FXOpen Investments Pty Ltd is now regulated by ASIC

FXOpen Investments Pty Ltd is now regulated by ASIC

You can check it out at http://www.search.asic.gov.au/cgi-bi...3=&start_date=

This will give FXOpen a significant jolt to their reputation.

As far as I'm concerned, they lost my praise long ago when they misrepresented how fees work through one deposit method and it resulted in me spending more than I expected just to fund the account. A wire would have been much cheaper in the end.

I explained how their site was misleading, showed examples of where it burns people, and even gave suggestions on how it could be changed to clear up any confusion for future clients.

After all this, on principle I asked for a refund of the fees charged to me on the deposit, and they refused. I then took things up with the payment processor, who didn't care.. and finally took it up with my bank who refunded the difference (which hurts the payment processor's standing as a merchant transaction provider.) I gave all parties along the line plenty of opportunity to correct the problem before it came to working with my bank's fraud department, but they'd rather create a bad customer service experience and force people to involve their financial institution than refunding a few dollars.

I closed out my account shortly after.. and it's been over a year since the experience.. but I have no reason to deal with them again. The trust they'd do the right by their client is gone.

They just sent out email informing all U.S. accounts they are no longer able to trade at FXOpen..
Accounts will be closed in 10 days..