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FXOpen.com (FxEgypt) Review Visit site

Updated: Sep 22, 2016
2.93 · 291 REVIEWS
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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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  • Guilty1
Case IDFiledCase nameVerdict
2012-0562012-06-27Kovacks Norbert vs. FxOpen.comguilty

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2.93 · 291 REVIEWS
Forex Peace Army

Let other traders know if this service is worth checking or should be avoided.

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canarias, Spain
Jul 16, 2016

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.
Sofia, Bulgaria
Jun 27, 2016

Market makers trading against their users, governed by an off-shore scam commission, which they are "a part of" according to their website. STAY AWAY!

Reply by fxo submitted Jul 6, 2016:
Dear Teodor, Please provide us the proof or the details that led you to a conclusion that FXOpen takes the other side of your trades. At this point your accusations are pointless and lack details and proof. In our ECN model, the counterparty to your trade is another market participant such as a bank, fund or another trader. Please note that Financial Commission that you call an off-shore scam commission is not a regulator but an Independent Dispute Resolution organization and FXOpen is a member of it together with a number of other brokers. Kind regards, FXOpen team
, Spain
Jun 4, 2016

FXOPEN UK, is bad broker, bucket shop ECN? test with small acc. afther more than 25 years en forex, brillant FCA with this broker

Reply by fxo submitted Jun 9, 2016:
Dear sir, we don`t understand the essence of your claim. Please, describe it in a more comprehensible manner. Thank you.
Riyadh, Saudi Arabia
Mar 16, 2016

It's totally scam and my story is : After long working in EA , I success to build very strong EA that depend on pending orders , and I choose fxopen ECN account , on the first week I observe that some bending orders it changes their places and we I closed the EA opened again in it's correct place , I worked in EA and I fixed this as whatever happen the order couldn't be changed unless the EA stopped or shut , but now new scamming happened , new totally orders open and I could observing that because if I close one order manually that opened by EA , the EA will close all remain orders and when I close that wrong orders the EA didn't close his orders , so those orders open by broker , until the big problem happened and I lose the account , it's was a day of NZD news , The EA hang a order 160 pips away from the moment price moved and the broker cancelled it and by this my account destroied , I contact them and they said because of slippage they couldn't open the order , After that I try to hedge my orders manually but I lost the account . My account : 901923 pass : IP13Mw4x server : ecn.fxopen.com:443

Reply by fxo submitted Apr 25, 2016:
Dear Wefag, Your order was automatically cancelled, the reason is a significant slippage, that resulted from the news release. The procedure, known as Slippage Control to protect client orders from opening at a significantly worse price than specified. This is an inherent structure of ECN model. For more information please visit: https://support.fxopen.com/Knowledgebase/Article/View/230/466/slippage-control-cancelled-by-dealer Kind Regards, FXOpen Team
Noosa, Australia
Dec 26, 2015

They're actually ok. It's just that they have untrained support staff that makes them look bad, but overall honest.

India, India
Dec 21, 2015

Well Have been trading with them for 12 months. Pros- Honest broker- don't cheat Platform performance- Less slippage Spread- Avg. among low spread providers Cons- Pathetic customer support Bad IT infrastructure on web portal coupled with terrible customer support. I am being charged 11$ per RTL for past few days and I am not able to communicate the issue so far to the,.

Singapore, Singapore
Oct 26, 2015

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.

Bangkok, Thailand
Oct 23, 2015

Dear Zahid, Thank you for your comment. We have investigated the issue and as we have stated previously in our e-mail communication, FXOpen has not received your funds, hence, they were never credited to your account. Please note that we credit client eWallet accounts only after we have actually received the funds. The reasons for the rejected transaction was insufficient funds on your card – this is the comment that we received from the payment processor. In order for us to further investigate this issue we kindly ask you to send us your credit/debit card statement for October 2015, where it is visible that the funds where debited from your card. After that we would launch the investigation with our payment processor. Thank you. Kind regards, FXOpen Moderation Team Note: Please click "Is this your site" on this page. This will allow you to sign up as a reviews representative. You will then be able to submit comments that tie directly to individual reviews.

