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FXOpen.com.au Review Visit site

Updated: Nov 14, 2018
2.765 · 9 REVIEWS
Is this your company?

This is the Australian branch of FX Open.

The Nevis branch is at FXOpen.com. The UK branch is at FXOpen.co.uk.

FXOpen.com.au is an online forex broker. FX Open AU offers the MetaTrader 4, MT4 Mobile, Web-Based MT4, and FXOpen Trader for Android global forex trading platforms. FX Open Australia offers over 45 currency pairs, gold, silver, bitcoin and other cryptocurrencies for your personal investment and trading options.

FXOpen.com.au

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2.765 · 9 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

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rodri,
Netherlands,
Jun 12, 2018,
Registered user

Terrible Company. The rip you wallet anyway possible

When trading it goes against you. Live charts prices and fxopen prices changes with very high pips so it is impossible almost to profit. I have good reason to believe that they trade against you and they do market making because after entering the candles wait and then goes against the costumer. Stay away from this company or else run away from it. Rediculous high commission when funding, withdrawing and trading. This is a company that wants to empty your wallet anyway possible. The person who rips the most must be the 5 star employee of the month.
Reply by FXOpen_AU submitted Nov 14, 2018:
Dear rodri, thank you for taking the time to share your opinion.
FXOpen AU is an ASIC regulated broker with an excellent reputation. Please note that we run A-book only and do not interfere with pricing coming from our LPs in any way.
Besides, all our clients are informed that trading on the Forex market involves substantial risks including total loss of trading capital.
As to the deposit/withdrawal commissions, FXOpen AU doesn't get any profit from it, these commissions are charged by payment systems for using their services.
With regard to trading commission, it's one of the lowest in the industry, so your complaint seems unfair to us.
Every client is informed about deposit/withdrawal and trading commissions (this is public information) and can make a decision whether these trading conditions are suitable for him/her before depositing money and start trading.
We remain open for further discussion, please feel free to contact us.

Best regards,
the FXOpen AU team
Abe,
Toronto, Canada,
Feb 28, 2017,
Guest

300 pip conversion rate charge

This broker charges 300 pips on USD/CAD conversion rate!!!! from credit card, or from their wallet to their ECN account, same 300 pip. They are supposed to be a forex company! Anyways they also FORCE you to go through skrill if depositing by credit card.
David,
London, United Kingdom,
Nov 10, 2014,
Guest

I was really expecting better from this broker with all it's so called 'hype' in respect of 'tight' spreads etc!!

In reality after placing hundreds of live trades I would recommend they they be AVOIDED!

Simply put in real trading they have too great a slippage whilst trading at normal times and huge spread and slippage at news time COMPARED to other decent brokers.

Sorry to say I do not in any way recommend this broker - they are just very, very poor at execution at a fair market price -makes you wonder if in fact they are a real ECN or STP broker!!!!
highwic,
, New Zealand,
Jul 18, 2014,
Guest

These people are the pits, if you do well the hijack your trades , an instant trade becomes an 18 pip in the future, they hack your computer via command prompt , real scumbags and will be reported to ASIC real soon
Lexter,
Sydney, Australia,
Jan 12, 2014,
Guest

low spread then other AUS brokers , true ECN , Lisence AUS , suit for sclaper , commission fair , this is the one brokers I wanna spend my commission with ,
Breaking brokers,
Sydney, Australia,
Jun 16, 2013,
Guest

Some extremely unusual price action on the exotics and crosses. I would be wary of trading with them.
Jafar Calley,
Sydney, Australia,
Mar 26, 2013,
Guest

@James B, Sydney

1) Our demo accounts give you the experience of trading with our VIP conditions (lower spread) so you can see if our services are suited to you.

2) We cannot offer less than 0.1 lots on an ECN without placing those trades into a "B Book" (Market Maker). As we are a pure ECN, we cannot do that. Testing on trades less than 0.1 lots resulted in a high level of failure due to the fact that Liquidity Providers just don't/very rarely fill such small amounts. Our ECN Micro account is designed for you to test our live execution before committing more funds to your trading account. Having reviewed your account, the higher commission was not the reason for account loss. Your EA made bad trades. It is unfair to place the blame on our commissions.

