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Hi guys! Let`s face it, the majority of all forex brokers that support the MetaTrader 4 platform are pure bucketshops.
The truth is you are not trading in a true market environment but instead are in a "sandbox" type of trading environment called dealing-desk where the broker has full control over your position. You are winning money - he is losing it. And in such type of environment winners are obviously not welcome... If you win consistently on a long term basis your account can be banned or suspended and all your profits go to nowhere! or indeed in the broker`s greedy pocket!
Min. Deposit: $1 - Micro accounts; $100 - Standard Accounts; $1000 - ECN/STP Accounts Founded: 2005 Platforms: Metatrader 4 Regulation: Mauritius FSC Support: Multi-language support The Good: No personal experience here. The Bad: Weird stories about spikes and price manipulation here
Update December 2009: As for the less than glowing review based on a random screenshot, I don't know about that case and if there really was a problem, I would have know about it as head of client relations. It's my job to look into such things and try to find a solution that is good for the client.
In the forex market, each broker may quote a different price for a currency just as different shoe shops would have a different price for the same pair of shoes. The forex market is decentralised. There is no "right" price. As a trader, you either accept the quoted price, or not.
FXopen does not manipulate the prices to make clients lose. According to the client's agreement FXOpen's Dealing Desk (The person you chatted to was new and unaware that we DO have a dealing desk on Micro and Standard accounts) quotes the best available price on the Market Maker platform. We earn our money by the trader putting volume through our platform so it is not in our best interests that the client lose. In fact we have training centres in Malaysia and Egypt dedicated to churning out profitable traders who are welcome to trade with us and make as much profit as they like.
Also since you posted that review, we launched our ECN/STP service giving you a true ECN environment on MT4 using our own proprietary bridge to some of the largest liquidity providers in the world including Dukascopy, HotspotFXi, Deutches Bank, RBS, Barclays, CitiBank, Dresdner, UBS and others. A full LVLII order book is also supplied where you can see yours and other's orders in the market depth and in real time.
FXOpen has grown rapidly over the years and now has over $50 Billion per month in turnover through our servers.
We also now have a PAMM system to help money managers deal with their clients effectively and easily.
If you would like to throw me some hard questions interview style to be posted on your site, I would be happy to answer them.
People want to read real due diligence on a broker, not an unsubstantiated claim against us. Speaking of FPA, we do have a very good relationship with them and work together to solve client's problems should they get as far as being posted there. I'm sure if you ask them, they would say that we are a good and reputable company.
I have no personal experience with this broker because I have read too many shady stories about them on FPA and other forums about spikes and price manipulation. They claim they are regulated by SIBA which is the Seychelles International Business Association. "Standard accounts from $25" clearly shows the dealing desk environment here.
The most shocking review appeared on FPA from Antonio. He claims: They are CHEATS. Pure and simple. They manipulated the price after a popular EA I have placed a buy. Immediately there was a spike of 15 pips down that doesn't appear at ANY other broker. I and others are already furious and are complaining. They ARROGANTLY continue to spin the issue by saying there there are different price feeds at different brokers. Yes, but the price MOVEMENTS should be relatively the same. IT is SO BLATANT!!! Here is the proof: http://i44.tinypic.com/345oar8.jpg
I decided if that is true of false claims and asked FXOPEN directly about it.
Live Chat Investigation with FXOPEN
3:42 PM Mark
Hello
3:43 PM Nadya
can i help you?
3:43 PM Mark
Hello. I am interested in FxOpen service. Are you regulated?
3:43 PM Mark
When were you founded?
3:44 PM Nadya
we are in bussinees since 2005
3:45 PM Nadya
FXOpen's business activity is regulated by SIBA.
3:45 PM Nadya
SIBA is the Seychelles International Business Association
3:45 PM Mark
However I have read that FxOpen cheats and manipulates the price to make the client lose the trade. For example one member posted the following comparison of FXOPEN price and other brokers at the same time: Screenshot: http://i44.tinypic.com/345oar8.jpg Could you please comment that?
3:46 PM Nadya
Sir, i think you read all comments on this case at our forum
3:46 PM Nadya
there you can find all info about it
3:47 PM Mark
No, I am not a member of any forum. I read that on FPA. Could you explain or quote the explanation?
3:48 PM Nadya
just a second
3:48 PM Mark
I am new to FXOpen and want honest reply from first hands. I have no idea what forums you are talking about.
3:50 PM Nadya
Why aren't ALL brokers quoting exactly the same prices at exactly the same time? Forex is a decentralised market. Every broker has different sources for their prices. FXOpen is not different. A 5 or 10 or 15 pip difference is normal between brokers.
3:52 PM Mark
Yes I agree that price difference is normal but if you check out that screenshot that clearly shows that the DIRECTION of the price was changed not just the price.
3:53 PM Nadya
Sir, i have seen this screenshots
3:54 PM Nadya
i do not see anything spesial
3:55 PM Mark
Don't you find the different direction of the price of FXOpen there comparing to 3(!) other brokers? and the price changed especially when his trade was opened.
3:56 PM Nadya
Sir, first of all, this client did use EA and it is csn be EA influence
3:59 PM Mark
what is CSN?
4:01 PM Nadya
where did you find it?
4:01 PM Mark
you said "EA and it is csn be EA influence" . what does "csn" stand for?
4:04 PM Mark
do you mean EAs influence the market only inside FxOpen broker?
4:06 PM Nadya
Sir, this customer had problem after opening the position by EA. the other customers did not face such problem
4:06 PM Nadya
just the customers who use fap turbo (EA)
4:07 PM Mark
do you mean different customers get different price feeds?
4:07 PM Mark
so you don't allow fapturbo trading, do you?
4:09 PM Nadya yes
4:09 PM Mark
why is that? I use only that system in all my 8 brokers and planned to use it in FXOpen. I am really disapointed.
4:11 PM Nadya
sir, probably they use pirated version of FAP turbo
4:12 PM Mark
I ask do you allow fapturbo trading or not at FxOpen?
4:13 PM Nadya
yes, we do allow it
4:14 PM Mark
Last question - are you a dealing desk broker?
4:15 PM Nadya
no, we are non dealing desk
4:15 PM Mark
Are you ECN broker?
4:18 PM Nadya
no
4:19 PM Mark
okay thanks for help, Nadya
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