Problem Fxopen scam - see my proofs

[RahmanSL]

What's foremost in my mind now is:
How are we, the clients of FxOpen, ever going to be assured that this will also not happen to our accounts in future??

Selecting, opening, and then depositing money with a broker is all about trust.
When a broker cannot be trusted to be what it claims to be, then why go with that broker??? Or for that matter, why continue to remain with that broker??

I totally disagree with how FxOpen is handling this case as their client is made to swallow losses (in fact shoved down his throat) due to change of price feeds.

I have often times supported FxOpen (and even been accused of being one of their IB), but if this case does not proceed to a fairer settlement and it comes up for vote here at the FPA, then I regrettably will have to vote the same as the Son-of-Ra'a.

 

[antonisk]

The trader is the customer Fxopen has to help/protect its customer from LP/ ECN platforms bad feeds or as Pharaoh states "cheap bucketshop tactics".
At the end of the day who will be there to protect the trader. FXOpen and every broker must have Safeguard Rules to protect their customers from any miss-contact/errors on behalf of the LP and even the broker itself.
LP error FxOpen has to pay for it, next time choose a better LP or modify your terms and conditions with the specific LP to protect yourself and protect the trader.

 

[hyper]

I know anyone who has come across this thread has scratched FxOpen from their future brokerage list

FXOpen is definitely off my list now. I was previously interested in their ECN account type.

If the problem was the fault of the liquidity provider, then the liquidity provider should be bearing the costs, not the trader.

 

[mrgummo]

Never ceases to amaze me how professional companies and firms ca make such amateurish mistakes. I hope the fine folks at FxOpen realize this will cost them much more in the long run.

 

[nagesh]

I was wondering if there are any other profitable business for FxOpen other than its customers....they are throwing away their reputation to save some small money??? or their EGO?....I have an advice to FxOpen....many prospects are watching this thread...just because promise of a small bonus, people are not going to get into business with companies who have track record of cheating/malpractice in their business...if I were FxOpen, I will fight with that LP and get them to books for such cheap behavior and would have shown world that customer(s) matters...not business partners....business survive more on customers with the help of business partners...not vice-a-versa.

 

[nagesh]

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

Are you suggesting that everyone from other borker's are also getting incorrect prices from LP and are taking loss/ getting cancelled their profitable trades in an ECN environment???I doubt that

 

[sparen must pay]

How can we be sure that these orders were not kept in the house ?
It doesn't mean that it's always the case for Fxopen ECN but for this issue, it would explain all the story.

 

[Kovacs Norbert]

Hello Traders,

thank you very much for your insights on FxOpen. FxOpen is on the hook right now, since so many good questions were asked, and left unanswered.

Please take a look at my case at Traders Court:

https://www.forexpeacearmy.com/fore...6-kovacs-norbert-vs-fxopen-com.html#post92641

Last but not least, thank you for FPA, for and the FPA community to have the chance to present my case here. Hopefully sharing my experiece with FxOpen will prevent other traders from choosing this broker!

Wish you good trading!
K.N.

 

[Pharaoh]

I really think FxOpen needs to closely examine its point of view on this issue.

The TOS may successfully protect FxOpen from a legal challenge under New Zealand's forex regulations. In my eyes, that doesn't excuse FxOpen from allowing an unnamed LP to provide fake prices to a client, failing to seek compensation from the LP, and to continue to shield that LP's identity.

Legally plausible does NOT always equate to ethical treatment of clients. Previously, Fx Open had displayed a far higher level of commitment to clients. So far, FxOpen's statements and actions on this problem leave me feeling very disappointed in the company.

This incident alone leaves me very tempted to add "Refuses to disclose LPs" as a major caution flag against any broker claiming to be ECN or STP in a project I'm working on.

 

[Pharaoh]

My worries about FxOpen turning to the dark side have just gone up dramatically.

Denis Peganov from FxOpen NZ is now threatening to sue since he considers a trader being unhappy that winning trades were erase due to the deliberate actions of an LP to be black PR.

Will FxOpen only have happy customers, or else? Read what happened here:

https://www.forexpeacearmy.com/fore...kovacs-norbert-vs-fxopen-com-3.html#post93259

My recommendations if FxOpen wants to try to restore their reputation:

1. Withdraw any legal threats immediately.

2. Begin negotiations with their LPs immediately, with the goal to end NDAs within 1 year. Other brokers brag about their LPs. Considering what happened, FxOpen should seek full transparency if they want to call themselves an ECN.

3. Offer Kovacs some reasonable level of compensation and a proper apology for what happened to him.