FXOpen and Basel Financial banned by the Mauritius

I think it's pretty obvious at this point that you should start using "We" instead of "They".

llol ok..expand pls?

What's to explain? Someone else already called him out on it. This guy has been a defender of this corrupt broker since the start and he lies about the definition of an ECN as well to suit their needs. Now the minute this story breaks, he shows up in two seconds with "spin" about why they have time to respond. HE WORKS FOR THEM. Sorry, thought it was obvious at this point.

This is what people need to be aware of as they move their funds out of the US and seek a non-US-regulated broker just so they can hedge (instead of opening two accounts so you can hedge anyway). It just amazes me how dumb people are. Odds are good you'll never see your money again once you send it to a broker that isn't in the US, the UK, Australia, Canda, or maybe a handful of other countries that regulate properly.

I hope the fact that people get to "hedge" on paper is worth that paper being the last they'll ever see of their hard-earned money.

Wow.. ok wanna present the facts of this brokerage first? Compare the size, and even rate of growth, to your forum-originated opinion that they are corrupt.

Bottom line: They are just as corrupt or non-corrupt as regulated brokers...thnk they would last this long and turn so cmuch over without??

Your second paragraph really shows your naivety about regulation...please, it's people like you which chat enough balls to make new traders paranoid

One interesting point you raised is about his lie about ECNs...I've not really read his posts so dunno what u mean? Could you explain?

I trade with FXOpen. End of story. I tested out other brokers, inwhich I have now based my opinion as "I will never touch a US regulated broker with a 10000 foot pole".. Why? Because the NFA is a paid regulatory body, they do not do it for the government, they do it for profit. After FXLQ went down, I lost all trust for the US.

The UK, the financial trouble, and the cost of the GBP has lead me not to trade with them. Although I do like the FSA, at the moment I wont go there. Not at least until Europe has finished its corrupt crap.

As for Australia, check my signature. FXCM, Gomarkets,Fxsol Etoro.. 4 large pieces of steaming crap, those are my options. Before I was with IB, but I realised that I was not getting direct market, and my orders were not showing up on the book. So I left, I dont trade with liars, or stop hunters.

So in my journeys, I have met with staff from FXOpen, done my due diligence, and tried not to pay attention to those latency arbitrage traders who scream scam about every broker in existance. Maxey, burgerking, etc on this forum to name a few.

I can see some genuine concerns from people on this board, as with the last complaint about FXOpen, I went ahead and solved it myself (its pays to have friends in high places). As you see, that person broker the terms and still didnt want to accept responsibility.

So I guess my point is, you might be crying wolf over any offshore broker, but the unfortunate truth is, that most people who are crying wolf, are not profitable traders, irresponsible traders or people who are trying to cheat the system. So after having these allegations all ending up as they have, with proof to the contrary coming out or reasonable responses. I have started not listening to the crap that online forums breathes. As a frequent viewer I am sure you can understand that. I have found what works for me, I have made friends with what works at the same time, and on-top of that, I have stuck to what works.

There I did what I normally dont do, that is justify myself to online people whom are people who jump on bandwagons.

Now as far as law is concerned, I may sound like a lawyer because I have been studying financial law for the last 6 months and have really gotten into it. That is Australian law.

Now my final question is. Are you going to apologise IF FXOpen sort out all this mauritus stuff and their licence is given back, or are you still gonna sit on the negativity bandwagon of so called elite traders whom worship online forums. I guess to put it simply, will you admit you were wrong or will you stamp you foot in the ground shake your head and go NO NO I AM RIGHT I SWEAR.

I bet you the latter is the correct answer. In which, I will not justify myself to you again. (I am generalising all those who deem it necessary to post negatively towards me).

P.S if there are spelling mistakes its because im on my net book and have fat fingers

Oops, i forgot to post 1 more thing.

When people are looking at brokers, they do not look for the right things. Looking at the net capital, size and who they are regulated by is the wrong approach.

You should be asking questions like "how does your desk operate, what is your exposure to people who trade grids, who leverages you, do you have account insurance (that is insurance that covers bank accounts and the funds within them)"..

This whole online facade of regulation in an unregulated market was created by the biggest brokers for the biggest brokers.

There ya go, last post in my thread, if you want to ask anything of me, use the PM button so I get an email about it.

LOL. what a long pile of shit post.

fxopen is a bucketshop. won't be around too long that's my prediction.

If you don't trade with liars or stop hunters, your in the wrong field and market. Good thing you are getting into Law.

Do you think it's just the "broker" that is stop hunting all you losing traders?

At the end of the day customers are unable to trade with this firm for at least 6 months, which should be unacceptable for just about everyone.

They either suck for activities leading to this regulatory action, or for setting up in a jurisdiction with a silly regulator in the first place. Take your pick.

Why some people insist to go with firms on the BVI or Mauritius or similar offshore loactions, i will never understand.

I live in Egypt and I know where FXOPEN headquarters is. I think FXOPEN would be the safest broker for me , because If they stole my money ,all I need to take it back is a nice baseball bat.

Me too , how is it going with your alter ego at Talkgold (where Fxopen has a sticky), Moderator Takiii who has fxoceania aka fxopen as forex broker in it's signature ?

http://www.talkgold.com/forum/member.php?u=40044


P.S. How dumb can one be ? Did you really think that changing the last 2 letters of your username would do the job ?

Interesting... I wonder if there is any information on the reasons of this decision?.

And that is even more interesting.
For the last year we kept hearing statements like "Mauritius-regulated bucket shop", "Mauritius - the world's center of FX brokers regulations" and so on... So the idea and the impression was pretty simple - this is not a reasonable regulation, this is just some kind of paper to show.

Now even this organization bans several companies - and I dunno what to think actually. Did they wake up finally and understood who they are dealing with? Or, which seems more probable to me, Mauritius regulation was not that "bucketshop"-ish, as we used to think? Hmm?

Probably forgot to hand over the boodle money to the right people.

Don't really think so. Should be something serious.

Nice.. spewing random nonsense.

Whatever.

Keeping thoughts to yourself is helpful to ensure u convey with clarity

I have an account with FXOpen and never had any problems. But maybe I just don't blame others for my own mistakes.

Anyway that doesn't mean anything. I just want to say that this "bucketshop" is ok for me.

As they are for 100s of thousands of other customers...

I simply don't get how people avoid their inexperience in this game so quickly when they find out that we are RETAIL traders, with access to limited facillites.. wtf llol

So what are the consequences of this decision. Are you still able to place trades? Can you still withdraw your deposit?