Thanks Jafar, will open a new account in fxopen AU. I'm really expecting something different from you guys compare to fxopen NZ as you described
FxOpen Discussion 4 replies
Issues with FXOpen 289 replies
fxopen ecn/stp spread profit 2 replies
FXopen ECN 27 replies
Fxopen Are Scammer .................... ............... .. 5 replies
DislikedHI Jafar, thanks for the openness in this forum, i have just opened an account and its good ecn std but the comm seems a bit steep at 0.5 lot @ usd 5.00 for a USD/JPY, or is this the standard rate, perhaps someone can share on this as well. Thank you.Ignored
Disliked{quote} Hi FXTracer You must be on Standard commission which is 5.00 round turn commission ....Ignored
DislikedDear FXOjafar, Can you please answer how customers of your company are protected from bankruptcy. Who is covered clients and what maximum amount will be paid per customer. Thanks in advance.Ignored
DislikedDear FXOjafar, Can you please answer how customers of your company are protected from bankruptcy. Who is covered clients and what maximum amount will be paid per customer. Thanks in advance.Ignored
Disliked{quote} Your commissions are in base currency. Most other brokers use USD to price commissions. This means that anyone who primarily trades pairs with a base currency that has a lower value than US Dollars, such as AUD/USD or has USD as the base currency, like USD/JPY or USD/CHF will definitely be paying substantially less commission with fx open. However, with some pairs, like EUR/USD and GBP/USD, where the base currency has a higher value than USD, Your commissions become comparable or even dearer than your competitors standard accounts after...Ignored
Disliked{quote} Hi Max FX You can read how client money is permitted to be used and what happens to it in case of bankruptcy in Regulatory Guide 212 http://www.asic.gov.au/asic/pdflib.n...-9July2010.pdf from the ASIC website. {quote}Ignored
Disliked{quote} For sure I can read it there but I asked you about it. Alpari UK, FXCM gave detailed answer. I don't really want to read huge document.Ignored
DislikedDear FXOjafar, Can you please answer how customers of your company are protected from bankruptcy. Who is covered clients and what maximum amount will be paid per customer. Thanks in advance.Ignored
Disliked{quote} No extra protection/insurance except segregated client account with an AU broker. Fxopen AU Product Disclosure Statement—— 9.2 Client monies risk Whilst the money you deposit in your account is segregated from our own, the funds are not held in a separate account. They are held in an account together with the funds of our other clients. We are also permitted by law to use money deposited in our client monies account to meet the margin obligations of other clients and our own positions and for other purposes related to dealing in derivatives...Ignored
Disliked{quote} No extra protection/insurance except segregated client account with an AU broker. Fxopen AU Product Disclosure Statement—— 9.2 Client monies risk Whilst the money you deposit in your account is segregated from our own, the funds are not held in a separate account. They are held in an account together with the funds of our other clients. We are also permitted by law to use money deposited in our client monies account to meet the margin obligations of other clients and our own positions and for other purposes related to dealing in derivatives...Ignored
Disliked{quote} Like Takisd says, we have protection in place such as margin calls and stop outs as well as reduction in leverage when the account balance is below $1000 to protect against negative balances. We do have a few though that slip through but they are few and far between with an incidence rate of approximately 2 per 1000 accounts and no more than $30. We also have a strict policy of keeping client accounts in surplus so if there is an unlikely, world shattering event that results in a sudden mass withdrawal, we do have more than enough money...Ignored
Disliked{quote} Thats what margin call is for. It prevents a negative balance. All ASIC brokers are required to have PI insurance to prevent damage by wrong doing. The probability of a broker misplacing or losing client deposit monies is low if directors and responsible managers act according to the law. The only time that your monies are at risk is if someone decided to act illegally. But this is the same in every regulated environment. If your funds are insured by the broker its likely insurance won't pay out if the people responsible for the funds are...Ignored
Disliked{quote} Al these thing are great but...I didn't get answer on my few straight question. impossibility to provide a competent answer not a copy paste from official document is not acceptable for official representative. Questions are same. Please provide straight answers on my questions. How clients funds in your australian entity are protected. No need to tell about your management skills or things like this. Only facts. 1) how customers of your company are protected from bankruptcy 2) Who is covered clients and what maximum amount will be paid...Ignored
Disliked{quote} Negative balance will likely happen in the event of the Flash Crash/central bank intervention/any sudden incidents,if someone using 100 larger leverage. A broker who offers 200 leverage is unethical and likely a market maker. Professional Indemnity Insurance has nothing to do with client money protection in the case of bankruptcy. UK broker offers segregated account and 50K GBP FSCS insurance to retail client,and i also think FSA is more reliable/stricter than ASIC. I have to say FXopen may offer the best spread+commission(remember to use...Ignored
DislikedCommission and spreads are good. But swaps are HORRIBLE. Really, really horrible. I mean, positives swaps for most brokers are negative at fxopen AU.Ignored
DislikedGood news. A friend told me fxopen AU is going to review their swaps to give customer better satisfaction. They won't be awesome but better. I hope this true. Jafar can you confirm? What delay can we expect? ThanksIgnored
DislikedCommission and spreads are good. But swaps are HORRIBLE. Really, really horrible. I mean, positives swaps for most brokers are negative at fxopen AU. I will post some examples later if Jafar has answer to all, as usual This is unfair IMO to mark up swaps...... Also, I had HUGE slippages (when I say huge I mean 20-70 pips) and they say it is normal, we are ECN, we give you best prices... Maybe it is true but it is not pleasant. For this I am less angry at then than for swaps. And yes to be fair most of these slippages was while news or big market...Ignored
DislikedGood news. A friend told me fxopen AU is going to review their swaps to give customer better satisfaction. They won't be awesome but better. I hope this true. Jafar can you confirm? What delay can we expect? ThanksIgnored
Disliked{quote} That would be more in keeping with their claims of offering the lowest costs I have a question Jafar, Can you explain how spreads are higher with some ecn brokers than they are with others seeing as they are getting their liquidity and feeds from basically the same providers? Spreads can be as much as 0.5 pip different on a consistent basis between different ecn brokers. Are the dearer ones loading the spread or are the cheaper ones discounting the spread?Ignored