What do you think about FXOpen? | Forex Factory

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What do you think about FXOpen?

  • #1
  • First Post: Jun 14, 2014 9:59am Jun 14, 2014 9:59am
What do you think about FXOpen?
I'm thinking in opening an account with them i will deposit 100 usd
  • #2
  • Jun 14, 2014 2:42pm Jun 14, 2014 2:42pm
What is your reasoning?
In my opinion they have idiotic trading terms (designed to make a traders life difficult).
Do you know anybody who has successfully withdrown profits, especially larger ones?
Have you checked their reputation on sites like FPA? Have you read all threads of FF related to them?
Personally I do not like what I read about them, no matter what branch (i.e. UK, AU, NZ).
Return To Disorder
  • #3
  • Jun 14, 2014 10:41pm Jun 14, 2014 10:41pm
Quoting rockit
What is your reasoning? In my opinion they have idiotic trading terms (designed to make a traders life difficult). Do you know anybody who has successfully withdrown profits, especially larger ones? Have you checked their reputation on sites like FPA? Have you read all threads of FF related to them? Personally I do not like what I read about them, no matter what branch (i.e. UK, AU, NZ).
They are a bit shady, but I've withdrawn large profits (liquidated my account and withdrew all + profits) from them and there were no problems (NZ branch). The money was in my bank in 2 days. They tried to convince me to stay, but they didn't push it too much.

The also have excellent spreads and costs.

I closed my account for other reasons, not because I was unsatisfied with them.
  • #4
  • Jun 15, 2014 2:40am Jun 15, 2014 2:40am
Quoting Adal
They are a bit shady, but I've withdrawn large profits
Thanks for the feedback, Adal, good to know.
Yes, their ECN account terms seem ok, but you need to deposit 1000+; below that it does not look rosy to me.
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  • #5
  • Jun 15, 2014 6:38pm Jun 15, 2014 6:38pm
Quoting rockit
{quote} Thanks for the feedback, Adal, good to know. Yes, their ECN account terms seem ok, but you need to deposit 1000+; below that it does not look rosy to me.
Hi Rockit

What don't you find "rosy" about our trading conditions?

You can try out our ECN with a "Micro" ECN account with a deposit from just $200, but we really recommend that you open your account with $1000 or more for lower risk in your trading as well as lower commission than our Micro ECN account.
  • #6
  • Jun 15, 2014 6:49pm Jun 15, 2014 6:49pm
Quoting FXOjafar
{quote} Hi Rockit What don't you find "rosy" about our trading conditions? You can try out our ECN with a "Micro" ECN account with a deposit from just $200, but we really recommend that you open your account with $1000 or more for lower risk in your trading as well as lower commission than our Micro ECN account.
$13.60 AUD commission for one round turn in Gold. This is by far the most expensive commission I have ever seen or even heard of in 5 years of trading. Do you really consider that rosy?
  • #7
  • Jun 15, 2014 7:03pm Jun 15, 2014 7:03pm
Quoting havaiana
{quote} $13.60 AUD commission for one round turn in Gold. This is by far the most expensive commission I have ever seen or even heard of in 5 years of trading. Do you really consider that rosy?
You shouldn't really be trading gold on a Micro account anyway and I have no idea how you would have opened 1.00 lots of Gold on a sub $1000 account?

Anyway, if you want lower commissions, you can try a STD or VIP account from us. The same trade on a STD account would be $6.80 or $4.89 on a VIP account.
  • #8
  • Jun 15, 2014 7:33pm Jun 15, 2014 7:33pm
Quoting FXOjafar
{quote} ....I have no idea how you would have opened 1.00 lots of Gold on a sub $1000 account...
You are trying to distract and confuse the uneducated here by making a meaningless statement that does not remotely have anything to do with what is being discussed. There is no difference in paying $1.36 on a 0.10 of a contract contract or $13.60 on a full contract.

