FXOPEN SCAM Broker blocked my account with profits around $46,000.

[Tradingsmart]

FXOPEN SCAM Behavior - blocked my account with profits around $46,000.

With due respect to Fxopen Management and great respect to my IB & Bro Rebatefx, I have no other option but to post this at FPA about Fxopen's unacceptable Scam behavior of blocking my account with $46,000 profits.

I had joined Fxopen in August 2007 after getting detailed email confirmations from Fxopen Manager and Fxopen IB RebateFx (respected Bro), that FXopen is a reliable broker with islamic (Swap free) accounts and it needs minimum documentation to start trading. I had initially deposited around $5,500 in total and started trading my with Fxopen, after some losses initially, gradually I had been very successful and traded properly and in agreement with Fxo and rebatefx...

I used to have regular chats with my respected IB Rebatefx (I have most of the chats saved with me). I used to discuss about my trading progress and my rebates build up. I used to even discuss whether my trading itself is ok or not and found it always in agreement. I had traded various types, like breakout strategies involving (Fibs, S/R's, Daily & Hourly High Lows), short term, long term trades etc etc. On the whole, I had a very good business relation with Fxopen and rebatefx.

By end of Jan-2008. my account equity build up to $21,000 and I had requested for $5,000 withdrawal in February 2008. My account was checked, verified by the Manager and Finance and after proper verification, my withdrawal was processed and I received funds in my bank after 4 to 5 days time... After this withdrawal, my confidence in Fxopen was very high because of the good business relation with Fxopen and my respected IB Rebatefx...


Until April 2008 things were ok, then the following happened

1. I had continued trading and built up my account gradually, never misused leverage, my leverage was changed from 500:1 to 200:1 when account reached $25k and my respected Bro IB told that as per Fxo manager, leverage will stay 200:1 till $100k equity. once my account reached $37,000, I saw that a number of profitable trades (around $6,000) were removed from my account...
I had always communicated with Fxopen through my respected IB only... I was informed that may be I was using EA.. I had never in my life used an EA.. I always trade manual, I assured Fxo.. Later they switched my account to non EA category but never restored my $6,000 profits (pending)....

2. All these duration of trading, upon my request all my rebates (around $6,000 in total) were being kept with my respected IB rebatefx only.

3. I had traded quite well and progressed... Later when my account again reached $34,000 equity again, I had requested for $5,500 withdrawal in April 2008, it stayed pending for a week and suddenly my account was disabled.... Shocking.


4. I informed my respected IB and he contacted the Fxo Manager and Finance, and no clear answer was given, and this thing is kept pending for Weeks and Months with vague answers like manager is not around, finance dept not around, file complaint with regulators after Fxopen joins a regulator etc etc...

5. Later my respected IB told that Fxopen enabled the login, I checked my account, I was shocked to see that all my trades details & profits details were removed from my account.

6. Some of the incomplete responses received from my respected IB for disabling the account were like doing hedging and reasons which were not clear or reasonable... My trading is all very normal and trades were already verified during my first withdrawal...

7. My $34,000 Equity + $6,000 (missing profits) + $6,000 (rebates) Total $46,000 are blocked and I am totally upset....


8. I had sent a number of emails to Fxopen Finance & Manager, they just ignore my emails, dont respond on YM, Few weeks back I had a detailed chat with Fxopen manager on Skype (Chat is saved with me), he read all the details, he told that he will check and talk to me and nextday he put my Skype ID in ignore list.


All trade details are with me, saved properly. My first withdrawal is a proof that account and trades were verified and confirmed ok. They moved account from EA to non EA, it did not affect my trading since I never use EA, still I made proper consistent profits since my trades were always manual..

All in all, Fxopen does not want me to trade as I was one of the profitable traders that broker want to get rid of. They not only blocked my profits, they even blocked my $6,000 rebates that I was supposed to receive from my respected IB Rebatefx.

I had always trusted Fxopen but they have deceived me. Fxopen Owes me my $46,000 profits and rebates...


I have been holding back from opening a Scam Resolution Ticket with Forexpeacearmy just in the hope that Fxopen will do justice and restore back my account and profits without making big issue... I have each days trading reports and history that shows each and every trade up to the pip and dollar (including rebates details)..

Note: God will not tolerate this behaviour, this hard earned funds of $46,000 belongs to me, if Fxopen keeps it wrongly with them, they will lose may be 10 times more some where else. Blocking clients account is clear sign of broker scam, many cases are there in market as such where clients are suffering. FPA has already helped and resolved a number of similar cases and inspite of the paid advertisement banner of Fxopen being hosted on FPA site, I am very sure that when I provide all the trade details, FPA will check and provide justice to me...

I have all the Proofs, trading reports received daily by email, complete history of my trading details & screenshots of my traders cabinet, rebate details etc saved with me. I need FPA's support to resolve this problem and get back my hard earned $46,000...

 

[fxfrench]

Thanks to FPA for bringing this to my attention. I will gather the details of the case together and hopefully resolve this issue in due course.

 

[plypun]

Can we see your daily report with FxOpen?