Hulst, Netherlands
Oct 6, 2015

I would not trust fxopen.co.uk ... asked 1 simple question and they did not answer for 15 minutes ! You are now chatting with Gary Thomson (FXOpen UK Support) - Support Desk (FXOpen UK) 13:13steve: hi 13:13Gary Thomson: Hi how can I help? 13:13steve: i was planning to deposit 13:14steve: but now i read something that i dont like 13:14steve: We may hold Client Money on your behalf in an account with a bank or third party located outside the European Economic Area ("EEA"). This account will be segregated from our money or assets which may be held with the bank or third party. The legal and regulatory regime applying to any such bank or third party may be different from that of the UK and in the event of the insolvency or any other equivalent failure of that bank or third party, your money may not be as effectively protected as if your money is held with an equivalent bank or third party in the UK. 29.1.5 We will not be liable for the failure or insolvency of any bank or third party holding money however, if your money is held within an EEA country, a proportion of your cash balance may qualify for compensation arrangements in that jurisdiction. 13:14steve: i have no control whatsoever where u place my money, and u state u are not reliable for failure of banks outside the EEA? 13:21steve: there? 13:28steve: ok 13:28steve: looks like i have to put this on forums to warn people 13:28steve: thank u for your coorperation

Bangkok, Thailand
Aug 20, 2015

FXOpen is my first broker. I am generally happy with them especially with Martins who has been giving me excellent support replies. However there are some questions which need to be answerd: 1) Is it normal for ECN/STP provider to execute a BUY STOP order when the normal quote (from TICK log downloaded from TICK log server at FXOpen) does not hit the target price? (Is it normal for BUY/STOP order to be looking at level2 quote?) 2) Why is there a price difference between FXOpen MT4 EURUSD.ask and TICK data log? The TICK data highest was 1.09327 while the MT4 highest in that minute was 1.09337? A difference of 10 points (in 5th decimal system). I have invited Support and Martins from FXOpen to join the discussion in the scam-alert folder as I don't agree with their conclusion below but did not receive any feedback so far. I hoping FXOpen will come and help clarify this matter. Martins has replied to me with the following message on August 6th: >> Checking with Trading department. I also see highest 1.09327. Will let you know soon. Support at FXOpen reply on August 13th: > Dear Client, > > We have checked your Stop order execution as well as quoting provided by our Liquidity Providers (LP). > Price was valid and order was executed properly by the terms of ECN/STP trading model. > > Quotes that you have downloaded indicate best ask and bid prices. By looking into Level2 quotes > received from our LPs we see that such price existed and was valid at the moment when order was executed. > > Please contact your account manager for further explanation. > > Kind regards, > FXOpen Here is part of my log: 2015.08.05 20:00:02.170 '880169': pending order #48881660 buy stop 0.96 EURUSD was modified -> price: 1.09328 sl: 0.00000 tp: 0.00000 2015.08.05 20:24:17.260 '880169': order #48881660 buy stop 0.96 EURUSD at 1.09328 activated at price 1.09316 Here is TICK data which I have received from FXOpen: 2015.08.06 00:24:15.079 1.09241 500000 1.09248 220000 2015.08.06 00:24:15.252 1.09252 1000000 1.09251 1000000 2015.08.06 00:24:15.413 1.09268 1000000 1.09258 1902000 2015.08.06 00:24:15.638 1.09318 2400000 1.09308 500000 2015.08.06 00:24:15.909 1.0932 250000 1.09327 1500000 <<-- highest 2015.08.06 00:24:16.119 1.09305 100000 1.09312 219000 2015.08.06 00:24:16.318 1.09291 100000 1.09294 2100000 2015.08.06 00:24:16.529 1.09276 2000000 1.09292 719000 2015.08.06 00:24:16.712 1.09273 100000 1.09281 500000 2015.08.06 00:24:16.868 1.09267 2000000 1.09281 500000 2015.08.06 00:24:17.019 1.09268 2395000 1.09282 2090000