any opinions on FXOPEN ?

[TalonD]

have any of you ever used FXOPEN? Are they a good broker to use?

[summer flame]

they claim that they are regulated by FSC Mauritius, but i can't find a pieces of information about FXopen or FXasia or FXmalay in the FSC section. There is nothing related to FOREX broker in the FSC webpage, i don't think that Mauritius are regulating any forex broker, there must be something to search out for like NFA or FSA or other securities commission in other country if they are regulating or allowing any forex broker to deal with client in the country.
But still i am waiting their email reply from Mauritius which it is about 3weeks ago until now.
Furthermore, they are acting like direct sales in Malaysia where you open your account with a agent that earns commissions from your trade which operate differently from an IB or IA. This is a very bad experience for me because there are too many scam broker in Malaysia and i was victim of them before. They usually offer very nice deal with you and claim that you can get your profit much more compare to other broker. They are also using local bank for depositing which is strictly not allowed by Bank Negara Malaysia, you can go and ask BNM, i have asked myself, there is no single forex broker is allowed to open an account for forex dealing business. You can only deposit your money through wire transfer or credit card or etc, but no local deposit which fixed to a certain rates. But it is Malaysia, it is very easy in dealing with allowed or not allowed matters

[shahmi]

Originally Posted by summer flame

they claim that they are regulated by FSC Mauritius, but i can't find a pieces of information about FXopen or FXasia or FXmalay in the FSC section. There is nothing related to FOREX broker in the FSC webpage, i don't think that Mauritius are regulating any forex broker, there must be something to search out for like NFA or FSA or other securities commission in other country if they are regulating or allowing any forex broker to deal with client in the country.
But still i am waiting their email reply from Mauritius which it is about 3weeks ago until now.
Furthermore, they are acting like direct sales in Malaysia where you open your account with a agent that earns commissions from your trade which operate differently from an IB or IA. This is a very bad experience for me because there are too many scam broker in Malaysia and i was victim of them before. They usually offer very nice deal with you and claim that you can get your profit much more compare to other broker. They are also using local bank for depositing which is strictly not allowed by Bank Negara Malaysia, you can go and ask BNM, i have asked myself, there is no single forex broker is allowed to open an account for forex dealing business. You can only deposit your money through wire transfer or credit card or etc, but no local deposit which fixed to a certain rates. But it is Malaysia, it is very easy in dealing with allowed or not allowed matters

The clear things out... No DEPOSIT TAKING going on with FXMalay.the Agent are just helping the process.

Deposit are taken by FXOPEN.If clients not confidence with the LOCAL BANK facility... they can just staright TT Money to FXOPEN.LOCAL BANK Deposit Facility is just there as an extra service to Clients here in Malaysia to SPEED UP the time taking for the BALANCE to be deposited into the MT4 platform... plus redusing transaction cost.Only 4 agents been elected by FXOpen so far. Other than that... don't deal with them.

[summer flame]

Originally Posted by shahmi

The clear things out... No DEPOSIT TAKING going on with FXMalay.the Agent are just helping the process.

Deposit are taken by FXOPEN.If clients not confidence with the LOCAL BANK facility... they can just staright TT Money to FXOPEN.LOCAL BANK Deposit Facility is just there as an extra service to Clients here in Malaysia to SPEED UP the time taking for the BALANCE to be deposited into the MT4 platform... plus redusing transaction cost.Only 4 agents been elected by FXOpen so far. Other than that... don't deal with them.

I don't think that the local bank deposit is even saving money at all. That is from my experience last time, the broker is using local deposit as well, 3.8 in 3.6 out, haven't started trading already lost about 2k. My margin was 10,000usd. At last turn up being raid by police and the local bank account was closed. Gone with everything, can't even report cause BNM claim that they are not responsible for this case as none of the local bank are authorized to have such kind of transactions.
I am just giving out the facts.