GUILTY Case# 2012-056 | Kovacs Norbert vs fxopen.com

[claretblue]

It sounds to me that FxOpen should be suing their LP, rather than protecting them.

 

[Pharaoh]

I'm incredibly disappointed in how FxOpen dealt with this issue. Add to that the threat to sue an unhappy trader for publicly complaining and I can't personally justify any vote other than Guilty.

I hope FxOpen wakes up and realizes that their entire approach to this issue is alienating current and potential customers.

 

[Black Widow]

Guilty. This is so unprofessional, even a blind man could see that FXOpen is a SCAM. Stay away from the ones like this.

 

[Rentech]

When I was in restaurant management, if a server dropped the wrong check at the table, and it was for less than the actual bill, the restaurant /server had to pay the difference (assuming it was caught after the transaction was completed). If it was for more than the actual bill, of course the guest was refunded the difference, and usually given a manager's card for a free entree or appetizer on their next visit. In short, this is considered part of the cost of doing business.

As for FxOpen, I don't like how they are handling this, and will never use them. Guilty.

I have to agree with this statement. At least in my life and any business I've done, if the mistake is on my part, i have to eat it the losses assuming the transaction is done. In this case the money was in the account and they have agreement clauses so i guess arguments can't be made. But if you're gonna be a broker, then you better get organized. I'd love to see a bookie tell someone he made a mistake with the odds!

I do think anyone who uses a Market Maker instead of a STM broker is "asking for it" though (to put it nicely), I mean there are so many reliable brokers out there.

My conclusion is that fxopen should provide more detail on their LP provider, to say that its a secret because of an NDA seems fishy, I think something else is up to have provided these misquotes. Brokers themselves are very much able to add an extra few points to open and close prices beyond where the lines appear. I had this problem with another broker and he admitted he was adding 7 points on both open and close prices. It could be software that does it automatically too and it added too much in the opposite direction, or human error. So this misquoting is very unprofessional whatever the reason.

In conclusion again, the Trader in this case was greedy and should not expect a dime. And should be happy to have got his $1800 back.
And fxopen and their "LP" provider should be reported to New Zealand Financial Complaint Resolution Financial Dispute Resolution

I vote neutral

 

[Cleeon]

hi

Hi, I am new member here and maybe that the reason why I can't submit for the polls yet, but I think that is not very necessary.

After reading and learning the case from Mr. Kovacs.

I see FXOpen was recover his funds, that means on other way, paid his real loss to the account.
cause in fact, this case happened from fictitious price from Liquidity provider error quote, but FXOpen accept about that and recover or pay trader loss cause that error.

I read few member here want FXOpen to pay some compensation to Mr. Kovacs.
I can understand what Mr. Kovacs feel, after see profits, then at the real/fact that profits removed.
but, please check again, at reality all open trade for this case is at "loss" condition, but rather than it, FXOpen accept this case and error which make client unhappy and already recover that account.

Few member on this forum want Mr. Kovacs get more compensation as what ? more money or profits ?
that illegal and unfair, I give real example for this case, if Mr. Kovacs get more compensation from FXOpen and FXOpen agree to do it,
then other FXOpen trader who get same case like Mr. Kovacs >>>>who have profits at fictitious price/error price/unreal price, will ask same compensation to FXOpen,
but not just that, all FXOpen trader who get loss cause that fictitious error price, maybe would silent >>cause think like this :
I am prefer silent, cause FXOpen already recover my loss trade.
but, wait for period of time, if they have loss at that error price, that's mean maybe they have profits at fact/real price, then maybe more trader will ask about compensation too.

So, give more compensation to Mr. Kovacs is illegal, for FXOpen trader that is cheating,
why ? cause in fact Mr. Kovacs have loss trade, not profits.

