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

[Tradingsmart]

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.

Appreciate you support Ernest & Wind.
Very rightly said Earnest about Fxfrench's current broker employee fixed position, your experience & understanding can be clearly seen from your comments, but I do not want to comment about Fxfrench, as I know that he is a very respectful and pious person. He is my dear IB (rebatefx) and he had earlier tried with the Fxopen management to restore my account but no positive result.

Regarding Fxopen, I dont think that FxOpen can run away with my money as they are associated with FPA and atleast at this stage Fxopen cares for its reputation and respect in the Fx market. If Fxopen wants to stay in the market with positive image, it has to stop doing this bucket-shop behaviour and treat its clients in a professional manner.

Records of "TradingSmart" were long deleted so I can't bring any details.

Yet another scam behaviour, this shows how unprofessional FXopen is. They not only blocked my profits but they have removed all my trades (around 2686 trades (2274 standard lots) in a period of 10 months). They did not want to leave a trace of my trades and without any backup of the account that still has remaining balance in it.

I seriously doubt that Fxopen is just pretending that they dont have the trading records. The actual reason could be that they want to hide the trading details from FPA so that they can put false reasons against my account. This is the most lamest excuse that Fxopen is mentioning.

FPA must insist Fxopen to provide my trading records to FPA in order to see the actual 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.

You dont need to remember and put false reasoning, you are supposed to provide the complete Trading records. Do you think that FPA administration or any Trader at FPA will beilieve it? Come on, be practical and present the trading records.

My trading involved various styles like long-term swing trades, intraday S/R, Fib, daily and hourly high/low level breakout/reversal trades, historical high/low break/reversal trades, trades followed from rebatefx trade recommendations, EMA trades based on cornflower strategy and many more...

Locked positions, you must be referring to hedging which is a normal part of trading. One can hedge a trade at stoploss level or targetprofit level instead of closing and later when the currency pair reaches and reverses at any trendline or S/R level or Swing point, one of the hedged trade can be closed to stay in the trade. This trading is quite normal. But hedging can become very complicated and out of control if too many trades are in hedged mode. I had appied hedging in some of the trades but could not profit much with hedge trades.

Your statement is totally false & completely unreasonable:
As I mentioned, I had traded around 2686 trades using various trading methods and styles, all these trades were normal. I dont know how you got the idea of writing this unreasonable statement. Even a worst & cheap bucket-shop broker may hardly have countable number of off quotes and you are trying to say that all my 2686 trades may be off quote (you mean Fxopen worked on off quotes throughout the 10 months of my trading). I wont accept even if 10 or 15 trades are mentioned to be off quote. It is just another lame excuse to mislead the FPA.

There is no credibility in your unreasonable statements. So be practical and present the trading records to FPA.

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.

Dont write some technical terms and try to protect Fxopen, the whole administration of FPA are well knowledged professionals in trading. Dont confuse and mislead. As I mentioned above, my trades were all normal (especially as my IB, you were following up with me in my trading details and you had mentioned a number of times that my trades are normal).

Another straight forward proof of normalcy of my trades is:
When 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...

From the above checking, verification & subsequent withdrawal, this is no doubt at all that my Account and trades were ok and approved by Fxopen.

Once again, there is no credibility in your unreasonable statements. So be practical and present the trading records to FPA.

Moreover, Out of the $46,000 profits, $6,000 are my rebates which my IB Rebatefx aka Fxfrench owes me, wherein when I had requested him to send me the rebates directly to my bank account, he had always insisted that rebates will be deposited to my Fxopen account only to avoid extra expenses of sending directly to my bank account. When Fxopen blocked my account, my rebates were never sent to me separately,

I know my IB is a sincere person, but he must have sent me my rebates separately. I hope while FPA resolves this issue with Fxopen, I expect to receive my rebates separately.

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.

Another false statement, I had deposited $5,487 and the only withdrawal that was done in Feb-2008 was for $5,000. The remaining $487 from the initial deposit is still there in the account. So what you are saying "withdrawn more than initial deposit" is wrong.

After blocking my profits of $46,000, Fxopen wanted me to withdraw the remaining deposit and I declined. The simple reason is, just like how Fxopen is hiding my Trading records, if I had withdrawn the remaining deposit, Fxopen would have even hidden or deleted my account itself so that there wont be any proof to complain to FPA or to claim my profits.

I hope that FPA and all the traders who are reading this details will understand what types of tricks Fxopen is playing with my account.

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.

Another strange statement, after creating so much confusions and blocking my hard earned profits of $46,000, Fxopen wanted me to join another broker. How can you write such statement when replying to such a sensitive issue of "broker blocking clients profits".


All in all, it is very clear that Fxopen is trying to mislead FPA. Fxopen, you are respectfully requested to be justified and allow me to withdraw my hard earned profits of $46,000. If you want more strict procedures, then provide my Trading details to FPA immediately and then FPA will handle it.

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.

FPA kindly follow-up with this issue. FPA is the only place where things can be justified for unregulated brokers related issues. Need your usual sincere support in resolving this issue.

 

[ernest8fingers]

Hope u prevail

Good luck. If Mr fxfrenchie tried to help-then good for him for stepping up to the plate-Of course, I am not their client and cant ad any insight. I always root for the underdog.

 

[Tradingsmart]

Fxopen - Hiding my Trading History - No Response

Respected Fxopen & Fxfrench,

The misleading statements and unreasonable details provided in your earlier post were replied to with actual details & facts in my previous post. Kindly restore back my trading history and allow me to withdraw my $46,000.

FPA kindly follow-up with this issue. Need your usual sincere support in resolving this issue.

