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InterbankFX is the registered in the US, controlled by CFTC, and is member of the NFA. Judging by the absence of dealing and stream quotations, the company is an ECN.
The West Bank is a partner ??“ a liquidity supplier. A wide set of client accounts is offered: individual, incorporated, guided, partner, and corporate. The basic trading platform ??“ MetaTrader4 is one of the best and most powerful free programmes on the modern market.
A site is done pleasantly enough and correctly. Navigation is easy and clear. Information for beginners is presented in a very detailed, separate, part of site called ???University,??? demo-accounts which are free for 30 days. In addition, to the FX Educator,??? which is offered to the client, there is an educational course (on 2 DVD's); which come together with the opening of the mini-account with $300.
The only bad here - spreads are way too high comparing to other brokers
Update February 2009 My good friend, forex insider met the president on IBFX last week on a private meeting and IBFX told good news that they are going to add liquidity supplier and decrease the spreads in future
My mini-Interview with IBFX
Client Services : Hello, my name is Ben. How can I help you?
Mark: Hello. I noticed that IBFX spreads are way too high comparing to other brokers. Could you explain?
Client Services: Since we don't fix our spreads, they can fluctuate at any time. Sometimes they are lower than other brokers, sometimes they are not. It just depends on the prices that our liquidity providers set.
Mark: Do you plan to add more liquidity suppliers soon?
Mark: How many do you have now?
Client Services: We have several, including including: Bank of America, JP Morgan Chase, Goldman Sachs, Citicorp, and Barclays.
Client Services: I haven't heard anything specific about adding more liquidity providers, but we are always looking for those opportunities.
Client Services: With the state of the global economy, liquidity providers aren't as eager as they once were, so I'm not sure it will happen anytime soon.
Mark: Is IBFX a true ECN environment or dealing desk broker?
Client Services: We are a straight through order processor.. not a dealing desk.
Mark: Do you plan to decrease the spreads in future?
Client Services: Again, we don't set our spreads
Client Services: They are determined by our liquidity providers. We don't plan on becoming a dealing desk, so, no, we don't plan on fixing our spreads in the future.
Mark: Do you mean the spreads are high due to financial crisis or any other reason?
Client Services: that's one of the reasons they are high, yes
Mark: and what else?
Client Services: low liquidity, market volatility... there are a number of factors that can contribute to widening spreads.
Mark: okay thank you for reply. Good service.
Client Services: My pleasure...
Update April 2009 IBFX has announced the upcoming change to 5 digits in price quotes which also should decrease their spreads.
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