FXOpen Markets Limited
FXOpen is one of the largest Forex brokers in the world enjoying unprecedented client base growth due to innovative, unique services, reliable trading conditions, and strong customer support principles.
FXOpen offers different types of accounts for traders with different trading styles, objectives, starting capital, experience and skills:
- ECN accounts
- STP accounts
- PAMM accounts (PAMM ECN and PAMM STP)
- Micro accounts
- Crypto accounts (to trade Bitcoin, Litecoin, and Namecoin)
FXOpen offers an ECN-integrated MT4 trading platform, compatible with algorith
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Overall
nice broker, what can I say?
Overall
The best ECN Forex platform so far. I can't talk about their standard accounts, but I guess it has the same problems as all market makers.
Overall
If you're so bad, explain what are you whitdrawing..? from this "FANTASTIC" broker..?
Overall
wow... what a bad experience yesterday!!!
A trade was closed 69pips away from my SL!!!!!! the SL was set to 9pips and finally closed at -78pips.
I lost 30% of my account in 1 trade!!! incredible.
I follow the rule of putting a SL to protect my account... but when the broker is not able to process it, what can I do????
I understand that the market move etc...
but 69pips...
more than this the TP was reached too, and the trade was not close at the TP level!!!
Overall
I was setup and scammed by these people, simply because I was advised by one of their senior members of staff to report serious crimes being committed by members of their employment staff, such as "money laundering" and "intimidation of clients" to name just a few. Hopefully someone from their company will address my claims and act in a speedy manner to remove these wrong doers and admit the wrongful acts they (FXOpen) have committed against clients like myself.
Good luck
Liz
Overall
I have never met such great broker as FXOpen. The tightest spreads, the best execution, the backtesting environment are all for the high technological traders. As to FxOpen being a much better broker than some that I have used, that's from my own personal experiences from having live accounts with quite a numbers of brokers over these last 3 years or so of trading the forex.
FYI:
Regarding this case (Kovacs Norbert vs fxopen.com #2012-056) I would like to inform you that Mr.Kovacs made a respective complaint to the New Zealand Financial Dispute Resolution (Financial Dispute Resolution) – an independent New Zealand dispute resolution scheme for consumers and financial service providers to use when they are unable to resolve a dispute. FXOpen NZ Limited is a scheme member since December 2011 (http://www.fdr.org.nz/member_search/..._member/197240).
In March 2013 FDR made its final decision on Mr.Kovacs’ complaint. According to the FDR Final Decision:
-it had not been established that FXOpen had not acted in accordance with the contractual provisions set out in the Customer Agreement and Terms of Business;
-FXOpen has adequately explained how the error of the prices occurred and what steps were taken by FXOpen to rectify the situation in compliance with the agreed terms between the parties.
Thus, FXOpen has adequately justified its actions in accordance with Customer Agreement and Terms of Business closed with Mr.Kovacs.
For those reasons Mr.Kovacs’ claim has not been proven and Mr.Kovacs’ complaint to FDR was dismissed.
Find the similar case: http://fxpublish.com/trading-clarification/nfa-cases/123-real-trading-case
Overall
I am FXOpen IB. Beware for those FXOpen IB, speaking from my experience. They actually can forfeit all the comm which had already paid out to you even more than one year ago. Simply claim that you are running same IP address on your own MT4 and yr client MT4 and insist you are churning commission over past years. So DO not leave yr money there once you get yr comm quickly withdraw it.😡
Overall
I had a very bad experience with this broker:
They sent me 2 times their infamous "warnings" to stop my trading, because I was using a "Prohibited Strategy" or they would void my gains and suspend my account... I think it is an unethical and unprofessional behaviour because:
1) I asked to them before I open my account and they said: "All strategies allowed, no restrictions for EAs or order open times"
2) They couldn't explain me what exactly is the problem with my strategy, they only point some clause on their T&C (it is an unfair clause against scalping and news trading), even if this clause would be valid, I didn't violate it.
3) They recommend me to try their ECN account with "no restrictions", but what if I win consistently?, would I have the same problem as Kovacs Norbert: http://www.forexpeacearmy.com/forex-forum/guilty-verdicts/20612-guilty-case-2012-056-kovacs-norbert-vs-fxopen-com.html
I think we should be able to do more than to write a review against these abusive and unethical brokers..., for now me and maybe some traders who read this review will stay away from this broker...
My account number was: 533289
Overall
I would advise it's ecn for ea and scalping. one of best spread's on the market
Overall
wd recehan saya via wmz diproses kurang dari 1 jam, FXOpen mantabbb :)
Overall
Hello, I'm working on ECN account about two months and works fine. Latency about 800ms, open time about 1000ms no requotes, no modify rejected, comision about 0.7 pip for EURUSD.
I recommend his ECN account.
