Warning about Interbankfx
what court or county is this case and what is the case number or who is the lawyer handling the case?
The complaint above has the name signed "Felix Homogratus".
I do not think it is the same Felix Homogratus, as the owner of that site with the same name has a different opinion.
From: Felix Homogratus, USA
Rating: Not Rated
Date of Post: 02/11/06
Review: I do not have any experience with this broker. If you used them, please submit your review below.
Please check this link http://www.forexbastards.com/Interbankfx.shtml
I traded with real money with IBFX for 10 months.
They had some connection problems and bugs in their Metatrader4 platform in the past that have been mostly corrected now.
Only people I know who had major problems were those who were running strategies that does not involve stop losses. These strategies can be very profitable, at the same time very risky when there are outages of the broker server or there are huge spikes in prices. These people ran these strategies for several months in a row making a lot of money. They got too confident and did not pay attention to dangers involved in trading them. Also, they used bad money management by not using very low lot sizes in comparison to the account size.
I too have used these kinds of strategies on a small account using smallest lot size possible and was able to withstand drawdowns and IBFX server connection problems. I traded 0.001 lots per $10,000. I came out a winner making modest gains, while others got their accounts blown out or suffer significant losses in the end.
On the whole, I am satisfied with IBFX, but I think they have some room to improve. They are a small broker that does not trade against clients.
It is going to be mighty difficult to sue and win against IBFX since the Forex market is not regulated, and because of the cluase that is in the contract you sign when you opened your account with them.
Their slippage is legendary, leave them well alone
While we're on the subject, anybody hate MIG yet? Any problems. I have not had any thus far but only a couple months.
I've had some weird things happen with Interbank as well. Yesterday, an EA of mine placed an order for 1.0 lot when the EA was set at .03 lots so it is beyond me how that happened. The EA had been compiled hours before this and even had started placing orders at .03. I ended up winning on the trade but that was awfully strange.
i've heard so many horror stories about MT4 brokers and other various brokers .. that i'm just going to use MT4 for my charting and do my actual trading through http://www.manfinancialfx.ca they bought out refco Canada.. however the laws in Canada are very strict. And manfinancial is a huge and reputable company that has it's users accounts covered by the Canadian Investor Protection Fund.
that is why when Refco when bankrupt in the U.S, Refco canada users could still withdraw their money thanks to the CIPF
OR use http://OANDA.com which has a long and reputable history along with the smallest spreads i've ever seen.. 1.5 for EURUSD, and 2 for USDJPY!!!
I just want to clear up some confusion about my original post.
Felix Homogratus is a fictional name of a real person. His real name is found on his site. He is the owner of www.forexbastards.com
He is primarily a Fundamentals trader. Im quite sure he doesnt use EAs at all.
His website is all about trading the NEWS using fundamental analysis.
Secondly, he is NOT the compaintant against Interbankfx. One of his friends is the complaintant. He just sent out this email to his subscription list as a "heads up" warning to them about Interbankfx.
As a member of forexbastards.com I have come to trust Felix. I very much doubt he is out to paint Interbankfx reputation Black unless he truly believed the complaint of his friend/associate is real. Thats my gut feeling. Im not party to the facts first hand.
Lastly, someone above mentioned that they had a fluke 10x trade with an EA at Interbankfx. I did also. I have an EA set to 0.1, but it traded at 1 full Unit for one single trade. (Demo mode). This may have nothing to do with a fault with Interbankfx. It might simply be the fault in the coding of the EA? or a coding fault with MT4? I also won that particular trade. 
As with all warnings..take them with a grain of salt. Do your own DD and make up your own mind about the suitabiliy of a broker.
Secondly, with any broker. Take out at least 1/2 your profits! that way if you have a trouble down the line...you are at least not fully at loss.
Here's an email i got. I will post it here as i got it without any opinion about the content:
By the way, the email was not sent to me, i got it from someone who seems to have asked about the story at InterbankFX
judgement, and do further research if we have to.
Know the truth and the truth will set you free.
Here is the email I got from Interbankfx:
Hello Mr. xxx ,
I appreciate your comments and we have to say that we are saddened by
the potential impact that lies and rumors can cause. To help you help
us to combat these types of deceptions, we are providing you
additional details which you can distribute. They are a summary of a 6
page response letter which was sent to Cashmonsterz clients.
Warm regards,
Javier H. Paz
Institutional Sales Director
A reckless and unprincipled trader named Carlos Roman, of
Cashmonsterz, has apparently asked his buddy Dmitri (Felix) of
Forexbastards.com to defame Interbank FX. Carlos turned $370,000 into
a $100,000 master account in a matter of days. His approach to trading
was to max out the available margin of the master, to close the
positive side of trades and let the open losses ride with the hope
that the market would turn around. In sideways markets this approach
might work many times, but on May 11 and 12 the British pound trended
on a big way and touched 1.9000, forcing him to place a hedge 600 pips
wide! After that point, the sub-accounts were on intensive care. He
called multiple times asking us to cancel the trades with the promise
of bringing more clients to us. We told him we couldn't do this for
him. To complicate matters further, he changed Pamm settings an
average of once a day and kept on trading aggressively taking many
accounts to a margin call situation. The more he changed the Pamm
settings, the more difficult it was to perfectly hedge open positions.
Throughout this period, Interbank FX tried all within its power to
make sure that subaccounts were hedged, but things evolved to a point
were several subaccounts could no longer be hedged because they had
fallen below the 100% margin level.
This is a sad experience that reinforces the need for every client in
a managed account situation to be informed on the skill of a money
manager not just trading, but being able to properly administer
multiple accounts. A responsible money manager should demo the trading
and money manager platform thoroughly before bringing in client funds,
he should not learn to use it "on the go" by making mistakes with
other people's money. A responsible money manager would also use a
great deal of discretion trading smaller lot sizes and gradually build
the size of positions, as justified by positive results and sound risk
management techniques.
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This is an email I just received from www.forexbastards.com
One of my full time forex trading buddies just had a serious problem happen. He had an account with www.Interbankfx.com with $620,000 of real money in it. They went through some "technical difficulties", executed a bunch of trades that he didn't execute, margin called him, e.t.c. Long story short, lost him $280,000 in a matter of days, because of "technical difficulties".
Then he spoke to the CEO of the company, who shook his hand, admitted that these were indeed technical difficulties, and he would take care of him.
Now, they are dropping the ball on him, saying that he is a beginner trader, and it was all his fault...I mean these guys opened some trades while this guy was out of town!
Having this website, I get a bunch of different complaining emails from people, and obviously I usually don't email about people's problems to you. But in all honesty, I know this guy very well personally, I've seen his account statements, and I know he is not bullshitting me. I mean this guy was making hundreds of thousands in forex, while I was still in high school, and didn't even know what the word forex meant. And by the way, it's not Tom or Rob...it's somebody else.
Here is the real reason why I am emailing you. This guy has a lawsuit going against Interbank FX right now, he already has a federal attorney involved, and he is trying to shut these suckers down, in addition to getting some of his money back.
If you had an account with Interbank FX, and you also feel you got "screwed" by them, then perhaps you could add yourself to the lawsuit, and recover some of your losses, and put an extra complaint against them to get them shut down.
If you want to get involved in this or have some other helpful information for my friend, please don't respond to this email, instead send an email with your story to interbankfxfraud@forexbastards.com
To Our Success!
-Felix Homogratus