Quoting FXOjafar
{quote} You shouldn't really be trading gold on a Micro account anyway and I have no idea how you would have opened 1.00 lots of Gold on a sub $1000 account? Anyway, if you want lower commissions, you can try a STD or VIP account from us. The same trade on a STD account would be $6.80 or $4.89 on a VIP account.
The discussion was about the micro account being labelled not 'rosy' and you asking for an explanation why. It's not rosy because you pay ridiculously expensive commissions.

Why don't you explain to us why the micro account is rosy if that is what you believe.

Or just continue being selective about which queries and complaints you respond to in these threads and which ones you ignore or try to confuse the point of.
  • #9
  • Jun 15, 2014 7:41pm Jun 15, 2014 7:41pm
For the record I do believe the conditions of the STD and VIP account are excellent in comparison to the other Australian brokers.

But there is the problem of reliability of getting orders filled/executed as shown in the other thread. And the use of the PDS to pass the risk of your f*** ups onto your customers. Although all brokers have the PDS, the reputable ones have it as protection in case of extreme circumstances and do not use it to shirk the responsibility of what they are paid to do or to pass their risk onto their clients. It's just not how a reliable and reputable business operates.
  • #10
  • Jun 16, 2014 12:32am Jun 16, 2014 12:32am
Quoting havaiana
For the record I do believe the conditions of the STD and VIP account are excellent in comparison to the other Australian brokers. But there is the problem of reliability of getting orders filled/executed as shown in the other thread. And the use of the PDS to pass the risk of your f*** ups onto your customers. Although all brokers have the PDS, the reputable ones have it as protection in case of extreme circumstances and do not use it to shirk the responsibility of what they are paid to do or to pass their risk onto their clients. It's just not...

Please what is "PDS"? this is new to me.
Let it turn and find your entry.
  • #11
  • Jun 16, 2014 3:49am Jun 16, 2014 3:49am
Quoting Intrepidpips
{quote} Please what is "PDS"? this is new to me.
Product Disclosure Statement. Basically the fine print of the service offered, all brokers will have one. Exactly what's in it and how they will use it will differ from broker to broker though
  • #12
  • Edited 6:39am Jun 16, 2014 6:22am | Edited 6:39am
Quoting FXOjafar
Hi Rockit What don't you find "rosy" about our trading conditions?
Disclaimer: All just my personal opinion.
If OP is to invest $100, and if it be FXOpen, he would be recommended to open a STP account with FXOpen.com; those conditions appear okayish. A spread of 1 pip on average in E/U is not exactly good but manageable.
The other low deposit accounts are too expensive (cost of trading) and too restrictive (minimum lot size to big, leverage too low, minimum order life time, stop level policy). And all that havaiana mentioned above.

BTW, if you truly operate an ECN why do you not offer an API for free, so that traders can bypass the "award winning" (lol this is a good one!) software from MetaQuotes? That would make FXOpen more interesting to certain clientele.
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  • #13
  • Jun 16, 2014 1:02pm Jun 16, 2014 1:02pm
Quoting rockit
{quote} BTW, if you truly operate an ECN why do you not offer an API for free, so that traders can bypass the "award winning" (lol this is a good one!) software from MetaQuotes? That would make FXOpen more interesting to certain clientele.
They do offer FIX and a custom API (FDK) at no cost (at least for ECN accounts).

http://forum.fxopen.com/showthread.php?87322-FDK

However be prepared for an endless email exchange until you resolve anything, since you won't talk with a technical person, but with an intermediary (NZ) which clearly doesn't understand anything about this. After two weeks of back and forth I still didn't had a proper real account FIX connection. But I did eventually receive it.

