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I do not have any experience with this broker. If you have used them, please kindly submit your review above.
James & Robert, England
Rating:
Date of Post:
2010-02-18
Review:
My friend and I have had bad experience with them. They requote all the time even when taking a few positions during the week. We wait for position set up and when we wish to execute 1-5 weekly, we receive requotes and then miss our entry. We decided to close account and even then it took over 2 weeks for withdrawal.
I also heard that they are doing business with Finanzas Forex which everyone knows was a big scam.
I would stay away and only use reputable brokers that are regulated.
NorbertS, Germany
Rating:
Date of Post:
2009-11-24
Review:
The Swiss regulator (FINMA) took control over all Forexone companies based in Switzerland:
http://www.finma.ch/e/sanktionen/vorsorgliche-massnahmen/unterstellungsverfahren/Pages/default.aspx
Gerald, Germany
Rating:
Date of Post:
2009-09-02
Review:
the good ratings for Forexone are from the old times, when they operated as IB for ODL. Now you trade against their books and they run their business based on the general rule "it only takes some time before a new trader looses his money". If you make profits consistenly they cancel your trades, because you are violating their rules. No specific reason is given. You have to sue them in Cyprus if you do not want to accept their decision. I know it is unbelievable, but try it yourself, if you want to learn it the hard way.
Andreas, Switzerland
Rating:
Date of Post:
2009-07-28
Review:
This company is not paying my gains of €314000. It is a Scam, take a look here
I started trading with Forexone in May 2009 and was happy with the platform.
After some successful days I received a call that my trades get reviewed, because they are too frequent (many less than 5 min) and during news.
After some days Forexone told me, that most of my trades (98% of the profits) will get cancelled.
On my objection that
- There were no news at the time of some cancelled trades
- Trading has been marked as to frequently, even if there was more than half an hour between buy and sell.
- The report provided was inconsistent
- …
Forexone only replied that the cancellation has been done in regards to their general terms and conditions.
Objecting again, I do not receive answers to my mails.
On the phone I get told, that my objections are being processed (for more than a month now).
The good: My initial funding has been transferred back within two days after request
This is an excellent company. I give them five stars for overall. I have done over 1000 trades with them since I opened my account and have only seen good fills. Many times I put orders in with 10th of a pip and almost always I see a price improvement. I generally don't need to call them much anymore but in the beginning I needed help and the customer service was very nice. The charts are just ok. I think they can be improved on but they do the job. Very impressed overall.
West Coast Pips, Vancouver, BC
Rating:
Date of Post:
2008-01-07
Review:
Early November 2007 I opened an account with Forex One AG or Trade Monster out of Switzerland (www.forexone.ch/). I had very good service prior to opening a live account with them and felt based on the responses for my many questions, this would be a good platform to trade with.
Opening an account with these guys is arduous to say the least as you need to fill in an 8 page application form and them mail it off together with certified ID!
I opened an account with $10,000 US as the minimum to fund them is $8,000. Soon after I opened an account with them I was able to make my first successful trade with Trade Monster using SNW. This was for AUD retail sales back in November 2007. However, all successive trades using SNW were locked down as they did not want me trading the news. I tried about 7 more times with no luck. I was sent email messages warning me to be 'careful' trading the news. I decided I had enough of Trade Monster and closed my account early December 2007 requesting full funds back. Upon opening an account you give them your full banking details. Money was supposed to have been wired back on Dec 5, 2007. A few days later I was curious why there were no funds in my account.
I contacted them about this over and over again the week beginning Dec 10, 2007. They got back to me Dec 12 saying funds were only wired Dec 12, 2007 because they had 'issues transferring funds to Canada.' Believing them, though rather frustrated, I waited a few more days. No money by the end of this week. I called them so many times over the phone. Dec 19, 2007 came and they said funds were rejected and were 'immediately' sent out the same day.
This was going to screw my Christmas up asI was hoping to get the funds before the holiday season. Nothing came and by now I knew they were really messing with me. I called again and again the week of Dec 31 as no money was still in my account. Jan 4, 2008 came along and I blasted them over the phone. I had to call 10 times that day and got one email back saying funds were 'definitely wired today (Jan 4, 2008).' Money finally came in my account a few hours later, though had it not been for my tenacity, I am sure I would be out of over $10,000.
My advice is STAY AWAY from this shady broker. I contacted Polyreg in Switzerland who regulate some of the Swiss forex brokers and they want a full report from me so they can conduct an audit on Forex One!
2007-12-07 1 Star Hi Guys, I had a live account with Trade Monster, otherwise known as Forex One AG. Very good, polite service. No online chat and based in Switzerland. Hard to navigate around their website as it is in German. They want English on there, though have not gotten around to it yet.
Application process is tedious to say the least. All Swiss brokers seem to have this copious procedure for opening an account. With these guys you need to send in an 8 page application together with certified ID!! The latter is a pain.
Uses MT4 platform. Spreads are very low which is great. If you are a news trader like me, forget opening an account with them. Whilst they are an STP broker, they will lock you down completely after you make ONLY ONE successful news trade. I was able to get 17 pips profit on AUD Retail Sales last week. That was it though and every time I used SNW to fire buy or sells, it said 'invalid parameters.' Great if you are not a news trader though, though remember the application process even still!!!
Foersner, Bavaria
Rating:
Date of Post:
2007-12-10
Review:
A very good independent swiss forex broker with strong service an very good fix spreads.
chess, turkey
Rating:
Date of Post:
2007-09-30
Review:
hi Felix. this revision is better i think. regards.
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i can only say they are the best broker i traded so far. credits go to both odls as being the broker and trademonster for providing very competitive 2 pips spread 24 hours for all majors.(7 currencies total including eurchf,eurgbp,eurjpy.)
no stop hunting, no requoting. execution time is as low as ping time and it is always like that.no freezing problem. mt4 is available.
although they provide 2 pips bid/ask quotation values and moves, prices are in accordance with the ecn brokers i compared. they provide just one more pips and had seen no manipulative spikes yet.(for example mig used to be 3 or 4 pips more(or less) than ecn brokers during volatile-reversal times. so mig were trying to to make 4-5 pips profit during entering and another 4-5 pips during closing.)
i dont trade news. and they dont ever go against you if you are in a profitable position. their english support is sufficient and u can find people caring your needs.
since i have not encountered any single unfair issue i regard them with the highest 5 star. i hope and feel that they will be same in future.
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The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you
should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign
exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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