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FXOpen.com (FxEgypt) Review MT4 - MetaTrader Platform

Overall Rating: (2.930)
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Total Reviews: 292
Last Updated: 2016-07-18
Description:

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.

Special Notes:

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

Click here to join live discussion of FXOpen.com (FxEgypt) on our forum
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court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 1   reviews REVIEWS submit review
ID Filed Case Verdict
2012-056 2012-06-27 GUILTY

Ram, Bangkok, Thailand

Rating:
Date of Post:2015-08-20
Review: 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

Channarong, Sydney, Australia

Rating:
Date of Post:2015-07-08
Review: Letting everyone know I was able to withdraw my 50k! i am considering opening up another account with them, but with the Australian branch as they are regulated heavily by ASIC,

2015-07-05 2Star Im currently trying to withdrawal around 50k from my ECN account, so far my first attempt has been rejected, due to some paperwork that needed to be updated however my accounts has been "verified" since the beginning, I am also asking them to action the withdrawal back to the funding source as I sent them copies of my bank statement showing the initial deposit, so far they are slow and evasive to deal with, I trade with other brokers such as Axitrader, IC Markets and FXCM, and have never had any issues with big withdrawals, I am worried with FXOPEN but will let everyone know how I go..

Muhammad Farrukh, London, United Kingdom

Rating:
Date of Post:2015-06-27
Review: Hi,

Thanks for the reply.

As you have accepted below in your reply " In your case deposit was processed through Skrill." that I have used Skrill as my payment method and its "due to the settings of our system each deposit through Credit/Debit card" it is showing as a debit or credit. It has nothing to do with me. ITS A FAULT WITH IN YOU SYSTEM.

I have paid the money via Skrill, and in Skrill I deposited the money through online banking. I have sent the evidence of bank statement as well to prove that you/your settings are wrong. As your colleague on LIVE CHAT mentioned, if you provide the evidence we will refund our money back.

I have included Financial commission on your reply as this is completely unacceptable and fraudulent that when a client want to withdraw his/her money they go through so much pain and frustration. Why it's the case when it comes to depositing the money.

Regardless of the source of deposit, Who gave you the rights to hold our Money. FXOPEN Is a BROKER not the LEGAL OWNER OF THE CASH.

Fxopen can't fund there business with client money. I. In last 7 years this my first withdrawal and that is how FXopen treats is customer. You guys are absolutely unethical.

Regards

Muhammad Farrukh



Date: Fri, 26 Jun 2015 10:11:02 +0300
Subject: [#124779]: Fwd:
From: support@fxopen.com
To: y2farrukh@hotmail.com

Dear Customer,
we would like to inform that due to the settings of our system each deposit through Credit/Debit card is processed using different processing partners. In your case deposit was processed through Skrill.
Also according to the rules of our Company withdrawal is possible only in 30 days since the last Credit/Debit card deposit. According to the transaction's history of your FXOpen eWallet the last Credit/Debit Card deposit was made on the 17-th of June,2015.
If you have further questions do not hesitate to contact with us.
Best regards,
FXOpen Team.


Ticket Details
Ticket ID: 124779

Rizal, Jakarta, Indonesia

Rating:
Date of Post:2015-06-07
Review: same as jingu, toronto, Canada

i dont have to confirm it scam broker. see on picture. using sell stop but the price it self havent touch the price if it touch of course the price is already went to bottom/below(remember its sell stop).

at the same moment i do trade at other 3 broker and all profit except this broker.

i wont use this broker, the sell stop kicked 10pip, and taken exactly -10pip more, the price it self never being touched. and the funny they claim have many liquidity????? LMAX, Curx, HotSpot, ECN, Integral ??? how come my other broker profit??? slippage scam blame on LP

jim, Toronto, Canada

Rating:
Date of Post:2015-03-03
Review: Hi all.
I just had a very bad experience on GBPAUD.
and GBPJPY.
it exactly start at some point that I had consistent result.
My account is so small, but bottom line is
you start making money no matter how much it is, you will get into trouble and they will DELETE your order.
please stay away.
I already sent complaint letter to ASIC and FCA.
will see how it goes.

