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Issues with FXOpen

  • #181
  • Sep 22, 2010 4:59am Sep 22, 2010 4:59am
guys,

do you even know that FXOPEN now has NO LICENSE. Their license were revoked by FSC Mauritius. I went on their LIVE CHAT and asked if they have license and the support staff keep saying " FXOPEN is operating Normally"

I kept asking what is normally and asked that answer my question specifically if the HAVE a LICENSe and NO...to my surprise the staff kept repeating the same thing like a broken record.

I pushed harder and finally after over 20 mins of chat the staff said they are now in process of getting their license...I asked where from and he actaully said it is a SECRET...what crap????

So this means they currently have NO LICENSE...so even if you wanna complain about the way they treat your trades...who do you complain to???

so my thing is...make a run for it guys...don't trade with brokers like this.
  • #182
  • Sep 22, 2010 5:15am Sep 22, 2010 5:15am
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?
i am not standing up for FSC MAuritius or anything but stating a fact. FSC is a very well run governing body. Recently on 27th of MAy2010 the revoked the license of 6 companies and one of them is FXOPEN. you see FSC has got one of the best regulatory guidelines and is trader frinedly but they make sure brokerages follow strict rules. As for FXOPEN...see my comment below:

guys,

do you even know that FXOPEN now has NO LICENSE. Their license were revoked by FSC Mauritius. I went on their LIVE CHAT and asked if they have license and the support staff keep saying " FXOPEN is operating Normally"

I kept asking what is normally and asked that answer my question specifically if the HAVE a LICENSe and NO...to my surprise the staff kept repeating the same thing like a broken record.

I pushed harder and finally after over 20 mins of chat the staff said they are now in process of getting their license...I asked where from and he actaully said it is a SECRET...what crap????

So this means they currently have NO LICENSE...so even if you wanna complain about the way they treat your trades...who do you complain to???

so my thing is...make a run for it guys...don't trade with brokers like this
  • #183
  • Sep 22, 2010 7:19am Sep 22, 2010 7:19am
Lol Sawyer. All I can say is you seem to have a chip on your shoulder with this company and this company alone.

What did they do to you to put you on such a crusade?

By the way, Mauritius is just a small island with no regulatory clout at all. Why didn't they fine these companies they suspended or take some legal action against them? Suspending their worthless toilet paper licences without further action is just a little toothless in my opinion.

Toilet paper is still toilet paper whether it is from Mauritius, Seychelles or some other small island.
  • #184
  • Sep 22, 2010 7:25am Sep 22, 2010 7:25am
Quoting oakmonster
By the way, Mauritius is just a small island with no regulatory clout at all. Why didn't they fine these companies they suspended or take some legal action against them? Suspending their worthless toilet paper licences without further action is just a little toothless in my opinion.

Toilet paper is still toilet paper whether it is from Mauritius, Seychelles or some other small island.
Dude, this kind of backing for fxopen is no good for fxopen itself. Just saying

Why would they apply for and pay for this toilet paper? Why would they put it onto their website? Why would they want to be regulated by "a small island with no regulatory clout at all"?

You probably should have said something more neutral like "Yeah, that was a f**k up from our side, but we keep on improving and so on".

But the decision is all yours, or course
  • #185
  • Sep 22, 2010 7:29am Sep 22, 2010 7:29am
Quoting sawyer2558
So this means they currently have NO LICENSE...so even if you wanna complain about the way they treat your trades...who do you complain to???
Frankly speaking even complaints to FSC (FSA, NFA, whatever) will not return your money if fxopen (or whoever else) decides to rip you off. Google it.
They got the license suspended (yes, we all heard of it already... 6 or 7 times), but what prevents them from operating? Nothing.
Quote
so my thing is...make a run for it guys...don't trade with brokers like this
That might be a good piece of advice. But who am I to judge anyway
  • #186
  • Sep 22, 2010 9:32am Sep 22, 2010 9:32am
sometimes it's as though some guys have an agenda against fxopen. friggin hell.
  • #187
  • Sep 22, 2010 1:28pm Sep 22, 2010 1:28pm
Quoting Acrita
Dude, this kind of backing for fxopen is no good for fxopen itself. Just saying

