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Wiseking

July 22, 2009

How can Fxopen be an STP, ECN, NDD and a market maker?

BrokerGuru

July 22, 2009

FXOpen currently opens ECN accounts on request. Min deposit: $1000.
They also offer Micro and Standard accounts ($1 and $25 accordingly), where you'll be trading with a market maker.

It is a normal practice to offer both dealing and non-dealing desk services. One should remember though to ask what kind of dealing he/she will get with a particular trading account in order to avoid misunderstanding.

cole

November 7, 2009

hello,
please which broker allow news trading with out disconnecting or manipulating their server during this period.
fxopen.com have started manipulating their severs and many of us are quitting.

thanks
cole

BrokerGuru

November 7, 2009

Baha

January 10, 2010

Hi Guru,
Since FOREX enabled the chance for retail traders to attend the big market with a little money it's really amazing cuz hearing guys who made huge amount of money even with a little money, awesome! So, me too interested in this type of industry especially currency exchange market in the forex. I have been trading a demo version of MT4 platforms from different brokers and now really wondering to be in LIVE to trade, while demo and live totally differs, i made some experience with demo. I read many articles about forex and the crucial step for me these days is the reliable broker without DD, offering ECN with low variable spreads on MT4 platform no matter the commission(but will be best if with low fixed commssions for one lot) and uder the regulation of appropriate authorities. So, I found one and really want to open account at FXOpen within a week but being sure i need some clarification. They claim that they offer ECN/STP account services with as minimum $1000 from 2009, and namely commissions they charge is a bit unreasonable, seems they are ok but there is one problem. it is the location, under the regulation of Financial Services Commission (FSC) of the Republic of Mauritius. Company No.: 084573 C1/GBL; Category 1 Global Business № C108006805 License. Here is what I want to ask from you is to give a piece of advise while you are much experienced on this matter.
Many thanks,
Baha

BrokerGuru

January 12, 2010

FxOpen is a new ECN. They began to offer ECN trading since late 2009.
I don't have any experience with them, so I can't really comment on their conditions.
I also haven't seen their commission rates till today:

ECN commission for accounts with balance under $50,000 is 0.007% of the trade volume per round turn (open + close a trade). For 1 lot (100,000 base currency) you pay (100,000 x 0.007% = 7 USD for USD based pairs.

For pairs with base currency other than USD, you pay 7 units of the base currency according to this formula. All FXOpen accounts are USD based, it needs to be converted to USD. So, for AUD based pairs, ECN commission is about USD6, for EUR based pairs - approx. USD10, for GBP based pairs - approx. USD 11 (variable according to the current market price).

The rates are really much higher that with other ECNs.

Regarding regulation, for the offshore company like FXOpen it is really good to have that registration with FSC.
The Commission licenses, regulates and supervises non-bank financial institutions in Mauritius.
According to its mission and policies: http://www.gov.mu/portal/sites/ncb/fsc/homeframe.html
FSC does all necessary work to supervise and protect investors.

trader

April 30, 2010

I'm using FXOpen its high leverage,fixed spread but long time in execution I often get requote especially on news event..

trader

May 9, 2010

Forex trading is impossible enough for me without adding in broker problems. Some traders at Forex factory claim they had trouble with FXopen (FXegypt) but the brokerage has three stars and 161 reviews at ForexPeaceArmy, better than most of the big-name brokers, so to quote Moe you start at this point and work down to there and then it's every trader for himself.


trader

June 1, 2010

FXOpen has got their FSC licence suspended on May 27, 2010.

The Financial Services Commission (the “Commission”) having reasonable grounds
to believe that the revocation of the Global Business Licences issued to the undermentioned
companies is necessary to protect the good repute of Mauritius as a centre
for financial services and to protect investors, has in accordance with Section 74 of
the Financial Services Act decided to initiate proceedings with a view to revoking the
said licences:-
1. AEcnFX (Mauritius) Ltd
2. BASEL FINANCIAL INC.
3. FXCOMPANY FINANCIAL GROUP LTD
4. FXMarkets Ltd
5. FXOpen Investments Inc.
6. WORLD DERIVATIVES TRADERS LTD

http://www.gov.mu/portal/sites/ncb/fsc/download/Communique_25May2010_2.pdf

RahmanSL

October 16, 2010

Hi BG,

Any latest news on FxOpen suspension of their FSC license?

Thanks and regards.

RahmanSL

BrokerGuru

October 16, 2010

No, haven't heard any news since then.

BrokerGuru

January 29, 2011

The fact I want to document here (so that I don't spend any more time when it comes to searching this again; and also because at this point I don't know under which country to list this broker now) is that FXOpen keeps on changing the country of registration for a few years now.

Before it was Cyprus:
14, Loukis Akrita St., Limassol 3030, Cyprus

Now it's Mauritius:
4th floor, Ebene Heights No 34
Cybercity Ebene, Mauritius

While in the same customer agreement you can see that it'll be governed by the laws of the Republic of Panama...

Yet at the same time, CFTC files against several brokers, including FXOpen, which they mention as "a Delaware LLC"...



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