FXOpen and FXCompany ???? | Forex Factory

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FXOpen and FXCompany ????

  • #1
  • First Post: Jan 14, 2010 12:52pm Jan 14, 2010 12:52pm
They have the same Cyprus address.
  • #2
  • Jan 14, 2010 12:59pm Jan 14, 2010 12:59pm
FX brokers (as well as all companies in general) typically have several websites. As long as the names are fairly similar, everything should be okay. Just keep an eye out for the names being radically different.
  • #3
  • Jan 14, 2010 1:42pm Jan 14, 2010 1:42pm
Quoting Moody
FX brokers (as well as all companies in general) typically have several websites. As long as the names are fairly similar, everything should be okay. Just keep an eye out for the names being radically different.

The 2 companys said that they are not related in anyway. My question is, why they have the same address?
  • #4
  • Jan 14, 2010 1:49pm Jan 14, 2010 1:49pm
I don't see what you mean. I have gone to both of their websites and it looks like FXcompany is a web designing firm while FXopen is a foreign exchange brokerage.

If the companies are behaving suspiciously, however, might I recommend that you go with a brokerage which is better suited to all traders needs? By that I mean, why don't you choose a brokerage with a large and well-known name?
  • #5
  • Jan 14, 2010 2:03pm Jan 14, 2010 2:03pm
Quoting Moody
I don't see what you mean. I have gone to both of their websites and it looks like FXcompany is a web designing firm while FXopen is a foreign exchange brokerage.

If the companies are behaving suspiciously, however, might I recommend that you go with a brokerage which is better suited to all traders needs? By that I mean, why don't you choose a brokerage with a large and well-known name?

fxopen.com
fxcompany.net

Fxopen is already a big player in the forex market...
  • #6
  • Jan 14, 2010 2:44pm Jan 14, 2010 2:44pm
It looks to me like they are located in a big building and they both "share" the same address with dozens of other businesses.
  • #7
  • Jan 14, 2010 6:53pm Jan 14, 2010 6:53pm
Quoting Moody
It looks to me like they are located in a big building and they both "share" the same address with dozens of other businesses.
The address could just be a central registration warehouse like the Ugland House in the Caymans.
  • #8
  • Edited 6:25am Jan 15, 2010 2:12am | Edited 6:25am
FXOpens cyprus address is just a legal address. Its possible that FXCompany and FXOpen have the same lawyers,
Hope this helps.
  • #9
  • Jan 15, 2010 3:03am Jan 15, 2010 3:03am
They don't list this address on their website either.
https://www.cia.gov/library/publicat...k/geos/mp.html
Does anyone here actually have an account with them??

FXOpen Investments Inc.
Office 113, 2 Floor, Medine Mews, Chausse
Port Luis, Mauritius
  • #10
  • Jan 15, 2010 6:36am Jan 15, 2010 6:36am
I have several accounts with them. ECN micro standard pamm.

No complaints, no issues, no worries.

I know that they arent the same company as fxcompany if thats what you are asking.
  • #11
  • Feb 4, 2010 6:00am Feb 4, 2010 6:00am
fxcompany is a scam broker dont gamble ur money with them...they are owing me up till now, they dont pick calls, emails or u dont get them on customer service..
scam broker.
MY OPINION NOT FINANCIAL ADVISE
  • #12
  • Feb 4, 2010 6:47am Feb 4, 2010 6:47am
Can i just confirm that FXOPEN are not a scam broker as many on this forum have suggested. I trade with them, and they have never stolen my money, never stop hunted me, and never messed me about.

So come on guys, take it easy with all the FXOPEN criticism, I see a lot of it when people don't even trade with them, just basing their judgements on past comments from a couple of guys.
  • #13
  • Feb 9, 2010 9:30am Feb 9, 2010 9:30am
Dear All,

As far as I know if both companies have a Cyprus address then must be regulated by the local authorities.

You can all check the list of regulated firms in Cyprus from
http://www.cysec.gov.cy/licence_members_1_en.aspx

Quoting someone1
They have the same Cyprus address.
  • #14
  • Feb 10, 2010 5:17am Feb 10, 2010 5:17am
Quoting 4xGuru
Dear All,

As far as I know if both companies have a Cyprus address then must be regulated by the local authorities.

You can all check the list of regulated firms in Cyprus from
http://www.cysec.gov.cy/licence_members_1_en.aspx
FXOpen doesn't mention anything about CySec on their site. CySec is Claytons regulation anyway. The regulator you have when you don't want any actual regulation

They list the Cyprus address as "Legal support office" on the website so it is like TakisD says.

As for FXCompany, I am convinced it is just another one of those Russian bucketshops from (or closely related to) the same people who brought us such lovely scams like instaforex and liteforex.
  • #15
  • Feb 10, 2010 7:31am Feb 10, 2010 7:31am
Quoting oakmonster
FXOpen doesn't mention anything about CySec on their site. CySec is Claytons regulation anyway. The regulator you have when you don't want any actual regulation

They list the Cyprus address as "Legal support office" on the website so it is like TakisD says.

As for FXCompany, I am convinced it is just another one of those Russian bucketshops from (or closely related to) the same people who brought us such lovely scams like instaforex and liteforex.
I wouldn't call Insta and Lite scams, but they're not exactly pioneers in the broker market, unlike FXOpen, who were one of the first, if not the first broker to have an MT4 ECN.
  • #16
  • Oct 5, 2011 1:32pm Oct 5, 2011 1:32pm
Quoting donfriday
fxcompany is a scam broker dont gamble ur money with them...they are owing me up till now, they dont pick calls, emails or u dont get them on customer service..
scam broker.
Spot on you mate. Unfortunately i just lost my funds with fxcompany.net. I did a research on the net before but didnīt got anything. then opened a real account and had the same experience plus different spread as before or in demo account (0.8.- max 2 pips) got 2.5 pis + also SL/TP started with 6 pips (should be 3pips) ended 15 pips!!! + re-quotes after once opened a trade. Nearly unable to do anything ( setting SL/TP , close trade etc.). Lost my funds. No reply to email, live chat not available anymore, free phone number not working. THIS IS A MEGA SCAM Company.
  • #17
  • Last Post: Oct 5, 2011 1:58pm Oct 5, 2011 1:58pm
This address is probably just virtual office space. You can rent "virtual" space at a building with a prestigous address, and you get a PO box, phone relay, a shield outside, and possibly can use some infrastructure there (meeting rooms, frontdesk etc).

In my city you can rent virtual offices pretty cheap in the old exchange building (pretty expensive area). Hundreds of firms have their official domicile there.
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