Problem Fxopen scam - see my proofs

[FXOpen NZ]

Unfortunately, Mr. Kovacs has not replied to our request for his permission to publish the FDR decision (email requests and here in forum) on the matter which he alleged to be an example of improper conduct by FXOpen. By doing this he effectively deprives the community of this forum, which he apparently saw as an appropriate venue for making his allegations public, of a direct access to a decision on the matter taken by an independent and competent dispute resolution authority. This raises questions as to whether the purpose of discussion in this forum, as initiated by Mr. Kovacs, was to provide the trading community with truthful information regarding the events in question, or simply to funnel his emotional reaction to how FXOpen handled erroneous trades on his account into a public campaign detrimental to the image and reputation of our company, without any regard to the actual objective nature of the events in question. We believe that any unbiased observer will find this lack of response from the complainant to be a substantial proof of the fact that references to the decision previously made by FXOpen in this thread are in line with the content of the actual decision.

Our understanding was that this forum strives to be a venue for proper and objective evaluation of complaints members of trading community may have with respect to certain actions taken by service providers, rather than a mere tribune for emotional and unfounded badmouthing campaigns which certain individuals may resort to in case their complaint against a service provider does not withstand an objective evaluation. We also were under an impression that administration of this forum is unbiased in its view on the events discussed, and will not ignore actual facts behind the matter in question in order to avoid acknowledging the inevitable conclusions these facts lead to and, if necessary, revising opinions voiced and/or supported by its members. Unfortunately, we are forced to conclude that in this particular case we have been observing actions inconsistent with this concept.

Once again, we believe, that GUILTY mark should be removed by Administration.

Kind Regards,
Denis Peganov

 

[Negotiator]

Hi there all of you. I have been investigating FXOpen since I am interested to open a life account and came across this case.

I must admit that Mr. Kovacs case scared me off at first, but since he thankfully posted FXOpen's response (without asking for permission by the way) things became clear to me. This trader has trade with prices that didnt exist at these levels to his own advantage. He must have realized that all positions that he opened turned into profit immediatly and therefore made like 50 trades in less then 30 minutes. He claims to be a successfull trader with quite some experience, therefore he must have realized this "error" fairly quick and simply took advantage of it. He most likely knew that these trades were erroneous and made some screenshots before they get deleted again - to be able to sort of extort this broker with bad reputation, hoping that he will experience some financial settlement. I can imagine that some of the posts made here are from the same person under other nicknames.

Personally, I like how the issue has been solved. I dont see a problem with this broker and feel sorry for FxOpen for the reputation damage that the broker has suffered.

 

[Pharaoh]

Negotiator,

You aren't even a little concerned that a bad LP deliberately introduced off-market prices to lure traders in?

You don't have an issue with FxOpen keeping the identity of an admittedly bad LP confidential?

I can imagine that some of the posts made here are from the same person under other nicknames.

You found this one issue so interesting that you created a brand new forums account solely to comment on it and make accusations against the original poster and also attack some of the people who supported him? Or perhaps I can imagine that you are somehow engaged by FxOpen to post on their behalf.

 

[Netgold777]

I have to say that I also think that this was due to a glitch in FXOpen's software. As I saw the same thing happening where the screen would freeze but it was possible to keep banging orders in and make fantastic profits when the screen unfroze after a few seconds to a minute or so. Now I can understand why FXOpen wouldn't wish to admit that their software or perhaps servers, coms etc were faulty and cooked up the story of a bad LP to cover this fact.

The thing that suprises me is that, surely, they are responsible for the people they choose do business with and if indeed, as they cvlaim, it was down to a bad liquidity provider then they should have reported this to the authorities as a case of fraud so that the LP could be brought to book and suitably dealt with. Certainly any licenses etc that they had to be a LP revoked. Also prosecutd under what ever juristriction apply.

Do brokers not do any sort of checks into the scruples of the LPs they deal with??? And deal with only reputable verified licensed etc LPs???

If not then this is very worrying indeed.

I have to say that all in all to me, this whole case seems to have a strong smell in the air. I think that smell is probably BS from both parties involved

PS: Has anything more been heard of Mr Kovacs??? I would be interesting in seeing the full copy of the FDR's decision in this case if he would grant his permission for publication as I have had an FXOpen demo account for some time now and was thinking of opening a live account with them. Naturally I am currently reluctant to do this which is a shame as I have found there systems to be good, apart from the glitches mentioned above which do seem to have dissapeared now for the best part of a year. Yes it is nice to see several grand in the one's balance in a minute or less but it is far better to know it was achieved through sound trading techniques rather than faulty software. Although of course now if one could get away with robbing the broker blind for a change, instead of the other way round...................))

 

[sixa]

the infamous liquidity provider

I am pretty sure i´ve been scammed too! Just threee days ago, i just turned from standard to ECN account... opened two trades and they both opened around 10 Pips lower than market prize. I was instantly 600+ $ in the red! I was schocked and didn´t know what to do. Grabbed my phone to take pictures ... in the meantime it went in the win then rapidly in the loose zone again. As i had my first clear thought in that action, i closed the trades, cause i had only 1000$ on the account after all and these two losses were already 625$. So i lost 625$! I emailed FX Open and they replied with "our liquidity provider had some issues". I checked the internet for this issue and it´s quite common. Also, the macd indicator showed mirrored volumes!! I emailed them too about that and also teh repy was "maybe also the liquidity providers fault".

