Very angry with InterbankFx Forex Broker!
This can be funny to many people but I am not laughing at all. I will tell you what happened to me today with this Forex Broker.
Today I was supervising my account with some long trades opened. I didn´t place a stop loss because I was supervising my account in those moments and I have 2 internet connections if something happens (my bad, never more).
The price in some pairs (gbp/jpy, eur/jpy) reached the buttom of the 1 hour trend line and I was watching if the price could break or not this trend line, my decision was that it was going to retrace upwards after touching the trend line and I was only waiting the next candlestick to decide if I should close or not these positions, and so if opening short trades.
I also had 2 long positions opened to collect few pips in gbp/usd and eur/usd.
Suddenly there was something wrong, the pairs were not moving at all and I looked in my girldfriend´s account to confirm (with another Forex Broker). I was right, the Interbankfx server was stopped and these pairs began to fall a lot!!. I couldn´t close my positions nor opening my short trades!!. If you trade Forex you will know what happened today with these pairs.
After 15 minutes I contacted with support online and I received an automatic message telling me that they had “technical problems” and to be solved in 15 minutes… what a coincidence!!… a great fall and just in those moments technical problems…
After 1 hour or more (not those 15 minutes) and an incredible fall (more than 500 pips!!), when these pairs were stopping to fall, then the server returned normally (I thought the same: the server will return when this fall stops). Even I could see that eur/usd and gbp/usd, where I had a TP that should have been reached when the server was frozen, they were not closed when it returned!!
I contacted again with support online to make a complaint about eur/usd and gbp/usd with my TP,s (I have my opinion about the other technical problems) and after the presentation I asked correctly my complaint and I didn´t receive any answer at all. I waited some minutes more and typing: are you there???
NOTHING!!!!!!!
I made a good result these 2 weeks: 13% profit, and I was even in the Interbankfx´s contest with a good ranking: 32.
Now I can only see some incredible negative positions and my margin decreased a lot.
What do you think?. Did you see the same “technical problems” in this Broker many times before?.
Hi Jose!
I’m very sad to hear that.
“If you trade Forex you will know what happened today with these pairs.”
Yes, I saw the GBP/USD quickly fall down early this morning (EST time). From this time until the end of the day, it fell about 250 pips. Every good trader should have shorted then, and it’s sad to see that you could not.
I keep hearing these bad stories about Interbank FX. They seem to have a lot of problems lately. If it’s a technical problem, which it seems to be, they are responsible for it and they should credit your account with the money you lost because of that problem. That’s what any good broker would do.
From what you describe, their customer service looks awful.
I really hope you will be able to solve this situation. Please let us know about the latest development.
Ben
Thanks for your answer Ben.
With gbp/usd I was right about those pips and in fact it went long before the fall, and I had my TP that should be reached with this pair and with eur/usd while the server was stopped. In my strategy with eur/jpy and gbp/jpy I was waiting to close my long trades and shorting these pairs, as soon as my trend line was broken and appearing a new candle downwards. I could have gained more than 500 pips if the server was right.
http://noponzi.com/trading_sr.pdf
You know, when you open an account you agree that these brokers can suffer “technical problems” and they also have a disclaimer section.
About the customer service they are always very good but I suppose that with these problems everybody was very angry with them, and these people were refusing to answer, but yes: they could have answered my question. I know that they are only workers with a salary.
I will contact them again this next week.
I’ve heard about this problem with IBFX that happened yesterday too. It’s worrisome. I had good impressions about them until now.
Thanks for sharing Jose
Agreed.
No problem here. Just vote with your feet and alert to others of who they really are.
In time, they will close, fall or hopefully change for the better.
No problem Jude.
As you know I had other problems before with this Broker and thinking to change to another one. I can not trade relaxed thinking that they could freeze the server again, and I don´t like to lose my money.
Perhaps an ECN broker will be great.
Hello Buz,
I hope that they will solve this situation, I think that many people suffered by these technical problems.
Perhaps they don´t realize that these problems will make many traders moving to another Broker, and they will lose more money than if they give a good solution to all of us. It´s not our problem and it happened many times with this Broker.
I will let you know what they answer me.
Update:
they have refunded me with the 2 pairs where I had a TP placed when the server was frozen: eur/usd and gbp/usd. But that was not so important, it was only few pips and $16.
The most important is what happened with eur/jpy and gbp/jpy with a fall of more than 600 pips with the server frozen and making not possible to close my longs and opening shorts as I do with my strategy.
I will make a complaint to NFA if they don´t give me a solution.
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Every broker is trying to bit you, is not the market.
I learned that in the hard way after 5 years of trading.
Welcome Miguel,
yes, you are right but maybe an ECN broker can not do it if they can not see what you are opening or closing, and the orders are routed directly to important Banks. You must pay comissions but the spread can also be 0 with them.
Retail brokers, sooner or later, go against you. I agree.
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I’m not able to get them on the phone, or online today. They are suppose to change server and now nothing works! Frustrating day!!! They cannot even ensure everything works before the new trading week. Useless people.
Yes John,
I understand that all online programs have problems from time to time but this people don´t always do it for those reasons, many times they paralize the server, change the prices and so on…, they are scamming you. That´s why I moved on to an ECN broker, I recommend you to do the same.