Why would they apply for and pay for this toilet paper? Why would they put it onto their website? Why would they want to be regulated by "a small island with no regulatory clout at all"?
Any "regulator" is marketing. Some companies in Russia created their own "regulator" made up their own staff and pass it off as a regulatory oversight. Their clients/victims wouldn't know any better until they probed deeper to find that the Director of the "regulator" owns the only 4 companies listed in this "regulator".

Talk about lol

Unless a company has a real regulator like ASIC, FSA or NFA, you can't seriously consider them to be regulated at all, and even these regulators only have jurisdiction in their home countries.

That said, I guess Mauritius is better than nothing, but at the end of the day, it looks like fxopen isn't going away any time soon despite the FSC ordering them to wind up.

Quote
You probably should have said something more neutral like "Yeah, that was a f**k up from our side, but we keep on improving and so on".

But the decision is all yours, or course
Hey I'm just a trader. My day job is in media post production but if you want to pass me off as a broker, go ahead. Wanna deposit? ^^
  • #188
  • Sep 22, 2010 1:32pm Sep 22, 2010 1:32pm
Quoting oakmonster
Any "regulator" is marketing.
Tell FSA about it
Quote
Some companies in Russia created their own "regulator" made up their own staff and pass it off as a regulatory oversight. Their clients/victims wouldn't know any better until they probed deeper to find that the Director of the "regulator" owns the only 4 companies listed in this "regulator".
And that's true, I've got nothing to add, you're right.
Quote
Hey I'm just a trader. My day job is in media post production but if you want to pass me off as a broker, go ahead. Wanna deposit? ^^
NP, r u regulated?
  • #189
  • Sep 23, 2010 11:27pm Sep 23, 2010 11:27pm
Quoting oakmonster
Lol Sawyer. All I can say is you seem to have a chip on your shoulder with this company and this company alone.

What did they do to you to put you on such a crusade?

By the way, Mauritius is just a small island with no regulatory clout at all. Why didn't they fine these companies they suspended or take some legal action against them? Suspending their worthless toilet paper licences without further action is just a little toothless in my opinion.

Toilet paper is still toilet paper whether it is from Mauritius, Seychelles or some other small...
LOL..oakmonster...it is not like i have anything personal with FXOPEN but just that these scumbags had scammed so many people and some of them were my buddies so...yeah...really pissed of with them...

on actual fact, i am always fair with my comments...where credit is due...i give credit but where the truth needs to be said...i say it...i think that i swhy we are all here on these forums buddy...we got to watch out for each other as these brokers are always out to screw traders...not all..but many

let the truth be spoken...muhahahaha!!!
  • #190
  • Sep 23, 2010 11:36pm Sep 23, 2010 11:36pm
Quoting Acrita
Frankly speaking even complaints to FSC (FSA, NFA, whatever) will not return your money if fxopen (or whoever else) decides to rip you off. Google it.
They got the license suspended (yes, we all heard of it already... 6 or 7 times), but what prevents them from operating? Nothing.
That might be a good piece of advice. But who am I to judge anyway
hey Acrita...you are absolutely right about the regulators...but at the very least if they have any regulator, be it FSC, NFA or FSA...we know some checks are in place...

