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Issues with FXOpen

  • #201
  • Oct 4, 2010 7:07am Oct 4, 2010 7:07am
Man lay off the caffine. The girl obviously is doing her job as she is told. And you are abusing her.

I live in Sydney.

There are about 30 brokers here, most prioritise CFDS and futures, but have FX available also at semi competitive rates.

Congratulations on being an Ex-pat.

I find it interesting that you go into a chat room and hound some poor support girl, who probably doesn't earn very much and then threaten her at the end. She might not work for a company that you care about, but she is a human being and is just doing her job.

Can I ask you, how much money did you lose with FXOpen and why? Was it because they are currently without a "regulated" licence? Or simply because you lost your money and then are finding an excuse?

I have traded for 7.5 yrs now and have seen every excuse in the book. But blaming a regulatory licence is a new one. Seriously, I don't understand why people continue to persue such things. If you have a problem with your broker, the best remedy is to simply withdraw and move on. If you do not get your withdrawal back, then its means to crank out the pitch forks and torches and send the lynch mob in. But as far as I can see, no damage has been done to you, so why are you chasing this company? Who do you work for? Whats your agenda? Or are you just another Australian Do-gooder who thinks its necessary for them to protect the world from evil? You know, like Tony Abbott and the Liberal right wing.

I think I have made my point. Please do tell us which broker you have changed to, why and update us on your experiences.
  • #202
  • Oct 5, 2010 1:15am Oct 5, 2010 1:15am
Quoting rwa
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 ?
Sawyer,

You still have not responded to this.
  • #203
  • Oct 6, 2010 5:15am Oct 6, 2010 5:15am
Quoting Takisd
Man lay off the caffine. The girl obviously is doing her job as she is told. And you are abusing her.

I live in Sydney.

There are about 30 brokers here, most prioritise CFDS and futures, but have FX available also at semi competitive rates.

Congratulations on being an Ex-pat.

I find it interesting that you go into a chat room and hound some poor support girl, who probably doesn't earn very much and then threaten her at the end. She might not work for a company that you care about, but she is a human being and is just doing her job.

Can I ask...
congrats on your trading experience for 7.5 years but it is quite obvious that you either work for FXOPEN or are an IB. I did not hound on that girl but the fact is i just asked about their license and if they had instructed their staff to LIE to clients by saying we are licensed LOCALLY than it is only right that they should be exposed.

With all your mighty experience are you saying it is OKAY to trade with an UNLICENSED BROKER??? hmmm...funny...

also are you saying that it is OKAY to trade with a broker that LIES..???...hmmm why do i smell something fishy here...

are you also saying that it is ok to trade with a UNLICENSED broker and only make a complain or fuss if money is lost???? let me ask you a question...WHO DO YOU go to if the UNLICENSED broker shuts down and runs away with your funds??? pretty amateur thoughts i would say for someone that has been trading for so long....

As for me being a righteous Australian...well my "friend" the purpose of these forums are to warn other traders ..specially the folks that are new in this trading game of all the "CRAP" that is out there and shed some light on the truth....these forums are not to promote a broker...seems quite obvious you are promoting some broker...and i know for a fact it is FXOPEN as you mentioned in your last post that there is a new broker coming to Australia...and i also heard some time ago that FXOPEN applied for ASIC license...quite obvious they are not approved yet...so mr. living in Sydney...please stand up and reveal the real you...

I see it as my duty to tell other fellow traders thru these forums of what crap goes on...why i am on the case of FXOPEN...because they been lying thru their teeth about their license...also when they had a Mauritius license...they never followed the regulations...they allowed people to fund their account thru IBs and e-Point transfers...some of my friends including me lost some money because these "AGENTS' never gave the e points....so if you ask me FXOPEN deserve what they got...

if they are for REL..stop operating now...clean up their shit get regulated and start business again...to pull a trick like " we are licensed locally and cannot tell you where" is just so lame...

I am not promoting any broker...all i can say is...if anyone wants to trade forex...trade with ANY regulated broker and witha broker that as some ETHICS and does not LIE...if they can lie about things like their license and use unauthorized methods to collect funds...i can see how they can treat my trades fairly...
  • #204
  • Oct 6, 2010 5:37am Oct 6, 2010 5:37am
Quoting sawyer2558
congrats on your trading experience for 7.5 years but it is quite obvious that you either work for FXOPEN or are an IB. I did not hound on that girl but the fact is i just asked about their license and if they had instructed their staff to LIE to clients by saying we are licensed LOCALLY than it is only right that they should be exposed.

With all your mighty experience are you saying it is OKAY to trade with an UNLICENSED BROKER??? hmmm...funny...

also are you saying that it is OKAY to trade with a broker that LIES..???...hmmm why do i smell...
You sound like you work for that Mayzus guy who owns a couple of russian bucketshops. Maybe you actually are that Mayzus guy

Did your "friends" who got ripped off go to the police? Surely theft is something the local police can deal with?

