Interbankfx (www.ibfx.com) today announced that they has reintroduced the non-swap (swap free) account for eligable clients that unable to earn or pay interest due to religious reasons (Muslim). These accounts will earn or pay a weekly fee based on the trades that remain open after the market closes on Friday.
How it works?
On the circular released by the company, they quotes The “no swap accounts system” is a process that will run each weekend, and identifies orders that were open after the Friday close. (If an order is opened after the Sunday open and is closed before the Friday close, there is no debit or credit for fees.) The system then calculates a fee based on the fee schedule (see below), the number of days the order was open for that week, and the number of lots traded. For each of these open orders, the system adds a “Balance” item to the relevant account with a formatted comment code, which includes a comment, date, and ticket number. The code will appear as follows: “fee mm/dd/yy #ticketnum.”
No-swap trades that remain open after Friday close will be debited or credited a fee based on the table to the left.
Fee Structure
Pair Buy Sell
EURUSD $2 -7
USDJPY $5 -11
GBPUSD $12 -16
USDCHF $2 -5
USDCAD -1 -1
AUDUSD $8 -12
NZDUSD $9 -15
EURGBP -9 $2
EURJPY $9 -18
EURCHF $3 -9
GBPCHF $10 -19
GBPJPY $21 -30
AUDJPY $12 -20
CHFJPY $2 -9
EURCAD $1 -7
EURAUD -12 $5
AUDCAD $6 -13
AUDNZD -7 $1
NZDJPY $12 -21
Salt Lake City – IBFX (www.ibfx.com), a leading provider of online foreign currency (Forex) trading, today announced that global financial services firm Lehman Brothers has become the newest dealer participant in IBFX’s proprietary multiple bank liquidity pool. Lehman Brothers joins IBFX’s other liquidity partners, which now consist of six of the world’s largest financial institutions, including Bank of America, Citigroup and Goldman Sachs among others. IBFX was drawn to Lehman Brothers because of its solid reputation of being a leading dealer in the Forex markets. Through its offices in New York, London and Tokyo, Lehman offers 24-hour dealing services and operational support in Forex cash and derivative products in all major currencies and emerging markets in Latin America, Eastern Europe, Africa, the Middle East and Southeast Asia.
Todd Crosland, president and CEO of IBFX, commented, “We are delighted with the addition of Lehman Brothers as our newest liquidity provider. This is a company whose quantitative Forex research consistently receives top industry ratings and who is recognized as a global market leader. Adding this highly regarded industry player to our electronic platform will strengthen and deepen the liquidity pool available to our customers and reinforce our position as a leading provider of global Forex trading.”
Lehman Brothers’ price stream is available now on IBFX’s unique platform, which enables both retail and institutional customers alike to trade Forex without the hidden obstacles or potential conflicts of interest of a dealing desk broker. Because IBFX currency prices are derived from its financial institution liquidity providers, its price feed most accurately reflects the natural movements of the interbank Forex market.
The advantages of trading with agency-based IBFX as compared to a single market maker platform, or “Dealing Desk” include:
- Tighter spreads (as low as two pips)
- 100% automatic execution
- No market manipulation
- Competitive pricing derived from leading money center banks
- Anonymous order execution
- Smart routing to leading banks
IBFX’s multi-bank liquidity feed is available on both live and demo accounts at www.ibfx.com
We heard from reliable sources that few broker registered under NFA has ceased operation due to unable to meet minimum capital requirement set by NFA. Trader that have account with broker listed below should contact their broker to inquire about his/her account status.
1. American National Trading Corp. (310) 552-2900)
2. Direct Forex FX (312-786-9000)
3. Farr Financial Group (800 543 5955)
4. Forex Liquidity (949 955 1096)
5. Hamilton Williams LLC (800-783-6056)
6. One World Capital Group LLC (847.446.8100)
7. Royal Forex Trading LLC (Freedom FX LLC) (888-347-2185)
8. SNC Investments, Inc. (866-723-6739)
9. Solid Gold Financial Services, Inc. - (415-433-8888)
10. XpressTrade LLC (Owned by securities broker OptionsXpress. (888) 280-8020)
According to NFA, they will automatically transfer client account and deposit from above brokers to others that comply with the new capital requirement.
NFA has taken emergency enforcement action against FXLQ LLC and One World capital Group LLC this week.
Effective immediately, NFA has ordered both companies to not solicit or accepting any additional customer account or funds, acepting or placing trades for any customer accounts except for the rollover and/or liquidition of existing customer positions. NFA also prohibits both companies from distributing, disbursing or transferring any funds without prior approval from them.
Click here to read One World Capital case
Click here to read FXLQ case
DeskAlert provides all the market moving news in real-time, faster than any other similar applications. Unlike automated alerting systems, our experienced and highly trained editors will only alert you to major corporate news, economic releases, political news, significant world events, noteworthy market movements, etc. in real-time.
RTT’s editors monitor news from around the globe 24 hours and categorize all the breaking news to allow users to receive highly customized and targeted news and information in real-time.
RTT provides this service FREE to its users, and there is no registration or personal information required to access DeskAlert.
You can configure the application to receive alerts based on any of the categories (Breaking News, Top Stories, Earnings, Economic News, Currency Alerts, Market Analysis and Commentary, Stock Alerts, Political News) or you can define a list of symbols to receive news that only pertains to your portfolio.
Unlike other similar desktop alerting applications, RTT DeskAlert provides all the news in real-time at the same time as professional traders and investors receive it. Click on the link below to download your custom alerting Application today.
Recent Comments