of them not even using MetaQuotes.