FXOPEN Broker. Any Thoughts?

FXOPEN, WHATS THE DEAL?

I am interetsed to see what people have to say about FXOPEN, up until now I didn't pay them much attention, but they caught my eye with their "ECN Account" with spreads as low as 0.5 pips as they call it a "SCALPERS EDEN"

Levereage up to 500:1, 0.5 pip spread on majors, $3.50 per 100,000 Traded.

But my concern is FXOPEN really an ECN? Have they ripped anyone off in the recent past? Any other experiences with them before I deposit money?

I already signed up for a micro account to see how things are, waiting to be verified.

www.fxopen.com

[DARP]

Heya Mike hello there, I'm kinda new to the forum here, also still newbie at trading (still on demo account) I can tell you that I tried demo account and I was like surprised how a good trader I was LOL used it for 1 month and with very few trades,I made like ~ $2000 (Play money of course) then ... I found some forums that I read a couple of posts where some people like 2 years ago or something like that were scammed by this broker because they didn't let them withdraw their money or something like that

anyway that's what I read about them, can anyone tell more about this broker? I'm still interested in them

Best Regards!
Darp

Btw Mike how much money did you deposit with them? just asking, let us know what you think about them! Thanks alot!

[DARP]

Hello Mike, any news about the FXopen broker? :P

Thanks in advance!
Greetings

Darp

[DickP]

I'm unfamiliar with them too, sorry, can't help.

[SkillTrader]

Hey Mike! I'm interesting in too!))

[BigE]

Bucketshop, believe that.

[gnjn10]

You’ve probably heard of Forex brokers ripping off their clients by using various dirty tricks. Some of the most common ones are: stop hunting, requoting, widening the spread to some ridiculous number, software disconnects, lagging/fraudulent price quotes, unfilled orders, and account banning. Yes, they will politely (sometimes not so politely) tell you to bugger off if you’re consistently profitable.

Experienced traders already know the games dealing desk forex brokers play. Having said that my advice is this:. Stick to only so called “reputable” brokers.Most of brokers you know are cheaters.If you are TRUE forex trader ,I will recommend you one.Try http://www.masterforex.org and feel the difference

I am managing $120000 account earn 25-45 percent month.I tried others but they riffed me a lot. http://www.masterforex.org is best for me

[DARP]

So Mike, how's the thing going with the micro account you opened with FXopen ?

Greetings

Darp

[Jester00]

I'm also interested in seeing if FX OPEN is a good broker, I hear they are good for scalping, but what minimum deposit must you make in order to get the best spreads ????

[tab]

I'm seeing some pretty bad stuff on FXOpen, a few people being heinously scammed out of thousands of dollars by them.

This site has a whole page dedicated to it: http://www.hot-makemoneyonline.com/fxopen-scam.htm

[DickP]

Originally Posted by tab

I'm seeing some pretty bad stuff on FXOpen, a few people being heinously scammed out of thousands of dollars by them.

This site has a whole page dedicated to it: http://www.hot-makemoneyonline.com/fxopen-scam.htm

My thing with some of these "reviews" is that most of this is unverifiable. You have one guy who admits all he did was trade news spikes, something most brokers despise. Another "reviewer" in his second sentence says:

My name is Erlan Saduakasov and this is to warn you about scammers calling themselves FXOpen.com. I DO NOT OFFER ANY SERVICES to you, and I DO NOT WANT TO SELL YOU ANYTHING.

To me that means he's overly interested in making you believe he is NOT trying to sell something or bring down FXOPEN at the behest of another broker.

The rough facts are: I deposited 50000 USD to this scam company. I made 80000 USD profit. Then I tried to withdraw my money, but these scammers did not give me my money back. They have just stolen it! The complete story with screenshots and phone calls records is available at http://fxopen.info. I contacted police, Interpol and FBI, and the case is being investigated.
I am doing my best to bring this information to everyone. If you gain 500 USD profit - they will withdraw it, and everything seems fine. But in fact, this way they wait for you to deposit USD 5000 or more - and then steal your money. Like a scam HYIP or any other online cheaters.

That is really incredible to me. http://fxopen.info/ Gone. If someone stole 80,000 from me I'd damn sure make that website last forever, registering it 20 years into the future. Just another fly by night "FOREX SCAM" website.

Then they say "CLICK FOR MORE SCAM REVIEWS" or something and it takes you to this google result 10,000 results http://www.google.com/search?hl=en&n...en%2Bis%2Bscam

But do the same for FXCM and you get 41,000 results!!! http://www.google.com/search?hl=en&n...=&oq=&gs_rfai=

So, it seems website you are showing us can not be trusted to be objective

[Mike]

Hello DickP,

You've hit the nail right on the head, good research into these "scam" assessments. I might contact them to see what they have to say on these allegations before committing funds to them.
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Originally Posted by DARP

So Mike, how's the thing going with the micro account you opened with FXopen ?

Greetings

Darp

It took me all this time to get verified because I didn't have a recent Utility Bill handy. My own fault. So I could not deposit funds at first. Now reading some of these bad reviews I am taking another look at whether or not this is the right company for me. I decided to open an ECN account because of the lower spreads, even if it is not a true ECN the terms are acceptable. I will keep you updated.

[DickP]

Originally Posted by Mike

Hello DickP,

You've hit the nail right on the head, good research into these "scam" assessments. I might contact them to see what they have to say on these allegations before committing funds to them.
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It took me all this time to get verified because I didn't have a recent Utility Bill handy. My own fault. So I could not deposit funds at first. Now reading some of these bad reviews I am taking another look at whether or not this is the right company for me. I decided to open an ECN account because of the lower spreads, even if it is not a true ECN the terms are acceptable. I will keep you updated.

Hello Mike,

I've been at this long enough to see through some people's motives behind making "SCAM REVIEWS" public, that's why I don't pay much credence to them honestly. But, it is important to hear truthful reviews about people getting screwed over. Who to believe is the problem here. But I think I can see through some of what they are saying.

[Mike]

Yes, this is one of my biggest problems on the boards here, knowing who to believe, who is genuine, and who is out to take you for a ride.

[DickP]

Yea, it's in "how" they say something. Like, this guy just up and made $80,000 after depositing $50,000 ? You know I saw a vote the other day, the VAST majority of accounts are less than $10,000. Sure people deposit all sorts of accounts, but the odds of this guy's numbers being accurate are slim to none.

[Mike]

Well, like I said, maybe I'll contact FXOPEN and see if they can clarify any of this before we commit funds to them.

[DickP]

Yea, like, if they do scam you, there's 20,000 people you can contact on the forum here to warn about these scammers (allegedly), I'm jealous of you Mike, you da man!

[Mike]

Haha. I have my moments.

[DARP]

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

[BBFX]

Yea, unregulated brokers scare the piss out of me, I wouldn't trust an overseas broker no matter who they are!!!

[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 .