The other problem is that the FIX accounts are not neatly integrated into their Cabinet, so you can't get statements and all. But maybe it is possible if you insist enough.
  • #14
  • Jun 17, 2014 2:47am Jun 17, 2014 2:47am
Quoting Adal
They do offer FIX and a custom API (FDK) at no cost (at least for ECN accounts).
How nice. Thanks.
Return To Disorder
  • #15
  • Jun 17, 2014 3:34am Jun 17, 2014 3:34am
Quoting havaiana
{quote} Product Disclosure Statement. Basically the fine print of the service offered, all brokers will have one. Exactly what's in it and how they will use it will differ from broker to broker though
Thank you!
Let it turn and find your entry.
  • #16
  • Jun 18, 2014 7:13am Jun 18, 2014 7:13am
Check out how scamadviser.com rates them. It will give you their risk level and where they are registered.
  • #17
  • Mar 3, 2016 5:54pm Mar 3, 2016 5:54pm
My opinion your conclusion.


piupiu- I consider excessively high fees charged, it's time for FXOpen update and follow the competition as well as lower spreads on gbp's and all its variants."

fxopen- piupiu, FXOpen doesn`t get any profit from these fees as they are charged by banks not us. As for spreads, we have the lowest ones for the major currency pairs but less popular pairs that are not that liquid usually have bigger spreads. However, the volume of trading can influence the fee charges: the more you trade, the less commission is charged.

2 examples:

FxOpen:
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HotForex:
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The exact times, FXOpen breaks records because it can have double the spread and we are talking about 12 pips 120 points, Congrats .

Good trades to all of us.
  • #18
  • Edited Apr 25, 2016 7:32am Apr 24, 2016 8:32pm | Edited Apr 25, 2016 7:32am
I just want to ensure that everybody understands that there are three different companies operating under the FXOpen brand, and which of the three you go with has a meaningful impact on your trading:

1) FXOpen Ltd is a UK company regulated by the FCA in the UK. Clients of this company have 50,000 of their balances protected in the event the broker goes bankrupt, as required by the Financial Services Compensation Scheme (FSCS). This is an independent body created by government legislation.

2) FXOpen AU Pty Ltd, is an Australian company regulated by ASIC in Australia. There is no account balance protection with this company. However, this company is a member of the Financial Ombudsman Service (FOS), which is an external dispute resolution scheme approved by ASIC. If you have a complaint with FXOpen AU Pty Ltd, you can complain to FOS, who will review the case and issue a binding judgement against the broker if FOS finds in favor of the trader. This is a powerful tool. This FXOpen company is also required to publish a Product Disclosure Statement (PDS). This PDS explains exactly what kind of business arrangement you are getting into, along with the risks. For instance, the "segregation of funds" that they refer to is not exactly what you might think it is.

3) FXOpen Markets Limited is a company located in Nevis in the Caribbean. It is not subject to forex regulation. It is a member of "The Financial Commission", which has set up a compensation fund and dispute resolution mechanism. However, The Financial Commission is a limited liability private corporation in Hong Kong. It is not a regulatory body or an organization set up by a regulatory body. I don't know exactly what trust to place in such an organization. While this version of FXOpen gives you the most choice, it also offers the lowest protection for traders. Asymmetric slippage policies are most likely to be found in this Nevis version of FXOpen.

It is important to note that regulations and protections that apply to clients of one of those companies does not necessarily apply clients of the other companies. Think about the protection that matters the most to you, and open an account with the company that is best positioned to offer that protection.

More info that digs into the different FXOpen companies at this review.
  • #19
  • May 18, 2016 1:56am May 18, 2016 1:56am
Before to deposit and trade at this company think 300 times. Take a look at what they doing. They using classic sheme: widen spread to 40.0p , take stops, restore normal spread.

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No news, no any impact events.

While on another brokers, i want to say at every broker there are now such a movements !

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Here they tell me the "i have to find another broker if i ant a fixed spread" with grammatical mistakes.

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  • #20
  • Mar 28, 2017 1:16am Mar 28, 2017 1:16am
Quoting vadimizumov
Before to deposit and trade at this company think 300 times. Take a look at what they doing. They using classic sheme: widen spread to 40.0p , take stops, restore normal spread. {image} No news, no any impact events. While on another brokers, i want to say at every broker there are now such a movements ! {image} Here they tell me the "i have to find another broker if i ant a fixed spread" with grammatical mistakes. {image}

bad broker
poor support
FXOpen
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