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FXOpen AU Discussion

  • #561
  • Mar 19, 2014 7:53pm Mar 19, 2014 7:53pm
I'm happy to answer your questions

1) To transfer monies between us and FXO NZ, you need to go through a broker to broker transfer. We will handle the transfer of your funds between us so the process is as painless as possible. Your funds will physically move from one bank to another as we must hold all of our client funds here in Australia.

2) 2-3 business days usually depending on your needs.

3) Provided all AML checks pass, I don't see why not.
  • #562
  • Mar 25, 2014 3:17am Mar 25, 2014 3:17am
I would like to receive your latest audited financials report if possible.

The ASIC website links to third parties which ask money for that.
  • #563
  • Mar 25, 2014 4:57am Mar 25, 2014 4:57am
Quoting Adal
I would like to receive your latest audited financials report if possible. The ASIC website links to third parties which ask money for that.
Hi Adal

That is how you get hold of the reports if you want them. You might want to hold off for a bit though if you want the latest figures. We are currently in the process of our latest audit.

Are there any questions about the company that I can help you with in the meantime?
  • #564
  • Mar 25, 2014 5:23am Mar 25, 2014 5:23am
Your PDS states that the reports are available on request to your investors. I'm not an investor yet, but if I would open an account, would I need to pay a tax to get the report?

I'm interested in how much net capital you have (vs the 1 mil requirement), and how much clients funds you hold.
  • #565
  • Mar 25, 2014 5:53am Mar 25, 2014 5:53am
Quoting Adal
Your PDS states that the reports are available on request to your investors. I'm not an investor yet, but if I would open an account, would I need to pay a tax to get the report? I'm interested in how much net capital you have (vs the 1 mil requirement), and how much clients funds you hold.
There is no tax for the report but it is available for a fee from ASIC.

Obviously we do meet or exceed the $1m NTA requirement or we would not be operating
  • #566
  • Mar 25, 2014 6:47am Mar 25, 2014 6:47am
Obviously.

But $1 mil is quite low in my opinion. In US the minimum is at least $20 mil.

FXCM for example, one of my brokers, has $276 mil net capital, and $1190 mil client funds. So their own funds cover 1/4 of the client funds, which allows them to offer no negative balance protection and also acts as quite a cushion for unforeseen events.

http://www.fxcm.co.uk/about/financials-performance/

I'm interested in what your own/client ratio is.
  • #567
  • Edited 1:53am Mar 26, 2014 1:39am | Edited 1:53am
Quoting Adal
Obviously. But $1 mil is quite low in my opinion. In US the minimum is at least $20 mil. FXCM for example, one of my brokers, has $276 mil net capital, and $1190 mil client funds. So their own funds cover 1/4 of the client funds, which allows them to offer no negative balance protection and also acts as quite a cushion for unforeseen events. http://www.fxcm.co.uk/about/financials-performance/ I'm interested in what your own/client ratio is.
Negative balance protection is a privilege. The reason why brokers like FXCM can offer it is because:
a) they charge high commission either in their spreads or separately and/or
b) asymmetrically slip some of your orders.

So they have a 'reserve' built up .

Typically a broker is not going to go after a client anyway if the balance goes below 0. It just means that, if you do not cover the 0 balance, then you cannot trade at that broker unless you make up for the balance. But a broker will already have systems in place to prevent a trader from going into the red (mainly margin calls, stop out levels).

A responsible broker would not take on a client that they thought would abuse the leverage privilege. Although some brokers are more liberal than others with their offerings, leverage is not an automatic entitlement.

Anyway, the FXCM discussion board is here: http://www.forexfactory.com/showthre...newpost&t=8960 . This thread is almost exclusively about FxOpen Australia and occasionally about FxOpen in general.

edit: is there a link to the ASIC report or more information on how to obtain the report?
Measure trends automatically with zero lag
  • #568
  • Mar 26, 2014 2:45am Mar 26, 2014 2:45am
There is another reason to offer negative balance protection: to attract clients. Yes, you lose on some clients, but you will attract many more. This is one of the main reasons why I trade a big account with FXCM, even if they have worse spreads.

