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Interbank FX Review
Interbank FX grew into a major Utah based broker before Monex Group bought it in 2011, and United States regulators later fined it twice and shut its retail business down in 2016.
Min Deposit
$2016
Spreads From
not applicable, the firm has not accepted clients since 2016
Max Leverage
not applicable, the firm has not accepted clients since 2016
Platforms
MetaTrader 4, historical
Pros
- Grew from a small startup into a real Inc 500 recognized forex firm
- Backed for several years by Monex Group, a large Japanese public company
- Client transfers to FXCM and OANDA were handled through public deals
- Every claim about its closure traces to an official CFTC order
Cons
- Paid a 600,000 dollar CFTC penalty for capital failures in December 2014
- Paid a further 1 million dollar CFTC penalty in March 2016
- Lost its NFA membership for good as part of that 2016 settlement
- Has not accepted a new client since its 2016 shutdown
Todd Crosland started this company in Salt Lake City in 2001 as Interbank FX, later shortened to IBFX. It grew into a large United States retail forex firm and picked up real industry recognition, including an Inc 500 listing.
Everything changed in 2011. Monex Group of Japan had just paid 411 million dollars for TradeStation Group, and TradeStation turned around and bought Interbank FX for 17 million dollars. The firm then became the global retail forex brand for the whole Monex organisation, and in 2014 it sold its United States and Australian MetaTrader 4 clients over to FXCM.
Regulatory trouble ended the story. The CFTC fined the company 600,000 dollars in December 2014, then 1 million dollars more in March 2016, both times for falling below required capital levels after the 2015 Swiss franc shock. The NFA then made the firm give up its membership for good, and OANDA picked up its last clients in 2016.
Min. Deposit
USD 2016
Max Leverage
not applicable, the firm has not accepted clients since 2016
Spreads From
not applicable, the firm 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
