Discuss FxOpen.com ( FxEgypt)

[RahmanSL]

Hi guys!

I really sympathize with your plight, but based on my over 2 years dealings with FxOpen, though their Support do require a whole lot of improvements, but overall I do believe they are no scammer.

I supposed that old FxFrench will be along soon enough to solve all our problems.

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Update: I have manged to manually reset my leverage back to 1:500 from inside FxOpen cabinet.

 

[fxfrench]

Nice to hear it is solved RahmanSL.

As I just got back from a few well earned days off, if any of you have unresolved issues, you can email me at jafar.calley@fxopen.org and I will get back to what I do. Solving your problems and helping you get back to trading.

 

[aicohn]

Scamsters

Now rejecting my attempt to transfer out my account balance by bank wire with the following:

"Withdrawal is possible to Moneybookers only"

I guess I can kiss off my $1K. Bank wire is industry standard. Everybody uses it. Everybody but fxopen, that is.

Bunch of frickin' thieves.

 

[RahmanSL]

To comply with international money laundering laws, broker can only allow clients' account money to be withdrawn back to the same source they deposit the money. So if you deposit via MoneyBookers, your withdrawal money will have to go through MoneyBookers.
That's the paper trail all brokers have to comply with.

It doesn't matter which broker we use as they are all subjected to the same international money laundering laws.
I don't like it, you don't like it, and I am quite sure the rest of the traders don't like that either. But there is nothing we can do about that save to stage an international protest and boycott trading the forex...which even I will not do coz I want to trade the forex and so will have to follow these set laws.

 

[fxfrench]

This news just in from FXOpen's Forum concerning the recent settlement between the CFTC and FXOpen.

FXOpen is pleased to announce that this issue is over and dealt with.

In January 2011, the United States Commodities Futures Trading Commission (CFTC) filed a civil law suit against FX Open Investments Inc. alleging that FXOpen conducted business in the United States without registering, in circumvention of the regulation requiring registration. FXOpen and CFTC subsequently agreed to settle the matter on mutually acceptable terms, and the terms of that settlement became effective as of January 5th 2012 via a consent order of the Illinois Federal Court.

FXOpen has entered into the consent order without either accepting or denying the allegations set forth by CFTC which are reflected in the “Findings of Fact” part of the consent order. Please note that, as part of the settlement terms reflected in the consent order, FXOpen has agreed to refrain from making any statements contradicting any findings of fact provided in the document and thus may not provide any further comments on the foregoing.

Additionally, FXOpen would like to clarify some aspects regarding the measures the Company has agreed to as part of the settlement as reflected in the consent order:

- The payment of civil monetary penalty of USD 140’000 is a condition mutually agreed upon by the Company and CFTC and was not imposed as a result of a decision reached by the Court.

- The funds that the company is required to return to the US customers are the funds held with the respective accounts at the time these accounts were closed as per the conditions of the settlement and not a “return of illegally obtained profits" or any similar measure as claimed by various third party commentators on the matter.

- Prohibitions on conduct of business contained in the consent order are not permanent injunctions to do business in the US, but are in essence an agreement not to do business in the US without obtaining respective authorization in accordance with the US regulation. The Company is currently in the process of assessing the possibility of applying for such authorization in order to resume serving the Forex needs of US customers.

FXOpen and US Citizens - CFTC Regulations

 

[fxfrench]

FXOpen reduces Manager’s Capital down to $200 for PAMM Standard and down to $1000 for PAMM ECN.

Beginning your career as a PAMM manager with FXOpen's award winning PAMM platform has just become easier!

The minimum opening capital for PAMM Standard accounts has been reduced to $200. If you prefer our ECN platform, you can now open an ECN PAMM account for just $1000.

At the reduced opening capital level, you cannot make public offers, but we hope that the reduced requirements will allow more traders to show off their skills with the extensive array of monitoring tools available to show potential investors how solid your trading history is before you increase your manager's capital to a level where you can begin to make offers.

