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Problem Fxopen scam - see my proofs
- Thread starter Kovacs Norbert
- Start date
-
- Tags
- fxopen.com
I am having an issue with a company
ewan_savage
Private, 1st Class
- Messages
- 40
Pretty much just tells you what you already suspected!
Kovacs Norbert
Private
- Messages
- 26
Hello Traders,
at first, I was upset by the fact that FxOpen thretened to sue FPA since they have no basis for that. FPA only fascilates a forum where traders can experess their views. FPA top members never took any sides and played the game called “ transparency” fairly. FPA is a forum where I could experess myself, and Fxopen could have done as well. We all know they will not sue since they could have defended themselves but they did not do that. Needless to say, we all know the reason why they refrained to do so. So their threat is a joke rather than a real threat.
Now, however, I encourage FxOpen to sue, even sue me. Under investigation they must reveal all the dirty details of their business contract to the judge, and we would find out about the “secret”, about who was that “ bad LP ” who caused so many problems to them. And me.
Would not suing solve all the problems? Just do it!
-----------------------------------------------------------------------------------------------------------
Sergeant RahmanSL ,
“open” means, FxOpen openly takes your money which you never see again…….
Wish you good trading
K.N.
at first, I was upset by the fact that FxOpen thretened to sue FPA since they have no basis for that. FPA only fascilates a forum where traders can experess their views. FPA top members never took any sides and played the game called “ transparency” fairly. FPA is a forum where I could experess myself, and Fxopen could have done as well. We all know they will not sue since they could have defended themselves but they did not do that. Needless to say, we all know the reason why they refrained to do so. So their threat is a joke rather than a real threat.
Now, however, I encourage FxOpen to sue, even sue me. Under investigation they must reveal all the dirty details of their business contract to the judge, and we would find out about the “secret”, about who was that “ bad LP ” who caused so many problems to them. And me.
Would not suing solve all the problems? Just do it!
-----------------------------------------------------------------------------------------------------------
Sergeant RahmanSL ,
“open” means, FxOpen openly takes your money which you never see again…….
Wish you good trading
K.N.
FXCobra
Banned for uncivilized conduct
- Messages
- 337
Fxopen dealt with this case by Norbert totally wrong. They first confessed it was a technical problem getting wrong prices from their liquidity provider to then defend themselves and their LP by an agreement or rules like:
a). By crediting/debiting the Customer's Trading Account;
b). By re-opening erroneously closed positions;
c). By deleting erroneously opened positions or placed orders.
By this act from Fxopen, they are saying it in other way that "Yes, We were wrong but would protect our errors by some disclosure"
We all know that brokers agreements with clients are full of complicated words filled into the agreement sentences lines(Done by "Smart" Lawyers) to protect the broker from legal actions if the client want to charge them later on if there's a case as the one of Norbert.
Fxopen and any other broker have no right to check how the trader had many winning trades and big profits in short time, if he's using an EA or scalping or whatever method it is as long as the broker allows that which is clear that FXopen allow scalping and EA's..
What is found at the Trader account statement is what is right, ofcourse before Fxopen played with or changed Norbert trades data in this case.
There's a big question mark at Fxopen replies and actions in this case. They refused to name the LP and also did not announce that they'll charge their LP, but instead kept refusing to pay Norbert the profits.
Fxopen must refund the trader money even if that was from technical issues between the broker and its LP, that's the broker problem and must take full responsibility, charge the LP and take the money you lost by this error.
But FXopen clearly can't legally charge the LP for reasons they talked about(disclosure..), so they do not want to pay Norbert from their own accounts they see it's not their fault but the LP one. So they decided to run away, leaving the damage to Norbert, using the example that say "can't defeat the big shark go for the small one", which is a completely illegal action by Fxopen and can be named as a Scam Broker for not taking responsibility of their own errors or their LP's ones but pushing it at their clients.
a). By crediting/debiting the Customer's Trading Account;
b). By re-opening erroneously closed positions;
c). By deleting erroneously opened positions or placed orders.
By this act from Fxopen, they are saying it in other way that "Yes, We were wrong but would protect our errors by some disclosure"
We all know that brokers agreements with clients are full of complicated words filled into the agreement sentences lines(Done by "Smart" Lawyers) to protect the broker from legal actions if the client want to charge them later on if there's a case as the one of Norbert.
Fxopen and any other broker have no right to check how the trader had many winning trades and big profits in short time, if he's using an EA or scalping or whatever method it is as long as the broker allows that which is clear that FXopen allow scalping and EA's..
What is found at the Trader account statement is what is right, ofcourse before Fxopen played with or changed Norbert trades data in this case.
There's a big question mark at Fxopen replies and actions in this case. They refused to name the LP and also did not announce that they'll charge their LP, but instead kept refusing to pay Norbert the profits.
Fxopen must refund the trader money even if that was from technical issues between the broker and its LP, that's the broker problem and must take full responsibility, charge the LP and take the money you lost by this error.
But FXopen clearly can't legally charge the LP for reasons they talked about(disclosure..), so they do not want to pay Norbert from their own accounts they see it's not their fault but the LP one. So they decided to run away, leaving the damage to Norbert, using the example that say "can't defeat the big shark go for the small one", which is a completely illegal action by Fxopen and can be named as a Scam Broker for not taking responsibility of their own errors or their LP's ones but pushing it at their clients.
FXCobra
Banned for uncivilized conduct
- Messages
- 337
Fxopen broker is a Scam. I did not reply to this thread before tried them in a live account, ofcourse not mad to use my money even a cent, it's a no deposit account the broker offer as promotion.
