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Problem Fxopen scam - see my proofs

I am having an issue with a company
Unless the spike was fake, this is a common occurrence for people who over-trade. A news spike eats their margin and wipes them out.

If his balance went to zero or was negative, even for a fraction of a second, closing trades isn't a scam. It's a margin call. This is clearly covered in virtually every broker's TOS.
 
My brother recently had issues with this broker and is currently trying to make contact with son one at fxopen. He trades trends which allows him to forget about quick noise. He was at 300 dollars profit with two trades open on the same pair. The price spiked down for a couple seconds to the point he had a negative balance and with in seconds he was back to his profit on one trade how ever his second trade had automatically closed in the negative with out his authorization. He had no stop loss not did he close it manually. The scam broker closed his trade for him with out hi authorization and left him with a large loss. Fx open is a crooked company, a lawyer is waiting I take cases like this if they do my justify this in authorized transaction within the next 24 hours. It is ridiculous.

Hello Daytrd

This is not the first time I've witnesses what I'd describe as a man-make "Spike" in action on other brokers platforms, I had a hedge running and just before a news event the broker widened the "Spread" in opposite directions by over 500 pips (5 digit platform) in one tick, the platform then froze for a good five minutes before "Spiking" again to catch up on the genuine trend caused by the volatile market the "news report" generated. Luckily I witnessed this event happen as I had the "New Order" window opened at the time, and I also had enough Equity to cover the potential loss, in the end the only one to lose out was the broker as all my members/clients/friends were informed to avoid that broker.

I remember this broker use to have problems with freezing like this on their platforms in the past, I was even one of the few people who give up a lot of my free time to work and help iron out the bugs in their system, and can't remember this ever happening on their platforms for a good 3 - 4 years now, it seems they got rid of the bugs, but could now be infected by cockroaches.

So if you can prove it was a malfunction (as some might make you believe) or man-made try to explain to a senior member and hopefully it can be looked into. If it was a movement simply caused by a volatile movement you might have to except the loss.

Don't see many of their support team around the place lately, but just maybe a genuine member of staff will get in touch somehow and give you better advice on this subject.

Good luck
ilearn2t
 
On 05.16.2012, I made a profit of 43.405 USD trading on FXOPEN ECN platform.


I worked as a FX Dealer with another retail broker for 7 years. This is a clear case of a client abusing misquotes. It is beyond ridiculous that Kovacs expects to keep the money.

Entertaining him is damaging for this FPA reputation as a serious review site. I came here to read the FXopen reviews after having trouble with another broker freezing during last weeks NFP.

I literally signed up just to reply to this absurd thread. I am pretty sure those defending Kovacs are just trolling the serious traders out there.

Well done trolls you got me to bite.
 
I am pretty sure those defending Kovacs are just trolling the serious traders out there.

Well done trolls you got me to bite.

Hello tradealerter

I worked as a moderator for this broker and witnessed clients being intimidated, blackmailed, forced to pay money out of their own pocket to have "bans" lifted on the "support" forum, employees (broker refuses to admit or deny its involvement in "ML") using the "support" forum for money laundering, scams etc.

I still believe defending clients like Kovacs is the only way people like yourself will understand that this broker is nothing but a cover up for scams to steal money on unsuspecting clients ?

Good luck
ilearn2t
 
What are we really talking about here though ilearn2t?

Client sees a pricing flipping 6 pips every couple of seconds and abuses it to make $40k.

All these trades are cancelled later own due to the pricing issue i normal practise at all brokers.

I tried to take avantage of IGmarkets in the Japanese Earthquake USD/JPY crash i saw they off by 100 pips compared to my other brokers.

They rang me and cancelled the trades and i was not upset as opposed embarrased i thought i would get away with it.

Had similar situation with FXCM as well with latency and they cancelled the trades.

Are we as traders really expecting to keep these profits?

I feel the only modification needed here is client expectations.

Maybe i have just spent too much time working for the brokers :p
 
Your broker called you to tell you about the issue. How would you have felt if your broker adjusted your trades and didn't bother to quickly explain what was going on?

Does supporting Kovacs Norbert mean I'm a troll?