I am sure, if Mr Kovacs want to take this case to legal way of law or maybe other member here, for sure You will lose.

this case, in fact, Mr. Kovacs must accept, he is just one of trader who affected cause that error price and get prize from FXOpen as compensation cause FXOpen already accept that mistake and pay his and other trader loss trade.

remember please for everyone here, not just Mr. Kovacs, FXOpen trader who affected cause this error price case >>> like Mr. Jafar Calley said above.
and Mr. Denis from FXOpen is right, give more compensation to Mr. Kovacs is illegal, for give more clear statement, for other FXOpen trader, give more compensation to Mr. Kovacs is cheating,
cause in fact, Mr. Kovacs have loss trade, then cause this case, FXOpen administration decided to close all of that trades and pay his loss at market.

when, Mr. Kovacs or anyone here want to take this case to legal way of law, please let me know,
I am very sure, just use this explanation is enough to make sure that FXOpen will win on that legal way,
also with many proof. Peoples can check the real price on that date and can get real proof, about that error/fictitious price which happened on that date.

 

[FXCobra]

Hi, I am new member here and maybe that the reason why I can't submit for the polls yet, but I think that is not very necessary.

After reading and learning the case from Mr. Kovacs.

I see FXOpen was recover his funds, that means on other way, paid his real loss to the account.
cause in fact, this case happened from fictitious price from Liquidity provider error quote, but FXOpen accept about that and recover or pay trader loss cause that error.

I read few member here want FXOpen to pay some compensation to Mr. Kovacs.
I can understand what Mr. Kovacs feel, after see profits, then at the real/fact that profits removed.
but, please check again, at reality all open trade for this case is at "loss" condition, but rather than it, FXOpen accept this case and error which make client unhappy and already recover that account.

Few member on this forum want Mr. Kovacs get more compensation as what ? more money or profits ?
that illegal and unfair, I give real example for this case, if Mr. Kovacs get more compensation from FXOpen and FXOpen agree to do it,
then other FXOpen trader who get same case like Mr. Kovacs >>>>who have profits at fictitious price/error price/unreal price, will ask same compensation to FXOpen,
but not just that, all FXOpen trader who get loss cause that fictitious error price, maybe would silent >>cause think like this :
I am prefer silent, cause FXOpen already recover my loss trade.
but, wait for period of time, if they have loss at that error price, that's mean maybe they have profits at fact/real price, then maybe more trader will ask about compensation too.

So, give more compensation to Mr. Kovacs is illegal, for FXOpen trader that is cheating,
why ? cause in fact Mr. Kovacs have loss trade, not profits.

I am sure, if Mr Kovacs want to take this case to legal way of law or maybe other member here, for sure You will lose.

this case, in fact, Mr. Kovacs must accept, he is just one of trader who affected cause that error price and get prize from FXOpen as compensation cause FXOpen already accept that mistake and pay his and other trader loss trade.

remember please for everyone here, not just Mr. Kovacs, FXOpen trader who affected cause this error price case >>> like Mr. Jafar Calley said above.
and Mr. Denis from FXOpen is right, give more compensation to Mr. Kovacs is illegal, for give more clear statement, for other FXOpen trader, give more compensation to Mr. Kovacs is cheating,
cause in fact, Mr. Kovacs have loss trade, then cause this case, FXOpen administration decided to close all of that trades and pay his loss at market.

when, Mr. Kovacs or anyone here want to take this case to legal way of law, please let me know,
I am very sure, just use this explanation is enough to make sure that FXOpen will win on that legal way,
also with many proof. Peoples can check the real price on that date and can get real proof, about that error/fictitious price which happened on that date.

I couldn't hold myself from replying to this nonsense post. What the hell did you say!?? Do you know what you wrote!!
Thank God that such new members can't vote. As one member said in a forum of FPA that there must be some kind of pick for professionals to vote on cases not any person that can be one of the Scam broker friends comes here to vote in its favor. Don't know how 19 members! voted Not Guilty anyway!!
Fxopen already admitted that its their LP mistake which mean they must take full responsibility and pay Kovacs his money profits.

Did you ever read the case or know what's going on here or someone told you write what you posted?!!
What Fxopen returned Kovacs his loss and the client want more compensation and the client trades were loss, are you talking about!!
You're talking about false things that never happened and picturing Kovacs as if being greedy, you know nothing what's happening in this case. your post words prove that.
You made me laugh when you said Kovacs will loose if he followed a "legal way of law"
Seriously, do you know that this is FPA website or you passed through by accident or kicked here by Fxopen!
Don't know why such people comment on FPA.
Sorry FPA Admins for the tough words in my post but some people drive you crazy when they post against facts.

