I have been in contact with IBFX for several weeks trying to close down my account. I originally thought I had transferred the money from Zions bank, a bank which they use to transfer funds, Into my personal account. However I sent them my personal banks ABA number. Zions bank said they rejected the transfer due to using the ABA routing number of my personal bank. They say they do not have the money. IBFX says They do not have the money. My account is now empty and no one will refund my money. I would have never had thought this would happen with a US broker. I expect it from form cyprus bucket shop but not with a broker such as IBFX. I will scream here until I see justice and my account properly funded. IBFX you have been warned.
However I sent them my personal banks ABA number
Don’t do that.
you need to take some responsibility.
You need to find out where the money went. I would start with the bank that rejected the transfer and track it down from that end. If it was returned to IBFX by the bank that transaction may not be associated with your account. Get the conformation numbers from every transaction that money went through.
Also I know its hard to keep your cool with a company rep that’s not being helpful but trust me the longer you keep your cool the better luck you will have getting this fixed. Its gonna take a someone on the phone that wants to put some effort in to helping you. If you are difficult to deal with the only thing anyone is going to want to do is get off the phone with you. Good Luck.
I already did that. And I was polite, cordial and apologetic. Both companies say they do not have the money however The bank Could not accept the money becuase of the wrong routing code. My mistake I agree but the money was kicked back into IBFXs general coffers and now they are saying they do not have it. I got an email from them to tell me to go the bank but I have already spoken to the bank. The bank CANNOT accept it due to the wrong code. I have posted this on many forums including the FPA. Its not a lot of money but these turds need to get their act together. I took nearly two weeks and three phone calls just to get the money out of the trading account.
Hope that will help.
well so far their response has been swift and satisfactory. Hope to have my deposit in a couple of days. Amazing what a little stink will do.
ok, but to have a title as “ibfx scam alert” is kinda extreme.
[B][I][U]IBFX has resolved this issue to my satisfacion. I ask the moderators to either move this to the recylce bin or delete the thread.[/U][/I][/B]
I am learning you cant go spouting your mouth about even the good things a broker will do because they will change them. I will keep quiet as to where I am now but it is a good quality broker outside of CFTC jurisdiction. I am very happy with them.
As an intermediate trader I am learning about how the brokers and banks operate. And it ain’t pretty.
So it was resolved? So? It never deserved a SCAM alert in the first place. It was your error. It’s like someone trying to use someone else’s ABA info to take money out. Just be glad that they didn’t take someone else’s money out and into your account. Some people can’t even own upto their own mistakes. And then you run off to Forex Peace Army? I would laugh here but it is so pathetic it is actually rather sad. You run to a scam forum run by a crook to post your drivel? Give me a break!!! Again, it was your mistake!!! And of course they would not have it… any and every little transactions take over 2-3 banking days. So if something got rejected, you think it would immediately wind up back where it started? That also takes 2-3 business days.
If you would hve been in my shoes you would have done the same thing. You obviously didnt read through the whole thread and read the part where it took two weeks and three phone calls just to get the moeny out of the account. i owned up to my error about the ABA and corrected it and they Dropped the ball AGAIN! I guess your ADD kicked in and you did not read the whole situation. thank you for your judgement. It tells me a lot about you.
I’m working with ibfx for three years now and i never had troubles with then. Wire transfer always has its complications. Why don’t you request the ibfx payoneer card it cheaper than a wire and you won’t have to worry about mistypos.
The most important thing you’ve got from this case is experience.
You are right, painful but valuable.
Actually that’s true not only about trading.