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To fxopen deffence,
I can see that this post is very old, from 2010, what is your thought about that "Pharaoh" a reply is very appriciated.
thanks
Crunchy
I was researching about FXOpen ECN and I was shocked when I saw this case. I purposely registered my ID just to see the statement of trades. However after seeing the statement, I must say that this was the most interesting case since a trader made huge profit by exploiting the loophole in Oanda system many years back. (Need not to mention what eventually happened to his profit)
While I agree that FXO's LP should bear the losses because this was clearly the wrongdoing of LP, but I would not say FXO was scam although they decided to remove the profit of Mr.K since he was clearly exploiting the FXO. We know it is quite standard that profit by exploiting broker is a violation of agreement for all brokers in the world. Just the former decision was a better decision compared to the latter one, IMHO. If I were FXO management, I would take this opportunity to tell the world that we are a honest ECN broker and work independently from Market Maker's division. We dont practice any dirty MM's tricks and we dont remove your profit if the evidence says the wrongdoing (besides technical glitchs) is on our/LP parts. Imagine how much confidence FXO ECN could possibly gain from others potential traders who attracted by low cost but haunted by bad reputation of FXO MM division. (Oh yes i'm one of the haunted)
No offense Mr.K but if you were not profiting by exploiting FXO, why would you not let go the case and repeat again what you did with other brokers? Seriously if I have an ability to make 60 STRAIGHT wins (with reasonable risk/reward ratio) and turn $600 into $45k in less than 30mins. I wont really bother and waste my time to claim back my profit. I'll just move on because $45k is just a drop in a bucket if i'm capable to do it without exploiting the brokers.
Based on my above point of view, I urge both parties to renegotiate again to work out a win-win situation. Mr. K may not deserve to have all his profit but at least he deserves some kind of compensation.
Just my 2pips.
Hello S3phiroth
I can't workout your quote above ?
You seem to think that FXOpen is to blame because their LP is at fault, then you seem to insult the client by claiming he, the client exploited FXOpen by placing the orders that led to LP being at fault.
If I turned $600 into $45k in 30 minutes only to have it removed by a cheating brokerage firm, I too would be telling the world how bad the brokerage firm is, not just moving on and forgetting about it.
I do however think that FXOpen should pay the client in full if no genuine blame can be attached to him or his trades, remember 16/05/2012 was a very volatile day in the history of Forex, who's to say making or losing big money quickly was not possible.
As for FXOpen management shouting to the world about being honest, I for one am still not convinced. (Oh yes I'm one of the haunted)
Good luck
ilearn2t