But for example what is this: "Mr. Kovacs must accept, he is just one of trader who affected cause that error price and get prize from FXOpen as compensation cause FXOpen already accept that mistake and pay his and other trader loss trade."
Really! Are you serious or normal!!
The first rubbish is saying "just one trader affected cause of that error price" How can that happen anyway, LP send the broker prices just to Kovacs account?!?! or What "prize" or Fxopen "accept that mistake and pay his loss trade" are you talking about?!!?
Make us all a favor by going to Fxopen take your commission for this post and stop posting here if you are enough with 1 commission per post

 

[fxgreenbie]

pity with what happened to Mr. Kovacs.

As a beginner in Forex, does any expert here can tell me which broker company are reliable and didn't charge much commission?

Thanks.

 

[Bob4rex]

English is not my first language either but I think I can make my point much clearer than this Cleeon Guy. Perhaps he's side-blinded by the commission that's being waved in front of his eyes by FxOpen or perhaps he too is running some scamming bucket shop in some back alleys of Egypt and that's why he is too eager to support FxOpen. I vote guilty in this case.

 

[Onyebuchim C. Obike]

I think we should look at this issue positively and learn something from it.

First of all, ALL TRADERS should take more time reading through Brokers Terms and Conditions before jumping in. I had interest in FXOpen so i took time to read their TCs and their rules governing/binding customer and broker. I found some issues uncomfortable like what happened to kovacs. I asked questions and they replied just exactly how they responded to Kovacs.

See sample of my disscusion with them: (Agreement terms on black, my questions on red their response on blue)

RE: Inquiry on Terms of Agreement (ECN Account) <!-- span class="attachments">This email has attachments</span-->2 1 recipients
CC: recipientsYou More
BCC: recipientsYou

Hide Details
<dl class="details"> <dt id="hdr-from" class="hdr-info">FROM:Gleb Ivanov </dt><dt id="hdr-to" class="hdr-info">TO: onyeobike@yahoo.com </dt></dl> Message flagged
Wednesday, June 13, 2012 1:27 PM



<style><!-- _filtered #yiv699916545 {font-family:Calibri;} _filtered #yiv699916545 {font-family:Tahoma;}#yiv699916545 p.yiv699916545MsoNormal, #yiv699916545 li.yiv699916545MsoNormal, #yiv699916545 div.yiv699916545MsoNormal {margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"serif";}#yiv699916545 a:link, #yiv699916545 span.yiv699916545MsoHyperlink {color:blue;text-decoration:underline;}#yiv699916545 a:visited, #yiv699916545 span.yiv699916545MsoHyperlinkFollowed {colorurple;text-decoration:underline;}#yiv699916545 p.yiv699916545MsoAcetate, #yiv699916545 li.yiv699916545MsoAcetate, #yiv699916545 div.yiv699916545MsoAcetate {margin:0cm;margin-bottom:.0001pt;font-size:8.0pt;font-family:"sans-serif";}#yiv699916545 span.yiv699916545BalloonTextChar {font-family:"sans-serif";}#yiv699916545 p.yiv699916545msochpdefault, #yiv699916545 li.yiv699916545msochpdefault, #yiv699916545 div.yiv699916545msochpdefault {margin-right:0cm;margin-left:0cm;font-size:10.0pt;font-family:"serif";}#yiv699916545 span.yiv699916545balloontextchar0 {font-family:"sans-serif";}#yiv699916545 span.yiv699916545emailstyle18 {font-family:"sans-serif";color:windowtext;}#yiv699916545 span.yiv699916545emailstyle21 {font-family:"sans-serif";color:#1F497D;}#yiv699916545 span.yiv699916545emailstyle22 {font-family:"sans-serif";color:windowtext;}#yiv699916545 span.yiv699916545EmailStyle24 {font-family:"sans-serif";color:#1F497D;}#yiv699916545 span.yiv699916545EmailStyle25 {font-family:"sans-serif";color:windowtext;}#yiv699916545 .yiv699916545MsoChpDefault {font-size:10.0pt;} _filtered #yiv699916545 {margin:72.0pt 72.0pt 72.0pt 72.0pt;}#yiv699916545 div.yiv699916545WordSection1 {}--></style>Dear Sir,

Thank you for your enquiry and patience!
Hereby I disclose the answers from our legal department. I hope that we’ve fully satisfied your request and you will be ready to join our customers list.