Links to where you can buy the report are here: http://search.asic.gov.au/cgi-bin/gn...=ACN&srchsrc=1

I just wish FXOpen would be more open about this and post them publicly. But I guess that those interested in due diligence will buy them anyway, and retail is not particularly interested in their broker financial stance.
  • #569
  • Mar 27, 2014 6:44pm Mar 27, 2014 6:44pm
Quoting Adal
Obviously. But $1 mil is quite low in my opinion. In US the minimum is at least $20 mil. FXCM for example, one of my brokers, has $276 mil net capital, and $1190 mil client funds. So their own funds cover 1/4 of the client funds, which allows them to offer no negative balance protection and also acts as quite a cushion for unforeseen events. http://www.fxcm.co.uk/about/financials-performance/ I'm interested in what your own/client ratio is.
We are an ECN broker vs FXCM's market maker model. Company funds do not mix with client funds ever. In fact, in Australia it is a breach of compliance to mix client and company funds. Like I said, we exceed the NTA requirements of $1m as set by ASIC, otherwise we would have been shut down.

Quoting Adal
There is another reason to offer negative balance protection: to attract clients. Yes, you lose on some clients, but you will attract many more. This is one of the main reasons why I trade a big account with FXCM, even if they have worse spreads. Links to where you can buy the report are here: http://search.asic.gov.au/cgi-bin/gn...=ACN&srchsrc=1 I just wish FXOpen would be more open about this and post them publicly. But I guess that those interested in due diligence will buy them anyway, and retail is...
As I said previously, you might like to hold off on getting a financial report until some time after 30th April when our latest Audit is due for completion to get the latest figures. Our company is of good repute and good standing in the Australian Financial Industry and the fact that we are still operating is testament to the fact that ASIC also approves of the way we are operating and we as always are 100% committed to compliance with the law and to the obligations we have to our clients.
  • #570
  • Apr 14, 2014 7:51pm Apr 14, 2014 7:51pm
I just received an email of Interactivebrokers Annual Disclosures(including financial condition) which is required by US regulators to provide to clients. I hope ASIC and fxopen do the same.
Deposit account name is "fxopen AU pty Ltd" without "client trust account" or "segregated account". Is that a real clients fund account?
  • #571
  • Apr 14, 2014 7:56pm Apr 14, 2014 7:56pm
Quoting good mind
I just received an email of Interactivebrokers Annual Disclosures(including financial condition) which is required by US regulators to provide to clients. I hope ASIC and fxopen do the same. Deposit account name is "fxopen AU pty Ltd" without "client trust account" or "segregated account". Is that a real clients fund account?
Hi Good Mind

We are not bound by US regulations, but you can get our financials from ASIC by request.

Our client accounts are fully segregated as per ASIC Guideline RG212 so you can be assured of full statutory protection of your money. Your money is never intermingled with company money.
  • #572
  • May 26, 2014 9:23pm May 26, 2014 9:23pm
I met a problem with my PAMM account at Fxopen AUS.
this morning, I wanted to close my PAMM account.I closed all the positions, and submitted a liquidation request. but then I got an error that: "You have open positions or pending orders. Please close all open positions or delete pending orders in your PAMM account and repeat your request." you can see this in the attachment.
it is very strange because I'm very sure I have closed all the positions in my account. I talked with the live chat support, and also wrote a mail to [email protected]. but, for now, 5 hours passed, and still no reply.
I don't know what's wrong with that. I just want to close the account, and get my money back.
I'm very disappointed with the Fxopen AUS support department. the live chat support just told me to wait email. but 5 hours passed, I got nothing.
Hope I can get my money back. I never want to trade with fxopen AUS any more.
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  • #573
  • May 26, 2014 10:24pm May 26, 2014 10:24pm
Latest update:
for now, nearly 6 hours passed, still no reply from Fxopen AUS.
the Live chat support just told me that there is no estimated time to solve my issue.
I will keep update to see how much time fxopen aus would take to solve this.
  • #574
  • May 27, 2014 2:24am May 27, 2014 2:24am
After over 9 hours waiting, I get a mail from fxopen aus support. it tells me that fxopen aus meets a bug with their new back office build, and they are trying to fix it.

actually, I can understand that everyone would meet some accidents and I would be patient enough to wait for a resolution.

but, 9 hours waiting for only a notice, this is unacceptable.