I personally would actually go for Brokers with all money in TRUST account and not in some SEGREGATED account...we have seen it all..money in segregated accounts are not safe entirely...look at CROWNFX and many others...just for everyone's knowledge..SEGREGATED accounts are still accesible by executives of the company so it is never safe from internal FRAUD which is what always happen...i got screwed before with a swiss regulated broker and lost usd35k and it has been 4 years or more now and legal suit still going on and my money is no where close to be released...maybe my grand kids will get it...hopefully with interest

also a point to note...check with auditors guys...segregated accounts are still part of the companies BALANCE SHEET...which means a smart creditor can still make claims on the money...so client monies in segegated accounts safe??? hmmm...

all in all..this is my 2 cents worth...other than that...happy trading and when swimming with the sharks...make sure have your harpoons ready...though they are endangered species
  • #191
  • Sep 23, 2010 11:51pm Sep 23, 2010 11:51pm
Quoting oakmonster
Any "regulator" is marketing. Some companies in Russia created their own "regulator" made up their own staff and pass it off as a regulatory oversight. Their clients/victims wouldn't know any better until they probed deeper to find that the Director of the "regulator" owns the only 4 companies listed in this "regulator".

Talk about lol

Unless a company has a real regulator like ASIC, FSA or NFA, you can't seriously consider them to be regulated at all, and even these regulators only have jurisdiction in their home countries.

That said,...

I would say FSC did the right thing...they suspended the license of these 6 companies...FXOPEN one of them ... many ofshore jurisdictions and even places in Europe don't even do that.

In my opinion many NFA, FSA brokers are gonna go offshore with all the new restrictions imposed by NFA. FXDD had already moved to Malta and only have US operations for US clients...i feel many will also do the same..

FSA...well there are talks of reform here too..i been talking to a friend who is pretty connected there and i was told months ago about the reform in FSA and recently saw an article that they are actually gonna do that...

ASIC...well i can tell you are not too far from doing the same. THis is actually a global initiative to further "regulated" the forex markets and will not just stop at NFA. Hence many brokers are taking the offshore route.

Reason for the tightening of "Regulations"...well... there are bigger powers behind it pushing it..as you guys may know that when the retail forex market started...it was opened up to the retail by the likes of FXCM and other pioneers in the game. The initial arrangements were that these companies were the act as "BROKERS" and pass on all trades to the banks and in return the banks open up the liquidity to them. It was a win win arrangement. The BIG banks get to enter the retail markets ( which takes up a lot of resources to support and AUM per client are low as USD250) and the "BROKERS" make money on spreads and volumes.

What happened as business grew for these "BROKERS" they realised they could actually become "market MAKERS" and do not need to pass on any volume to the banks are actually make more profits because 90% of retail clients were and still are loosing money. This went on and eventually the a large part of the volume in the retail market was kept away from the BIG Banks.

BANKS realized what has been happening and were not too happy. The BIG boys were restricted from giving too high leverages by the regulators whereas the BROKERS were not and were providing high leverages. Some of these brokers become so big, such as FXCM that they were not attracting not only retail clients but institutional as well. which was directly stepping on the toes of the BIG BOYS.

to cut the long story short...the BIG BOYS are now applying pressure on regulators and things are being" regulated" to bring business back to the banks...and things are being "regulated"

i have a lot in depth information on this but this is not the time and place for it but i could not hold myself back than to share some of it above
  • #192
  • Sep 24, 2010 5:14am Sep 24, 2010 5:14am
Quoting sawyer2558
happy trading and when swimming with the sharks...make sure have your harpoons ready...though they are endangered species
LMAO! That's a nice one
  • #193
  • Sep 24, 2010 6:53am Sep 24, 2010 6:53am
i cant post anything in thread... why?
they omit what i write, is it because i am a Junior Member?
  • #194
  • Sep 24, 2010 8:16am Sep 24, 2010 8:16am
Quoting gembuz
The screenshot was taken from a live micro account, it's not a "demo".
Well then now you know why everybody is saying to stay away from MM brokers.

Now you can either change a broker or upgrade your account with fxopen.

I mean that kind of thing is visible from out of space, but there are plenty of other things that are eating your equity or profits which are much harder to notice.
  • #195
  • Sep 24, 2010 8:40pm Sep 24, 2010 8:40pm
Quoting sawyer2558


ASIC...well i can tell you are not too far from doing the same. THis is actually a global initiative to further "regulated" the forex markets and will not just stop at NFA. Hence many brokers are taking the offshore route.

