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FXOpen.com (FxEgypt) Review Visit site

Updated: Sep 11, 2017
2.95 · 206 REVIEWS
Is this your company?
July 2012 Update:  FXOpen.com is now used exclusively for the New Zealand branch of FXOpen.
The Australian branch is at FXOpenAus.com

The UK branch is at FXOpen.co.uk

Also known as:
fxmalay.com, fxislamic.com, fxind.com, fxfrench.com, philippinesforex.com, fxorient.com, forexarabian.com, forex-leader.com, payufx.com

FX Open is an online forex broker. FXOpen offers the MetaTrader 4 top currency trading platform. Fxopen.com offers over 20 of the most traded currency pairs for your personal investment and trading options.

FXOpen.com (FxEgypt)

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Case IDFiledCase nameVerdict
2012-0562012-06-27Kovacks Norbert vs. FxOpen.comguilty

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2.95 · 206 REVIEWS
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Japan, Japan
Sep 7, 2017
Guest

Commission is expensive

BAD BROKER ! I don't recommend them .
I used them in the past and got a lot of issues (requotes, slippage) trading Forex. Now i just opened an cryptoaccount and there is no issues BUUUT them commission on cryptoaccount is ridiculous ! 0.5% commission on transaction volume. Example : If you trade 0.10 lots on BTCUSD commission is $4.53 USD . The market need move at the least 40 pips to you start earning some money . BUT if try them demo before open an live account the commission is half of price 0.10 lots around $2.23 USD .
I dont reccomend them ! Just opened an crypto account with them because they server for BTC is 24 hours 7 days of week , different from many that use Metatrader4 platform .
Is very hard these days open an crypto account with good conditions .
Keep the eyes open !!
I will find out a new Broker to trade cryptocurrencies.
Cheers

Italy
Jul 6, 2017
Registered user

Not good execution and expensive withdraw.

I use breakout strategy and I open positions mainly during news releases. Compared to my other two ECN brokers the execution was very bad, larger slippage and spread. Fast withdraw but very very expensive, they charge very high commission.

Etobicoke, Canada
Jun 5, 2017
Guest

Companies of the same feather flock together!

Depositing money at this broker via credit card is a nightmare. They use Skrill as their payment merchant, so you are forced to go through them when using a CC. When I put in my CC info into their little popup, they told me they changed my password for security reasons, and that I had to change it. I've never even had an account with them! They forced me to give them my email, then emailed me a link, where I had to set up a "new" password! Even after I did all of that, which I should not have, they announced they were no longer able to do transactions in USD!!!!!!! What a waste of time. I looked up reviews of Skrill and they are EXTREMELY negative. Makes me wonder why FXOPEN would be using them? Anyways I decided to deposit my money at another broker instead. Let em keep using skrill.

P.S. I forgot to mention that when I was forwarded to Skrills site, it announced, and I am pasting here:
"Please be aware that we no longer accept bank-wire deposits or facilitate bank-wire withdrawals in US dollars."

I know this seems like a rant about Skrill, and maybe it kinda is, but the point is that FXOPEN FORCES you to go through them if you are using a debit/credit card. How would you get your money then(for USD)? Good Luck.

Toronto, Canada
May 17, 2017
Guest

they make more money from deposit/withdrawal commisions then from trading!

these guys charge commission on deposits and withdrawals. the more you make, the more they take. Their profit is supposed to be derived from actual trading. Looks like their diversifying! Also, the exchange rate.they charge for conversion is ridiculous, especially considering their supposed to be an fx company. They probably make more on charging deposit/withdrawal fees than trading commissions. They should rename themselves to net-teller2!

Singapore
Apr 17, 2017
Guest

Issue resolved regarding deposit

Recently i made a complaint to FXopen but infact it was my end that is having the problem with my deposit. We have cleared misunderstanding and continued trading with this broker until now.

Oct 26, 2015 - 1 Star To: FXopen Manager, Bangkok, Thailand....don't you have a name ?.... Btw, you dont need to wait for my statement, i have internet banking and have proof that it has already been transacted...further more i have clarify with my bank and confirmed...screw your payment processor...

You support is too slow on the escalation....and on top of that...worst support ever with bad attitude...

launch investigation with your payment processor ? lol...more like holding my money so that i could hit a stop out and loose the trade ehh ? funny that your payment processor does not detect this problem and even if so, they would credit it to my account but not yet until now...and...i have not receive a refund too...

Let the public be the judge...here is the screenshot of my internet banking....

http://i.imgur.com/iB3xZ5V.jpg

2015-10-13 1Star FXopen is a total scam, when u're constantly into profit and they will put you into their "radar" list when u have a bad position trade and near to margin call....they will ensure that your top up is in pending status when the the transaction has been successfully done.

When being escalated to their support, they mentioned the transaction fail due to insufficient fund...wtf ? I have confirmed with my bank it has already gone through...after 10hrs of waiting, my margin hit 50% StopOut and loose that trade....

