Is FXopen a true ECN?

Broker Discussion Forex Brokers
1

Their ECN demo seems very good with 0.1 spreads and low commissions. I was thinking about starting a real ECN account with them. I saw some negative aswell as positive reviews about FXopen all over the internet and I don’t know who to trust anymore. Since it’s my first time opening a real ECN account I’m very mistrusted about any broker.

AlpariUK was my first choice but I had real trouble opening an account with them as a Ukraine citizen. :frowning:

So yes any feedback about FXopen ECN would help!

2

Bah! Came across this case on forexpiecearmy forexpeacearmycom/forex-forum/guilty-verdicts/20612-guilty-case-2012-056-kovacs-norbert-vs-fxopen-com.html :15:

Is there really no one on this board using this broker? 1500$ is alot of money for me and would like to know that if in case I loose this money it will ONLY be due to my trading mistakes not the broker going against me…

4

Ok, so, that’s a NO on being a true ECN broker or…?

5

Hi, I too am liking the low spreads on their ECN accounts; I would gladly pay the $2.50 per round lot in order to help my scalping. But, I am concerned about this bad publicity. (Kovacs is not the only one). Are there no other real testimonials with FXOpen?

6

There is more chance of me flying to the moon on a pig than FxOpen being a true ECN…

9

I am using FXOpen and I am completely satisfied for now. I have started my first trading last year with eToro. I liked their web based trading platform, because it was easy to get into trading with. But their slow servers and bad spreads quickly started to annoy me and when I started trying out MetaTrader I quickly realized how bad eToro’s platform was and decided to switch to a “real” broker.

I too had the hard and long decision which broker to choose. I can’t remember why, but I choose FXOpen. Their site was appealing and I read positive feedback on them. So I started a demo standard account. After some time of getting used to how everything worked, I was happily trading daily. The servers are fast, execution is fast, spreads are ok and what covinced the most - their support was nice and fast. Every question I asked was answered in the chat and e-mails were answered the next day.

So I opened a real micro account with real money. I deposited funds via Neteller. There is a 2,5% commission for deposits on FXOpen, which is ok. Transactions took a few days, but only because Neteller took some time to transfer money. Usually, FXOpen is pretty fast on that. I depostied larger amounts of money to FXOpen over several weeks to make sure nothing went wrong and everything is fine. My money arrived safely and I already took some money out without any problems too. I switched to a standard and then to stp account. The stp account I am currently trading with has nice tight spreads, even with pairs like Aud/Cad or Nzd/Jpy, which I like to trade.

However, I can’t say anything about ECN, I never tried it. But micro, standard and stp accounts worked fine with me.

You get lots of confirmation mails on all actions you do with your money from FXOpen, so you always know what’s what. You have to register with an id and a home bill. FXOpen is registered in New Zealand and controlled by the respective authorities.

All in all, I like FXOpen and I’m staying with them. I never had any real problems with them. Sometimes their chat support seemed to take a while to understand my problems, but they were always solved, so no problems there too :slight_smile:

If you have any further questions I am happy to help you.

10

By the way, how many years have you been with them already?

11

What’s the different between fxopen.com and fxopenaus.com?
I tried to login to fxopenaus using my login at fxopen but not working