Salt Lake City, November 9, 2008 — Defying the current economic downturn that has chilled financial markets globally, Interbank FX (IBFX.com), a leading provider of online off-exchange retail foreign currency (Forex/FX) trading, enjoyed record breaking revenues in September and set a new high of US$77 billion in trading volume, the company's chairman reported today.
"A unique characteristic of our company and the Forex market as a whole is that we actually welcome volatility in the financial markets," said Interbank FX Chairman and President Todd Crosland. "Volatility creates trading opportunities for our customers which in turn generates trading revenue for IBFX."
Throughout 2008, IBFX's strong company performance has continued to accelerate in spite of the deteriorating financial climate, as illustrated by the following corporate milestones:
- Record number of more than 4.8 million customer trades in September
- Newly funded accounts exceeded 1,700 in September, representing the second best month in company history
- Current net capital in excess of $37 million
- 2008 to post fifth consecutive year of more than 100 percent revenue growth for the company
"It is extremely exciting and even somewhat surreal to announce these positive results given the current state of the global economy," said Crosland. "Interbank FX is committed in its effort to continue providing its customers leading edge trading technology and world class customer service."
In addition to its most recent announcement, IBFX has also been recognized by a myriad of trade and mainstream financial media throughout 2008. Below is a list of significant honors and awards the company has received thus far:
2008 Inc. 500
- 46th fastest growing privately held company in the US overall
- 5th fastest growing privately held company within the Financial Services industry
2008 Utah Business' Fast 50—#1 fastest growing privately held company in Utah
2008 MoneyAM Online Finance Awards
- Best Online FX Provider, Winner
- Best Active Trading Platform, Finalist
2008 EXHIBITOR Magazine's Sizzle Awards—Traffic Builder, Winner
2008 American Business Awards
- Best Chairman—Todd Crosland, IBFX Chairman & President, Finalist
- Best Marketing Executive—Marilyn McDonald, IBFX Marketing Director, Finalist
- Best New Product or Service—IBFXU, Finalist
2008 Technical Analysis of Stocks & Commodities Readers' Choice Awards—Top Forex Brokerage, Finalist
About Interbank FX
Headquartered in Salt Lake City, UT, Interbank FX, LLC (IBFX.com) is a leading provider of online foreign exchange trading services, offering individual traders, fund managers and institutional customers proprietary technology and tools to trade spot foreign currency online.
Unlike other retail FX brokers, IBFX has distinguished itself as an industry leader with its proprietary tools and services and focus on customer care. This has led to numerous awards and industry accolades that IBFX has compiled. The recognition includes Best Online FX Provider, Best Foreign Exchange Broker, Best Chairman, Ernst and Young Entrepreneur of the Year, and Inc 500.
Interbank FX serves over 27,000 clients from more than 140 countries and supports trading volume in excess of US$70 billion per month. The company is regulated as a Forex Dealer Member by the National Futures Association and is also registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. Trading in the off-exchange retail foreign currency market is one of the riskiest forms of investing and should only be attempted by experienced traders.