Best Regards,

Gleb Ivanov
Sales and Marketing Manager
FXOpen NZ Limited
e-mail: gleb.ivanov@fxopen.org
Skype: gleb.ivanov.w
Tel.: +7 499-346-09-60 (ext. 188)
http://www.fxopen.com/

From: onye buchi[mailtonyeobike@yahoo.com]
Sent: 04 June 2012 18:16
Subject: Inquiry on Terms of Agreement (ECN Account)

Dear Sir,

I'm a prospective customer willing to open an ECN Account. Having studied your Terms of Agreements and other documents i have the following observations tbelow that requires clarification to enable me take the right decision. My observations/inquiries are on red

Your earnest reply would be highly appreciated.

Thank you.

Obike C. Onyebuchim

(Section of an answered question from FXOpen

CUSTOMER AGREEMENT
6. BUSTED TRADES
FXOpen shall have the right to annul and/or reverse any trades which are deemed untrue or opened at a fictitious price not existing on the market at the time of opening. (What do you mean by untrue or fictitious price. I suppose the price ought to come from your price feeds.)

While our ECN price-feed is determined by prices obtained from liquidity providers, technical issues and/or various market situations can lead to client orders being executed at prices, which do not actually correspond to those available in the platform’s liquidity pool. As one of possible examples, a liquidity provider could quote a price which later is deemed untrue market price by that liquidity provider and, as a result, the transaction gets cancelled by the liquidity provider or the liquidity provider changes the price at which the transaction is deemed executed.

I have attached the full questions and disscusions i had with them through their legal department as pertains issues like this.

I had intended to bring up the issues/discussion with fellow traders for better advise.

I think its high time the FPA innovate a solution to discuss and treat Broker Terms & Conditions on the forum.

If kovacs goes to court he might lose the case because he already signed an agreement with them, which protects FXopen from liabilities. However i'm of the view that he's original account should be restored and any incured expenses (fees) should be withdrawn, since it is the fault of their LP and they published reasons for price glitches.

Fellow traders please take time to read through brokers Terms and Conditions.

The FPA should read through the attached file and see reasons why this case might be hard for Kavocs.

 

[Onyebuchim C. Obike]

I think we should look at this issue positively and learn something from it.

First of all, ALL TRADERS should take more time reading through Brokers Terms and Conditions before jumping in. I had interest in FXOpen so i took time to read their TCs and their rules governing/binding customer and broker. I found some issues uncomfortable like what happened to kovacs. I asked questions and they replied just exactly how they responded to Kovacs.

See sample of my disscusion with them: (Agreement terms on black, my questions on red their response on blue)

RE: Inquiry on Terms of Agreement (ECN Account) <!-- span class="attachments">This email has attachments</span-->2 1 recipients
CC: recipientsYou More
BCC: recipientsYou

Hide Details
<dl class="details"> <dt id="hdr-from" class="hdr-info">FROM:Gleb Ivanov </dt><dt id="hdr-to" class="hdr-info">TO: onyeobike@yahoo.com </dt></dl> Message flagged
Wednesday, June 13, 2012 1:27 PM