Leonid, Gent, Belgium

Rating:
Date of Post:2015-01-12
Review: Hello Guys, first of all I would like to thank forexpeacearmy for opportunity they give us to share our feedback about different brokers. I would like to encourage more traders to leave their feedback especially when you think you are treated unfairly.

Ok, so let's talk about FXopen. The reason I've started to trade with them is the fact that they operate many years and their low spread ECN account. First I've tried their no deposit bonus of 10 usd and everything worked just fine. The things start to go wrong when I deposited 500 euro. On my first trade I got a slippage under my stoploss, 20 pips. Imagine when you trade with a big lots (0.5 and more) how much money it is. On the same day I've lost another 15 pips under my stoploss. It's all happened on one trading day !!! I really don't understand how that SCAM can operate that long... You are all warned, stay away from this SCAM.
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Lukasz, Poland, Poland

Rating: No Rating
Date of Post:2014-10-27
Review: Hi there,

I got problem with my withdrawal today:

Today i made withdrawal for 50$ by skrill, which was rejected with comment:

Withdrawal is possible in 30 days since the last Credit/debit card deposit

Now i make another withdrawal for 70$ which is pending...

I didn't made any credit card deposit on my account, i did only one skrill deposit using my credit card via skrill...

Before i made this deposit i carefully read broker terms which says:

When depositing from your credit/debit card via Skrill (Moneybookers), withdrawals are possible to your Skrill e-Wallet
In other cases, credit/debit card deposits (except Skrill) can be withdrawn:

to your Visa or MasterCard card via Credit/Debit Cards withdrawal option after 30 days since your last credit/debit card deposit;
to your bank account via Wire Transfer after 30 days since your last credit/debit card deposit.
Profit gained from credit/debit card deposits can be withdrawn after 30 days as well.

This info clearly says i can withdraw my funds and i don't have to wait 30 days because i didn't make credit card deposit, it was skrill deposit using credit card.

I sent mail to support and waiting, maybe it is just some mistake, i will let you know how this will and....

Did anyone had same situation????

Christian, toronto, Canada

Rating:
Date of Post:2014-04-06
Review: This brokers MT4 platform does not support basic and necessary functions which other broker's MT4 platforms have, such as:
1)No trailing entries
2)No trailing stop at time of entry. Although you can add it once your order has been filled (so you have to keep watching it until then), it is very obscure. You have to choose your trailing stop from a drop down menu that uses preselected quantities (10 points, 20 points, 30, 40, 50).
3)The only way to close partial positions is at market. That really REALLY sucks. Other brokers allow you to stop or limit partial positions.

Also, using MT4 on my tablet, I have had 4 or 5 orders that hang once submitted. The circle just keeps spinning for several minutes. I switched to the browser to confirm my connection was working and it was just fine. Plus the price feed (bid/ask) just above the circle was constantly changing.

If you utilize and require all the functions of MT4, this is notnot the broker for you. If you are new, it is otherwise not a bad broker. They utilize an online e-wallet, so you can move profits to safety out of your trading account, you can trade several crypto-currencies, you can trade CHN, they have a useful forum that pays to post, etc. I have rarely been slipped, I think only twice out of around 60 orders, and it was well under 1 pip each time.

jingu, toronto, Canada

Rating:
Date of Post:2014-03-20
Review: I have use this broker for 3 months, although not too long but I have experienced lots of frustrated things, I have a ecn account which have 3 times huge slippage at normal trading time,every time average 200 points away my S/L, for example,I placed a market order buy-in gold at 1350,s/t at 1346,when the market slumped down to trigger my S/L which was 1344 instead of 1346!!,but the market price that time has not reach 1344 yet! This kind of thing happened 3 times!,Talk to their customer service with screencopy, they explained these things were normal in ecn trading. can you believe their excuse?

Freddy Nordstrom, London, United Kingdom

Rating:
Date of Post:2013-12-11
Review: I have been with this broker for 2 years and never had any problems, prompt deposit and withdrawal and good executions. I would recommend ecn as this is unrestricted.
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