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...
