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FXOpen.com (FxEgypt) Review MT4 - MetaTrader Platform

Overall Rating: (2.949)
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Total Reviews: 289
Last Updated: 2016-05-05
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

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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

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.

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?
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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.

Tiberius, , Canada

Rating:
Date of Post:2013-09-25
Review: I'm writing this in response to the comments from FXOpen NZ who were replying to one of their former client's posts below. Threatening to seize all of a trader's gains is not only unethical, but illegal if you are overseen by any governing body.
If were ethical and had a mind to good customer service, you would make the account types less confusing, and instead of stealing people's money, you would notify them that you will switch them to the proper type of account. (not that it should matter - but something tells me all the confusion, account types and regulations and restrictions facilitate scamming). I've also read the incident where you stole another person's gains on here. Would ANYONE trust a company, that lists it's CEO as "Dr. Alex K."? seriously? what is this, a teenager? who invents a title and doesn't give their last name?
This website has all the red flags... and this site raises some more about them.
I pity the employees that work there and wish them all the best, to find themselves honest jobs at a legitimate broker.

FXOpen NZ, Auckland, New Zealand

Rating: No Rating
Date of Post:2013-08-10
Review: Dear Oscar V.,
You was using our Standard account which is MM (Market Maker) type of account which means that the Company is the opposite part of the deal in many cases so there are several limitation for news and scalping trading which are indicated at our website:

Scalping With limitations (1. Stop Loss, Take Profit and Pending Orders 10 pips or more away from the current price; 2. Most of your trades must be held open for at least several minutes)

News Trading With limitations Placing, modifying or deleting pending Buy Stop and Sell Stop orders (including opposite Stop orders) is not permitted during Freeze Time (immediately before, during and some time after a news release).

As you mentioned, our Risk Managers propose you to change your account to ECN with no any limitations for trading which is true, because 100% of the trades are sent to LPs (liquidity providers). I believe it is fair practice, if we can not propose quality service for our Client we should propose him/her different product or inform that we can not propose quality service at all.
P.S. Regarding Mr. Kovacs case everything is simple. Mr. Kovacs made and official complaint to auditing body which stated that Company is not guilty. Company provided officials with all required information and explanations. Even before the legal case Company paid several thousand dollars from the pocket on a goodwill basis, which wasn't enough for Mr.Kovacs. Everything is legal. Unfortunately some people want to see what they want to see only.

Review Moderation Team Note: If you click on this page where it asks "Is this your site", you can register. Once confirmed as a company representative, you will have the ability to leave comments directly attached to individual reviews.

Oscar V., , Ecuador

Rating:
Date of Post:2013-07-23
Review: I had a very bad experience with this broker:

They sent me 2 times their infamous "warnings" to stop my trading, because I was using a "Prohibited Strategy" or they would void my gains and suspend my account... I think it is an unethical and unprofessional behaviour because:

1) I asked to them before I open my account and they said: "All strategies allowed, no restrictions for EAs or order open times"
2) They couldn't explain me what exactly is the problem with my strategy, they only point some clause on their T&C (it is an unfair clause against scalping and news trading), even if this clause would be valid, I didn't violate it.
3) They recommend me to try their ECN account with "no restrictions", but what if I win consistently?, would I have the same problem as Kovacs Norbert: http://www.forexpeacearmy.com/forex-forum/guilty-verdicts/20612-guilty-case-2012-056-kovacs-norbert-vs-fxopen-com.html

I think we should be able to do more than to write a review against these abusive and unethical brokers..., for now me and maybe some traders who read this review will stay away from this broker...

My account number was: 533289
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