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IBFX Review
IBFX was a Utah forex broker that Monex Group bought in 2011, then United States regulators fined it twice and forced it out of the retail forex business by 2016.
Min Deposit
$2016
Spreads From
not applicable, IBFX has not accepted clients since 2016
Max Leverage
not applicable, IBFX has not accepted clients since 2016
Platforms
MetaTrader 4, historical
Pros
- Built a real track record over ten years as a Utah based forex broker
- Once owned by Monex Group, a large, publicly listed Japanese firm
- Won real industry awards before its regulatory troubles began
- Its closure is fully documented through two official CFTC orders
Cons
- CFTC fined the firm 600,000 dollars in December 2014 for capital failures
- A second, 1 million dollar CFTC fine followed in March 2016
- The NFA forced IBFX to permanently withdraw its membership in 2016
- It has not operated as a retail broker since OANDA bought its clients
Todd Crosland founded Interbank FX in Salt Lake City, Utah, in 2001. It grew into one of the larger United States retail forex brokers and won several industry awards before Crosland sold the firm in 2011.
Japan's Monex Group had just bought TradeStation Group for 411 million dollars, and TradeStation then bought IBFX for 17 million dollars. IBFX became the Monex Group global forex brand and sold its United States and Australian MetaTrader 4 client accounts to FXCM in 2014.
Trouble followed. The CFTC fined the firm 600,000 dollars in December 2014 for capital and supervision failures, then fined it 1 million dollars more in March 2016 after the 2015 Swiss franc shock left it undercapitalized again. The NFA then ordered IBFX to permanently withdraw its membership. OANDA bought its remaining United States and Australian clients in 2016, and the IBFX brand has not operated since.
Min. Deposit
USD 2016
Max Leverage
not applicable, IBFX has not accepted clients since 2016
Spreads From
not applicable, IBFX has not accepted clients since 2016
Platforms
Regulation, fund safety, track record
Spreads, execution, leverage
Platform quality, charting, features
Analysis, webinars, learning materials
Support quality, responsiveness
Mobile app quality, features
