Problem Fxopen scam - see my proofs

[fxfrench]

@fxfrench

There is only one mystery about this case, your identity. Who are you? What is your position and your authority at fxopen?

You should have intruduced yourself, -like I am X.Y.Z., working for fxopen, as a compliance officer,- before you claim "you get to the truth of that matter" is. You are not verifyable, and not knowing who you are, you are just an avatar.

Excuse me. My name is Jafar Calley. I was made the official representative in FPA some years ago. At the time I was in charge of FXFrench.com and moved to Cairo to run the office there.

Now I am the Director of FXOpen Australia but I still retain my position here as an official representative of FXOpen NZ Ltd.

I have several members of management checking your case at the moment. Thanks for your patience.

 

[karl10]

Hi Kovacs Norbert was You using some EA? fxopen permit use EA?

 

[Pharaoh]

Kovacs, I think you need to slow down a little.

If FxFrench had a brand new account and no posting history, your worries would be justified. Instead, he's got over 300 posts and has been representing FxOpen at the FPA for 4 years now. Let's see if he can find information about your issue or not without demanding a DNA sample first.

 

[Kovacs Norbert]

@ Pharaoh

Could you elaborate what "you need to slow down" means to you? Or why is it demanding to know the identity of the person who joins this conversation from fxopen? Neverthless, had I been demanding, which I am not, I would have been good reasons to be. Just read my first posts, and see all my attached pictures. Moreover, I use my real name and telling a real story thus I have all the rights to expect the same from the other party. Will you agree with me that the FPA's main mission is bringing transparency to the Forex industry? I just aimed for that.

On the other hand, I am glad that Mr. Jafar Calley from FxOpen Australia revelead himself and joined this conversation. I also thank him looking after this issue.

@ Carlos

No, I am not using EA nor any illegal tools and scalping is allowed at FxOpen. All my positions were manually opened and closed, and I only used moving averages.

I guess many traders wonder how I did it. Sorry to say, there is no secret nor magic tool. I have been trading for 11 years, my vast amount of experience and knowledge came to fruition and that day everything worked out just perfectly for me. I was in perfect physical and mental state, and I could execute my trades as I foreseen them. I was in "trans" and I became one with the currnecy market. I saw where the price would go. I did nothing illegal thus I deserve my gain.

While many posts question long winning strikes, it is possible to have. Ask yoursself: is it possible to win the lottery? Yes, sure. Is it possible to get killed by the lightining? Of course. While these things did not happen to many people, yet these things occur so does long wining strike like mine. As a result, remember, because something did not occur to you, it does not mean will not / could not occur to you one day.

Wish you all good trading, and wish myself a fast resulition of this matter.

 

[Pharaoh]

As in "slow down and think". Your real issue is getting your money, and instead you start making irrelevant demands for a business card of someone who is clearly identified as an FxOpen representative in the forums. A quick cross-check of his posts would have told you Jafar's name.

 

[Kovacs Norbert]

Hello all,

fresh developments in my case, -after 3 weeks, and 4 attempts to get an answer from fxopen why all my winning trades were deleted on 05.16.2012.- now I got the answer. Attached for viewing.

View attachment Answer.docx

Needless to say, I find this answer a non-sense and arose a lots of questions:

I cant comprehend:

1, Why did fxopen ignore me, and waited 3 weeks for sending me a reply and reacted only after I brought up this SCAM suspicious matter on FPA forum?

2, Why did not fxopen notify me immediately having found out the " technical problems" ?

3, Are you claiming that you had technical problems all day long? Specify, and verify the time frame you had had technical problems! Specify, and verify what problems did you experience, explain in technical terms!

4, FXOPEN claims "on May 16, 2012, some trading orders were executed at the prices not existing on market at that period of time." BUT they deleted all my winning trades. How could be possible that only my winning trades were executed at the prices not existing on market at that period of time? Only mine were deleted, and only the winning ones?

5, Did you delete thousands of other traders' trades as well?

6, It says: "The total re-calculated P&L of the orders was negative. " Aka, basically instead of I had made 40K, I lost money in 60 winning trades. Is this a joke?

7, Why the total re-calculated Profit Loss of all my trades was never presented to me?

8, Since you dont disclose your liquidity provider, so there is no way to verify whether the orders had been executed at the fictitious prices. No cross-checking, no transparency leaves the door open to be considered your action cheating and Fxopen is scam. To avoid that stigma, please verify that orders had been executed at the fictitious prices! You must have some proofs to show!

I do not take answer satisfactory and nor I believe any of it at all. Be sure that I take this FPA court and pursue legal action as well.

Mr. Jafar Calley, is your turn now to get things straight! Until then it is a SCAM to me.

 

[fxfrench]

Hi Norbert

While I have little more information than you have in the response from the company, it is my understanding that flash quotes injected into the market by the LP in order to attract liquidity resulted in FXOpen being unable to fill you at the prices quoted since the prices didn't exist any more at the LP's end by the time FXOpen could transmit the order. FXOpen sustained a loss at the LP's end so your profit did not materialise. The company has absorbed the loss and has accepted responsibility for the loss caused both by unfair practises by the LP and by the fact that FXOpen could not avoid the loss due to a technical deficiency.

 

[Pharaoh]

Jafar, I'm not sure I understand. You say that the company has absorbed the loss. Does that mean that Kovacs gets his trades honored?

 

[RahmanSL]

"If you are unhappy with the outcome, you are free to contact New Zealand's Financial Dispute Resolution Scheme (similar to Australia's Financial Obudsman Service) and have your case heard by an independent legal panel of which FXOpen NZ Ltd is a member. Scheme Members | Financial Dispute Resolution and I welcome you to update the FPA on your progress there."


I am extremely disappointed to read that type of reply from FxOpen representative, FxFrench, which is not what I had expected to read nor is it the FxFrench that I thought I knew.
Prior to this, I have always been quick, and without much hesitation, defend or to (privately) reccommand FxOpen to other traders.
But now, and very honestly, I don't think I can or will do that anymore as I have now seen a side of FxOpen which I don't like.


Being asked to take up one's case for arbitration would be most stressful for any trader and now I have a much better understanding of what Kovacs must be going through.

Kovacs, go ahead and file your case as FxFrench had suggested and keep us posted on your progress and, of course, the result.

All the best and good luck!

 

[fxfrench]

Jafar, I'm not sure I understand. You say that the company has absorbed the loss. Does that mean that Kovacs gets his trades honored?

The trades were filled at non market prices. They had to be removed.