Salt Lake City, April 28, 2008 – Interbank FX / IBFX.com (www.ibfx.com), a leading provider of online foreign currency (Forex) trading, recently made significant changes to its no-swap account policy. The no-
swap accounts—offered to traders who are unable to earn or pay interest due to religious reasons—earn or pay a weekly fee based on trades that remain open after the market closes on Friday.
The process runs each weekend, identifying orders that 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 appears as follows: "fee mm/dd/yy #ticketnum."
No-swap trades that remain open after Friday close are debited or credited a fee based on the fee schedule table seen here.
Interbank FX / IBFX.com's No Swap account system is available now on both live and practice accounts at http://www.ibfx.com/Trade/NoSwapAccounts.aspx. Please send any questions or comments about the new no-swap account policy to noswap@ibfx.com.
Interbank FX /IBFX.com was recently honored by Shares Magazine as the Best Foreign Exchange Broker for 2007.
About Interbank FX
Headquartered in Salt Lake City, UT, Interbank FX, LLC (IBFX.com) is a leading provider of online forex 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.