We the members of the Scam Investigations Committee of the Forex Peace Army have deliberated on all the evidence available to us and have reached a conclusion. It is our opinion that...
Tradingsmart has complained that FX Open blocked approximately $46,000 in profits. FX Open's representative to the FPA alleges that Tradingsmart exploited a flaw (subsequently fixed) with
MT4 that allowed trades to be closed slightly offquotes.
FPA's investigators have dealt with FX Open's representative before. He has always been honest with the FPA, even in cases where this has cost FX Open money. Tradingsmart provided some evidence that also looks to be trustworthy.
The original problem occurred in April of 2008. Full resolution of this issue would require examining exact price feed from at the moment of each trade. Normally, the FPA prefers to try to be the neutral mediator. In a case like this, a combination of age of the case and lack of solid evidence to prove or disprove cheating by either side means that this issue can only be resolved by an official legal or regulatory inquiry.
We regret that we cannot make a final determination.
Tradingsmart's original complaint against FXOpen
Tradingsmart vs. FXOpen -
06-15-2009, 08:19 PM
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