So they said that it´s their fault and what they do? they just give me 300$ back! I can not accept this and am waiting for a reply to my last email.

I will open my own thread with the whole detailed story when they do not give me at least the 625$ of the two lost trades back! It was their error. A RESULT OF THEIR "TECHNICAL ISSUE". I should not pay half of this! Am i right?

 

[Pharaoh]

I think it's time for FxOpen to negotiate some new contracts with their LPs. Without improved transparency, how can traders have any confidence that these LPs really exist?

 

[RahmanSL]

".........didn´t know what to do. Grabbed my phone to take pictures .."

No need to do that....just quickly press the key "PrtSc SysRq" on your computer....then go to "Start"...."All Program"....."Accessories"...."Paint"....when screen comes on....press "Ctrl" & letter "V" at the same time and you will get a screenshot picture of your trading platform or whatever you want to capture on your computer screen. So long as you don't press the "PrtSc SysRq" another time, the last screenshot will be the valid one.

.........unless, of course, the Ruler & Enslaver-of-poor-old-Moses-and-his-people has a much better way to capture a screenshot, to which I would be eternally grateful to learn


As for the issue with FXOpen, it was once-upon-a-time my favorite & prime broker but now is history in my list.

 

[Master Yoda]

Hi FxOpen,
Did you notify the customer before taking/right after taking these actions?
Legally speaking, and I am not talking about your terms and conditions but according to your regulation (ASIC I think?), were you following the instructions of handling this case?

Stating: "FXOpen has been open and honest and has acted with integrity. I really wish you could see that" is only because they pay as I see it. I can't judge if you scammed the customer based on the facts we have here, but I can only say your service is not good and even bad if takes you 3-4 weeks (!!!) to answer a client who put his money and trust in you. I am not sure you know the feeling, but people can be anxious in these situation and your "honesty and integrity" didn't help here.

 

[Netgold777]

".........didn´t know what to do. Grabbed my phone to take pictures .."

No need to do that....just quickly press the key "PrtSc SysRq" on your computer....then go to "Start"...."All Program"....."Accessories"...."Paint"....when screen comes on....press "Ctrl" & letter "V" at the same time and you will get a screenshot picture of your trading platform or whatever you want to capture on your computer screen. So long as you don't press the "PrtSc SysRq" another time, the last screenshot will be the valid one.

.........unless, of course, the Ruler & Enslaver-of-poor-old-Moses-and-his-people has a much better way to capture a screenshot, to which I would be eternally grateful to learn


As for the issue with FXOpen, it was once-upon-a-time my favorite & prime broker but now is history in my list.

Hi RahmanSL, try this m8.
First I will say im not "the Ruler & Enslaver-of-poor-old-Moses-and-his-people" tHAT WAS MY fATHER) mATE

Right click mouse on empty part of chart
On drop down menu, select 'save as picture' - you should then get a box up titled 'save as picture'. 'Active workspace should be selected and also 'Post image online in MQL5 charts service and get the link' should ticked
Select 'OK' and all will be revealed
This will open a new browser window of your mt4 screen and you can then copy the URL and post it so all the world can see it.
The advantage of this method is that you can capture multiple screens a lot quicker than by using MS Paint. and copy and paste.
Example, Chart AUDUSD, M15, 2013.05.19, AxiCorp Financial Services Pty Ltd, MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots

I am in accord with you as to FX Open as well. Also for a long time my broker of choice with multiple demos and was going to use them live but I feel that after all that has gone on in this case, on the part of both patries, is just absolute BSh*te and smoke and mirrors.
And to say that it is the fault of a LP I don't feel is a sound exscuse. A bit like two children when asked who kicked the broker through the window and the will both reply , He did it. Surely a broker is responsible for the LPs that they use??? and are therefore liable if they are using a crooked one and that data gets through to their charts???? As Traders we can only go by the data that appears on the brokers charts. Also in the cases where bad data appears on their charts and they cancel profits made they should refund any monies staked by traders at that time in full. To me it appaers that FXOpen are not doing so in these cases

ps: I was looking at an old FXOpen account on friday and what do I see???
Chart GOLD, M1, 2013.05.19, FXOpen Investments Inc., MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots
and this,
Chart GOLD, M1, 2013.05.19, FXOpen Investments Inc., MetaTrader 4, Demo - MetaTrader Trading Platform Screenshots
This is symptomatic of what I mentioned in an earlier post on this thread of when prices go way off, gaps appear on their and large profits or losses will appear. To me this does not look like a LP problem, unless it is with all FXOpen's LPs, but more like a server, software or coms problem at FXOpen. Or, maybe it was caused by a solar flare and happened worldwide;0) There is after all a lot of sunspot activity at the moment

 

[amir132]

WHAT THE F%&K IS FXOPEN?! THEY CLAIM THEY ARE ECN BROKERS WHILE THE LPS' ARE THE MARKET MAKER?!
THEY SHOULD PUT WE ARE STP
(WE SOMETIMES DO ACT AS MARKET MAKERS)
The informations that they giving us are blur....Pleacse clearly highlight to us,the traders that you are STP brokers at least(and put below the StP)we are also market makers)...jeezzz

people nowadays don't know even how to market their business clearly....it's basic,the fundamental about marketing is being transparent and honest,don't you know fxfrench?