Dear friends,
I have not been very active in Forex last year.
Now I want to find a good Broker, and I am very interested in FXOpen, but I think that the last forum entries are far from my main interest. I read about "fireworks", "boat prices".....but is FXopen paying, will be registered sometime somewhere, are they reliable as to invest an important (at least for me) sum.....??.
I would be most grateful if you could provide some kind of info about these topics (apart from doomsday, boats and the like).
Thanks a lot.
I knew I'd get some public lashing for all the off-topic chatter ;-)
But if you browsed just few pages back you could find a lot of information you're interested in.
I'm a trader. I use FXOpen. It's registered in Mauritius and operates from Malaysia while having offices in other countries as well. Asian fellow traders say they can go to regular office and deposit/withdraw cash at regular cashier desk.
Never had any withdrawal problem.
Never any real trade difficulties nor controversy apart from an issue with some EA the broker didn't like and prohibited. But they allowed me to keep all the profit and withdraw. And I must admit this particular EA is controversial and they had the right to ban it (while they failed to communicate it up front in the first place).
I also like their micro account formula: everything is adjusted by 100 to resemble much bigger account. In effect you can practice on $100 account as if you were trading $10 000 account. You can develop a strategy and smoothly move it to standard account without any adjustments. This is very important - many traders fail when they move to bigger accounts only because they were not aware of the scale effect.
This was on the positive side.
On the negative side I'd expect better communication and pro-activity.
They had some tech issues recently and they were not communicated to the customers by the FXOpen properly. Neither they took any real action to help users overcome difficulties. I mean provide users alternate ways without any prompt once they found the issues.
Only thanks to this FxFrench thread I learned about it and got some help to work around.
Demo accounts are bit different that real accounts - time base is not the same and they switch DST while real accounts not. Real accounts clocks are often off sync by few minutes. This affects any automation sensitive to timing.
I general the time base is not their strong feature - FxFrench remember the week it was 8 or 6 hrs off sync? They still didn't fix the history on Real 1 during the week. I had to do it by myself - pair by pair, time frame by time frame…
I had some issues due to the timing and this forced me to rewrite my stuff to use external UTC reference only (this change greatly contributed to the banned EA success ;-) )
I also don't like the deposit/withdrawal services.
You have quite a lot of options but you have to keep a track of deposit-withdrawal path: money have to go the same way both ways. It's also costly. Well, these are not FXOpen fees but still it's more expensive than other services I know.
And the last but maybe not least, at least for me: USD accounts only.
All in all not bad.
Hope this helps.
