FXopen – what we know and have as facts about it; This is the trade name of the group of companies with similar names, established in 2005. FXOpen UK is a trading name of FXOpen Ltd, which is authorized and regulated by the Financial Conduct Authority (FCA) under reference number 579202; FXOpen AU Pty Ltd is authorized and regulated by the Australian Securities and Investments Commission (ASIC) under license number 412871; FXOpen Markets Limited is registered in Saint Kitts and Nevis under the company number C 42235. These licenses allow it to conduct various financial services, including receiving, transmitting, and executing customer orders.
We have found in the Terms of Business document that when customers carry out margin trades, FXopen will act as principal and not as agent on their behalf in all non-ECN transactions. The electronic communications network (ECN) is a piece of technology that automatically matches buy and sell orders of incoming prices from clients and liquidity providers. However, in the Client Agreement document the company says that FXOpen will act as counterparty to each CFD, FX Contract and PM Derivative offered. In its sole discretion FXOpen may but is not obliged to place corresponding Buy or Sell orders with its liquidity providers at the prices quoted. This means that FXOpen may act as a market maker when it chooses. In general, dealing with market makers involves a conflict of interest because they do not transmit every customer deal and hope that customers will lose. Every loss of customers is their profit.
We also found that there are some posts in forums about non-processed deposits made by cryptocurrencies, extremely wide spreads, unjustified execution of stop loss orders, unjustified change of leverage, unjustified cancellation of deals, and high fees.
So far, we have not received any complaints from customers of FXopen. If you have any criticism to share with us or feel annoyed by FXopen, please fill in the form below, detailing your case. Once we have made your case public, we may attempt to mediate between you and FXopen if you wish.