In the year 2001, Interbank Forex (or simply IBFX) was established with its main base found in Salt Lake City, USA. With more than 35,000 clients from around the world, IBFX belongs to one of the largest Forex brokers the forex market has.
The IBFX website offers a wide variety of services. With the capability of IBFX to support 17 languages, it is then able to serve international clients well. In the IBFX website, traders can find video tutorials. It even has live customer support that is available 24 hours a day during weekdays. IBFX also has a phone support, which is very necessary especially for brokers who do not offer a platform that is web-based.
Due to the fact that IBFX uses a Multi-Bank system for its liquidity, clients are offered relatively low spreads wherein at times it can even reach to as low as 1 pip. Also, IBFX can boast of fast execution of transactions and that is because of the availability of fills coming from other banks.
IBFX is one of the trusted and well-established forex brokers in the market as it is regulated by respected associations and commissions. These regulators include the Commodities Futures Trading Commission (CFTC) and the USA-based National Futures Association (NFA).
There are three accounts IBFX provides to its customers, namely
- IBFX Mini Account: The IBFX mini account offers the traders with a minimum of 0.1 mini lots and a leverage of 50:1. This means then that the minimum margin required amounts to $2. Furthermore, the maximum mini lots that can be traded is 50 with the lowest mini account volumes as 0.01 and highest as 50.
- IBFX Standard Account: This account allows a position for as low as 0.01 standard lots that can be leveraged to 50:1. However for the minimum margin, the IBFX standard account requires as much as $20. With this account, clients are allowed to trade a maximum of 50 standard lots which can be changed following the predetermined volumes with 0.01 as lowest and 50 as highest.
- INFX No-Swap Account: This account can either be mini or standard. The only difference is that the clients under this type of IBFX account follow the Sharia Law. The Sharia Law restricts its followers to gain or pay any interest on their positions. Therefore, these clients are asked to fill out a form which states that their account will be a No-Swap Account.
- IBFX Demo Account: Just like other brokers, the IBFX also provides a demo account especially for new comers. This is to allow them to explore and understand the IBFX’s system before they engage into the real market.
IBFX uses the best platform, MT4. This platform is considered as the best trading platform in the forex market today. This platform employed by IBFX allows its traders to use the Expert Advisors feature as well as 40 other indicators and tools to help them in their decision making. Also, the platform is available in mobile version so that traders can perform their transaction with the use of their Pocket PCs and Smartphones.
One of the best features utilized by IBFX is that it has many video tutorials that enable MT4 users to understand the platform more. Also, the videos are very effective as educational tools because they provide direct and simple instructions for the traders.
IBFX Excluded Clients
One of the disadvantages of IBFX is that it does not accept traders from a number of countries, and they include the following countries:
- Belarus, Brazil, British Columbia, the Democratic Republic of Congo, Cote D’Ivoire, Cuba, Eritrea, Islamic Republic of Iran, Iraq, Democratic People’s Republic of Korea, Republic of Korea, Lebanon, Liberia, Myanmar, Nigeria, Sierra Leone, Somalia, Sudan, Syrian Arab Republic, and Zimbabwe.
IBFX Spreads and Execution
What traders love about IBFX is that this broker provides very low variable pips amounting to 1 pip for EUR/USD currency pair and from 2.2 to 2.7 for other major pairs. Furthermore, IBFX provides average spreads for every currency pair, and traders have the capability to navigate back to the previous transactions and see the different spreads offered in those transactions. This capability makes every transaction very transparent, thus, more traders trust IBFX because of its honesty.
With the utilization of the MT4 platform in its system, IBFX has a high execution rate. As a matter of fact, it has a total of 99.7% with regard to the number of requests accepted. However, the said value is not specified by IBFX whether it includes the re-quotes or not. In relation to the execution time, data show that IBFX is able to execute transactions below 10 seconds.
Newcomers in IBFX are never left behind because of the educational tools that are included in the IBFX system. With that, traders are able to understand different forex topics starting from the basics to the most complicated ones. These topics include fundamental analysis, technical analysis, and other commands essential in forex trading. Also, the education portal is presented in an organized manner so that traders will have an ease in navigating the said feature.
IBFX Deposits and Withdrawals
For the IBFX standard account, a minimum initial deposit of $20 is required, unlike in IBFX mini account wherein only $2 is needed. However, both accounts do not have a maximum deposit, but traders need to upload important documents such as utility bills, ID cards or passports before the rule is enabled.
In order to deposit funds into the account, wire transfers and major credit cards may be used.
IBFX Overall Review
One thing that traders should look into is the time when IBFX started until today. IBFX has stayed in the forex market for a decade now, and that makes them a very legitimate and trusted forex broker. And with the employment of the MT4 platform, traders are assured that they get high quality brokerage services that ensure success in almost all transactions. With that being said, IBFX can be recommended to all beginners and experienced traders.