Here's why I support him:

Hi Norbert

While I have little more information than you have in the response from the company, it is my understanding that flash quotes injected into the market by the LP in order to attract liquidity resulted in FXOpen being unable to fill you at the prices quoted since the prices didn't exist any more at the LP's end by the time FXOpen could transmit the order. FXOpen sustained a loss at the LP's end so your profit did not materialise. The company has absorbed the loss and has accepted responsibility for the loss caused both by unfair practises by the LP and by the fact that FXOpen could not avoid the loss due to a technical deficiency.

This seems to mean that FX Open has admitted that unfair practices by an LP were designed to lure in trades that would later not be honored.

Had FX Open given Kovacs Norbert the name and contact information for the LP so that he could pursue a case against them, I would have voted Not Guilty in the Traders Court case. Had FX Open stated that they were taking legal action against the LP to force it to honor those trades, I'd have voted Not Guilty.

Instead, FX Open refused to disclose the name of an LP they admit was engaged in unfair practices and has made no announcement of any actions against the LP. This leaves open the possible question regarding if there really ever was an LP or not.

If this came up for a new vote today, I'd vote guilty again.
 
Well i think FXopen could have handled it better and given him some profits as goodwill maybe $1000 but not the whole $40000.

Misquotes happen they are part of the electronic trading game. I think its reasonable to believe that Kovac knew there was an issue after turning $600 into $6k in 10 minutes.

Let me be clear i am not endorsing and have never traded with FXopen.

But please let me make my point via argumentum ad absurdum (Latin: argument to absurdity)

The client given a 30 more minutes could have turned $600 into $6,000,000.

You think that its still reasonable that the trades should stand?
 
This is terrible. Kovacs can you give us a update on legal case are Fxopen still trying to sue you?
 
On 05.16.2012, I made a profit of 43.405 USD trading on FXOPEN ECN platform. However, by end of the trading day, all my profit was removed from my account and from my account history. Nevertheless, I was carefull enough, so I made screenshots all of my trades, and I saved my trade logs as well.It is funny, they deleted all my profitable trades, yet they left behind the loosing ones. How ironic it is!

So after I realized what happened to my money and account, I contacted FXOPEN. Needless to say what happened next. Nothing. Contedted them many, many times. No phone call, no reply back to my emails. Only one vague respones from Natalia Zakharova on 05.17.2012. saying: Dear Norbert, We will investigate this and get back to you.Kind regards,Natalia Zakharova. Since then, they ignore me as plaque.

Please see my attached proofs and vote FXOPEN as SCAM.

I guess my stroy is not unusuall in this business, and it is also a warning to all of you to use reliable brokers.
Last but not least, guys, could you suggest me what to do? Could you suggest me legal ways to get my money?

Thanks for all your help and suggestion!
Norbert

p.s.
1, I can only attach 5 files to this post, but I will add the rest to my next post.
2, spread the news of the latest scammer of FXOPEN


I wonder why nobody here on ForexPeaceArmy don't ban this scammer !!!

If you look closely at this SCAMMER closed trades, on his name KOVACS NORBERT, you can see the time when the trade was opened and closed. . But is seem you are not only part of the 95% of amateurs who wipe their money in forex, but you all are noobs too, those who sustain KOVACS NORBERT is right. He open and close the trades in fraction of seconds through an Expert Advisor trying to EXPLOIT THE LATENCY SERVERS wich is against the TOS of the broker.

Trying such EXPLOIT is a criminal case and should be investigated by POLICE not only banned by broker.
 
Some brokers welcome high speed scalping. Of course, those are brokers with very fast connections to good LPs.

If you can show a specific law that was broken by Norbert, please cite it. Brokers' TOS are not laws. Would you really want a broker to be able to write laws which could result in criminal charges against clients, especially since brokers all reserve the rights to reviews their TOS at any time and without warning?

Did you actually read this thread? The broker is not blaming Norbert. The broker is blaming unfair practices of an LP:

Hi Norbert

While I have little more information than you have in the response from the company, it is my understanding that flash quotes injected into the market by the LP in order to attract liquidity resulted in FXOpen being unable to fill you at the prices quoted since the prices didn't exist any more at the LP's end by the time FXOpen could transmit the order. FXOpen sustained a loss at the LP's end so your profit did not materialise. The company has absorbed the loss and has accepted responsibility for the loss caused both by unfair practises by the LP and by the fact that FXOpen could not avoid the loss due to a technical deficiency.

Too bad FxOpen is unwilling to name the LP. Hiding the information makes it easier for this LP to do this again.
 
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