FXOPEN Broker. Any Thoughts?

[Mike]

I actually had a problem with them last night, and for a split second all those bad reviews I read about FX OPEN started to really nag at me. I started to worry and was on the line with their chat for almost an hour, it kept freezing and I was losing the whole conversation each time. But after all that time they could not help me, so I emailed their support and the problem was fixed. It seems there is a 90 day inactivity clause that will shut your account down automatically without warning. But, I opened an ECN account a few weeks ago and added funds to it, and this account and my original Standard account are now separated even though I used to be able to log into both through the older one.

Not mad or anything, just wanting to see where the problem eventually lies, I am suspecting it is the fact that when the ECN account which is still there was created I did not copy the password for it (if I even received one) and assumed I did not need one since it was always accessed through the old account.

They got back to me pretty quick, definitely a big plus and informed me that the newer account is still live and active. But my old password doesn't work with it and I never received a new password for it because I previously accessed it by logging into the original account. So I'm back to the beginning password not working.

This will work eventually

[ChartWizQ]

Be careful with any unregulated broker, you just never know.

[Medieval]

i hear bad things about fxopen, maybe you can prove this wrong Mike, keep us informed will ya?

[Wallineo9]

Mike, I would like to know more about FX OPEN and the advantages they have over other brokers.

[krishi]

i have no idea about fxopen .need to check it out .

[Mike]

I will keep you all posted, I wish I had the account live the past few days, would have grown it by 300% easily.

[Jones]

I wish I had been able to steer you away from FXOPEN mike, bucket shop of immense proportions. I'd take care there mate.

[Mike]

Well, in fact, I've been trying to get my account RE-Verified all week now, and I thought today would be the day. The support department called my this morning for the final step of the verification process, and I was told I'd receive an email to reset my PIN code. Much to my dismay, the link to reset the pin takes me to a login page where I need a password. I DON'T HAVE THE PASSWORD. This is just too much to have to go through just to get into your account.
<-------------------------------------------------------------------->

I wish I had been able to steer you away from FXOPEN mike, bucket shop of immense proportions. I'd take care there mate.

Sorry to hear your opinion on this broker is so unfavorable, I will certainly take care with them, if I can get into my account again ever.

[Mike]

I am many weeks into having an account with FXOPEN but I have yet to make a single trade. Remarkably still waiting for a reset password link in my email. I've had easier times getting on airplanes post 9/11, not sure why I need to constantly verify who I am, but I told the chat support tech, it is getting excessive, this isn't a nuclear arsenal we're protecting here, it's a Forex account.
<-------------------------------------------------------------------->

well 1 sure thing about FXopen is that their are based @ mauritius and they're only regulated by their local gobvernment so, if they want to scam you, I'm sure they can if they want.

by the moment Im trying Alpari UK (since Im in europe), still waiting some papers to open Live with them, of course FXopen spreads are really hotter heh anyway... also heard MBtrade has ECN and good spread, have any of you heard about them?

greetings

MB Trading is definitely one of the better brokers out there but it may not be for everyone, especially beginners to take on. I first tried them out a while back, seems like forever ago, but for whatever reason I did not deposit money into them. Perhaps their minimum deposit was large?

The spreads are very attractive and commission is only $2.95/100,000, so around $3 per lot plus spread. Not Bad. Many brokers that are variable spread that I've tried almost always embellish how low their spreads get to, once live, they are slightly higher on average.

Here are the latest spreads from their website (which are constantly changing):
EUR/USD
1.00 pips
USD/CHF
1.30 pips
USD/JPY
1.20 pips
GBP/USD
2.00 pips
USD/CAD
2.50 pips
AUD/USD
2.10 pips
EUR/GBP
1.20 pips
GBP/JPY
4.30 pips
NZD/USD
3.00 pips

Anyone know why they only take applicants from Canadians who live in Ontario? I just saw that on their site. At any rate, first things first, FXOPEN please give me a password.

nice to know that Mike, I finally opened my account with Alpari UK after 10000 papers and yes excessive ID confirmation and what not... well still need to make the wire transfer to fund the account

MB trade seems very attractive indeed, about FXOpen let us know your experience with them as soon you get your password I'm gonna give my thoughts about Alpari UK as well

Many greetings

Darp

[Paprika]

i see their banner in this very post! lol, i didn't know you advertise and suggest at same time mike

[BConnelly]

This is a pure bucket shop, I hope you know

[Buffett]

Sad to see you put your entire trading account into FXOPEN, even with successful trading, I doubt you will ever see your money again. Get the FBI cyber crime department on speed dial just in case.

