FX OPEN - The infamous Liquidity Provider - Trades opened 10 Pips below Market Prize

[sixa]

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[Pharaoh]

Pips and leverage are unrelated. Leverage only increases the maximum lot size you can trade before eating up your available margin.

If I have 1 lot of EURUSD open in a 20:1 account and you have 1 lot of EURUSD open at 2000:1 account and price moves 10 pips, that represents a $100 change for both of us.

For 10 pips of EURUSD to gain/lose $300, you would need 3 lots to be open no matter what your account's maximum leverage is.

 

[Kovacs Norbert]

Hello all,

this story reminds me of my own! FxOpen stole 40K of my profit.

Over 20.000 read my stroy and found the company quilty of scamming me.

https://www.forexpeacearmy.com/forex-forum/scam-alerts-folder/20290-fxopen-scam-see-my-proofs.html

Stay away from fxopen!

Best of luck on the markets

K.N.

 

[sixa]

wait a sec.

 

[Pharaoh]

I think the difference is that FxOpen is trying to pay for slippage caused by the LP in this case. In the other case, they covered the losses triggered by the LP, but let the LP walk away with confiscated profits - all while leaving me wondering why a broker would guard the identity of an alleged rogue LP so zealously.

 

[sixa]

I´m seriously starting to belief that FX Open really has issues with their Liquidity Provider (not scamming on purpose) but they don´t know how to püroperly take care and handle situations like this. But, as i got (or get) all my lost money back (from the two trades according to these issues), FX Open seems to at least, try to take care of such problems lately. The End.

 

[RahmanSL]

I too find it rather strange that FXOpen keep their LP so secretive....especially a rogue one.

All the three ASIC regulated brokers that I use or have used....i.e ICMarkets, AXItrader, & Pepperstone....openly and blatantly show their LP at their web site....even none regulated ones...like Pellucid...state their LP at their web page.

 

[Pharaoh]

Personally, I find transparency in situations like this to be far preferable to secrecy. Hiding information can only make people suspect the worst.

 

[fxfrench]

I too find it rather strange that FXOpen keep their LP so secretive....especially a rogue one.

All the three ASIC regulated brokers that I use or have used....i.e ICMarkets, AXItrader, & Pepperstone....openly and blatantly show their LP at their web site....even none regulated ones...like Pellucid...state their LP at their web page.

FXOpen AU lists some in the PDS and on our web page. Some are not revealed because of non disclosure agreements and I am sure the other brokers you mentioned also do not list them all. There is no legal requirement in Australia to list even one LP. Contracts like NDAs are an important part of doing business for example, a bunch of brokers who are unrelated might like to be LPs for each other, but do not wish to reveal a connection to each other because they are otherwise competitors to each other. There is nothing sinister about that. It's just greasing the wheels of business so they run smoothly.

 

[nilaynilay]

there are still doing this.

https://www.forexpeacearmy.com/fore...stomers-filling-orders-prices-dont-exist.html