Company accepts many types of payments so it doesn't make any problems whether I deposit or withdraw funds. Good start for small traders with limited capital. As well as I did, anyone can open account with $1 from wherever you are. In my case, this is from Spain and I had no issues in processing docs not in English. In addition, trading is comfortable even on small accounts. High leverage allows to trade with much bigger volumes. It is 1:500, which is perfect and beneficial to trade with 50 bucks on balance.
If you are not perfect in forex trading, do not worry about it and invest in PAMM account of FX Open. This is not advertising, just I am happy to find a perfect broker finally. I am trading here in the ECN environment on PAMM account. Frankly speaking, I do not like the stop out level – it is rather high – 50 %, I’d prefer to have liquidation of the opened positions instead of stop out, but my trader is doing well and we manage to escape the consequences.
Besides, it is possible to change the leverage the broker provides. The trader should send a message with a desirable level of leverage and it could be reconsidered. Cool!
Good News for FXOpen!
FXOPEN INVESTMENTS PTY LTD
ABN: 61 143 678 719
Licence No: 412871
is hereby licensed as an Australian Financial Services Licensee pursuant to section 913B of the
Corporations Act 2001 subject to the conditions and restrictions which are prescribed, and to the
conditions contained in this licence and attached schedules.
FXOpen was just named Best Forex Broker Australasia 2011 at the World Finance Forex Awards. When accolades such as this are awarded to a company, it goes to chow which company is the best choice.
fxopen is a very good ECN broker. I trade forex as part of an extensive portfolio so reliable trading is a must for me and this metatrader platform is steady as rocks.
I am with fxfrench.com and I am scalper with ECN. They didn't have a real licence from the african island before so losing it is nulle :D Always paying me on the liberty reserve.
no way i wished to see fxopen in dark, no they don't give me any commission to post positive in various forum, they also didn't blown my money, they also didn't underestimate client like me who only trades in micro a/c just with 2 dollar deposit, no they didn't show excuses for withdrawal if i pressed withdrawal just once, so if some one thought fxopen and Mr. Jafar calley both came from heal to rob people on earth, then it's his/her headache who believes comments without proof. Now a days, Fxopen's service is really trustworthy, am not a fool by any means, am with them allmost from last 2years, and am really satisfied with their service.
Jafar...your link leads nowhere...a bit like your broker. Australia? If you struggle to keep clean and regulated in Mauritius....how the hell you gonna survive in Aussie..."FXOpen...Forex with a bunch of cowboys" (no insult intended Texas).
To Lucky, I think he needs to work the voting for the rating on this site...then he will be fed and watered...yeeee haaaa!!
Jafar, aka fxfrench.com, tell us the truth. Do they keep you chained without food and water and make you post in all forums an other sites? NO thread ever on the web left without you yelling in defense of fxopen. While googling fxopen reveals scam on the very 1st page. Are you ok? Should we call police to finally release you?
The weather is much nicer in Australia with ASIC keeping the rain away :p
w w w.search.asic.gov.au/cgi-bin/gns030c?acn=143678719&juris=9&hdtext=ACN&srchsrc=1
To Jafar Calley.....looks like your FxOpen may now move to one of your unregulated countries...as they no longer have a licence and are no longer welcome in Mauritius....I understand Belize is nice this time of year....hehe.
so far so good....no prob at all....very good with great trading conditions...happy trading to all...
The way I see it, Cyprus becoming properly regulated is a good thing. However, this article has been spread far and wide targeting FXOpen for some reason. FXOpen is registered and Regulated by the Mauritius Financial Services Commission, the official government financial regulator in Mauritius. The CySec decision doesn't affect FXOpen in any way as the company doesn't currently operate out of Cyprus territory.
Investors should use common sense when selecting a broker. Try to avoid brokers registered in un-regulated countries such as Belize, BVI and especially be careful of companies that claim Russian regulation as Russia regulates only stock and commodities trading and has forbidden companies to use the Russian licence for Forex activities.