It's a fact jack, that there are a lot of unlicensed offshore brokers around. Why don't they have licences? Because they don't need them unless they open an office in a country where the regulation is strict like Australia or USA.

As for attacking Takisd, I would remind you that he has been around these forums a lot longer than you and has earned the respect to be able to criticise. Why don't you stand up and reveal who is the real you? Who do you work for and why you concentrate on badmouthing a single company? If you really are a concerned vigilante, you would be attacking other shady unlicensed operations, not just this one.
  • #205
  • Oct 7, 2010 12:52am Oct 7, 2010 12:52am
Quoting rwa
Sawyer,

You still have not responded to this.
Sawyer,

Since you seem to be unable to respond to my query (despite repeated reminders to you) about exactly how you/your friends have been scammed by FXOPEN, by presenting to us factual substance instead of accusations, is it safe for me to assume that you are simply calling them a scam broker without being able to substantiate your claim?
  • #206
  • Oct 7, 2010 2:17am Oct 7, 2010 2:17am
Quoting rwa
Sawyer,

Since you seem to be unable to respond to my query (despite repeated reminders to you) about exactly how you/your friends have been scammed by FXOPEN, by presenting to us factual substance instead of accusations, is it safe for me to assume that you are simply calling them a scam broker without being able to substantiate your claim?
I just hope it is not one of the account opening bonus stories.

"I opened an account with them and they were advertising a 10% or 20% or 30% bonus of the funds I deposit with them, but when I wanted to withdraw they did not let me!!! Scamers!! Stay away!!"

Of course they did not bother to read the bonus conditions where is stated that in order to withdraw the bonus you need to trade x number of lots.
  • #207
  • Oct 7, 2010 2:54am Oct 7, 2010 2:54am
)
Yeah, we rip people off, but how exactly did we rip you off?
http://lmgtfy.com/?q=fxopen+scam
  • #208
  • Oct 8, 2010 2:37am Oct 8, 2010 2:37am
Quoting oakmonster
You sound like you work for that Mayzus guy who owns a couple of russian bucketshops. Maybe you actually are that Mayzus guy

Did your "friends" who got ripped off go to the police? Surely theft is something the local police can deal with?

It's a fact jack, that there are a lot of unlicensed offshore brokers around. Why don't they have licences? Because they don't need them unless they open an office in a country where the regulation is strict like Australia or USA....
dude...this is a forum titled "FXOPEN SCAM" that is why i am only talking about this broker...it is so weird that all you guys stand up for FXOPEN...seems like you guys are all affiliated with this broker...as for me...i DO NOT work for ANY BROKER nor do i know who this MAYZUS is....

As for saying that brokers do not need to be licensed....ARE YOU KIDDING??? are you even reading in detail what i am writting...Brokers must be regulated somewhere at least to give safety to clients...FXOPEN is NOT REGULATED ANYWHERE! so all you guys that are standing up here for FXOPEN...coem on if you guys are working for these scammers...have the guts to stand up and say it.....
  • #209
  • Oct 8, 2010 4:00am Oct 8, 2010 4:00am
Regulation...

Regulated is sometimes just as bad as not regulated, it all depends on who is the regulatory body and what rules they are applying.

For me the swiss forex regulation makes sense because in order for somebody to operate as a fx broker they need to be registered as a bank. Then you know that if something goes wrong with the broker your funds are protected.

But when it comes to some other regulation I just do not see the point.

Yesterday I was reading an article on forexmagnates about the new cftc rules, and this part in particular caught my eyes:

(3) YOUR DEPOSITS WITH THE DEALER HAVE NO REGULATORY PROTECTIONS.
All of your rights associated with your retail forex trading, including the manner and denomination of any payments made to you, are governed by the contract terms established in your account agreement with the futures commission merchant or retail foreign exchange dealer. Funds deposited by you with a futures commission merchant or retail foreign exchange dealer for trading off-exchange foreign currency transactions are not subject to the customer funds protections provided to customers trading on a contract market that is designated by the Commodity Futures Trading Commission. Your dealer may commingle your funds with its own operating funds or use them for other purposes. In the event your dealer becomes bankrupt, any funds the dealer is holding for you in addition to any amounts owed to you resulting from trading, whether or not any assets are maintained in separate deposit accounts by the dealer, may be treated as an unsecured creditor’s claim.


So what kind of regulation is that? Why does not cftc make and enforce the rule that the fx broker that is registered with them can not commingle client funds with their own and use them for other purposes?
Then I would gladly accept 50:1 leverage and use just US regulated brokers.


I am not saying that with fxopen your funds are safe, they are not, but I would not call them scam either because in the past year that I have been with them I did not experience any problems.


