To all forex newbie and currently open live account with IBFX.AU traders, this is my bitter experience,i’m not become a hero but to help other trader to save their hard earn money.
I open live trading account with IBFX.US since 2007, first three year all operation well done by IBFX.US, until USA set new financial rules change on 2010, so they are open new branchs at Australia, i have to open new account in Australia because of leverage, untill IBFX.AU merge with Monex Group recently, i found a lot of problem with this NOT honest and NOT transparency FX broker, every time when i want to trade in important news release, their server hang-up about 5min-10min, can you imagine this short period price can move on hundred of pip, but they won’t let you take any action at that moment, if you have big profit or big lose at that time, what can you do? very frustrated. here a picture to compare this broker to other broker:
IBFX.AU:
Vantagefx:
Alpari:
FXCM:
Because IBFX.AU purpose turn off their server, the chart look difference with other broker chart, so it’s give me a wrong trend info, IBFX.AU every time frame chart difference to other broker, i’m experience trader, every candlestick have a long pin bar it’s meaning market will turn to other side, do you think i’m dare to sell at that time.
Here is the result i lose two of this trade:
Before this it’s also happen on ECB rate release, still the same problem, i already warning to them, if this still happen, i will close my account immediately and transfer fund to another broker, i send this problem to IBFX, what the representative said:
Dear XXX,
Thank you for contacting us in regards to the issue you experienced. Service interruption should not happen frequetly; however, there are many variables that play a part in online trading technology and unexpected problems occur. This is part of the nature of trading online. When these types of problem occur and you have a trade that you want to close or modify please contact us immediately and we can help.
We appreciate your feedback and sincerely apologize for the inconvenience.
Regards
CARLOS RUIZ/global trading support
Here i want to ask IBFX again, if other broker can run smoothly on time when news release, why don’t you? To protect your profit or to protect your client first?
Think again IBFX, if no client be with IBFX can you still survive?
I encourage forex newbie and still use IBFX for their broker, open you eyes to compare those who NOT honest broker, if you find your broker chart look difference from market giant broker as above, it’s mean they play slippage to you, immediately close your live account and change to another fx broker, if you don’t want to blew your account again.
More info about news trading: forums.babypips.com/forex-brokers/3147-ecn-vs-mm-brokers
After reading so much about scam and how people continuously lose money in the Forex world, I have felt I need to tell people a piece of knowledge I have about how brokers take everyone´s money legally. The following is a notice I got from one of my brokers in which all is exposed. After you read this, you will have an idea of what brokers actually do but in any case I will translate the paragraphs into simple words.
This is an annual notice from the broker:
“INTERBANK FX, LLC - PRIVACY NOTICE
Interbank FX is a registered Futures Commission Merchant and is regulated by both the National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC). As part of the NFA’s ongoing requirements, Interbank FX is required to provide customers with information regarding the NFA’s Background Affiliation Status Information Center (BASIC System) and our firms Privacy Policy on an annual basis. To learn more about the NFA BASIC System, you may visit the following website: …
Further down you find this…
THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE. INTERBANK FX, LLC IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY. AS A RESULT, INTERBANK FX, LLC’S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS INTERBANK FX, LLC ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES INTERBANK FX, LLC OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND INTERBANK FX, LLC MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS.
IF INTERBANK FX, LLC ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT INTERBANK FX, LLC MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE INTERBANK FX, LLC ACTS AS THE BUYER OR SELLER IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM INTERBANK FX, LLC OR ANY OF ITS SOLICITORS.
- The IBFX Team”
As you can see, this is a registered and controlled US broker, all is legal here. So, wherever they do to trade against you is legal. Now, let´s brake down the whole thing…
“THE FOREIGN CURRENCY TRADING YOU ARE ENTERING INTO IS NOT CONDUCTED ON AN EXCHANGE.”
Most brokers people use are intermediaries, this means you are not trading in the real market (exchange market),
“INTERBANK FX, LLC IS ACTING AS A COUNTERPARTY IN THESE TRANSACTIONS AND, THEREFORE, ACTS AS THE BUYER WHEN YOU SELL AND THE SELLER WHEN YOU BUY.”
This means you are actually trading within the broker´s system.
“AS A RESULT, INTERBANK FX, LLC’S INTERESTS MAY BE IN CONFLICT WITH YOURS. UNLESS OTHERWISE SPECIFIED IN YOUR WRITTEN AGREEMENT OR OTHER WRITTEN DOCUMENTS INTERBANK FX, LLC ESTABLISHES THE PRICES AT WHICH IT OFFERS TO TRADE WITH YOU. THE PRICES INTERBANK FX, LLC OFFERS MIGHT NOT BE THE BEST PRICES AVAILABLE AND INTERBANK FX, LLC MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS.”
This means that the prices they present to you in your platform are not the real current prices; they are actually manipulated and calculated in the most suitable manner in favor of the broker. You must understand that they are there to take your money. In fact, they have a window of up to 250 pips to work with (I know this as a fact). This also means, that the charts and prices you get are the ones constructed by their platform software calculating every single trade, balance, equity, free margin, used margin, lots, stop losses, take profit , etc. In addition, their software and prices are “ahead of time” in the market relative to you because they know the price way before you and have the advantage to do all this to benefit the broker (intermediary). You must be wondering, but I see that the prices are very similar from broker to broker and from account to another account. Not so, to the eye is, but to an expert eye you find the differences. Some of these are time delays, server disconnections, re quotes, sudden volatility , price freeze, on top you get system access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors. These are all different ways to manipulate the price so it goes against you 90% of the time you trade. Eventually is you are in the right market trend the broker has to give up and give it to you. The problem is that their window is so great (250 pips in normal market conditions) that they have many opportunities to take the client´s money. Remember, they are telling you, the broker “MAY OFFER DIFFERENT PRICES TO DIFFERENT CUSTOMERS.”
“IF INTERBANK FX, LLC ELECTS NOT TO COVER ITS OWN TRADING EXPOSURE, THEN YOU SHOULD BE AWARE THAT INTERBANK FX, LLC MAY MAKE MORE MONEY IF THE MARKET GOES AGAINST YOU. ADDITIONALLY, SINCE INTERBANK FX, LLC ACTS AS THE BUYER OR SELLER IN THE TRANSACTION, YOU SHOULD CAREFULLY EVALUATE ANY TRADE RECOMMENDATIONS YOU RECEIVE FROM INTERBANK FX, LLC OR ANY OF ITS SOLICITORS.”
Plain and simple, they ALWAYS trade against you. It is only when the market´s trend is so strong in one direction that they have to give up some trades. Of course there are other factors that make people lose the money trading. Greed, fear, and other psychological factors affect the way you trade and they are all used by the broker´s software. As the notice says, you must not believe in any case the price they are showing you in your platform or the indicators.
You must be asking yourself by now, then how can you trade and win if they are always manipulating the prices to their benefit?
This is almost impossible unless you know how. The only possible way is to be able to trade both ways at the same time in such a manner that the price is “trapped”. This is not hedging. Hedging creates loss because you have to pay the spread and also the gap between the two trades. On top, if you have noticed, most of the times you hedge a trade, suddenly there is slow movement in the price or if you release one trade the other suddenly goes against you. This is because of their price manipulation.
So, how do you do it to win most of the times and make real money?
So far i already lose USD59850 to this WTF broker.
I have a perfect strategy but use to the wrong chart provider, how to make profit for a trading?
Download these perfect strategy on next post and use correct broker, you can trade for a living