 

[Scam Investigations Committee]

Regretfully, we must declare that this case cannot be resolved. Both sides provided information, but not enough to be able to absolutely prove or disprove the issue.

If he wishes to continue to pursue this, we recommend that Tradingsmart pursue the case through legal and regulatory channels.

Official finding of the FPA Scam Investigation Committee for this case

 

[livenFX]

Cftc Sues 14 Foreign Currency Firms In Nationwide Sweep

http://www.cftc.gov/PressRoom/PressReleases/5974-11.html

January 26, 2011

CFTC SUES 14 FOREIGN CURRENCY FIRMS IN NATIONWIDE SWEEP


The following companies were sued by the CFTC as part of this sweep:

EuroForex Development LLC, a Delaware LLC;

FIG Solutions Limited, Inc., a Delaware corporation;

ForInvest, a Delaware corporation;

FXOpen Investments Inc., a foreign entity with various business operations located throughout the United States;

FXPRICE, a Delaware LLC;

GIGFX, L.L.C., a Delaware company;

InovaTrade, Inc., a company with purported offices in Florida;

InstaTrade Corporation d/b/a InstaForex, a British Virgin Islands company;

InvesttechFX Technologies, Inc., a Canadian corporation located in Toronto;

J&K Futures, Inc., a company with purported offices in California and New York;

Kingdom Forex Trading and Futures, Ltd., a Nevada company;

Prime Forex, LLC, a Delaware LLC;

Wall Street Brokers, LLC, a Delaware LLC; and

ZtradeFX LLC, a Connecticut LLC.

 

[MichelAnge21]

A broker cannot have ANY excuse for deleting the trading record of a client. Tradingsmart still had a balance. His account was not closed and FXOpen knew that their client was contesting. Just for wrongfully deleting the record, I d slap them with a gazillion dollars fine.

If you deal with an unregulated broker, you are totally at their mercy. Not only they can decide you broke some rule and your profits can be confiscated, but they can also destroy all the records and there s really nothing you can do.

 

[nat55]

How can u let them get away with that

I know that this quite an old thread but still.

Reading this forum and others, it seems that Fxopen have a long history of deleting winning trades of client for many reason, price was wrong, platform had a bug etc... this is absolutely ridiculous that we the little traders have to put up with this nonsense and they get away with their term & conditions which would normally would not protect them in any court of law.

As these cons don’t fall under any legal jurisdiction (i.e they live in the wild west) they can do whatever they want and the only tool we, traders have got is using forums like FPA to demand that justice is done. In the case of FXOpen, whose name surfaced so many times in connection with such criminal activities of confiscating trader’s money I would insist they make good with the client. Can u imagine how many traders they did wrong who don’t know about FPA... they are typical cons.

FPA, you built your site on pursuit of justice for your members – don’t give up now, don’t compromise your reputation for the sake of FXopen.

 

[TraderChris]

FxOpen integrity

I know that this quite an old thread but still.

Reading this forum and others, it seems that Fxopen have a long history of deleting winning trades of client for many reason, price was wrong, platform had a bug etc... this is absolutely ridiculous that we the little traders have to put up with this nonsense and they get away with their term & conditions which would normally would not protect them in any court of law.

As these cons don’t fall under any legal jurisdiction (i.e they live in the wild west) they can do whatever they want and the only tool we, traders have got is using forums like FPA to demand that justice is done. In the case of FXOpen, whose name surfaced so many times in connection with such criminal activities of confiscating trader’s money I would insist they make good with the client. Can u imagine how many traders they did wrong who don’t know about FPA... they are typical cons.

FPA, you built your site on pursuit of justice for your members – don’t give up now, don’t compromise your reputation for the sake of FXopen.

I'm looking for a reputable broker, and have been searching through FPA posts for ANY broker that has nothing negative said against them... What is very disconcerting to me, is the fact that FPA still carries advertisements from FxPro! If they are criminal in their behaviour - is there another word? - how can FPA deliver us up to these bushwackers?

If FPA only carries ads from reputable, regulated brokers, all us rookies will be dealing with those brokers, and FPA can claim good return on their advertising, with the income that goes with that. Doing so will obviously also protect us in the proces.

I'm still looking... FxPro, FxOpen, FxCBM... All scams, it seems to me!

hehe... Just noticed a very funny contradiction! FxOpen claims the BEST TRADER AWARD for 2011, but look at HotFX's ad! They claim EXACTLY the same. Makes one wonder, doesn't it?

 

[fxfrench]

There have been no proven claims of scam against FXOpen anywhere let alone on FPA. That is why we are still allowed to promote our company here. One proof of scam, and FPA would pull all of our ads and mark us as a scam.

Be aware this particular thread was opened years after the original complaint and it was resolved way back then. No amount of debate on it will change the result.

FXOpen has also improved a lot since then and now offers one of the best MT4/ECN solutions available. Give us a try and you won't regret it.

 

[Tursunov]

There have been no proven claims of scam against FXOpen anywhere let alone on FPA. That is why we are still allowed to promote our company here. One proof of scam, and FPA would pull all of our ads and mark us as a scam.

Be aware this particular thread was opened years after the original complaint and it was resolved way back then. No amount of debate on it will change the result.

FXOpen has also improved a lot since then and now offers one of the best MT4/ECN solutions available. Give us a try and you won't regret it.

Look at to their metatrader (mt4).
The chart move very slowly, the connection very poor, opening mt4 very slowly, news at mt4 not move and not update, hard to close position, often requotes.
Not only that, they often change their rule/regulation that make trader confuse and losing money.
They often broken the connection of mt4 in order you lose.
They're very dirty.
Their withdrawall also very slowly.
Fx Open is Scam Broker !!!