<style><!-- _filtered #yiv699916545 {font-family:Calibri;} _filtered #yiv699916545 {font-family:Tahoma;}#yiv699916545 p.yiv699916545MsoNormal, #yiv699916545 li.yiv699916545MsoNormal, #yiv699916545 div.yiv699916545MsoNormal {margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"serif";}#yiv699916545 a:link, #yiv699916545 span.yiv699916545MsoHyperlink {color:blue;text-decoration:underline;}#yiv699916545 a:visited, #yiv699916545 span.yiv699916545MsoHyperlinkFollowed {colorurple;text-decoration:underline;}#yiv699916545 p.yiv699916545MsoAcetate, #yiv699916545 li.yiv699916545MsoAcetate, #yiv699916545 div.yiv699916545MsoAcetate {margin:0cm;margin-bottom:.0001pt;font-size:8.0pt;font-family:"sans-serif";}#yiv699916545 span.yiv699916545BalloonTextChar {font-family:"sans-serif";}#yiv699916545 p.yiv699916545msochpdefault, #yiv699916545 li.yiv699916545msochpdefault, #yiv699916545 div.yiv699916545msochpdefault {margin-right:0cm;margin-left:0cm;font-size:10.0pt;font-family:"serif";}#yiv699916545 span.yiv699916545balloontextchar0 {font-family:"sans-serif";}#yiv699916545 span.yiv699916545emailstyle18 {font-family:"sans-serif";color:windowtext;}#yiv699916545 span.yiv699916545emailstyle21 {font-family:"sans-serif";color:#1F497D;}#yiv699916545 span.yiv699916545emailstyle22 {font-family:"sans-serif";color:windowtext;}#yiv699916545 span.yiv699916545EmailStyle24 {font-family:"sans-serif";color:#1F497D;}#yiv699916545 span.yiv699916545EmailStyle25 {font-family:"sans-serif";color:windowtext;}#yiv699916545 .yiv699916545MsoChpDefault {font-size:10.0pt;} _filtered #yiv699916545 {margin:72.0pt 72.0pt 72.0pt 72.0pt;}#yiv699916545 div.yiv699916545WordSection1 {}--></style>Dear Sir,

Thank you for your enquiry and patience!
Hereby I disclose the answers from our legal department. I hope that we’ve fully satisfied your request and you will be ready to join our customers list.

Best Regards,

Gleb Ivanov
Sales and Marketing Manager
FXOpen NZ Limited
e-mail: gleb.ivanov@fxopen.org
Skype: gleb.ivanov.w
Tel.: +7 499-346-09-60 (ext. 188)
http://www.fxopen.com/

From: onye buchi[mailtonyeobike@yahoo.com]
Sent: 04 June 2012 18:16
Subject: Inquiry on Terms of Agreement (ECN Account)

Dear Sir,

I'm a prospective customer willing to open an ECN Account. Having studied your Terms of Agreements and other documents i have the following observations tbelow that requires clarification to enable me take the right decision. My observations/inquiries are on red

Your earnest reply would be highly appreciated.

Thank you.

Obike C. Onyebuchim

(Section of an answered question from FXOpen

CUSTOMER AGREEMENT
6. BUSTED TRADES
FXOpen shall have the right to annul and/or reverse any trades which are deemed untrue or opened at a fictitious price not existing on the market at the time of opening. (What do you mean by untrue or fictitious price. I suppose the price ought to come from your price feeds.)

While our ECN price-feed is determined by prices obtained from liquidity providers, technical issues and/or various market situations can lead to client orders being executed at prices, which do not actually correspond to those available in the platform’s liquidity pool. As one of possible examples, a liquidity provider could quote a price which later is deemed untrue market price by that liquidity provider and, as a result, the transaction gets cancelled by the liquidity provider or the liquidity provider changes the price at which the transaction is deemed executed.

I have attached the full questions and disscusions i had with them through their legal department as pertains issues like this.

I had intended to bring up the issues/discussion with fellow traders for better advise.

I think its high time the FPA innovate a solution to discuss and treat Broker Terms & Conditions on the forum.

If kovacs goes to court he might lose the case because he already signed an agreement with them, which protects FXopen from liabilities. However i'm of the view that he's original account should be restored and any incured expenses (fees) should be withdrawn, since it is the fault of their LP and they published reasons for price glitches.

Fellow traders please take time to read through brokers Terms and Conditions.

The FPA should read through the attached file and see reasons why this case might be hard for Kavocs.

Therefore i have no judgement pending when more revelations can be unfounded and if their LP can be convicted of price feed manipulation.