Overall
Hmm, I have only been with them for like 1/2 a year or so. Trading on their ECN has been ok for me. Sometimes the charts do go blank for a short while. If you have EAs that closes open positions when the terminal recovers from a blank chart, you might want to alter the code to accommodate that. Or have some kinda protection function just in case this happens.
Execution speed wise... mine was at 700ms, but it was still ok since I didn't use any ultra low latency EAs on this account. VPS or a dedicated server might be able to lower that.
When you have accounts that exceed the 25k, it will be good to reduce your risk level to adjust to the new leverage of 100:1. This leverage of 100:1 also applies to account below 1000 as well.
Live account max lots size is 10000 lots, as compared to their demo of 1000 lots.
Sometimes some of their data trade servers might go down and will automatically port you to next available trade server that is relatively close to your region. Or have the next best latency times.
For asian session scalpers, spread rates raise to about 8-17 pips on most pairs during the changeover. Sometimes you get lower about 6-10 pips. Sometimes higher about 26-30 pips. But 8-17 pips is usually the norm. Sometimes the swaps get abit high, if you're carrying your positions over night.
They do raise the spreads during high impact news. However that doesn't happen very often for me.
As for trade server downtime, I haven't really experienced any huge outages yet. And if it really did happened, then probably be about a few secs to a few mins.
Withdrawal via wire transfer took about 3 days for me. Wish it was faster. Paid about 65 usd in total.
That's all I can say for now. I will probably rate them about 7/10 overall. I think they're pretty good, though I wish their leverage of 500:1 would extend beyond 25k, then I could turn some of my accounts to high risk burst mode lol.
Overall
scam
Overall
Since the last negative post was written a year ago I would like to know from live ECN clients has anything changed/improved?
How about execution speed, server stability etc?
Overall
Well, what an annoying situation.
FXOpen can and will delay their clients orders AND is most likely trading against their own clients in the ECN platform. Why? Well, first anyone that knows how the mt4 works knows that even on an ECN platform, mt4 still allows the brokers to manipulate orders is they so choose.
I just had a situation where I caught them delaying my orders. I have talked back and forth with the tech support for a couple weeks now where they were supposedly trying to assist me. Even when presented with log files and screenshots, they kept coming up with excuses.
The last communication i received from them was the nail in the coffin. I sent my most recent log file and screenshot to them showing where mt4 had sent my order, I received a confirmation of the order being accepted, received a confirmation that my order is in process, and finally a confirmation that the order was filled.....over the span of nearly 4 seconds. During this entire time I have an EA working that tracks execution speed.too.
So....now that I had sent them absolute proof that my orders were intentionally being delayed, they responded. The response was......"First of all please note that according to the “Terms of Business” 8.4 :
8.4. If the Server Log-File has not recorded the relevant information to which the Customer refers, the argument based on this reference may not be considered."
So, they conveniently leave the comments noting anything other than the actual order execution. I know because they sent me the corresponding log file and it had no trace anywhere that shows when the order was confirmed, or when the order was processing. It only shows when the order was actually executed.
You have been warned. If you have ever been suspicious of them, chances are you were correct in being so. Why do I say this? Because they put up a front of trying to assist me in fixing the problems with my orders being delayed by their servers for 2 full weeks, until I was able to produce rock solid evidence...and then they whip out the contract clause so they can ignore all information except what they choose to record in their own log files.
Overall
I used the standard account from May. 2010. and made some money on it. But I suffered a lot of requotes, no connection and some other issues from this year. And each orders will be consistently requoted if you size lots is big. And to be insufferable, the time of real2 server is not accurate. And the service is terrible.
Overall
Opening ac and deposit fund is fast and easy. But for withdrawal is suck. You can fund the ac even without yr ID is verified properly. Only when you want to withdraw then they make lots of hell to insist you upload yr ID and utility bill or bank statement until they are happy to verify your ID then slowly start with the withdrawal process. Even on the second and third or subsequent ac they still insist on verification process whenever you want to make a withdrawal. For introducing broker you cannot run the EA together with your referral. Once they detect it they with deduct back all commission paid out from day one. Another suck issue to take note if you are IB!
Overall
PLEASE BE AWARE OF THIS BROKER:
January 26, 2011
CFTC SUES 14 FOREIGN CURRENCY FIRMS IN NATIONWIDE SWEEP
Action represents first use of new authority under the 2008 Farm Bill and Dodd-Frank Act to regulate foreign exchange dealers.
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today announced that it simultaneously filed 13 enforcement actions in Federal District Courts in Chicago, the District of Columbia, Kansas City and New York, alleging that 14 entities are illegally soliciting members of the public to engage in foreign currency (forex) transactions and that they are operating without being registered with the CFTC.
Today’s actions are the first taken by the CFTC to enforce new forex regulations that became effective in October 2010. These new regulations require entities that wish to participate in the forex market to register with the CFTC and abide by regulations intended to protect the public. These regulations require that forex dealers take steps to protect investors, including maintaining capital and records, which will reduce risk and increase transparency.