Today they might go belly up and I might lose all my funds with them, but that can happen even with a regulated broker and I would lose all my funds with them too.


Regulation is necessary, but with clear rules that make sense and with somebody actually enforcing them, otherwise it just might be better without them.



It is better to feel unsafe then to have a false feel of safety.
  • #210
  • Oct 8, 2010 4:09am Oct 8, 2010 4:09am
No, I'm sorry for interrupting, but this:
Quoting dma
Regulated is sometimes just as bad as not regulated
this:
Quote
otherwise it just might be better without them.
and this:
Quote
It is better to feel unsafe then to have a false feel of safety.

is a plain lie.
  • #211
  • Oct 8, 2010 9:02am Oct 8, 2010 9:02am
If you have a different view or experience on a matter express it, I would love to hear it and learn from it, and I am not being sarcastic about it.
  • #212
  • Oct 8, 2010 9:19am Oct 8, 2010 9:19am
Quoting dma
Regulation...

Regulated is sometimes just as bad as not regulated, it all depends on who is the regulatory body and what rules they are applying.

For me the swiss forex regulation makes sense because in order for somebody to operate as a fx broker they need to be registered as a bank. Then you know that if something goes wrong with the broker your funds are protected.

But when it comes to some other regulation I just do not see the point.

Yesterday I was reading an article on forexmagnates about the new cftc rules, and this part in particular...
I agree with your view shared in this post DMA.

By the way, I am in no way affiliated with FXOPEN nor do I work for them. I'm not an IB either.

I have been trading with them for sometime now and haven't had any problems with them either.
  • #213
  • Oct 11, 2010 12:56am Oct 11, 2010 12:56am
well guys, CFTC regulations on safety may be weak but that does not mean that the rest of the world has the same weakness. Take FSC Mauritius as an example...they require that all brokers registered with them to appoint 3rd party management companies to oversee the operations. they also require that funds to be held in a prime bank.

FXOPEN may have messed up in this area and hence their license revoked, i would say that FSC as a regulatory body did an excellent job in revoking license of the companies that were not complying to their laws..by the way FXOPEn was not the only company effected...5 other companies were also effected and had their license revoked.

ASIC in Australia is another regulatory body that is very tight with their rules. They require that brokers registered with them to have the funds of the clients to be held in an independent trust. That is a good move but it had one flaw that i noticed as i did further investigation...some of the brokers actually went out and set up their own trust companies and than had their"own" trust to manage the client accounts...now that was the loop hole on the system. ASIC had not caught up on it yet but i would say it will happen soon. The reason the brokers do this is obvious as having a REAL 3rd party to manage client accounts creates a very rigid environment for most of these brokers as they are market makers and need the "flexibility" in the way client funds are "managed"

I personally liked FSC regulations and of ASIC as well as they are still better of than CFTX and FSA due to the 3rd party checks required...particularly FSC.

I had come across FSC regulated Mauritius broker that had satisfied my needs ...they have funds with a PRIME BANK, They have all client funds held in an independent TRUST account managed by a globally trusteee that manages over usd 3 billion. They have a global Management company that oversees all their operations and as well as oversees corporate governance to ensure that the company adheres to all global AML laws as well as laws of FSC. The management company also sits on the board of the company to regulate the company from internal fraud and as well oversees all contracts and agreements the company would have with any 3 rd party that is related to providing any service to the clients of the company....further to that the broker is an STP and ECN broker...NOW THAT IS WHAT I CALL SAFETY IN FUNDS and as well as a TOTALLY transparent broker and a regulatory body like FSC that actually forces brokers to have that in place and actually enforces it...

DON"T bother asking me which broker i am talking about guys as i will never reveal it in the forum as i am not here to promote any company as i do not want to be labeled as someone that is "working for a broker" ...

I guess my thing is this...regulation no matter how weak are still important as it gives a foundation for the safety that we traders look for. At the end of the day we must also look at how the broker runs it's business and hat kind of safety can the broker demonstrate to the clients...the fact that a license is revoked by a licensing body goes to show that something is not right and this can send out alarm bells...if a broker is licensed it also goes to show that the broker has somethings at least in place to be approved in the first place to provide a brokerage service. To say regulations are not important is very naive.. i would say we have to trade with regulated brokerages that are than further able to provide proof in the way the provide safety on client funds and have a transparent business model...
  • #214
  • Oct 11, 2010 5:09am Oct 11, 2010 5:09am
Quoting sawyer2558
well guys, CFTC regulations on safety may be weak but that does not mean that the rest of the world has the same weakness. Take FSC Mauritius as an example...they require that all brokers registered with them to appoint 3rd party management companies to oversee the operations. they also require that funds to be held in a prime bank.