3) We do have an after hours telephone service provided by RG146 qualified staff from FXOpen NZ. I would like to know which phone number you called and at what time so the failure to answer may be investigated. (You can PM me, email our support or use the discussion forum here if it is more practical).

I'm sorry your experience was not up to expectations and wish you the best wherever you choose to trade.
James B,
Sydney, Australia,
Mar 25, 2013,
Guest

I've had a different experience to the other reviewers so I'll make a few points.

1. I opened an account with the minimum balance of $200. This was after using an FXOpen Aus demo account, which had a minimum opening balance of $3,000. My results in the demo account were good, but based on a much lower commission rate, about 1/3, compared to the live one. Deliberate or otherwise, this is unfair on the trader because the demo results are significantly better than what would be realized on a live account. If they offer a $200 live account they should offer the same on a demo account with the same commission structure. Otherwise the results are deceptive.

2. The minimum lot size is 0.1 which is way too large for a $200 account. If you are scalping then for a 5 stop loss (say) you end up paying about 20% in commission. If you swing trade with a wider stop then the risk to equity is way too high. Either way, with a small account with this broker you will need a brilliant system to not blow your account quickly, like I've done. I'm left wondering why they even offer this account size when it is just setting up traders for failure.

There are other ECN brokers that offer micro lots. I opened an account with Dukascopy at the same time as FXOpen Aus. I wish I had lost my money much more slowly with them rather than rapidly with FXOpen Aus.

3. I tried calling them about a dozen times, at different times when the market is most active, but the calls rang out every time. Apparently they only keep Australian business hours, whereas most brokers provide support 24/5 (whenever the markets are trading). I also emailed their support at one point but didn't receive a reply for 2 days. The support person was off sick and others couldn't access their support email. I'm sorry to say but it felt like a small and pretty unprofessional unit.

I opened my account fully aware that the large lot size relative to equity meant that I was gambling not trading, and naturally I lost money. I haven't written this review because I'm bitter about it, but because I think others with little equity should be wary of this one and find an ECN broker that trades micro lots - for the sake of preserving capital.
SimpleTraders,
Sydney, Australia,
Mar 15, 2013,
Guest

My opinion of FX Open (Australia) is that it is one of the best FX brokers available. I actually work in the same building in Sydney that FX Open operates and was fortunate to have personally visited their offices and was even able to sit down for a chat with Jafar to get some questions answered. Their operation is professional, the people are helpful and the fact that they are registered in Australia gives you confidence because it is quite difficult to pass all the Australian regulations. I have been trading live accounts with FX Open for a few weeks now and I did everything I could to find broker mischief. There was no stop hunting, no margin changing when stretching close to margin calls to close out positions, and no artificial spread widening. Their MT4 ECN platform was stable and I have not come across any freezes during news time while I was trading. My trade manager takes screen grabs when I place a trade and I have seen spreads as low as 0.1 and even 0.0 pips on some pairs like GBPUSD. Wow. Even the spreads on GOLD are good. I found nothing but fairly executed trades and everything is as advertised. This is the real deal. I believe Jafar and his team will do well in attracting quality clients with what they offer. Here is a live FX Open account I just started last week. I couldn't be happier with the trade environment they offer. This is honestly the best broker experience I have had to date.

http://www.myfxbook.com/members/SimpleTraders/4-risk/512089
Jafar Calley,
FXOpen Australia, Australia,
Dec 14, 2012,
Guest

@Tomy

FXOpen AU Pty Ltd is a separate company to fxopen.com. We share only the brand name and ECN technology. We have separate management, separate finances, and operate 100% independently to our friends in the NZ company. You can verify these details on the ASIC website. You can even download our audited financials from there.

As a company authorised and regulated by the Australian Securities and Investments Commission, we are legally bound to act in the best interests of our clients and will do our best to ensure that you are happy with trading with us.

There is not a single complaint, bad review or other claim against us on the internet or with our regulator or the Financial Ombudsman Service. Why not try us to see how well we can serve your needs?

You are welcome of course to post a question on our thread here on FPA to discuss this further before making any more undeserved claims against us.