FXOPEN cheating customers filling orders at prices that dont exist

[nilaynilay]

FXOPEN are pretty much cheating there customers. today i was filled on a sell order 12 pips below market price. even after 2 hours the price has not touched the level where i was filled.

i am pretty pissed at how they market themselves as true ECN brokers. and i am sure people that dont report these dont get any refunds either.

they ruined a pefectly good trading day for me. also note this has been going on for sometime but this time it was so severe and obvious that i took a screenshot.

it amazes me that this problem was discussed here so many months ago and they still havent done anything to fix this. thanks to OP. this thread actually made me understand what was going on here.

FXOPEN was my fav till point. but today i have lost all confidence in them.

View attachment 13790

 

[nilaynilay]

this is the completely ridic reply i got from them. it seems they have some outsourced guy copy pasting replies. it seems they havent done any investigation at all.

i understand slippage. but as i have shown in the screen shot ny sell order was matched at a price which was way below (10 pips or so) the price shown on mt4 chart and also there level 2 software.

trading is hard as it is without me having to worry about these ghost orders which can instantly eat up 10 npips or more.

fxopen reply:

Please be advised, you have been trading on ECN Platform, which gives traders direct access to the Forex market (interbank market), where they can trade with other traders and financial institutions. When you deal with ECN platform there is no 100% guarantee that Market or Stop order will be opened at the price, which is displayed on the chart. According to our ECN Terms of Business:
2.5. Trading operations are conducted in pursuance of "Market Execution". Execution occurs immediately
at the available volume and market execution prices can differ from the currently displayed quote.
Moreover, each point of time ECN charts display the best ASK and BID prices, and the orders may be executed with slight difference.
For more information about ECN technology, please, refer to:
ECN Forex Trading - ECN / STP Forex Account from FXOpen
For more information about max Slippage for Market and Stop orders, please, go to:
Forex Accounts Specifications - Spread, Size of 1 lot, Margin, etc.

 

[Pharaoh]

Can you get a new screenshot - add a horizontal line at the entry price, another at the lowest market price within an hour of the order being filled, and a vertical line at the time of the fill.

 

[nilaynilay]

We have checked our logs. Please be advised, at that time one of our LP experienced some issues, and sent us "invalid quotes". As a result - quotes stuck.

So our proposal, to make balance adjustment in a fiscal amount of trade #23656914 = 12.72USD.

If you are agree, please send us your confirmation with the next letter.

I just got a email from fxopen which accept there LP had gave invalid quotes and they have agreed to a refund of 12.72 usd. do you still need the screenshot?

couple of things:
#i had similar trades in the past which i didnt report coz i trusted these guys and the slippage was not this severe. and i will nevr get refunds ofr those. it seems unless you make a lot of noise they just try to shut you off.

#first reply rep totally ignored my question. then i got a callback and this guy kept arguing that clause. i tried to explain to him i understand slippage but this order was filled at a phantom price. overall i got the picture they just wanted me to hangup. if i was a new trader its possible i would have just given up after there first reply

#*how do i know i am dealing with a true ecn. As far as i understand the engine is suppoed to match me with best bid and ask. so how does a LP get to manipulate prices so i get filled at a phantom price and fools the matching engine to believe that is the best bid ask?


#what happens to those people that dont report this. Does fxopen simply gobble up there pips. how many thousands or tens of thousands of pips are being lost totally in this manner? what happens if a EA takes this a order. how will the customer even track this down if he was not watching the screen

#FXOPEN didnot catch this mistake on there own. i cannot see how they wouldnt have known about this issue. they should have some way toi audit LP and proactively catch this sort of behaviour. this could be happening all the time on a smaller scale too and there would be know way anyone could track this.

#what happened to me is not new. the exact same thing was logged on another 2 threads. in fact after reading that thread i had the courage to keep pressing them on this. Those threads are about 6 months old. This means they have taken no action to stop LP from fleecing customers even tho they had more than 6 months to do so.


As of now i have zero confidence on FXOPEN being a good place to trade and they definately dont have my best interest in there mind.

LAst question is for forexpeacearmy. given that fxopen have admitted there fault this case is exactly same as the past 2 cases. so how would FPA react to fxopen knowingly and willingly let LPS do this. Will a FPA rep bring this up with fxopen/or post a warning on there review page. we need concrete steps taken by fxopen so traders dont have to worry about LP. trading is hard as it is. and not every trader can take screen shots and fight aggressively.

 

[chaosscrem]

FXOPEN are pretty much cheating there customers. today i was filled on a sell order 12 pips below market price. even after 2 hours the price has not touched the level where i was filled.

i am pretty pissed at how they market themselves as true ECN brokers. and i am sure people that dont report these dont get any refunds either.

they ruined a pefectly good trading day for me. also note this has been going on for sometime but this time it was so severe and obvious that i took a screenshot.

it amazes me that this problem was discussed here so many months ago and they still havent done anything to fix this. thanks to OP. this thread actually made me understand what was going on here.

FXOPEN was my fav till point. but today i have lost all confidence in them.

View attachment 13790

what platform do You use? How long execution takes?

 

[Pharaoh]

I hope everyone who experiences this makes sure to highlight it in the reviews. A note to the regulators in New Zealand won't trigger immediate action, but will put this issue higher up on their radar screen.

 

[nilaynilay]

what platform do You use? How long execution takes?

good Question. i use mt4. i always had doubts about there execution. so i had a custom ea built to measure this. it marks time down to milliseconds when we place a order till the time lr4 server registers the trade.

i am hosting my mt4 on commercialnetworks VPS which has a latency of only 30 milliseconds to fxopen ecn server

however my avg execution time measured as per my ea is always around 1200-1500 MS !!!
if it takes 60 ms round trip for info to travel back and forth that still leaves 1000 ms or more where my order is just sitting there.
1000ms is a lifetime to a computer

So it is pretty obvious to me that they are using some sort of last look where a order is intentionally held and matched only when market moves against us. this makes sure the LP generates a small profit everytime.

indeed sometimes the market movement will be too strong and they cant hold my order forever but positive slippage is indeed rare.

i have taken times from bucketshops like AAAFX with same ea and they all beat fxopen. go figure !

another thing i noted is often when the asian session is very quite i place test orders (with real money). so lets say there level 2 software shows 5 lots avalaible at 1.23456 and it is very quite time. no ticks for like 2 minutes

if i place a order of say 0.1 lot it should insta get matched at the exact price i see on level 2 but *it never happens. i will always get slipped about 0.5 pips. i have also done this with 1 lot size and same thing happens

the actual slippage doesnt bother me if it was random but given its a quite time and level 2 shows there is 5 lots avaialble at best bid ask i would expect to get the same and nnot slipped every single time to atleast 0.5 pips


in short i never ever get the best bid ask shown in level 2. when i say never i mean never. So i am starting to believe i am not dealing with a true ecn. Guys think for a moment. when another user made 40k in profit due to LP misquote they removed the money next day.

this means they are aware when this happens


but in my case and another guys when we lost money they didnt proactively refund anything instead they tried to shut us down with rules and clauses.

I will leave the rest to your imagination.