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Fxopen Are Scammer .................... ............... .. 5 replies

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Issues with FXOpen

  • #161
  • Jul 8, 2010 2:48pm Jul 8, 2010 2:48pm
Quoting Trad3r
Brokers, specially market markers, are like the house when you go to a casino.... open an account with the minimum deposit, trade during a few months and when you double up your account, withdraw all the money, if they don't give your money back, you will know that they are a scam... Don't show all your cards in the first hand. .
That's brilliant. Even banks use your money and trade Forex with very small interest paid back to the bank depositor.

I think in general, it's about being a savvy investor. Being savvy means spread your risk.

You've given some GREAT advice. I hear people complain about brokers all the time. Sometimes it's the trader (greed) too. So I try to take it all with a grain of salt.

Your method will be my litmus test when using FX brokers for the first time (anywhere). It just makes sense. I'm just grateul that we can trade with brokerage firms in different countries. That's a priviledge in itself!
  • #162
  • Jul 10, 2010 5:19am Jul 10, 2010 5:19am
Since this thread seems to have been started based on this person by the name of "Erlan" who complains that he was scammed of his $50k deposit - for everyone's benefit please read this :

http://www.forexpeacearmy.com/public...en.com?page=12

It seems that Erlan is the one who has been lying. Why else wouldn't he have taken the opportunity to have his case resolved when given a good chance to do so ?

As far as the revoking of the license by the FSC is concerned, it does bother me... and I'm not sure exactly what to make of it.

FXO says that they're in the process of receiving "regulation" in 3 other jurisdictions.... but in my opinion they need to resolve matters with the FSC as well.

I find it hard to believe that they are scammers considering the fact that they have taken part in various forex fairs with their stalls and real people from their offices at these stalls.
  • #163
  • Jul 10, 2010 5:22am Jul 10, 2010 5:22am
is there any trustable broker?
i believe most of those are just taking orders. but dont really bought the currencies for u
  • #164
  • Jul 10, 2010 5:23am Jul 10, 2010 5:23am
Thanks rwa, but again it's still all BS. And to be fair a bunch of posts on a forum shouldn't interfere with your own due diligence to choose what broker to trade with, anyone who falls into that trap is also naive and I wouldn't even be too assuming that they trade for a living.. people who do have a correct understanding of brokers and with FXOpen, if you simply look at the figures, look at the volume they work with, it's simply absurd to call them a scam.

Frickin dumbasses in this thread have a CLEAR ulterior motive
  • #165
  • Jul 10, 2010 7:32am Jul 10, 2010 7:32am
Wow... i think there are still some other very reputable brokers in the market.

How about famous one like fxcm, forex.com etc?
  • #166
  • Jul 11, 2010 7:59am Jul 11, 2010 7:59am
Quoting Cocoflanel
FXOpen got banned by the Mauritius financial commission

http://www.forexfactory.com/showthread.php?t=238678


BUT ,please open an account NOW because it's all garbage and rumors LOL
And what is Mauritius? A tiny little island in the middle of the Indian Ocean. I wouldn't be surprised if the Mauritius FSC is just some guy on the beach sipping pina coladas out of a coconut all day.

Anyway, while they still have liquidity in their ECN, I'm staying with them.
  • #167
  • Jul 12, 2010 1:40am Jul 12, 2010 1:40am
Hi OakMonster - funny.

The way I see it, there've been US brokers who "were" so-called regulated by NFA, which have turned out to be "real" scam/bucketshop brokers in the end. So regulation doesn't mean much for "us" the traders... it just gives a false sense of security. And we all know what the NFA does in the so-called "best interest" of the traders ! Lol ! And the NFA's recent actions which resulted in a mass exodus of U.S traders to offshore brokers (a bulk of whom are probably with FXO) may also have something to do with the recent developments.

In terms of liquidity and infrastructure, I am not sure how high up FXO ranks... but one thing that is easy to see is that they are indeed one of the big, popular and reliable brokerages available in the market today.

If some new compliance rules (which I believe are related to anti-money laundering) were introduced by the FSC without giving sufficient time for the brokerage to become compliant with such new regulations and as a result their license is revoked.. then that doesn't make them a scam broker. They have offices in other countries/jurisdictions and they have stated that they are in the process of acquiring regulation membership in 3 other jurisdictions. A similar incident took place with Alpari UK as well where they had certain compliance issues which they took care of later on before their license was regularized once again.

I do have a couple concerns since I was in the process of setting up my PAMM and bringing in some clients. I will first talk directly with FXO and clarify certain things before I proceed any further with the PAMM.

Trading as usual in the meantime.
  • #168
  • Jul 15, 2010 8:41am Jul 15, 2010 8:41am
Quoting oakmonster
And what is Mauritius? A tiny little island in the middle of the Indian Ocean. I wouldn't be surprised if the Mauritius FSC is just some guy on the beach sipping pina coladas out of a coconut all day.

Anyway, while they still have liquidity in their ECN, I'm staying with them.
I have to say that is funny.

