Interbank FX - Forex Broker Review

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Interbank FX or IBFX have been online since 2001. They are registered Futures Commission Merchant known as FCM and are registered with the commodity futures trading commission (CFTC).

Interbank FX are portrayed as a non-dealing desk broker that provides access to multi-bank liquidity feed. They are definitely a prestigious and renowned company in the global money market. They have been ranked as the 46th fastest growing company in inc. 500, and considered as 5th fastest growing business in the financial services sector and crowned best online FX provider at MoneyAM for 2008.

Trading accounts offered are:

Mini Account:

$250 Minimum to $10,000 Maximum (USD only). Mini lot sizes are $10,000 only, leverage is 200:1 and maximum lots traded per click is 50.

Standard Account:

$2,500 Minimum with no Maximum (USD only). Standard lot sizes are $100,000 only, leverage is 100:1 only and maximum lots traded per click is 100.

(Note: Lot size can vary from 0.01 to Max.)

IBFX was one of the first USA based forex traders to adopt the MT4 forex charting platform. This is one of the reasons for its quick rise to one of the top forex brokers.

Besides the Metatrader broker platform, it also offers a wireless platform for wireless mobile devices. It is a great tool especially for forex traders who are always on the move.

You have the ability to trade up to 12 major currency pairs with spreads of between 2-5 pips on the majors. Their secure website offers support in 17 languages. They claim not to have a dealing desk but like other retail forex brokers; this claim should be taken with a grain of salt.

The Pros:

1. Utilizes Metatrader Charting Platform

The Metatrader charting package is one of the more popular forex charting packages especially since it is free and traders are able to create their own trading indicators and trading rules. For the forex trader who wishes to have diversity in forex indicators and automated forex trading, then Interbank FX is one of the best choices.

IBFX has gone the extra mile and developed its own custom indicators and expert advisors for their clients use.

However, the use of Metatrader as a reliable charting package is under greater scrutiny especially with the increased suspicion that the platform can be manipulated by forex traders.

2. Good Customer Service

IBFX could not have become one of the more popular online forex brokers without great customer support. In order to be listed as one of the top forex brokers, customer service is paramount. Their customer support is in 17 languages on their website with most emails replied to within 48 hours

For new traders, the forex trading videos provided in their websites are great. They have taken the time to introduce their clients to the basics in forex trading with great videos and training material.

They provide a forum where their clients can discuss forex matters and other aspects about their own company.

The Cons:

1. Platform is Unstable

As with most forex brokers, once they become successful, their systems can sometimes not be able to handle the extra server loads especially during volatile forex trading sessions. Most forex traders never forget a system crash especially if they lose money in such a situation.

The prevalence of this occurrence will be clouded by a forex trader who loses money if the platform locks you out during a trade.

2. Arbitrary Spreads

A lot of traders complain about the random changing of spreads especially during volatile trading sessions. Spreads have been reported of up to 20 pips which can be impossible to make a profit from.

This is especially true during the release of news reports. The solution sometimes is not to use Interbank FX to trade news reports or during very volatile trading sessions.

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