FXOpen and the CFTC | Forex Factory

Options

Permalinks
Print Thread

Similar Threads

Issues with FXOpen 289 replies

FXOpen Investigated By CFTC 12 replies

FXOpen and FXCompany ???? 16 replies

FXOpen and Basel Financial banned by the Mauritius 101 replies

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

FXOpen and the CFTC

  • #1
  • First Post: Jan 20, 2012 1:47am Jan 20, 2012 1:47am
This news just in from FXOpen's Forum concerning the recent settlement between the CFTC and FXOpen.

To my knowledge, FXOpen is the only one out of 25 previously named brokers in the CFTC civil action to have engaged with the CFTC and had the case closed and resolved.

Quote
In January 2011, the United States Commodities Futures Trading Commission (CFTC) filed a civil law suit against FX Open Investments Inc. alleging that FXOpen conducted business in the United States without registering, in circumvention of the regulation requiring registration. FXOpen and CFTC subsequently agreed to settle the matter on mutually acceptable terms, and the terms of that settlement became effective as of January 5th 2012 via a consent order of the Illinois Federal Court.

FXOpen has entered into the consent order without either accepting or denying the allegations set forth by CFTC which are reflected in the “Findings of Fact” part of the consent order. Please note that, as part of the settlement terms reflected in the consent order, FXOpen has agreed to refrain from making any statements contradicting any findings of fact provided in the document and thus may not provide any further comments on the foregoing.

Additionally, FXOpen would like to clarify some aspects regarding the measures the Company has agreed to as part of the settlement as reflected in the consent order:

- The payment of civil monetary penalty of USD 140’000 is a condition mutually agreed upon by the Company and CFTC and was not imposed as a result of a decision reached by the Court.

- The funds that the company is required to return to the US customers are the funds held with the respective accounts at the time these accounts were closed as per the conditions of the settlement and not a “return of illegally obtained profits" or any similar measure as claimed by various third party commentators on the matter.

- Prohibitions on conduct of business contained in the consent order are not permanent injunctions to do business in the US, but are in essence an agreement not to do business in the US without obtaining respective authorization in accordance with the US regulation. The Company is currently in the process of assessing the possibility of applying for such authorization in order to resume serving the Forex needs of US customers.
http://forum.fxopen.com/showthread.p...l=1#post562766
  • #2
  • Jan 20, 2012 4:45am Jan 20, 2012 4:45am
It is good for FXOpen that case closed and resolved. As FXOpen is growing fast and have good number of traders as well.
  • #3
  • Nov 29, 2012 9:56pm Nov 29, 2012 9:56pm
Quoting henryduncan1
It is good for FXOpen that case closed and resolved. As FXOpen is growing fast and have good number of traders as well.
Where are those? Here aren't so much winners.
I want to buy PATIENCE
  • #4
  • Nov 30, 2012 12:43am Nov 30, 2012 12:43am
Quoting matheszabi
Where are those? Here aren't so much winners.
not fxopen fault
  • #5
  • Nov 30, 2012 1:50pm Nov 30, 2012 1:50pm
Quoting PoundTrader
not fxopen fault
I didn't say that.

But if he does vistual spikes, like here than it is. I saw a few trade explorers has major loses.

Anyway I read this broker lost the license and a few ugly case when the trader earn money, I have decided to not risk with they even if they promise to have the lowest spreads. I don't want to make may account 100x and not allowed to withdraw I prefer to pay an expensiever, but trusted broker.
I want to buy PATIENCE
  • #6
  • Nov 30, 2012 3:02pm Nov 30, 2012 3:02pm
Quoting matheszabi
I didn't say that.

But if he does vistual spikes, like here than it is. I saw a few trade explorers has major loses.

Anyway I read this broker lost the license and a few ugly case when the trader earn money, I have decided to not risk with they even if they promise to have the lowest spreads. I don't want to make may account 100x and not allowed to withdraw I prefer to pay an expensiever, but trusted broker.
FXOpen has not lost it's license. FXOpen AU is authorised and regulated by ASIC AFSL:412871 ABN:61 143 678 719
Check the license status here http://www.search.asic.gov.au/cgi-bi...3=&start_date=

Rest assured that if you increase your account by 100x, 200x, even 1000x you will get your money 100% guaranteed from FXOpen.

