Scam or not at Interbank FX?
Interbank FX is a Forex broker that not everybody trusts. There are popular issues with the execution of trades and with the connection and now this broker has open complaints from the NFA. They already had to pay high fines. This does not make this broker look reliable at all.
The most popular issue is the execution with trades. It’s common that the the platform freezes and you can’t proceed with your trades. You don’t have a chance to close positions and this can be very expensive. Traders experience suspicious slippages and “off quote” messages that make it hard to trade profitably.
To call Interbank FX a scam is not right or at least an unfounded decision. But you have to call Interbank FX at least not as reliable as the most reliable brokers out there.
Experiences with Interbank FX
Let’s take a look at the experiences of (former) Interbank FX traders:
The trading platform delivers wrong information. The spread is way higher as it’s suppsed to be. You will only recognzice when you close your position. This is not very transparent to say the least and I would not recommend trading with Interbank FX.
If you ask the NFA you will see that there are many complaints and they had to pay some big fines in the past. There must be a reason for that. They also try to lure you to make higher trades then you want.
I only have a mini and a demo account but both suck server reliability wise. If you want to keep positions only for a short period of time this could be very expensive for you.
I realized that the position you want to open is delayed that the broker can take advantage of this delay and influence the price to his favor. On top of that there were 3 pips added to my stop loss without my knowledge!
I’m trading for a couple of years now and I think they are ok.
I don’t have any issues with this broker. The withdrawals work smoothly. Same counts for my friend.
I would not call Interbank FX a scam because I know very well how to make money there. Because I did so in the past. But there are leaks that make you think. The stop loss doesn’t work sometimes or will be changed. No way! This simply has to work smoothly! I stopped placing a stop loss but this can’t be the right solution. I assume that the broker makes small adjustments to the prices to avoid that I can close profitable positions or open a possibly profitable position.
You have to be very cautious with this broker. Slippage happens all the time. The software freezes or loses the connection. If I want to open or close a position I get the error message “off quotes”.