Sad to see you put your entire trading account into FXOPEN, even with successful trading, I doubt you will ever see your money again. Get the FBI cyber crime department on speed dial just in case.

The very same Mr. Buffett ! this is an honor! hehe... would be cool to actually have the real him to share his trading skills here tho.....
anyway... Teasing is always good

So FXOpen is that bad really? :S let´s wait for Mike´s opinion

greetings all

PS : btw my Alpari account is now open! finally

Darp

[Mike]

Hello Darp, and Mr Buffett, Truly an Honor for me as well.

I wanted to follow up that I finally got my password last week and my funds are still in my account. All I wanted was confirmation that my account was still live and had its funds in it and I couldn't get an answer on that issue until I was able to check it for myself.

I do not have all my funds in FXOPEN Mr. Buffett, I have a large account with another broker while I am testing out FXOPEN's claims of being a scalper's eden with a small account. Not expecting huge gains as I am trading in much smaller proportions than with my other broker, but I would like to find the optimal scalping broker, not necessarily to scalp, but to fit my strategy of getting out break even, even if the trade has only been going for a few minutes. Most brokers frown upon this, but it is an integral part of my strategy and if FXOPEN is so willing to accept "scalpers" I am sure this will be a great place to be. What matters now is to quash or confirm allegations of FXOPEN or FXEGYPT not allowing people to withdraw and even worse, outright theives. So far I can not say any of that about FXOPEN other than some disorganization in the technical support department that resulted in me not getting a password for over two weeks, which should be the most basic thing a technical support rep can do for you.

As always I will post my findings for you to make assessment, once I can start trading again without the power going out.

[BConnelly]

Does any of the following bother you?

http://forum.fxopen.com/showthread.php?t=66066

http://forum.fxopen.com/showthread.php?t=66109

http://forum.fxopen.com/showthread.php?t=65205

http://forum.fxopen.com/showthread.php?t=57332

http://forum.fxopen.com/showthread.php?t=53533

hey Mike just got this on my TWITTER
FXOpen and Basel Financial banned by the Mauritius Financial Service http://nn.nf/1cbhw

hope you are ok with your funds

greetings
Darp

[tunis]

Jesus! I am staying away from them fore sure now thanks you all for the heads up.

[Mike]

hey Mike just got this on my TWITTER
FXOpen and Basel Financial banned by the Mauritius Financial Service http://nn.nf/1cbhw

hope you are ok with your funds

greetings
Darp

Hello Darp,

The moment I read your post I decided to try and withdraw all my funds which I began to do within minutes. I fear a run on withdrawing from this broker and before long they may begin to pull some things out of thin air to try and stop people from doing so.

I must say the withdrawal process was very quick and my funds are now safely back under my control. The whole process took 24 hours, very good for a broker that has been said to hold funds for no reason.

In conclusion, I did not get scammed or "ripped off" by FXOPEN. My only complaint is that it took so long to simply get my password to access my account that I did not even get a chance to trade on their platform to see if they truly are a "scalpers paradise" or "eden" as they put it.

[terminatorfx]

Hi Mike,

Give us the low down, what made you open with this broker?

I guess my question (based on the Mauritian FSA's comunique) is even with all the super bonuses offered, sky high leverage and other hooks, why would anyone open with such brokers? look at it this way, most brokers who are based in mauritius, Cyprus, Seychelles, Panama and more, are more or less new to this industry, or have a link with a failed broker in another country (FX Pulp - Crown Forex). We all know that these countries either have lax or little legal requirements to open up in.

Why would you open with a broker with little to no track record, in a country with little or no regulation at all? This is your hard earned money you are placing in their hands...even if you Mike, were lucky in getting your money out in time...many may not.