Their representatives talk of their LP gave different prices and all that nonsense excuses in Norbert case.
Fxopen broker gives clients unreal prices all day. For example the most traded pair EuroUsd, their given price for it is 3pips difference than other brokers in a live account too.
For example if Euro/Usd price in their mt4 is Bid/Ask 1.2305/1.2307, at other brokers mt4 account with same spread(2) it's 1.2308/1.2310.
Stay far of this broker, with a no deposit account, found it disgusting to continue the trade with them anymore.
Followed up in the Trader's Court Open Cases.
Their representatives talk of their LP gave different prices and all that nonsense excuses in Norbert case.
Fxopen broker gives clients unreal prices all day. For example the most traded pair EuroUsd, their given price for it is 3pips difference than other brokers in a live account too.
For example if Euro/Usd price in their mt4 is Bid/Ask 1.2305/1.2307, at other brokers mt4 account with same spread(2) it's 1.2308/1.2310.
Stay far of this broker, with a no deposit account, found it disgusting to continue the trade with them anymore.
Followed up in the Trader's Court Open Cases.
Last edited:
Pharaoh
Brigadier General
- Messages
- 20,309
it looks like the lawsuit threat is against Kovacs and not the FPA.
Still, threatening to sue a trader who is posting facts about why he is unhappy with a situation is moronic. It's called a slap suit and works like this:
We are big and have many lawyers. You are small and probably have no lawyer. We will threaten to sue you and will cost you more money than the amount being disputed if you don't shut up and stop telling people about the nasty things that happened to you.
I personally think that companies that pull stunts like this deserve to be boycotted.
If FxOpen doesn't withdraw that lawsuit threat, they go on my permanent list of brokers to recommend against. Too bad. They used to be a broker that seemed to care about clients and customer relations.
Still, threatening to sue a trader who is posting facts about why he is unhappy with a situation is moronic. It's called a slap suit and works like this:
We are big and have many lawyers. You are small and probably have no lawyer. We will threaten to sue you and will cost you more money than the amount being disputed if you don't shut up and stop telling people about the nasty things that happened to you.
I personally think that companies that pull stunts like this deserve to be boycotted.
If FxOpen doesn't withdraw that lawsuit threat, they go on my permanent list of brokers to recommend against. Too bad. They used to be a broker that seemed to care about clients and customer relations.
4evermaat
2nd Lieutenant
- Messages
- 2,709
This thread is extremely interesting. I had a chance to review the arguments from both FxOpen side and Kovacs side. While I do not think that the LP absolutely must be revealed (especially if there is a contractual agreement of non-disclosure), it definitely speaks volumes to the question of whether FxOpen ECN is in fact an ECN. ECN from my point of view is transparent order filling model in which the client receives actionable, best bid/ask prices from one or more LPs (including other traders linked to the same ECN) in real-time. Can FxOpen comment on their own interpretation of this definition of ECN?
While NFA does not regulate FxOpen, it is interesting to mention one of their rules for forex retail dealers, that if they have a pricing error, they must correct it within 1 hour and alert the affected customers of the error. I bring this up because the pricing error would have affected everyone who traded that pair (or who was watching that pair with indicator, etc) at around the same time. That's pretty much all clients who had the FxOpen ECN platform open at the time. What does FxOpen have in place to alert clients of incorrect pricing?
The point of the OP was not so much about the LP having incorrect pricing, but determining in a clear-cut fashion when "a deal is a deal".
While NFA does not regulate FxOpen, it is interesting to mention one of their rules for forex retail dealers, that if they have a pricing error, they must correct it within 1 hour and alert the affected customers of the error. I bring this up because the pricing error would have affected everyone who traded that pair (or who was watching that pair with indicator, etc) at around the same time. That's pretty much all clients who had the FxOpen ECN platform open at the time. What does FxOpen have in place to alert clients of incorrect pricing?
The point of the OP was not so much about the LP having incorrect pricing, but determining in a clear-cut fashion when "a deal is a deal".
Kovacs Norbert
Private
- Messages
- 26
Dear fellow traders,
my case against FXopen is up for voting. Please take a look at my case and urge you to vote based on the presented evidences and replies.
https://www.forexpeacearmy.com/fore...se-2012-056-kovacs-norbert-vs-fxopen-com.html
Thanks for all your support!
Wish you good trading.
K.N.
my case against FXopen is up for voting. Please take a look at my case and urge you to vote based on the presented evidences and replies.
https://www.forexpeacearmy.com/fore...se-2012-056-kovacs-norbert-vs-fxopen-com.html
Thanks for all your support!
Wish you good trading.
K.N.
Kovacs Norbert
Private
- Messages
- 26
Hello traders,
representative of the "other fxopen" says that FPA members witch hunted the company as 83% of voters voted it guilty in my case.
Those have not read and voted, please do read it and vote based on the evidences.
Thanks for your time and help,
K.N.
representative of the "other fxopen" says that FPA members witch hunted the company as 83% of voters voted it guilty in my case.
Those have not read and voted, please do read it and vote based on the evidences.
Thanks for your time and help,
K.N.
Albert Kyalo
Recruit
- Messages
- 5
I followed the entire case from begining to the end and i have hold back my $2000 i could have deposited with FXOPEN. I never knew they are this. Honestly speaking, compensate the trader and deal with you LP because as traders, our problem is money not LP or Whichever the name. So please, stop denying this trader justice. I will vote GUILTY because i cant see any answer to convince any person with brains.
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