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FXOpen.com (FxEgypt) Review MT4 - MetaTrader Platform

Overall Rating: (3.000)
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Total Reviews: 277
Last Updated: 2014-07-21
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

 

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

Tursunov, Rusia, Russian Federation

Rating:
Date of Post:2013-07-03
Review: FxOpen is SCAM broker.
They scam all my withdrawall.
I had contacted FBI to investigate FxOpen.
Beware guys.
Get rid of this scam broker.

Barby, Southampton, United Kingdom

Rating:
Date of Post:2013-06-07
Review: One of the preferred brokers for me. Execution and spreads are fantastic.

blaze132, Okinawa, Japan

Rating: No Rating
Date of Post:2013-05-16
Review: Just admit it.You upgrading it to STP technology which means the STP technology is more advance and you can hide your manipulations from being detected by the traders.Is it?

Sandro Rogério, Brasil, Brazil

Rating:
Date of Post:2013-05-16
Review: 'm FXOpen client, and I'm having a problem.

I operate in Brazil. I did a bank transfer location to account FXOpen. money out of my account, and FXOpen not credited in my trading account.

and the money is not returned to my account, already has several days.
and no solution and I do not answer emails.

demand to satisfaction,
'll open formal complaint in competent organ, and if necessary criminal proceedings against this company.

I've tried many ways, but did not return my money!

all operators, care about this company!

Where are you from?

FXOpen, Auckland, New Zealand

Rating: No Rating
Date of Post:2013-05-03
Review: Unfortunately, Mr. Kovacs has not replied to our request for his permission to publish the FDR decision (email requests and here in forum) on the matter which he alleged to be an example of improper conduct by FXOpen. By doing this he effectively deprives the community of this forum, which he apparently saw as an appropriate venue for making his allegations public, of a direct access to a decision on the matter taken by an independent and competent dispute resolution authority. This raises questions as to whether the purpose of discussion in this forum, as initiated by Mr. Kovacs, was to provide the trading community with truthful information regarding the events in question, or simply to funnel his emotional reaction to how FXOpen handled erroneous trades on his account into a public campaign detrimental to the image and reputation of our company, without any regard to the actual objective nature of the events in question. We believe that any unbiased observer will find this lack of response from the complainant to be a substantial proof of the fact that references to the decision previously made by FXOpen in this thread are in line with the content of the actual decision.

Our understanding was that this forum strives to be a venue for proper and objective evaluation of complaints members of trading community may have with respect to certain actions taken by service providers, rather than a mere tribune for emotional and unfounded badmouthing campaigns which certain individuals may resort to in case their complaint against a service provider does not withstand an objective evaluation. We also were under an impression that administration of this forum is unbiased in its view on the events discussed, and will not ignore actual facts behind the matter in question in order to avoid acknowledging the inevitable conclusions these facts lead to and, if necessary, revising opinions voiced and/or supported by its members. Unfortunately, we are forced to conclude that in this particular case we have been observing actions inconsistent with this concept.

Once again, we believe, that GUILTY mark should be removed by Administration.

Kind Regards,

Review Moderation Team Note: Without the full text of the ruling being made available for publication, the FPA's options are limited.

On the other hand, if FxOpen would have given the name of the LP that deliberately manipulated prices to Kovacs so that he could take his own actions against them, or if FxOpen takes legal action against the LP to recover the funds, the FPA would look very favorably on those actions.

FXOpen NZ, Auckland, New Zealand

Rating: No Rating
Date of Post:2013-04-15
Review: Dear Forumers,
Regarding this case (Kovacs Norbert vs fxopen.com #2012-056) we would like to inform you that Mr.Kovacs made a respective complaint to the New Zealand Financial Dispute Resolution (Financial Dispute Resolution) – an independent New Zealand dispute resolution scheme for consumers and financial service providers to use when they are unable to resolve a dispute. FXOpen NZ Limited is a scheme member since December 2011 (http://www.fdr.org.nz/member_search/..._member/197240).

In March 2013 FDR made its final decision on Mr.Kovacs’ complaint. According to the FDR Final Decision:
-it had not been established that FXOpen had not acted in accordance with the contractual provisions set out in the Customer Agreement and Terms of Business;
-FXOpen has adequately explained how the error of the prices occurred and what steps were taken by FXOpen to rectify the situation in compliance with the agreed terms between the parties.
Thus, FXOpen has adequately justified its actions in accordance with Customer Agreement and Terms of Business closed with Mr.Kovacs.
For those reasons Mr.Kovacs’ claim has not been proven and Mr.Kovacs’ complaint to FDR was dismissed.


Unfortunately, we may not publish FDR decision without Mr.Kovacs prior consent. In case Mr.Kovacs gives the consent, we’ll provide you with additional information.

Just for you interest you could find the similar case at the official FDR website Online foreign exchange trading | Financial Dispute Resolution

Regards
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FXOpen NZ, Aucland, New Zealand

Rating: No Rating
Date of Post:2013-01-28
Review: Dear Sirs,
Regarding last few reviews:
1) FXOpen provides 2 types of business models: Market Maker (Standard and Micro), and ECN/STP (ECN accounts).
I do not propose to use MM accounts, because it is old technology and will be change to STP in a few months time. However, if you are using MM accounts they have standard conditions (fixed spreads, freeze levels etc.).
We advise to use ECN accounts with no conflict of interests (no dealing desk, no freeze levels, no any limitations for scalping and one of the most tightest spreads in the world which you can check in myfxbook comparing with other brokers).
2) Clients can choose which broker to use FXOpen NZ (FSPR License Number: FSP192685) or FXOpen AU Pty Ltd (. AFSL 412871 – ABN 61 143 678 719) . There is the same technology, but different regulators.

FXOpen is popular among most famous algo-traders and scalpers due to one of the best trading conditions (ECN accounts). FXOpen NZ is one of the top 20 world brokers by the volume per month.
We are most welcome to discuss any case public in case there are FACTS involved. If you feel that there are any problems caused by FXOpen which affected your trade you are free to send complaint to the regulator body (FXOpen is licensed company).
Best regards and high profits!
Denis Peganov


vivek visale, India, India

Rating:
Date of Post:2013-01-23
Review: By reading through the reviews, i now understand that as the FXOPEN representatives have clearly mentioned that the orders come to their DEALING DESK first, then if within the company no one matches the counterpart of the order, then it goes THRU STP to ECN.... This makes clear that FXOPEN is using deadling desk first!

so i would not touch this broker, i had a lot of faith in you and I had given recommendations about you, but sad to know this...

S.M., Paris, France

Rating:
Date of Post:2012-12-31
Review: Hello,
Guys, stay a way from this market maker called FxOpen please. Poor Chat Live. Gold Spread for micro account 100. Just look down how people suffer and you will understand what i am trying to put in your mind.

Natalia, Singapore, Singapore

Rating:
Date of Post:2012-11-14
Review: I've been with this broker for a year and have had many frustrations, from poor connectivity, frequent trade timeout, etc. Those I could still take... but lately they're starting to really frustrate me. I'm used to placing buy/sell stop orders during news releases. For the past few weeks, my would've been profitable pending orders were automatically cancelled, while the unprofitable ones were usually left there. I took my screenshots and sent it my complaint, and they replied that it is part of an automatic 'slippage control' procedure. However, when I asked the many other traders I know including those who are also with FxOpen, none of them experienced this except me. Even though mine is an ECN account, I think there are still some dealer interventions. Anyways I've had enough finally and switching to another broker.
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