Problem Fxopen scam - see my proofs

[crunchy]

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

 

[Kovacs Norbert]

Hello Crunchy,

this post is not old at all, nevertheless the issue is still ongoing current days as well. FXOPEN is a scam.

As you can read from fellow traders in this thread, they also confirm this company wrongdoings.

Wish you good trading,
KN

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

 

[crunchy]

thanks Pharaoh

 

[crunchy]

I am getting tired of Scams

Witch broker to trust, I don't know anymore!, please help

 

[Pharaoh]

Please don't ask for broker recommendations in a Scam Alert thread.

Imagine if you worked for or owned a good company and some helpful person then PERMANENTLY tied your company's name to a scam complaint against another company in the same field.

There are dozens of "help me find a broker" threads in the Company Comparisons and Competitions folder.

 

[crunchy]

ok thanks, sorry bout that

 

[S3phiroth]

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.

 

[ilearn2t]

Hello S3phiroth

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.

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

 

[S3phiroth]

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

Yes I would tell the world too. But I would let go if I fail to claim it. Why? Because I rather spend my time to make another $45k, as easy as abc with other brokers, unless I was actually exploiting system.

60 straight wins with max leverage in 30minutes and make 7500% return? Dont any seasoned traders think that result was fishy? Come on dude, find me someone who can do it without exploiting the system.

If Mr.K still insist that he did not cheat. Why not he give FXO consent to release the FDR investigation report? Let us read the report and we will stand for him if he didnt exploit the system.

I didnt mean to stand for FXO or trying to insult Mr.K, i'm just telling from rational point of view.

 

[ilearn2t]

Hello S3phiroth

I like yourself never used this brokers ECN platform for "real" trading, but looking at the first image supplied by the client I can't see what is at fault ?

But I've try to explain why I think there is nothing unusual about his style of trading based on the first 9 trades as an example:

1) The first 9 trades (GBP/USD) where hedged 5 Sell (920 lot size) 4 Buy (1200 lot size) basic risking 280 lot value. These trades lasted for about 1 minute and over a period of 4 minutes in total. During this time the GBP/USD market price floated between 1.5907 and 1.5927 (20 pips).

So my main question is: Did the client break any rules during his first 9 trades that day YES or NO ?

Please don't quote me on any slight mistakes I might have miscalculated while trying to explain why I think the client genuinely made these trades.

If I'm missing the bigger picture about this case hopefully you or someone else could point me to any part of the trading images that might show genuine proof of wrongdoings by this trader, so once again my trust in this broker still remains 0%.

Good luck
ilearn2t