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File complaint against Fxopen

  • Post #1
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  • First Post: Apr 29, 2010 10:31am Apr 29, 2010 10:31am
I opened FXopen ECN account and deposited $500 with Alert pay. After Alert pay fee I got $480.46 in trading right away. When I opened my first lot 50k of GBP/USD by that time I was getting 1:500 leverage and out with 10pips in Asian session. I opened again 50k lot and out with 10pips. But before NY open I open 100k lots my SL was 15pips but I got stop out after 8 pips negative. When I contact them by chat she said I had the margin call. I told them I had enough margin. They said we offer 1:100 account below 1000$. I told them I was able to open 50k lot in the earlier but I never stop out. I said if you offer 1:100 leverage how I would able to open lots more than the leverage you offer. I ask why my leverage change to 1:500 to 1:100. I request her to credit the money to this trade because this is not a problem at my end. After doing many chat and wasting a lot of time explaining this about issue they delinted to refund. I need help. Please help me to find a way to get my money. I want to file a complaint about this broker.Thank you
just google "fxopen scam" or search on this forum , you should have done this BEFORE you opened an account with them ...
You can try to find other people who are in similar situation... I think this ECN thing is bullsh****

Quoting intrepid1
I want to file a complaint about this broker.Thank you
Hi guys, I just barely joined this forum and I am here to hopefully shed some new-found knowledge about what I have discovered about FX Open.

However, the reason I joined this forum was because I kept reading on this forum how FX Open was a scam.

Well, this made me do a bunch of research and for the past 5 hours, I have read most of the stories and incidences posted about FX Open and also looked them up at Forex Peace Army.

After careful and unbiased research (and by reading TO THE END of EVERY Forum thread) the issues appear to have either been a novice trader's mistake or corrected on FX Open's end.

The most prominent example I read was a trader (who belongs to this forum, name Xiu Chun Yang). He was so certain he had been scammed but FX Open fixed every problem he had.

Here is his reply (after his problem was successfully resolved with FX Open)
"thank everyone for your attention.
I have received about 70,000usd,I accept the disposal and happy with the solutions they have provided."
And here is the link: http://www.forexpeacearmy.com/forex-...-fxopen-2.html

Almost every other case has had this type of an ending. As responsible Forex traders, I urge and encourage each of us to do our research before writing "witty one-liners" and all kinds of other garbage.

This way, those brokerages that are indeed "real" scams, can be outed.

Thank you,.

The BrickTrader
I´ve read some bad comments on FXopen.
What is more suspicious to me is why the h**l Dukascopy is dealing with FXopen to provide MT4 platform.
Something doesn`t smell good here...
doesn't smell good at all!
Perhapss you should email someone higher than support, such as [email protected] or [email protected]

Or contact jafar on other forum about it.

Also, I suggest you read the trading terms to re-clarify the mathematics involved in your trading transactions. The other thing could have been slippage or spread increase due to market volatility, but I don't think something that large would have happened unless you traded news.

I use them, with a larger quantity than you are specifying, and have not had a problem since the beginning of the service.

Remember also, you are dealing with one of the largest retail fx brokers in the world, not some back end dark alley company that plays poker and smokes cigars whilst talking about how much they made today.
must have been some confusion on the poster's part.
FYI, Dukascopy's mt4, is on fxopens server.. If you look at dukascopys demo account, it connects to fxopen demo on mt4.

I am helping the original poster sort out the issue. However it seems like a complicated one given the circumstances.

Both are innocent but both are guilty from what I can see... Waiting for futher communication.
Quoting BrickTrader
After careful and unbiased research.... the issues appear to have either been a novice trader's mistake or corrected on FX Open's end.

Thank you,.
So how do you like working there ?? I was just wondering how they treat their employees.
I emailed the thread creator the following after talking to people at FXOpen, and checking the trading terms for ECN...

This is what I wrote.


Unfortunately, you are going to lose on this one.

According to trading terms, a client should deposit $1000 into the ECN account. If the balance goes below is is below $1000 they need to email or log into back office to change leverage to 1:100 as per trading terms.

Basically, on your last deal, your account was switched to the correct leverage.

When opening an ECN account, you are given the option of leverage, but you must be aware of trading terms before you trade. It states clearly the leverage requirements.

So basically, the way it is seen is that by selecting 1:500, you are basically saying to fxopen "I plan to deposit 1k or more in order to use this leverage", which you didn't. Therefore violating the terms.

They did nothing but change your leverage as per their terms.

Sorry to say but you won't get reimbursed for this.

I do understand your frustration though.



Remembering ladies and gents, that it is not possible to get orders into the market below 100k unless they are aggregated with other traders orders.

Anything that is trading below 1 lot and claiming ECN, is either a liar, or are STP and not ECN.

It seems a few broker reps on this forum are struggling with the definition of ECN.

To be honest, as I tell many people I talk to, always read the trading terms of any company, no matter who they are because it will effect you at some stage.

Hope this helps.
Takisd,

"Anything that is trading below 1 lot and claiming ECN, is either a liar, or are STP and not ECN."

What does it mean STP?

"Remembering ladies and gents, that it is not possible to get orders into the market below 100k unless they are aggregated with other traders orders."

Why? please explain me it ;-)

Sorry for the dump, thank in advance

Regards
so, looks like that's sorted.

nice one takisd.
Quoting petertrader
Takisd,

"Anything that is trading below 1 lot and claiming ECN, is either a liar, or are STP and not ECN."