My bet, stay away from FXopen at all cost. You have been warned. I am going to file a chargeback for being unethical.

Cairo, Egypt
Mar 21, 2017
Registered user

SCAAAAAAAAAAAM

((ECN NUMBER : 951114 ..they are very amazing when you register and make your deposit and start trading .EVERYTHING IS EASY. but if you made profits and requested a withdrawal you will see another FACE from them ..
I had a problem from a week to now not resolved regard my withdrawal request
for 10,000 USD .. some times they requested from me my id and my card I used on deposit and I sent and made another withdrawal request they reject it again and requested another proof of my address and I sent it and made another withdrawal request .. they reject it and requested my scanned photos not mobile camera photos and I sent the both and made a fourth withdrawal request .. they also reject it and requested my id close to my face and when I said there is nothing like that on your privacy .THERE NO WORD (FACE) ON YOUR PRIVACY and that option with banks only LIKE NETELLER and I did that before with BFOREX.COM and I get a huge problem and I will never did that again .they not responded and that what they wanted from first place. please see these websites .like www.unichange.me/verification_guide. they included all they verification steps on they privacy and I am as a user have all right to accept that and dealing with them or not .. and about FXOPEN .. I am sure the owner of my wallet or how I sent to them all my documents they requested my id and not id used for verification and I did that ..how after all off that they need more verification ..and from a week every time they requesting anything they got on they mind to not pay me my profits ... to all users .. I dealing with a lot of brokers .. and that broker is the worst one .. they not pay profits .they will put everything they can on your way to not pay any profits.they online for make customers losses only ..they maybe pay the original deposits .. but profits you are dreaming if you think that you can get one dollar from your profits from them .. TAKE CARE.. and if I got any update about my withdrawal request status with them I will type it here . so TAKE CARE .. TAKE CARE .. TAKE CARE ))

Singapore
Feb 20, 2017
Registered user

recommended broker.

I just wish FXopen has their own copy trading system like instaforex's mt5.com and easier sign up process to link up with Zulutrade.

Overall despite trying other brokers, i always felt more comfortable recommending people to FXopen. Tons of deposit and withdrawal methods and clear terms of withdrawal.

Jan 3, 2017 - 5 Stars I have tried many brokers and i think FXOpen is actually okay. One of the best around. With many payment processing options for deposit and withdrawal, reasonable support.

Look at my profile, not paid to do this review. Couldnt help to see all the complaints which i definitely pretty sure that there is a reason why those things happen.

Hope FXopen can keep improving too :) ... cheers!

banten, Indonesia
Oct 12, 2016
Guest

hii traders....
I'm Wilson

I just wanna say, FXOpen is a good broker, honest, fast execution, easy deposit & easy withdrawal, very low spread
But the only bad thing is slow response...
overall NICE...

Joburg, South Africa
Oct 3, 2016
Registered user

Overcharged Commission

My ECN account 9501234 is being charged $1.57 per 0.14 Lot with deposit

over $1000 and 12 trades per week.



While initially I was charged $0.78 per 0.14 lots, that is 101% increase!!.



When I asked about this, their reply was:



Hello,





Your 9501234 account's equity is below is USD 1000, that's why your commission rate has been increased twice. For more details please check https://support.fxopen.com/Knowledgebase/Article/View/209/466/commissions-and-bonuses

Should you have additional questions - please let us know.





Kind regards,

FXOpen support team



I have proof that my account equity was over $1000 when I opened the last three trades.

Reply by fxo submitted Oct 7, 2016:
Dear Sir,
According to our terms and conditions, the commission rate is recalculated once a month according to an account's equity or/and trading turnover at the end of the trading period: https://support.fxopen.com/Knowledgebase/Article/View/209/466/commissions-and-bonuses
You were charged 10 units per lot trade round-turn commission because your equity was less than USD 1000 at the end of the trading period.
We have set your commissions to 5 units of a base currency per lot traded round-turn as your equity exceeds USD 1000.
Kind regards,
FXOpen
canarias, Spain
Jul 16, 2016
Guest

Scam broker, slippage 1,7 pips in USD/GBP,, stop trading when using the margin, frequents changes of spreads.
FCA operate this broker?
with help of association study their bahavior.
FFXOPE UK/SCAM- USD/GBP spreads +- 3 pips, slippage 1,7 pips. broker A cero slippage spread ´- 1 pip, broker C cero slippage 0,8 spread broker D positiv slippage 0,20 spread 0,7.
theft, scam, misleading advertiseng and more.

Reply by fxo submitted Jul 20, 2016:
Dear pepe, As we have repeatedly explained in great detail, each broker has it`s own set of LPs thus they have different spreads. So, there`s no use in comparing spreads of brokers A, B, C, D, etc. Also in times of important data releases, LPs provide widened spreads and there`s a high risk of a slippage.
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