Hope this bug would be fixed ASAP.
  • #575
  • May 27, 2014 8:54pm May 27, 2014 8:54pm
Just to update. This issue has been resolved through normal channels.
  • #576
  • May 30, 2014 7:38am May 30, 2014 7:38am
Quoting FXOjafar
Just to update. This issue has been resolved through normal channels.
Hello Jafar,

Why would I choose FXopen instead of Alpari? Why are you better?
  • #577
  • May 30, 2014 9:49pm May 30, 2014 9:49pm
Quoting Vitez
{quote} Hello Jafar, Why would I choose FXopen instead of Alpari? Why are you better?
Hi Vitez.

There are a number of things going for us which include...

* True ECN market - We don't just throw a price feed at you and make ourselves the counterparty. When your trade is filled, there is a real counterparty on the other side. Those Euros you just bought were being sold by someone. FXOpen's ECN is a real trading exchange.
* Spread from 0 pips with negative spread a real possibility
* 50 Currency pairs available and Gold/Silver. Exotics like PLN, MXN, RUB etc... with real world liquidity.
* You have the ability to set your own spread and trade between the spread
* Super fast execution with no dealer intervention
* We have a unique PAMM system for money managers that is in house developed, not an off the shelf solution.
* FIX API access for developers
* NO B-Book. NO Games. NO Manipulation
* Based in Sydney, Australia and regulated by ASIC. No part of the company is hiding in an offshore haven.
* Secure banking in Australia with CBA with all client monies held in segregated trust accounts. Client monies can only be used to cover trading margins, never for other investments so there is no worry the company will go bust because of dodgy investments or mishandling of client funds.
* Knowledgeable staff dedicated to making you happy
* Acting in the best interests of the client in all situations is strict company policy. We will never try to screw you over
* Flexible partnership options for agents, IBs, or white labels

If you would like to discuss things further, why not pop us an email ([email protected] would do it) with your phone number and we can have a chat?
  • #578
  • May 31, 2014 12:52am May 31, 2014 12:52am
In one article, It said: "After some time, if you have consistently made profits, your broker will re-assign you to “group A” – these are the lucky 5% of traders who consistently make money. After you have joined this group your broker will lump your trades with all of the rest of group A and hedge against your trades. So, for example, if all traders in group A have bought the EUR/USD your broker will place a trade in the interbank forex market to offset any profits group A make on this trade." ==> Link: tradingmarkets.com/recent/how_your_forex_broker_makes_money-839961.html

In another article, It said: "Forex brokers are the intermediaries between clients and the interbank market. As market makers themselves, brokers pool the orders of their customers together, match buy and sell orders internally with each other, and pass the remaining balance to the interbank market in order to meet orders. Thus the amount of orders communicated by brokers to the banks is smaller than the total amount of orders received by them." ==> Link: wikinvest.com/wiki/Interbank_market

According to these, Forex Brokers will pass Orders (with high leverage 1:200, 1:300, 1:400..etc) to the Interbank Market, so How money will go after being passed in Interbank Market? If Those Orders loose money, Who in Interbank Market will get money? If Those Orders get money, Who In Interbank Market will loose money? How they get profit from receiving such high leverage orders if Clients win?

Hope your answers. Thks.
  • #579
  • Jun 1, 2014 7:48pm Jun 1, 2014 7:48pm
Quoting LazyPanda
In one article, It said: "After some time, if you have consistently made profits, your broker will re-assign you to “group A” – these are the lucky 5% of traders who consistently make money. After you have joined this group your broker will lump your trades with all of the rest of group A and hedge against your trades. So, for example, if all traders in group A have bought the EUR/USD your broker will place a trade in the interbank forex market to offset any profits group A make on this trade." ==> Link: tradingmarkets.com/recent/how_your_forex_broker_makes_money-839961.html...
Hi LazyPanda

We are an ECN, not a Market Maker so the above doesn't apply to us.
  • #580
  • Jun 6, 2014 4:38pm Jun 6, 2014 4:38pm
Quoting FXOjafar
Just to update. This issue has been resolved through normal channels.
may i ask, why was there a problem with him in the first place?
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