Problem Fxopen scam - see my proofs

[Pharaoh]

A single pricing error being corrected is one thing. 60 winning trades turning into losers because one LP decided to deliberately offer fake prices is quite another.

I'm pretty sure FxOpen ECN uses 5 digit prices. Kovacs, on average, about how many points (pippettes, tenths of pips) were you in profit on each of those trades? I'd like to have some idea just how bad those BS prices had to be to turn your winning trades into losing trades.

Jafar, what good is it for FxOpen to be ECN if your market maker LPs can act like a cheap bucketshops, use fake prices to lure traders in, and then retroactively turn profitable trades into losing trades at will?

Personally, I think FxOpen needs to pay Kovacs and all other traders who suffered losses because of this and then seek compensation from the LP.

 

[RahmanSL]

It's indeed very disconcerting to know that what we thought were winning trades can become losers just because some LP say so.
Where is the stop for any Brokers from making such claims on profitable trades???

....and come to think of it, where is Kovacs???? ....he seems to have disappeared like his winning trades!

 

[donjuan]

Hi VT

All LPs are Market Makers. If they modify the fill prices there is little an ECN broker which is fed by those LPs to do anything about it.

What is clear here is that the LP offered the wrong prices to FXOpen's ECN then they modified the trades. FXOpen did not change anything.

as I know, the main difference between ECN and bucketshops is on ECN there is third party that act as clearing. so who that act as clearing?

 

[Tweetle]

Does it mean, any LP can modify or annul open trades as it's own discretion? So you can too? Can you modify my losing trades please?

 

[Pharaoh]

Think about this:

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.

All LPs are Market Makers. If they modify the fill prices there is little an ECN broker which is fed by those LPs to do anything about it.

What is clear here is that the LP offered the wrong prices to FXOpen's ECN then they modified the trades. FXOpen did not change anything.

An unnamed LP which is a market can offer fake prices and then retroactively alter the client's entry. This isn't a simple price feed error that's being corrected. This appears to be a deliberate action.

1. What is the point of trading with a so-called ECN if the LP can use cheap bucketshop tactics at will?

2. Some brokers go to great lengths to brag about who their LPs are. Why would FxOpen sign an agreement that would protect a liquidity provider's identity when the LP is using unfair tactics to rip off customers?

 

[prabakarv1990]

thank u.....i was thinking of opening an account with them

 

[Kovacs Norbert]

Hello All,

thank you for the support and for the kind words. I did not disappear, I am alive and will do my best to inform you about the developments. In the last couple of days I just needed some time to relax and not to think of this mess.

Untill I get back I wish you successfull trading.

 

[nagesh]

for me this seems like some sort of *adjustment* between LP and FXOpen. I agree that if fake prices were offered by LP, then, LP is the one who should take loss....neither Kovacs nor FXOpen....if FXOpen has an agreement between them and LP stating LP can act on their will...then I would think twice before starting to trade with FXOpen, as they seem immature in the business.....

 

[Pharaoh]

I'm getting more and more disappointed in FxOpens responses and lack of responses on this. Secret LPs that can act like bucketshops isn't what any trader should expect from a broker calling itself an ECN.

If this was up for a vote in the FPA Traders Court today, I'd vote guilty.

 

[manikah]

You can contact again.I think it will corrected by that broker.I never heard this situation about that broker.