SALT LAKE CITY, Nov 17, 2008 (BUSINESS WIRE) - For the second consecutive year, Interbank FX (IBFX.com), a worldwide provider of online off-exchange retail foreign currency (Forex/FX) trading, has been crowned Best Foreign Exchange Broker at the 2008 Shares Awards. This recognition marks the second time in two weeks IBFX has been honored as a top Forex brokerage and serves as the culminating event of a record-breaking year for the company. The award was accepted by IBFX Chairman and President Todd Crosland at a gala dinner event at the Grosvenor House Hotel in London on Tuesday, November 11.
"What an amazing honor it is to be recognized by the Shares community in this capacity," said Crosland. "This award is the result of the tireless efforts of the dedicated and hard-working members of the IBFX team who are all committed to making Interbank FX a global leader in Forex trading."
The annual Shares Awards is now established as a top event and followed closely by financial firms around the globe. Winning this award is particularly valued because it is determined entirely by voting readers of Shares magazine -- one of the fastest growing financial titles in the UK. The awards have been designed to find the very best providers across a range of categories including stock broking, derivatives trading, online research, software and fund management.
"I was delighted to see Interbank FX receive the award for Best FX Broker of 2008 at the Shares Awards ceremony," said Russ Mould, editor of Shares magazine. "Our loyal readers determine who receives the awards, and to earn their votes, IBFX has clearly provided its customers with the very best levels of service and support."
Throughout 2008, IBFX has been recognized by a myriad of financial media and has continued to perform well despite prevalent market woes, as illustrated by the following corporate milestones :
- Surpassed 30,000 customers worldwide.
- Record trading volume exceeding $85 billion in October.
- Newly funded accounts exceeding 1,900 in October, representing the second best month in company history.
- Current net capital in excess of $40 million.
- 2008 to post fifth consecutive year of more than 100 percent revenue growth for the company.
IBFX Adds J.P. Morgan to Growing List of Liquidity Providers
IBFX announced that J.P. Morgan Securities Inc. has become the newest dealer participant in IBFX’s unique multibank liquidity feed, bringing the total number of contributing major money center banks to seven. This proprietary order routing system provides IBFX customers unparalleled access to liquidity and automatically executes trades with a collection of the world’s largest financial institutions, including Bank of America, Citigroup and Goldman Sachs, among others.
J.P. Morgan proved particularly appealing to IBFX because of its strong reputation as a market leader in the global foreign exchange markets. According to the company’s website, the firm is a market maker in 200 currency pairs in spot, outright forwards, NDFs, option contracts, cross-currency swaps and exotic currencies.
"J.P. Morgan is a major player in the FX realm and we’re thrilled to welcome them as our newest liquidity provider," said IBFX Chairman and President Todd Crosland. "We strongly believe that the firm’s vast expertise in currency products as well as their ability to provide fast, competitive and consistent pricing will greatly enhance our customer’s trading experience, as well as grant them even greater access to increased liquidity and world-class trading technology."
J.P. Morgan’s price stream is available now on IBFX’s trading platform, which enables both retail and institutional customers to trade Forex without the hidden obstacles or potential conflicts of interest of a dealing desk broker.
The advantages of trading with agency-based IBFX as compared to a single market maker platform, or "Dealing Desk," include :
- Competitive spreads.
- Transparent pricing from major money center banks.
- Anonymous order execution.
- Smart routing to leading financial institutions.
About IBFX
Headquartered in Salt Lake City, Utah, 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 unique "no dealing desk" agency model, 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 30,000 clients from more than 140 countries and supports trading volume in excess of US$80 billion per month. The company is a member of 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 investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose.
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