To view the OECD whitelist of trusted zones outside of the EU such as Mauritius and Cyprus, please see http://www.oecd.org/dataoecd/50/0/43606256.pdf
The explosion of the Forex Market worldwide has created a sort of awkward situation for the Island of Cyprus. Before its acceptance in the EU in 2004, Cyprus was an Offshore Company Tax Haven, because of these tax peculiarities as well as its strategic positioning between three continents, Cyprus experienced a built up of unregulated forex brokers establishing their operations on the island while still being registered in also other offshore tax-heaven jurisdictions such as BVI, Seychelles, Costa Rica, Belize, Mauritius, etc. Since these companies were not and still are not regulated by any well-recognized authority, being just a shell companies, they simply do not comply with any anti-money laundering law, because of this one can only characterize them as cowboy companies.
It is because of these companies amongst others that Cyprus was blacklisted as a money laundering country. But, since 2004 Cyprus has joined the European Union had to comply with European Union law and European Parliament Directives, which it did in large part but not completely. This part compliance has removed Cyprus from the blacklist. The efforts of the Cyprus Republic to regulate its market where serious, in 2003 CySEC was established. CySEC (Cyprus Securities and Exchange Commission ) is a regulatory body – (www.cysec.gov.cy) which amongst others also regulates FOREX. As per its announcement of the 17th June 2009 (full version located at: http://www.cysec.gov.cy/Downloads/En...ng%20FOREX.pdf) CySEC defines what is considered to be a FOREX company and what are the requirements to operate one, are: “the persons which provide the abovementioned activity of foreign exchange spot trading have the obligation to submit an application to the Commission in order to be granted CIF(Cyprus Investment Firm) authorization.”
Cyprus wants now to safeguard the good name it has fought so hard to establish, it is for this reason that on the 6th of November 2009 a small announcement of only a few lines was dropped as bomb in the forex industry. It simply stated: “The Cyprus Securities and Exchange Commission (‘the Commission’), in continuance with its announcement dated 17 June 2009, wishes to announce the following:
Persons that conduct foreign exchange trading transactions, which do not aim to the physical delivery of the agreed foreign exchange or are not materially settled in cash, should, within one month from the date of the present announcement:
1. submit an application to the Commission for the granting of a Cyprus Investment Firm authorisation, or
2. cease to provide the above service.
The Commission, upon the lapse of the one month notice, intends to take measures against the persons that did not comply with the above as they will be in violation with the provisions of section 4 of the Investment Services and Activities and Regulated Markets Law”. (see full version at: http://www.cysec.gov.cy/Downloads/En...ding%20(2).pdf)
This short statement simply announces to all unregulated companies which are operated from Cyprus – having headquarters in Cyprus, accepting correspondence and money in Cyprus and providing forex services to the internet community, (The short list of these companies is – Prime4X, Forex4You, FXOpen, TadawulFX, IkoFX, eTorro, BroCo and so on) to simply disappear.
This deadline is simply too small for these unregulated companies to go through the process of regulation, it is therefore natural to say that they are not welcome anymore in the Republic of Cyprus and they should either shut down completely or find another country to operate. If they don’t they will be prosecuted at the full letter of the law.
In accordance with Part XVII of the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) - 140.-(1) A person who is in violation of or does not comply with subsection (1) or (3) of section 4 or section 139, is guilty of a criminal offence, punishable, in the event of conviction, by a term of imprisonment not exceeding five years or by a fine, not exceeding three hundred and fifty thousand euro (Ђ350.000) or both.
This means that nobody will be able to work with these companies, neither Cypriot employee, banks or money transferring organizations; it does not take a genius to understand that if anyone is carrying deposits with these companies will simply not be able to withdraw them and is in very high risk in losing his or her funds forever. This means that these companies become a criminal business.
My best advice therefore is unless a company is regulated, especially if it operates from Cyprus it is not worth to work with. It does not matter how much money in bonus they give you when they will simply not be able to wire it to you, they will disappear one day in Cyberspace like so many others have done before.
Dec 07, 2009
Wow! PAMM services! I wonder if there are still people that DUMB to bring their money to these Belarussian cheaters...
the fatest growing and the best broker i have ever seen with lots of bonuses for newbies.
their support is very effective, their forum is lively. they offer the tight spreads on major currencies, fast withdrawal/deposit etc
i recommend fxopen to everyone.
Very solid place.If you want to make money and can do it there is not so many companies to choose from and FXO is one of them. As long as I experience and know there is no problems to trade profitable there. The company is very interesting and worth to try especially if you want to make real money.