Interbank FX-Crazy Christmas Spreads

Well Folks, Interbank FX, or better known as IBFX, has done it again. Earlier this year, when the market was going absolutely crazy and downwards i should add, with Vix indicator hitting high up in the 90s region, they slapped double digit figures on swap rates and both on the negative side as well. As you would know, most swaps are +ve on the long position and would be -ve on the short position, or vice versa. However, they did something totally new and slapped -ve swap rates whether you went long or short. It all went one way though, surely not very well with all of its traders!

Now, during the Christmas where volume is absolutely low, the spreads are crazy on IBFX. Check out the screenshot below where i have the rates captured realtime off IBFX.

10 pip spread on Eur/Usd, 11 pip spread on Eur/Jpy and 24 pips on GBP/JPY!!!! Holy Raviolli!! I hope the folks at IBFX sure gets their ideas sorted out. This is a joke!

I did a quick comparison against one of my other brokers and here is what i see off FXDD;

Well, at least someone still holds their words true.

Is this a justifiable practice by the brokers and will you support such brokers?

Let me know your thoughts.

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