stephen111 posted: 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
😭 Sure you are not from fxopen , I hope you can solve your problems (ask to susan how). I was lucky to quickly understand ... also ther Overall Score: 5.6/10 here ..can help ... in my world good it's 8
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.
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.
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!
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.
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.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.