Interbank FX (IBFX) Forex Broker Review 2012 - Overview, Ratings, Likes, Dislikes, Comparison
Review and ratings of Interbank FX, a division of TradeStation Forex, Inc., is available here. Compare it with other FX brokers or share your experience.
Interbank FX Broker Review
Interbank FX has established a global network of banks, which allows them to aggregate these prices and offer you the best available prices.
Very Positive - Large multi-bank liquidity pool and the low spreads that a variable spread broker can give traders.
Could do Better - If you trade anything else then currencies, you will need another broker.
Interbank FX is a division of TradeStation Forex Inc., an organization which provides retail Forex trading services by offering proprietary tools and technology to its customers so as to enable them to engage in Forex trading online. Customers of Interbank FX include fund managers, individual traders and institutional customers. A unique feature about this Forex Company lies in its multi-bank liquidity feed which encompasses ten global banks to be precise. Apart from this, the company supports high frequency and algorithmic trend throughout its revolutionary trade execution rates.
This company's passion, focus and drive lies in accomplishing the objective of developing Forex execution that is a cut above the rest. Interbank FX goes out of its way to help its customers or traders by not holding back when it comes to sharing their execution secrets, spreads and metrics. Being a provider of online Forex trading services, it offers everything that one would need in order to plant a firm foot in the soil of the Forex trading world. Thus, customers of this company can get exclusive access to the proprietary technology, education materials and tools for trading in foreign currency online. Thus, Interbank FX not only provides you with the essential items for trading, but it also teaches you how to engage in such activities.
Investments Offered and Basic Conditions
Since Interbank FX is a Forex trading company, therefore it is only obvious that it offers its customers with the opportunity to invest in foreign currencies. The company offers low spreads on chief currency pairs, thereby making the best prices available to its customers after aggregating all the prices. This is rendered possible because of its connection with a global network of banking institutions.
There is another condition for those who would like to open a trading account with Interbank FX and that is the company does not accept customers from certain countries or states like Canada, Korea, Iraq, Pakistan, Lebanon and Myanmar, to name a few. For a complete list of these countries, one should visit the 'sign up' page of the website.
Types of Accounts
The accounts offered by Interbank FX can be broadly classified into two types namely Demo Trading Account and Live Trading Account. A Demo Trading Account would enable the account holder to experience all the benefits associated with the trading platform offered by the company, i.e. MetaTrader 4 without necessarily undertaking any risks at all. Thus, traders can test their strategies in live market conditions. This kind of account is useful for beginners as well as advanced traders in the sense that it allows them to experience the trading platform of Interbank FX without incurring any charges.
The second type of account, i.e. live trading account, can be further divided into three categories - individual live account, joint account and corporate account. Corporate account is also known as partnership account, trust account or LLC account while the joint account is ideal for more than a single account holder. When it comes to joint account, one can go for joint with tenants in common account or joint with rights of survival account.
Opening an Account
Opening an account with Interbank FX is a four step process. The first step is the one wherein the applicant has to decide on a new username after providing basic information like his full name along with email address, password, and security question as also its answer. Selection of account details takes place in the second step and in this regard one can either go for a mini account or a standard account.
In the third step, the individual is asked to provide in-depth personal information like his country of residence, citizenship, residential address, postal code, contact number and date of birth. The last step requires the applicant to review the details entered by him and when everything is alright then he/she can go ahead and submit the application.
Unlike other Forex trading companies in its league, Interbank FX keep things simple by providing its customers with only one singular software program and that is MetaTrader 4. This software program allows users to use more than forty free custom tools and indicators in addition to featuring competitive, fast and automated spreads.
Some of the impressive features of this software program are autochartist integration, one-click execution and custom tools and EAs. MetaTrader 4 has a great customer service, so if you happen to have any issues with the system you can speak to the customer service staff. Moreover, the software program also comes with free tutorials to help you get started.
Trading Tools and Research
Unlike the sole software program offered by Interbank FX, there is a plethora of trading tools offered to the customers of Interbank FX. The company created these tools in a bid to provide its customers with a full spectrum suite of the latest technology in order to help them get the most of their Forex trading experience. The one distinguishing factor between Interbank FX and its rivals in the market is that the former is the only Forex broker which provides so many tools free of cost to its customers.
Because of their extravagant number of tools, they are classified into five different categories namely popular tools, online tools, trading tools, expert advisors and MT4 indicators. There is a complete list of tools to choose from like Autochartist, Basics, CPR, Pivots, Economic Calendar and Pip Values and many more all of which are available for free download to everyone.
Is Forex trading possible for a complete beginner without any prior education? The answer to this question is a big 'No' and it is in cognizance of this need that Interbank FX provides Forex education facility to its users. Traders or Interbank FX customers are enlightened not only on the common pitfalls of Forex trading but are also provided with a basic introduction, Forex pricing, currency pairs, leverage and margin and contract sizes. Margin calls, majors, crosses, pips, how to differentiate between Forex market and other markets are some of the other aspects which are taught. Apart from these topics, it also touches on topics like fundamental analysis, technical analysis and trading strategies.
The sheer dedication and determination of Interbank towards its goals and customers have allowed it to win a lot of awards and appreciation all over the globe. Last year (2011), Interbank FX won three awards namely Best Forex Broker Asia award, Forex Customer Service - Excellence award and Forex Broker Australia - Excellence award. All these awards were given by International Business Times.
Not only in 2011, Interbank FX also managed to win a lot of awards in the year 2010 and the three years preceding it as well - 2009, 2008 and 2007.
Promotions, Challenges and Bonuses
Interbank FX hosts a lot of contests from time to time, thus encouraging friendly competition among its customers. The company hosts weekly as well as monthly contests in which winners walk away with impressive prizes. During the third week of every month, the Currency Price Guess contest is held in which all the customers have a chance of guessing their estimate closing price of a given currency pair. The person whose answer is closest to the actual figure will win the contest and walk away with USD 1000.
Every week, the comments of three individuals that gets the most 'likes' would win cash prizes. First place winner would get USD 1000 while second place runner-up would get USD 700 and third place holder would get USD 500.
Apart from these two contests, there is also a monthly non-farm payroll contest in which winners can get USD 1000.
What Makes Interbank FX Different?
Amongst the factors which set Interbank FX apart from the others in the field, the ones which play a seminal role are automated execution, fast execution, low spreads, flexible contract sizes and free trading tools. The fact that it is an award winning broker which provides free market assistance and effective trading software programs like MetaTrader 4 and MetaTrader 5 also gives it an edge over competitors.
A great Forex broker is nothing without a satisfactory customer support service. Interbank FX boasts of a great customer support service which includes live chat with trading support as well as with the funding department. The timings for live chats are mentioned on the website. Apart from live chats, customers can also use email or phone to contact the customer support department of Interbank FX. One can also find worldwide toll free numbers and addresses all of which are provided on the website.
Do you find this content useful? Like! Tweet! Recommend! Share!
Zecco Forex Review 2012 - Ratings, Pros, Cons, Comparisons
Find latest review of Zecco Forex broker - IB of Gain Capital. Read their advantages/ disadvantages, compare it with others or share your experience.
eToro Forex Trading Review 2012 - Ratings, Pros, Cons, Comparisons
Find latest review of eToro Forex - Largest Investment Network. Read their advantages/ disadvantages, compare it with others or share your experience.
Written by: Goran Dolenc