 

[fxfrench]

Your continued patience is appreciated. As this issue is well over a year old, we have to comb through a lot of archived records and this is taking time.

Kindest regards to all at FPA.

 

[Tradingsmart]

Appreciate your response (Respected Fxfrench) and your usual sincere effort in solving clients issues.

I would like to mention that the issue is not over an year old but it is about 10 months old and the reasons for not bringing it to FPA's attention all this time are mentioned below:

1. Was expecting some sincere resolution through my respected IB rebatefx/fxfrench who tried very hard on my behalf initially in May/June 2008 but no positive response from Fxopen.

2. Various vague reasons from Fxopen like Manager or Finance or Management personnel not available.

3. False promises that Fxopen will be joining some regulators within few weeks and was advised to file complaint later with regulators (this never happened from May 2008 to date).

4. Another most important reason for delay was, when I mentioned to Fxopen that I will open a Scam ticket with FPA (as I am subscriber of old Fxb & now FPA signals from september 2006), they just disregarded it and laughed away stating that FPA management itself is in trouble always, that they dont care about FPA and that any posting at FPA will bring more publicity to Fxopen.

5. Sent numerous email time to time to Fxopen manager, finance etc but all were igonred.

6. Had skype chat with Fxopen Manager & live chat and no action (ID's ignored).

7. Called Fxegypt office contact number, surprised to talk to my IB rebatefx (who has become part of Fxopen by now, wish him great success) but no positive response from management.

Finally when I saw Fxopen banner advertisement on FPA site, it was obvious that Fxopen is improving more and have good communication with the most trusted FPA. This issue was brought to FPA's attention now as I believe that Fxopen will understand clients problems seriously at this stage and resolve it sincerely.


It is somewhat strange that it is taking days to search for the archived records of my account while it took only couple of hours for Fxopen to disable my account when I requested for withdrawal.

 

[Agomes]

Seems like you have a very legitimate case Tradingsmart. Many brokers use similar excuses to get away from paying their clients money. I've always wondered, does the broker lose out when their clients make profits?

Good luck with this and please keep us informed. Cheers

 

[Tradingsmart]

Appreciate your support and concern AGOMEZ.

This is a typical behaviour of any unregulated broker where in any Trader who starts trading profitably and builds up his account will get disabled or shown the way out. On the other hand Brokers like to retain those Traders who lose their money or consistently generate commissions (from spreads) for the brokers while the account fluctuates with profit/loss and stays at the same level without any account growth.

To work with any unregulated broker, the Broker/Trader mutual understanding and the Traders trust in the Broker is THE most important thing which carries the business relation.

Strangely, Fxopen & Rebatefx had a very good relation with me till my first withdrawal of $5000 (which was obviously sent back to me from my initial deposit), but later when I requested for my 2nd withdrawal of $5,500 (which was supposed to be processed from my trading profits), they suddenly disabled my account and started behaving with me like a complete stranger.


I respect Fxopen & Rebatefx (a.k.a fxfrench, my dearest Bro), I had waited and waited for weeks & months but they kept on ignoring me. My first post at FPA was almost 6 weeks back, I am surprised at the careless attitude Fxopen is showing towards its client inspite of having such a good standing at FPA.


I request Fxopen (& my IB Rebatefx) to kindly be justified and allow me to withdraw my hard earned profits of $46,000 at the earliest. I still wanted to trade with Fxopen because of my IB, but there is no meaning at present as the trust is shaken. In any way, if Fxopen does not want me to trade with them, they should respectfully return back my profits and then disable the account but not block my account & profits abruptly.

As I mentioned earlier, God will not tolerate this behaviour, this hard earned funds of $46,000 belongs to me, if Fxopen keeps it wrongly with them, they will lose may be 10 times more some where else and they will have to answer to God for this.

 

[ernest8fingers]

smells like pig to me

Me thinks that FXOPEN ran away with all your money? Me also thinks fxfrenchie aint gonna due u any good either! His line is ubiquitous among Broker employee flunkies. Mr fxfrenchie if u wanna do whats right-get these peoples money back right before u settle into your new job w/a decent company? LOL YEA RIGHT! Like that will ever happen.

 

[wind]

Hope a positive resolution from fxopen. Just keep an eye on it.

 

[fxfrench]

Records of "TradingSmart" were long deleted so I can't bring any details. From discussions with managment, as far as we can remember, he opened locked positions, then closed the profit part on off quotes which were unfortunately filled at the off market price usually at news release times. This bug in the MT4 platform has since been closed by Metaquotes in a subsequent update. Since the positions closed were off market, they could not be covered by FXOpen so were made void. If I remember correctly, "tradingsmart" was able to withdraw more than his initial deposit. He still has a sum of money on the account which he has declined to withdraw for over a year now.

This issue has been closed for quite some time and no further discussion will be entered into. FXOpen reserves the right to protect it's business from the abuse of flaws in the MT4 platform.

He was asked to withdraw his funds and move to another broker over a year ago. I cannot understand why he has waited so long to do so.