There is not one single claim against FXOpen AU. Why not try us?
  • #7
  • Nov 30, 2012 4:25pm Nov 30, 2012 4:25pm
Quoting henryduncan1
It is good for FXOpen that case closed and resolved. As FXOpen is growing fast and have good number of traders as well.
Yes and they are all losing. The problem with FXOpen and others is that they don't bother setting up out wires, because so few (none) of the customers ever withdraw any money.
  • #8
  • Nov 30, 2012 7:21pm Nov 30, 2012 7:21pm
Quoting FXOjafar
FXOpen has not lost it's license. FXOpen AU is authorised and regulated by ASIC AFSL:412871 ABN:61 143 678 719
Check the license status here http://www.search.asic.gov.au/cgi-bi...3=&start_date=

Rest assured that if you increase your account by 100x, 200x, even 1000x you will get your money 100% guaranteed from FXOpen.

There is not one single claim against FXOpen AU. Why not try us?
I don't want to make. difference between fx open and fx open au, because myaybe who has reporzed didn't made thr difference.

Second: be in a forum like this and claim you are a director at fx open au that is or a big lie and can't beliewe any of your word or that capany is less than 5 man and can't afrod to pay google for sponspred link .

none of situations looks promising for me.

and at last: I have visited the official site and you don't care about users like me: without windows os.

- i have misstyped a lot from phone excuses for that.
I want to buy PATIENCE
  • #9
  • Dec 2, 2012 1:33am Dec 2, 2012 1:33am
Quoting matheszabi
I don't want to make. difference between fx open and fx open au, because myaybe who has reporzed didn't made thr difference.
There is a difference between the companies. Different management, different finance, legally separate companies. Both are separate yet close partners to each other sharing technology and liquidity. In any case, I am here to represent FXOpen AU, not our friends at FXOpen NZ.

Quoting matheszabi
Second: be in a forum like this and claim you are a director at fx open au that is or a big lie and can't beliewe any of your word or that capany is less than 5 man and can't afrod to pay google for sponspred link .
I was appointed as the representative for the company when we started to sponsor Forex Factory as I am known to FF management. I am personally interested in the success of this company hence my personal touch in getting out into the forums or meeting clients who visit our office, rather than hiding behind closed doors. If you doubt that I am the Director you can check here http://www.fxopenaus.com/AboutUs.aspx

As for Google, you may see ads from us very soon. Our Adwords campaign was limited in the beginning, but has just been expanded

Quoting matheszabi
and at last: I have visited the official site and you don't care about users like me: without windows os.
What problem did you have with the site? I use Linux as well as windows and the site functions just as well on both. If you are talking about running MT4 on Linux or Mac OS, I can help you get it running if you like.
  • #10
  • Dec 2, 2012 8:26am Dec 2, 2012 8:26am
FXOpen AU Pty Ltd is licensed and regulated by ASIC (AFSL: 412871), one of the world's toughest financial regulators giving you peace of mind that your money is in safe hands and held in a segregated Trust Account.

I don't know how is in Australia, but in Romania if a company is regulated only by a romanian institution only, that means: is regulated by his wife or his godfather For me is highly suspect. I wouldn't send money there even if you would played fairly with those who has won and deleted the profitable trades!
I want to buy PATIENCE
  • #11
  • Dec 2, 2012 11:40pm Dec 2, 2012 11:40pm
Quoting matheszabi
FXOpen AU Pty Ltd is licensed and regulated by ASIC (AFSL: 412871), one of the world's toughest financial regulators giving you peace of mind that your money is in safe hands and held in a segregated Trust Account.

I don't know how is in Australia, but in Romania if a company is regulated only by a romanian institution only, that means: is regulated by his wife or his godfather For me is highly suspect. I wouldn't send money there even if you would played fairly with those who has won and deleted the profitable trades!
I can assure you that ASIC is a very good regulator to have your back.

This is the latest paper from ASIC. http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rep316-published-3-December-2012.pdf/$file/rep316-published-3-December-2012.pdf

ASIC regularly checks on the industry and this paper is a good example of what they do, in this case it's handling of client money and making sure that the industry players are compliant.

I can assure you that FXOpen AU complies with and in some cases, exceeds requirements especially when it comes to acting in the best interests of our clients. Actually, there is a whole new thread there. ASIC also has a paper on acting in the best interests of the client and the Corporations Act of 2001 has a section on it.

Why not try an account with us to see how we can provide a great service for you? I can guarantee that you will not be wronged by us.
  • #12
  • Last Post: Dec 5, 2012 4:25am Dec 5, 2012 4:25am
Quoting Mingary
Yes and they are all losing. The problem with FXOpen and others is that they don't bother setting up out wires, because so few (none) of the customers ever withdraw any money.
Come with me if you want to live....
0 traders viewing now