The following companies were sued by the CFTC as part of this sweep:
EuroForex Development LLC, a Delaware LLC;
FIG Solutions Limited, Inc., a Delaware corporation;
ForInvest, a Delaware corporation;
FXOpen Investments Inc., a foreign entity with various business operations located throughout the United States;
FXPRICE, a Delaware LLC;
GIGFX, L.L.C., a Delaware company;
InovaTrade, Inc., a company with purported offices in Florida;
InstaTrade Corporation d/b/a InstaForex, a British Virgin Islands company;
InvesttechFX Technologies, Inc., a Canadian corporation located in Toronto;
J&K Futures, Inc., a company with purported offices in California and New York;
Kingdom Forex Trading and Futures, Ltd., a Nevada company;
Prime Forex, LLC, a Delaware LLC;
Wall Street Brokers, LLC, a Delaware LLC; and
ZtradeFX LLC, a Connecticut LLC.
In the forex market, entities known as Retail Foreign Exchange Dealers (RFED) or Futures Commission Merchants (FCM) may buy foreign currency contracts from or sell foreign currency contracts to individual investors. Under the Commodity Exchange Act (CEA) and CFTC Regulations, an entity acting as an RFED or FCM must register with the Commission and abide by rules and regulations designed for investor protection, including those relating to minimum capital requirements, recordkeeping and compliance. Further, with a few exceptions, such an entity also must be registered with the Commission if it solicits or accepts orders from US investors in connection with forex transactions conducted at an RFED or FCM.
In all but two of the complaints, the CFTC alleges that a defendant acted as an RFED; that is, it offered to take or took the opposite side of a customer’s forex transaction without being registered. In the remaining two complaints, ZtradeFX LLC and FXPRICE, the CFTC alleges that the defendant solicited customers to place forex trades at an RFED without being registered as an Introducing Broker. In every complaint, the CFTC alleges that the defendant solicited or accepted orders from US investors to enter into forex transactions in violation of the Act. The CFTC has moved for preliminary injunctions preventing these defendants from operating unless and until they comply with the CEA and Commission Regulations. The CFTC’s complaints also seek civil monetary penalties, trading and registration bans, disgorgement and rescission.
The CFTC strongly urges the public to check whether a company is registered before investing funds. If a company is not registered, an investor should be wary of providing funds to that company.
A company’s registration status can be found at: http://www.nfa.futures.org/basicnet/welcome.aspx
The CFTC also strongly urges members of the public to visit the below websites before investing money in the forex market:
CFTC Consumer Advisory: Forex Fraud: If it sounds too good to be true, it probably is!
http://www.cftc.gov/enf/enf-forex.htm
Fraud Advisory from the CFTC: Foreign Currency Trading (Forex) Fraud
http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/CFTCFraudAdvisories/fraudadv_forex.html
Foreign Exchange Currency Fraud: CFTC/NASAA Investor Alert
http://www.cftc.gov/ConsumerProtection/FraudAwarenessPrevention/ForeignCurrencyTrading/cftcnasaaforexalert.html
The CFTC Division of Enforcement staff members responsible for these cases are: Margaret Aisenbrey, Kathleen Banar, Barry Blankfield, Kim Bruno, Jennifer Chapin, Elizabeth Davis, James Deacon, Jennifer Diamantis, Rick Glaser, Patricia Gomersall, Amanda Harding, Jessica Harris, Paul Hayeck, Lenel Hickson, Rosemary Hollinger, William Janulis, Joseph Konizeski, Jeffrey Le Riche, Charles Marvine, Judith McCorkle, Joy McCormack, Vincent McGonagle, Kenneth McCracken, Stephen Obie, Nathan Ploener, Eliud Ramirez, Stephanie Reinhart, Xavier Romeu-Matta, Christine Ryall, Veronica Spicer, Elizabeth Streit, Manal Sultan, Lara Turcik, Stephen Turley, Richard Wagner and Scott Williamson.
The CFTC thanks the National Futures Association for its assistance in this matter.
Last Updated: January 31, 2011
Media Contacts
Dennis Holden
202-418-5088
Office of Public Affairs
Overall
Deposit is easy and instant if using credit card, but Withdrawals are the worst. Unless you request a withdrawal in your sleep at 3 am EST don't count on it being approved until the next day at least.
Overall
About FxOpen (Live - Account for about 3 years):
Cant's say much about stability of MT4 - no issues with that, but.
requotes are a real problem
swap rates are way to high
costumer service ist way below decent quality
and worst of all:
they did not manage to make a withdrawal to my bank account in six (6 !!!) weeks. It's always a problem with their bank.
I try to close my account - but as long as they do not send me my money ...
my advice: hands off Fxopen