R
ASIC;s regulation process is far superior to that of NFA and FSA. The actual client protection by means of ombudsman and audit services is so high that I do not see them changing their ways. AFter all CFD's are still legal in Australia.
Also the Australian Economy is powering on, there is no reason for ASIC to change its leverage policies. I think the only thing they will do is enforce a new margin call policy after the stock market fiasco's of the GFC, and I doubt it will truly effect the FX market.

In the mean time, the FSA is currently in the process of being disbanded (and privatised). It will soon enough be another regulator you can simply throw money at in order to get the licence. The UK government is cutting costs left right and centre. Although I don't like the NFA, I believe that right now anything under ASIC or NFA is the way to go. Banks aren't paying up on orders, institutions are cancelling contracts, and the money supply is drying up.

The current brokers in AUS (ASIC jurisdiction) are only acting as portals to another regulated body overseas. They are not acting as individual companies. Therefore the actual ASIC requirements of them are limited (its also why offshore companies fail in the application process, its just so strict). The assurance to ASIC that a company is regulated overseas and registered in AUS simply states that it can protect the Australian people and let the other regulatory body deal with international clients. However, having an individual company in AUS (the is entirely Australian) means that all clients local and international are in ASIC's jursidiction. The policy making and guidelines are far more strict, and companies are more subject to difficult circumstances (constant audits etc).

In my personal opinion, there are no FULLY regulated Australian brokers at this time due to the strict ASIC requirements.
  • #196
  • Sep 24, 2010 10:03pm Sep 24, 2010 10:03pm
Quoting sawyer2558
LOL..oakmonster...it is not like i have anything personal with FXOPEN but just that these scumbags had scammed so many people and some of them were my buddies so...yeah...really pissed of with them...

In the best interest of the members of this thread and the trading community in general can you please give us the details of exactly how your friends have been scammed by FXOpen ?
  • #197
  • Sep 25, 2010 8:56am Sep 25, 2010 8:56am
Quoting gembuz
The screenshot was taken from a live micro account, it's not a "demo".
If this is your account and you were affected by it contact them and they will correct it. As mentioned in my post related to this, they did say that some micro accounts were affected by this and all those whose trades were affected by this and reported have been corrected.

The post I made inquiring about this the other day is in their public fxo forum, so you can check it to see why this spike was a result of some data feed corruption or something like that which affected the micro accounts. My very direct question as to whether this (10,000pip spike) is manipulation was also answered in the said forum. Basically even if a broker is artificially introducing these spikes... they're not so stupid as to cause a 10,000pip spike.
  • #198
  • Sep 27, 2010 9:13pm Sep 27, 2010 9:13pm
Brokers business is increasing day by day.. because we win or loose that does not matter but brokers make profit everytime.. so its really a sound business... but i dont think fxopen is a scam..
Markets can remain irrational longer than you can remain solvent.
  • #199
  • Oct 4, 2010 6:19am Oct 4, 2010 6:19am
Quoting Takisd
ASIC;s regulation process is far superior to that of NFA and FSA. The actual client protection by means of ombudsman and audit services is so high that I do not see them changing their ways. AFter all CFD's are still legal in Australia.
Also the Australian Economy is powering on, there is no reason for ASIC to change its leverage policies. I think the only thing they will do is enforce a new margin call policy after the stock market fiasco's of the GFC, and I doubt it will truly effect the FX market.

In the mean time, the FSA is currently in the...
you obviously work for this new broker...noticed at the footer you mentioned a new broker is coming to Australia to set the pace....lol

and dude...where are you living...i am an aussie living in singapore and i can name you at least 10 fully regulated forex brokers in Australia...
  • #200
  • Oct 4, 2010 6:27am Oct 4, 2010 6:27am
here is screen shot of a chat with fxopen...how can this be allowed..these guys have no license and they still carry on business..just goes to show...what this retail forex market is turning into...
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