What does it mean STP?

"Remembering ladies and gents, that it is not possible to get orders into the market below 100k unless they are aggregated with other traders orders."

Why? please explain me it ;-)

Sorry for the dump, thank in advance

Regards
STP = Straight Through Processing. It means that your "broker" is simply pushing your orders through to at least one major liquidity provider without showing the risk themselves. They either get paid by charging you a commission or by getting a kickback from the bank (that's really only the case for the firms that only use one "bank", which means the broker is really just a front for a deal desk but wants to call themselves STP). A good STP broker has multiple banks and routes your orders to whichever has the best price at the time. By definition, they would have floating spreads because they are showing quotes coming from more than one source.

The $100,000 thing is just a lie. It used to be that the big banks that really made up the Interbank market only traded in $100,000 lots, which was part of the logic of deal desks existing, so that smaller traders could trade. However, this is no longer the case at all. I've seen electronic direct systems from two major banks behind the scenes, and they both accept smaller orders now. They just want the volume, like anyone else.

People that still try to claim on these boards that the $100,000 thing still exists are either badly misinformed, have little actual knowledge of how FX works, or probably work for one of the big desks like FXCM or Dukascopy where they want you to believe that anyone that offers something newer is lying to you. The lie is the other way around. There are many brokers where you can run some basic tests to see that they are true ECN/STP firms where you can trade equally with $100,000 lots and smaller lots. Don't get sucked into the nonsense.

Regarding this thread in general, it doesn't matter if some of these people actually get their money back. I just don't get how people think it makes any sense to give their money to unregulated firms like FX Open. So you can hedge? Give me a break. What people are saying is "I'm so pissed that regulators exist and try to tell me that being long and short at the same time doesn't make me money that I'll send my funds to the mafia of some Eastern Bloc country." Give me an f'ing break.
Quoting IndyTrader
STP = Straight Through Processing. It means that your "broker" is simply pushing your orders through to at least one major liquidity provider without showing the risk themselves. They either get paid by charging you a commission or by getting a kickback from the bank (that's really only the case for the firms that only use one "bank", which means the broker is really just a front for a deal desk but wants to call themselves STP). A good STP broker has multiple banks and routes your orders to whichever has the best price at the time. By definition,...

Wow, thanks for accusing me of being a liar.

Banks lots were reduced in 2001 from 1M to 100k lots with small time hedge funds becoming a larger part of the FX market.

The funds below 100k can be traded directly into the market as a lump or aggregation with other people executing the same order (this can create slippage on STP).

If you don't believe me, you might like to call a bank and talk to them about institutional trading via their platform

Liar is a strong word, and it shouldn't be used lightly.
Why waste your money with such bullshit broker.
Charting Markets into the Future...MǎҖ€¥.
Takisd seems to have a reasonable response to this. Damn it, I wish people would read the terms of their accounts properly before crying scam on forums when it is their own bloody fault in the first place.

People, read the contract before you agree to it. It reminds me of the 75,000 people who recently sold their souls to a company online by clicking through rather than reading online agreements. http://www.foxnews.com/scitech/2010/...ly-sold-souls/

In this case the guy agreed to having 1:500 leverage for accounts over $1000, then was surprised when he over leveraged and got busted when the leverage was fixed to the agreed 1:100.

Opening 0.5 lot positions on a sub $500 account is just suicide. He would have lost the whole lot anyway. You can spot the type a mile away. He probably bought the latest holy grail system for $99.95 from some scammy website promising the world and then blames anyone but himself when he fails dismally in win all or lose all gambles.
I know of 2 people that had their profits erased by this broker ....don't walk but RUN AWAY...
Quoting Takisd
I emailed the thread creator the following after talking to people at FXOpen, and checking the trading terms for ECN...

This is what I wrote.


Unfortunately, you are going to lose on this one.

According to trading terms, a client should deposit $1000 into the ECN account. If the balance goes below is is below $1000 they need to email or log into back office to change leverage to 1:100 as per trading terms.

Basically, on your last deal, your account was switched to the correct leverage.

When opening an ECN account, you are given the option of...

Since I funded my account with $500 that already below $1k than according to their terms I shouldn't have 1:500. They didn't even honor their own terms. They changed the leverage while the trade is open.

They just took the profit that I made when I had two profitable trade.
I don't think their ECN is legit ECN. If you look at there ECN quotes the sixth number is either 0 or 5 in all the currency pairs all the time. I never seen these kind of quotes in any ECN platform. They claim to be ECN but they are market maker and they have dealing desk.

This is just a painful experience and a lesson for me and for others about this scam broker.
Quoting oakmonster

Opening 0.5 lot positions on a sub $500 account is just suicide. He would have lost the whole lot anyway. You can spot the type a mile away. He probably bought the latest holy grail system for $99.95 from some scammy website promising the world and then blames anyone but himself when he fails dismally in win all or lose all gambles.
No body asked for your guess. Every one has their own style of trading and risk management. Forex is a gamble. Every investment is a gamble. I think u know better than me because you have 3 years experiences. If u work in a gas station or anywhere you will be sure that you will get the paycheck. But in forex you never know anything could be happen. If you are making money than there has to be someone losing money somewhere. If this is not a gambling than what is this?
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