I'm also with FX OPEN, and those claiming "scam" have no knowledge about the affair.
  • #169
  • Jul 15, 2010 1:25pm Jul 15, 2010 1:25pm
I've never heard of any issues with FXOpen.
BarrySDCA Commercial Network Services
  • #170
  • Jul 16, 2010 2:27am Jul 16, 2010 2:27am
Quoting oakmonster
I wouldn't be surprised if the Mauritius FSC is just some guy on the beach sipping pina coladas out of a coconut all day.
Know what? I like it. Let's make our own, say, Bahamas Financial Authority. I will sell it to whatever brokers, you take care of the pina-coladas. That should be cool. Deal?
  • #171
  • Jul 20, 2010 6:30am Jul 20, 2010 6:30am
Quoting Acrita
Know what? I like it. Let's make our own, say, Bahamas Financial Authority. I will sell it to whatever brokers, you take care of the pina-coladas. That should be cool. Deal?
Yeah, deal!

Can't believe people are falling for the mauritius fxopen nonsense.
  • #172
  • Jul 20, 2010 7:07am Jul 20, 2010 7:07am
Quoting oakmonster
And what is Mauritius? A tiny little island in the middle of the Indian Ocean. I wouldn't be surprised if the Mauritius FSC is just some guy on the beach sipping pina coladas out of a coconut all day.

Anyway, while they still have liquidity in their ECN, I'm staying with them.


Hope that FXopen fill for FSA regulation rather than russia. But currently my big concern they are avoiding such regulation ( costs/ requirement for sure).

Regards
13
Brokers are angels
  • #173
  • Jul 22, 2010 7:11am Jul 22, 2010 7:11am
Quoting fx13


Hope that FXopen fill for FSA regulation rather than russia. But currently my big concern they are avoiding such regulation ( costs/ requirement for sure).

Regards
13
Yeah I hope fxopen file for FSA as well, that will shut up all the naysayers.
  • #174
  • Sep 18, 2010 8:11pm Sep 18, 2010 8:11pm
WOW! That picture is bad, why is anyone still trading with them? They claim 65 billion goes through them every month..
  • #175
  • Sep 18, 2010 10:45pm Sep 18, 2010 10:45pm
Quoting standardpips
WOW! That picture is bad, why is anyone still trading with them? They claim 65 billion goes through them every month..
Simply because there are people out there that believe more in "trying out for themselves" rather than going for the touching stories of how the broker wanted to eliminate someone from their money i.e forum BS.

I am with Fxopen but I don't endorse them by any means, just that I've had no problems with them thus far keeps me going. The day I find a serious one, it would be my last with Fxopen.

Don't you think there is absolutely no broker out there that get's only positive comments? I would probably be the last person on earth who would shop for anything including a broker based entirely on someone's else's opinion. Specially if that someone else has no bearing with me.

just me.

g.
I believe . . .
  • #176
  • Sep 19, 2010 12:00pm Sep 19, 2010 12:00pm
Quoting gembuz
Look closely in June 2010 EUR/NZD, see the attachment



Attachment
Woah

I don't see that though. I trade on ECN but it's not on the MM account either. Are you sure that's an fxopen chart?
  • #177
  • Sep 19, 2010 1:14pm Sep 19, 2010 1:14pm
How long have you been with them @ ghous?
  • #178
  • Sep 19, 2010 11:27pm Sep 19, 2010 11:27pm
I don't trade this pair. But I checked it out anyway to see what this is all about.

What gembuzz has NOT mentioned in his post is that the screenshot is from his "demo" account.

There is NO spike in my "live" standard account.

I've attached a screenshot from my live account.

However, when I contacted FXO about this, they did say that some micro accounts were affected by this spike and all affected trades were rectified accordingly.

Personally, I have not seen or experienced anything negative about FXO even after the so-called financial authority of Mauritius revoked their license.

Recently I read about how a brokerage regulated by the FSA (UK) got away with scamming a trader. So regulation means absolutely nothing. It just gives some people a fake sense of security. That's all.
Attached Image (click to enlarge)
Click to Enlarge Name: fxo_eurnzd.jpg Size: 148 KB
  • #179
  • Sep 20, 2010 2:24am Sep 20, 2010 2:24am
The chart for my ecn live account with fxopen does not have that spike.

Fxopen ecn account has the same price feed as Dukascopy, so their charts are also the same.

I know this because I have a live account with both of these brokers.

When I opened account with them, all I needed was copy of my driving licence and an utility bill. But couple of days ago when I logged into my backoffice I had to fill out a KYC form which could be a sign that something is being done about regulation issue.
  • #180
  • Sep 21, 2010 8:01am Sep 21, 2010 8:01am
Quoting dma
The chart for my ecn live account with fxopen does not have that spike.

Fxopen ecn account has the same price feed as Dukascopy, so their charts are also the same.

I know this because I have a live account with both of these brokers.

When I opened account with them, all I needed was copy of my driving licence and an utility bill. But couple of days ago when I logged into my backoffice I had to fill out a KYC form which could be a sign that something is being done about regulation issue.
exactly, so by calling fxopen a scam, ur basically saying dukascopy are as well.
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