When you are ready to take investors, you can increase your manager's capital to $1000 for PAMM Standard or $5000 for PAMM ECN. Having higher levels of initial capital gives potential investors more confidence that you will not take uneccssary risks with their money. Investors are more likely to invest when they see safety, consistancy and reliability in a prospective money manager.

Choose FXOpen for your PAMM management service and you can be assured of a solid and dependable partner to help you achieve your goals as a money manager in the Forex and Commodities markets.

 

[RahmanSL]

Well, I am very surprise no members from Fxopen forum has posted here yet about the weekly & monthly competitions organized by ForexCup.com

Ok, FxOpen, under their new site ForexCup.com, has been running weekly & monthly Demo competitions for the last couple months or so and they give out real cash prizes to the top 30 competitors. I find that rather unusual since most competitions give out prizes to only the top 3 to 5 winners of the competition.

However, for some reason or other, ForexCup.com have a problem of getting the usually large numbers of traders participating in their competitions and so they are going all out to attract more participants in their competitions.

I have personally participated, but sadly, have not managed to reach the top 30 positions. I attribute my failure to the almost real trading environment set by ForexCup.com in their competitions as they imposed "good money management" into their T&C for the competitions.
Their leverage is set to 1:100, max orders: 3, max lot size: 1.0 and account size from usd1k to usd5k.
If you made a bad trade, then you either take the loss in order to open another trade or wait until market reversal.....and I find this quite difficult to handle coz of my reckless trading style even with my real live accounts.

All in all, I do encourage traders, especially Newbies, to participate in ForexCup.com competitions because they will get a taste of the almost real trading environment imposed by the competitions T&C.
Other competitions that I have participated have not much restrictions and the top competitors makes thousands of percentage gains in their trading account trading in huge lot sizes. That certainly does not reflect the real trading environment as a few LUCKY positions with huge lot sizes usually propelled a competitor into the number one spot. And that's not trading at all, but pure GAMBLING!
In ForexCup.com competitions, the top 3 competitors only manage over 200-300% profits and I still don't know how they managed that feat as I can only managed around 65%.

Ok, enough said about ForexCup.com competitions, and for those interested, simply go over to their site and check it out and, if you do join the competition, you will see what I mean by the "almost real trading environment".

 

[lalahuhuki]

FXOpen Investments Pty Ltd is now regulated by ASIC.

You can view the status of FXOpen's license at Licensee FSR Search Results

The new regulated FXOpen website will be launched in February 2012 when you will be able to open an FXOpen account in a strictly regulated environment.

This announcement will give FXOpen a considerable boost in credibility and reputation as a broker as well as confirming FXOpen's hard earned reputation as one of the world's best Forex Brokers and one of the most resilient and dynamic companies to operate on the world stage.

Best Regards

Jafar Calley
Director
FXOpen Investments Pty Ltd
ABN: 61 143 678 719 AFSL: 412871

It is March now and it was announced on its website that Fxopen is regulated in New Zealand not in Australia. How funny

 

[fxfrench]

It is March now and it was announced on its website that Fxopen is regulated in New Zealand not in Australia. How funny

FXOpen AU is located in Australia and regulated by ASIC. FXOpen Investments Inc, is an "offshore" company with NZ regulation.

FXOpen in Australia is technically and legally a separate company to FXOpen NZ however the two companies have shareholders and owners in common with each other. Separate but the same like step brothers who live in different houses, but are still related.

Did that clear up the confusion? (or increase it? )

 

[lalahuhuki]

FXOpen AU is located in Australia and regulated by ASIC. FXOpen Investments Inc, is an "offshore" company with NZ regulation.

FXOpen in Australia is technically and legally a separate company to FXOpen NZ however the two companies have shareholders and owners in common with each other. Separate but the same like step brothers who live in different houses, but are still related.

Did that clear up the confusion? (or increase it? )

What is the website for FXOpen AU?