FX Open ?

Discussion in 'Forex Brokers' started by Gcapman, Nov 9, 2009.

  1. Gcapman


    Anybody have any thoughts or feedback?

    They claim to have an ECN model for transactions - in other words, no dealing desk???

    Is this for real or just clever marketing?

    How safe (financially stable) is this company?
  2. Pippi436


    They are introducing to Dukascopy.

    Personally i wont go anywhere near their so called 'centralized decentralized marketplace'.
  3. Apollo355


    Gcapman I sent you an email. Please check.
  4. Why? Just curious.
  5. I just opened an account with them not long ago after GFT Forex decided they didn't want clients from Canada anymore (at least, that's what they told me). Anyway, I wanted a Forex broker that had both types of accounts: market maker and ECN. That way I can always transfer my money to their ECN account once I make enough money. Well, that's if I do make it.

    I believe FXCM is the only other one that has both types of accounts. But, from what I know, they do not accept accounts from residents of Quebec, Canada for their micro lot account. The only difference I've seen between FX Open and GFT Forex is that FX Open uses the Metatrader4 trading platform which is used by a lot of other brokers anyway so it would be easier to diversify with another MT4 broker if you're already familiar with the platform. And the other difference is that there seems to be like a 1 second delay on fills (on my micro lot account) while GFT Forex used to be almost intantaneous at least getting in. It was only on large fast moves I had difficulty getting out with GFT Forex. I haven't experienced a large fast move with FX Open yet. In any case, if you're in North America, maybe you don't want to bother funding the account with one of their online paying methods because they're not available around here. Instead, I ended up contacting the customer service department (their live chat using Opera browser 9.26) to find out how to do a bank wire transfer.

    For those who have followed my messages about me working to develop a method that would finally work. Well, on Dec.09, 2009, I started testing out my latest method. I have done 7 trades since then and do have a profit in my account currently. But, I'd like 50 trades or at least 3 months of results before coming to a conclusion whether my method works. I also developed an exit strategy and thought of 5 different ways of filtering my trades.
  6. Huffty


    The Financial Services Commission (FSC) of Mauritius revoked FXOpen and Basel Financial Firms’ licenses. In resolution of the Commission d/d May 27 it is stated that these companies are the hazard to financial reputation of Mauritius.

    “The Financial Services Commission (the “Commission”) having reasonable grounds to believe that the revocation of the Global Business Licenses issued to the under mentioned companies is necessary to protect the good repute of Mauritius as a centre for financial services and to protect investors”, said the act.

    Besides cancellation of FXOpen and Basel Financial Firm’s licenses, validity of licenses of such companies as AEcnFX (Mauritius) Ltd, FXMarkets Ltd, WORLD DERIVATIVES TRADERS LTD was suspended.

    The Chief Executive of the Commission ordered an inquiry upon the reason of licenses suspension in order “to believe that the above companies are carrying out or are likely to carry out activities that may cause serious prejudice to the reputation of Mauritius”.

    “It is good news that even regulatory authorities of offshore countries, which are know by their regulatory “dissipation”, started working on exclusion of unreliable companies from Forex field” commented this situation Francesc Riverola, the President of FXStreet.
  7. I just got an email from FX Open stating they will change banks. They were included in a list of Forex brokers to review their license BUT I think they're the only one on the list who offer ECN accounts. I think chances are they're way more legit than those other names on that list.

    My FX Open account continues to function as it normally does. And for their market maker accounts they have reasonable spreads to trade the EUR/USD, AUD/USD and GBP/USD.