Warning about Interbankfx - page 5
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You are now chatting with 'Customer Support'
Customer Support: Hello, My name is Jen, How may I help you?
you: my trade in my demo account won't allow me to modify it???
you: it says 'trade disabled' when I submit the modify order
Customer Support: Today is a US Holiday, the Market is closed. We are closed form 8:00AM – 8:PM EST. We will reopen tonight at 8:00PM.
you: ummmm I can see the market moving
you: despite the US holiday the market appears open to me
you: are you a bot?
Customer Support: It is a US Holiday only, we are based out of the US.
you: are you a live person?
you: if you are not an automated response system please reply
Customer Support: yes
you: ok
you: so if I had an order in play in my live account I would not be able to modify it either because it's a US holiday and you are closed?
Customer Support: That is correct.
you: I find that disturbing, thankyou for the information
you: do you have a list of days that you are closed that you could email me?
Customer Support: Yes they are all posted on our website.
you: do you have that link?
you: does this include automatic stop loss orders on positions are they also disabled on 'closed days'?
Customer Support: Yes on US Holidays.
you: Does Interbank consider this a problem and have plans in the works to repair this?
you: Or is this acceptable operating policy to Interbank?
Customer Support: It is an acceptable policy that we are closed for US Holidays, our banks are also closed.
you: if my trade hits my take profit target today will it close?
Customer Support: no we are closed
you: thankyou
Customer Support: My pleasure, contact us anytime.you draw your own conclusions from this...Personally I'm broker shopping again. I think Interbank should just hang up a sign that says, "Closed for Profit taking"---fine print...at your expense of course.
Someone else asked about MIG earlier....what's the low down on MIG? where else can we run mt4 EA's?
I just read your transcript about the holidays. Are you on a demo or Live account? I've got Interbankfx software open and I see the market moving. I don't have any open orders but I did about 6 hours ago but that would be before the 8am - 8 pm hours that they talked about. They say they are located in Salt Lake City, Utah. Do you think that is a lie ?
i saw a link somewhere on the forum here with all the brokers who support mt4...I forget where that link was...there were alot of brokers who support mt4 but how does one get the inside story on them? when I set up with interbank all the information I had at the time was ok...
it occurs to me that no broker is likely to be a friend to their clients. It's just almost a question of which broker can be best forcibly compelled to adhere to some degree of ethical conduct.
I'm not necessarily pro-regulation but I think we in the good old USA are woefully ignorant of the forex market and have nothing in place to govern brokers in that market. Brokers can bascially ride roughshod over their clients and what is a client to do? What recourse does a little guy have?
All I can say is that if no one has asked the question why their broker thinks they can take a holiday when the market is open and tell their clients that the market ISN'T open when in fact it IS open then that needs to be exposed loud and long. Maybe I won't suffer anything by not being able to modify my demo account order during the 12 hours IBank is closed...but if a brokerage doesn't have integrity enough to tell it like it is....what am I doing entrusting them with my money?
I believe they are in Salt Lake City. At least I believe they maintain an office in SLC. Fortunately I am not in anything live right now, just forward testing. I also find it interesting that reading this thread ....the letter from the IBank official said that strateges without stop losses can be profitable...I am testing a strategy right now that has a stop loss of 267. That's basically about like no stop loss at all. And the two months worth of historical data I can get shows it's profitable but who knows when it will bite back with only that short an evaluation period it doesn't really make me comfortable.
I just read your transcript about the holidays. Are you on a demo or Live account? I've got Interbankfx software open and I see the market moving. I don't have any open orders but I did about 6 hours ago but that would be before the 8am - 8 pm hours that they talked about. They say they are located in Salt Lake City, Utah. Do you think that is a lie ?
I have both a demo and a live account. I just don't have anything trading live now because I'm working on strategy development still...lucky me eh? If it was a state holiday and the US market was open my broker better damn well be working!
Thing is that I asked them about the operation of the live account and they said it was also disabled when they are closed.
I believe they are in Salt Lake City. At least I believe they maintain an office in SLC. Fortunately I am not in anything live right now, just forward testing. I also find it interesting that reading this thread ....the letter from the IBank official said that strateges without stop losses can be profitable...I am testing a strategy right now that has a stop loss of 267. That's basically about like no stop loss at all. And the two months worth of historical data I can get shows it's profitable but who knows when it will bite back with only that short an evaluation period it doesn't really make me comfortable.
using a stop of 267 pips mean you are prepared for catastrophes... that is your system was really wrong. That is a smart thing to do, and much better than trading without any stops. If you can use proper risk management, you will do good
In my coutry all the businesses have to register i think and so you can check in that register and see how big their capital is that they were founded with who is in charge and so on. This can be done online.
Maybe you can do this too in the USA.
And then there is the NFA, i think any serious broker is registered there, correct me if i'm wrong. They have something called BASIC it's a search engine, you can go there and check about your broker, wheter there were problems with them before. And also customers who feel they were "hurt" in some way can complain there i think.
The forex market is always open because it's not a centralized market. Whenever somebody exchanges currencies somewhere in the world the market is open. It's also open on weekends but with most brokers you can't trade then. So i would say it really depends, if you can't trade today with other brokers in the USA too then you can't really blame IBFX.
Maybe this is the thread you've been looking for
https://www.forex-tsd.com/forum/commercial-talks/65-mt4-brokers-metatrader-brokers
Here's about MIG but i can only get it in french unfortunately
http://rc.ne.ch/extrcomp.asp?nodos=01937%2F2003&insrad=1
By the way, i was wrong before, the turkish guy is now out as you can see there.
Oh my god, you are right. They froze all of their currencies. They froze the price. GBPUSD on SBFX and Interbankfx are now 20 pips in difference. Wow.
The time isn't moving either on Interbankfx. So when Interbankfx restarts tomorrow, there will be a large gap in data.
What's really bad and actually just downright fraudulent is that if GBPUSD drops 200 pips and you got like 10 lots on it, when Interbankfx starts the server, I'm guessing you could lose your whole account balance.