FXOPEN may have messed up in this area and hence their license revoked, i would say that FSC as a regulatory body did an excellent job in revoking license of the companies that were not complying to their laws..by the...
Sawyer,

Since you are conveniently dodging my repeated question to you as to exactly how "you and your friends" were scammed by FXO, I'll simply assume that your claims are just baseless accusations.
  • #215
  • Oct 11, 2010 8:35am Oct 11, 2010 8:35am
Hello
You say
ASIC in Australia is another regulatory body that is very tight with their rules. They require that brokers registered with them to have the funds of the clients to be held in an independent trust.

That is what I thought but recent collapse of Sonray Capital markets , a white label of Saxo in Australia have EXPOSED the myth

If you read all the PDS ( Product Disclosure Statement of Australian FX bokers big and small you will realize that at the end of the day YOUR MONEY CAN BE AT RISK
If teh brokers goes belly up YOU MONEY IS NOT protected

Have a look at the investigation by the receivers here

http://www.ferrierhodgson.com/en/Cur...rs/Sonray.aspx

I now believe that ASIC is a toothless wathdog
  • #216
  • Oct 12, 2010 4:29am Oct 12, 2010 4:29am
Quoting dma
If you have a different view or experience on a matter express it, I would love to hear it and learn from it, and I am not being sarcastic about it.
That's simple and I already told that here somewhere.

Whatever regulation - it is a set of rules for a broker. And the broker has to implement these rules BEFORE obtaining a license/regulation. In certain cases there is the whole compliance department which watches whether broker's activities comply with these rules. The rules are quite simple, segregation, verification and so on.

Yes, no regulator makes your money safe. It's not their job. Talking about "safety" in high-risk FX market is somewhat... And a poor trader can always (and will) say "Oh! They hunted for my SLs, used super plugins to waste my deposit" and so on, but anyway.

Whenever a company gets regulated, spends money, time and effort - they will think several times before ripping someone off and taking a risk of losing the license. Because it means the aforementioned time, money and effort were wasted in vain. Get it?
  • #217
  • Oct 12, 2010 4:31am Oct 12, 2010 4:31am
Quoting rwa
Sawyer,

Since you are conveniently dodging my repeated question to you as to exactly how "you and your friends" were scammed by FXO, I'll simply assume that your claims are just baseless accusations.
And we'll simply assume you are a FXO employee. Fair enough
  • #218
  • Oct 20, 2010 5:51pm Oct 20, 2010 5:51pm
Quoting moksha
Hello
You say
ASIC in Australia is another regulatory body that is very tight with...
You will find that white labels in Australia or companies that are regulated elsewhere and have an AU office, are just leeching off the regulation of the other office. As would be the case with the saxo white label. They would probably have been regulated by ASIC + another body which Saxo was regulated by. And due to the second regulation, ASIC would be forced to assume that the companies are one in the same. Its the easiest way to get an AFSL, FSA licence or NFA.. To just piggy back off another licence. It just makes the process so much easier.

ASIC is probably one of the more vigorous regulators these days, because it regulates after the fact. Not just on the application processs. That is the problem with regulators such as NFA and FSA, they dont really watch companies unless there are a series of complaints. With ASIC, you are checked regularly, and have to adhere and respond to all changes of industry standards.

It is my understanding that after 2004, ASIC has amended its requirements for forex brokers, and necessary insurance and reserve capital is required in order to run operations. With the reserve + the insurance, I don't see a client losing out big time if a company fails unless they decide to employ expensive lawyers to hold an individual case.

Hope this helps.
  • #219
  • Oct 21, 2010 12:23pm Oct 21, 2010 12:23pm
Cash is the only unregulated market on earth, that's why the cash desk is always the lowest floor of any high st bank. so its easy to acuse the smaller forex brokers of being unregulated, when in reality they are all pretty much the same offering different deals. FXopen is good if you want high leverage with a small amount of funds, infact even big players use them.
The greatest force on earth is compound interest.
  • #220
  • Oct 21, 2010 3:11pm Oct 21, 2010 3:11pm
Quoting moksha
Hello
You say
ASIC in Australia is another regulatory body that is very tight with...
moksha

Any financial service provider with a location in Australia is regulated by ASIC and the Corporation act.

Segregation of accounts (your money) is pretty much worthless when the directors are frauds.
Same with indemnity insurance, worthless when directors are frauds.

So the only secure way to go about this, if you do not trust any broker regulated or not, is to park your spare funds in a bank account (online) under your name ready to fund your trading account if needed. Banks here in Australia are regulated by APRA and as you already know Swany is looking after your funds in case the bank would disappear.

This is by far the safest way to go about preserving your hard earned cash because the past has shown over and over that ASIC is too slow and obviously there are not many check up's neither, and hey accountants are masters of cooking the books.

Cheers
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