Interbank FX a scam

In their Home page Interbank list the following services:
Professional Charting, No Dealing Desk, 2 pip Euro*
Standard, Mini & Micro Lots Full Hedging & Trailing Stops Real Time News.

The No Dealer Desk is a false claim and they clear through another dealer
I believe Interbank to be guilty of practicing the following:

�Re-quoting or Re-ordering� this is when the broker rejects your buy/sell order and sends you an alternate price in favor of the broker

�Stop Loss Hunting � looking for clients stop losses and manipulating prices in order to kick clients out of trades

�Lagging market prices reflected in their charting

�Increasing spreads or freezing their trading platforms during times of high volume such as just before or right after an economic announcement

�Hedging �You� � the broker actively opening a trade position against your open position (often done when the broker can�t decide what side of the trade they want to be on).

I have filed complains both with the NFA and the CFTC and I suggest that all those that have been cheated by these crooks do so also.

Their violations are flagrant and only by making then public and enough people filing complains with both of these agencies the regulators may be able to investigate.

I can’t comment about the rest of it, but hedging is the norm. If a broker isn’t offset in some other customer account, they are going to hedge in the market. For example, if you buy 100,000 USD/JPY that creates a liability on the broker’s books if they don’t have 100,000 in matching shorts. To eliminate their price exposure they will buy 100,000 USD/JPY in the market to hedge themselves.

Keep in mind that brokers generally (I can’t speak for all, but I’m certain that most fall in to this category) want nothing to do with having exposure to prices. They just want to happily take the spread and make money through volume. Can that lead to other questionable actions amongst the less ethical shops? Sure.

“The No Dealer Desk is a false claim and they clear through another dealer
I believe Interbank to be guilty of practicing the following:”

Wow that is interesting since they run MT4, and MT4 is not designed to work with out a dealer desk, If they actually found a way to let the designers alter there program for this, then they are the first I know of. Many have tried and failed to change it from a dealer desk plateform.

I had a little chat with Interbank about this, I was not impressed :frowning:

General Info
Chat start time Jun 26, 2007 11:50:10 PM EST
Chat end time Jun 27, 2007 12:02:13 AM EST
Duration (actual chatting time) 00:12:02
Operator Client Services 70

Chat Transcript
info: Thank you for contacting us. The next available agent will be right with you. Our goal is quality service. You may tell us how we do today by clicking HERE.
info: You are now chatting with 'Client Services 70’
Client Services 70: Hello, this is Richard. How may I help you?
you: hi got a question for you
Client Services 70: okay
you: you say on web site you are a non-dealer desk?
Client Services 70: yes
you: since MT4 is only designed to work with a dealer desk, how did you manage that when others have failed
Client Services 70: It’s main function is to work with a dealer desk but you can work around it
Client Services 70: that is why we have problems with the platform from time to time
you: I see, what kind of problems has it been having, and do you offer an alternative plateform?
Client Services 70: We do get server feed problems, but they are getting less and less
Client Services 70: although we need to reset them every day
Client Services 70: so the signals will reach the platform correctly
Client Services 70: the older 3.83 platform is also available
Client Services 70: some traders still prefer that one
you: is that also a metatrader?
Client Services 70: yes
Client Services 70: we license both from metatrader
you: has it been more reliable?
Client Services 70: the older one seems to be more stable
Client Services 70: we got the MT4 because there was a lot of demand for custom indicators
Client Services 70: and that platform supports them better
you: when I have look at the charting off of mt4 before I have noticed a few times that there are gaps in data on different times, is that because of the feed problem?
Client Services 70: yes
you: ok, and you do not requote?
Client Services 70: You will get requotes in volitile market conditions
you: how can you be a non-dealing desk if you give re-quotes?
Client Services 70: you are still trading against the market
Client Services 70: if enough people are going for the same currency you are going to get requotes
you: ok, thanks for your time

How did u know Al Pipo?

I am not on the InterbankFX side … (in fact I am not on the side of those all brokerage house) but heh … I smell funny-anger on your posting … got a big loose when the news released? :smiley:

They’re all scams, I only found one Swiss one that uses ECn on MT4 with no dealign desk that I would have to sign up to, but do any of you usign MT4 with no dealing desk have any better recommendatiosn for me?

I need to open a live account as fast as possible and get trading with a decent broker that won’t rip me off and that does not use a dealing desk.

All these (majority of) brokers that say they use NDD are outright liars and frauds.

Brokers must enjoy pretending then.

I would like to draw your attention to 2 [B]genuine[/B] NDD brokers :

I got these from Tess who was posting recently and is an expert on NDD brokers.

Here is a quote from one of her posts :

“I also trade my priv accounts via 2 ECN�s: EFX Group & Knight Capital (Hotspotfx) + currency futures via the CME.”

Below are the website hyperlinks (I don’t know if they will work since I have copy/pasted them).

EFX Group - FOREX Trading
Foreign Exchange Trading | Spot Price Executions | White Label | Introducing Brokers

The other matter I would draw your attention to is the following very educational and helpful website (if you do not know it already).

Regards, Tymen Wortel, Perth, Western Australia.

InterbankFX have had many bad words about them recently and many clients have shown them to lie about their status of NDD.

There could be an alternative if you still need to trade using the MetaTrader 4 Platform software.

This is an email reply I received from Swiss firm Finex:

Correct, we don’t have a human dealing desk confirming orders manually on
our MT 4 platform.


Finex Group Support

-----Original Message-----

Subject: Enquiry about trading platform

Hello, I read on your site that you offer the choice of allowing clients
to use Metatrader 4 trading platform. Will clients be able to use MT4
without trades going through a dealing desk?

Thank you.

Does this seem good or am I missing something?