Problem Fxopen scam - see my proofs

[Kovacs Norbert]

Manikah,

in the last few days I gathered a lots of information about FXopen. And now I am convinced FXopen is a bucketshop! So there is now reason to contact them anymore, since I have done that four times prior. No reply. If they wish to settle, they could have done it.

Pharaoh,

yes, the time has come. I challenge FXopen at FPA Traders Court, and hope it will be declared officially "SCAM".

Wish you all good trading,
Kovacs Norbert

 

[Pharaoh]

Here's the link to file a case:

Forex Scam Resolution and Trader's Money Recovery


I'm still waiting to hear someone from FxOpen explain how a bad LP's actions can be used against a trader. A "real" pricing error should result in a trade adjustment or trade cancellation. A deliberate error introduced by the LP should be honored.

 

[szilko]

I found your post in the last minute, thank you!

Dear Norbert, I found your posts in the last minute (before I started to open account with FXOpen).
So, thank you! Otherwise lenne egy ötletem hogyan lehetne mégis nyereségessé tenni a stratégiádat.
Ha érdekel, keress légyszi skypon (nick+33) vagy írj ide, és visszahívlak: pannon 9961530
üdv, Szöllősi Szilárd

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in the last few days I gathered a lots of information about FXopen. And now I am convinced FXopen is a bucketshop! So there is now reason to contact them anymore, since I have done that four times prior. No reply. If they wish to settle, they could have done it.

Pharaoh,

yes, the time has come. I challenge FXopen at FPA Traders Court, and hope it will be declared officially "SCAM".

Wish you all good trading,
Kovacs Norbert[/QUOTE]

 

[Pharaoh]

FxOpen was kind enough to relay some information to me via the FPA.

The data does show that the LP provided incorrect pricing.

Had this been a short term technical issue, then I believe that FxOpen's actions would have been 100% correct. Instead, from FxOpen's own statements in this thread, the incorrect prices appear to have been due to a deliberate action of the liquidity provider.

If that is indeed the case, I believe that the proper course of action for FxOpen is to honor the trades at the price presented and to seek compensation from the LP.

I also recommend that FxOpen immediately begin to renegotiate all LP contracts to end confidentiality clauses that protect LPs from performing actions like this.

I'd like to repeat my prior questions and would like to see a public response:

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?

 

[Kovacs Norbert]

Hello All,

the latest act of FxOpen is much more ridiculous and upsetting than anything else. Now, it turns out FxOpen released “ top secret” information to a third party ( Pharaoh) in this matter, but failed to do so to its own client. How ironic it is.

In the previous posts FxOpen claimed it could not provide inform on which LP had had technical problems on 2012.05.16. due to their business agreement. Now, it shared some information with the top FPA member, so they just breached their own business agreement and violated their own words.

It is obvious, Fxopen released some information in order to avoid being called SCAM. Yet, they just fell their own trap. They did because now we all can see they can easily breach business agreement and deliberately lie. They act as SCAMMERS to do.

If it looks like SCAM, sounds like SCAM, and reads like SCAM, then it is SCAM.

Wish you good trading !

 

[antonisk]

Basically a trader has to suffer for the poor feed of an LP. FPA Traders Court is the way to go

 

[FXOpen NZ]

Public disclosure of confidential information with an intention of proving our argument in this dispute will be in violation of our current agreements, which can have long-lasting effects and potentially harm our relations with other business partners.
Although, the way this case is being resolved leaves all the sides short from feeling content, the fact is -- all the contractual obligations previously agreed upon by the three participating sides have been honored.
Presently FXOpen is working on renegotiating some of the terms of agreements with our LPs, so that it will allow more flexibility and transparency, which should help us avoid these types of situations in the future.

 

[FXOpen NZ]

Basically a trader has to suffer for the poor feed of an LP. FPA Traders Court is the way to go

That's a real ECN and it works for everyone in the same way with no exceptions. If someone has different model, then it means only one thing that is not a true ECN

 

[Pharaoh]

If an LP has an accident with pricing, then FxOpen cancelling profitable trades instead of turning profitable trades into losing trades is a very good thing. From what I've seen in this thread, it's apparent that the LP was deliberately providing a false data feed to lure in traders.

In my opinion, there are two courses of action available to FxOpen in these circumstances.

1. Keep hiding the name of the bad LP, throw hands up in the air and say "It's beyond our control that our LP tuned our ECN platform into nothing more that a cheap bucketshop. We promise to try really really hard to keep this from happening again. Too bad that we promised the LP that ripped you off not to tell anyone who they are, unlike many brokers that publish the names of their LPs."

2. Pay clients based on trades made in good faith. Grow a pair and seek compensation from the LP. Renegotiate contracts with LPs to end the secrecy (or, at least, to end the secrecy if the LP is caught performing unethical actions against clients).

BTW - Kovacs already filed a pending FPA Traders Court case. I don't think it will be pending for very much longer. If FxOpen continues to try to act helpless and pass the blame to a secret LP, I'll be voting Guilty.

 

[mrgummo]

WOW! It never ceases to amaze me how companies, brokerages, etc. can be so shortsighted, as to throw away their good will /reputation for short term gain. Kovacs, I hope FxOpen decides the price for their inflexibility is too high--as it is, I know anyone who has come across this thread has scratched FxOpen from their future brokerage list...And current clients obviously need to beware.

I'm sorry you are having to deal with these deceitful business practices--I hope they come around in the end.

Ron