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Interview with FXOpen Forex Broker

October 8, 2007 (Last updated on December 2, 2009) by

Recently I’ve asked management from FXOpen to answer several questions in a format of an interview to get more information on this fast developing on-line Forex broker. Denis P., FXOpen Head Manager, agreed to answer these questions and now I can present them to you. They are an on-line Forex broker which was previously known as FXEgypt and rebranded to FXOpen just about two months ago. You can find more information on this broker here.

You’ve re branded from FXEgypt to FXOpen recently. Was it a successful step for your business?

Changing the name of the company and forming an exciting, new brand was something thatwe had planned for quite some time. FXOpen is an international brand which is clear and easily understandable for people from different countries and different religions and cultures. FXEgypt will remain as our regional representation for Egypt, as well as FXMalay for Malaysia, FXFrench for France for example.

FXOpen gives an impression of a broker that targets mainly Muslim traders, or traders from generally Islamic countries. Is it your marketing strategy? Or is this a misunderstanding, and that your business model is equally structured for any kind of a Forex trader?

FXOpen began it’s business from Egypt. Our first project was FXEgypt which was targeting Egyptian clients and people located in and around Egypt, and of course, most of them are Muslims. Since early 2007, our company has developed a lot and opened new markets also in Islamic countries, but that doesn’t mean that we are marketing for Islamic traders exclusively. FXOpen offers the same quality of service for any client from any country and any culture.

Your trading software, MetaTrader 4 is a powerful trading platform. MT4 holds great potential for people to program their own automated expert advisors. Do you limit your traders in using automated experts?

Yes, MetaTrader 4 is a great program from a company called MetaQuotes. We do allow EA trading, however, there is a restriction on the quantity of trades that may be opened at the same time. You may have a maximum of 100 positions open at the same time. Apart from that, there are no other restrictions for automated expert advisors.

Trading courses are available on your site. Do you think that it is important for Forex brokers to educate their clients? Do many of your clients take advantage of this training?

Currently we do not offer online courses, but you may attend live seminars or courses proposed by our representatives. This option is very popular in Egypt for example. We believe that all traders, not just absolute beginners should have a good understanding of the market and how to trade it before risking their money in a Forex trading account. The training may take one week, one year, or even longer, but this investment in training is something that will pay for itself over and over again.

FXOpen supports almost all e-currency methods of payment that are currently available. Do you think that e-currencies are the future of Forex trading, or you are just trying to keep up with the customers’ demand?

E-currency transfers are very popular with our customers. We believe that e-currency methods of deposit/withdrawals have a great future due to their convenience and the fact that internet businesses, all relying on convenient e-currencies have exploded in popularity in recent years. However, quite a few clients are using the traditional wire transfer method.

What’s your point of view on those that treat Forex trading as a gambling? What are the main differences between trading and gambling, in your opinion?

When you treat FX trading as gambling, you become a player in a casino and as you know, the casino always wins. If anyone wants to become a trader he or she needs to understand that a trader’s job is the same as a doctor or chauffeur… A Doctor’s mistake may cause health problems, a chauffeur’s mistake, a car crash. Mistakes by traders causes money loss. While there are often, unexpected or unplanned situations that arise during the trading week, for the most part, the FOREX market works according to a well defined list of rules, like the rules of Physics. Following these rules will usually give a positive result.

There are many on-line Forex brokers available nowadays, and you appear to be one of the most popular. What special features help you to attract traders? Do you have a secret weapon that is an essential component of your success?

Success is constructed from small steps, combined to make the whole. Support+Promotion+Services and a bit of luck of course, all combine to make FXOpen a attractive broker to work with. Our main target is to serve each client as if he or she is the company’s only client. Private contact and personalised service is very important to us. Our clients are our friends.

Forex trading in the Islamic world is quite a controversial topic, due to its overnight interest payments and marginal nature and the perception that it is a form of gambling. What would you say to Muslims that want to trade Forex?

Trading is a JOB and isn’t gambling at all unless you want to treat it as a game or a get rich quick scheme. Every single successful trader out there today has approached the market as a career choice rather than a passing fancy in the hope of a quick buck. Training, dedication, and persistence is essential to trade Forex. The swap interest issue is something that we take very seriously for our Islamic clients. As you may know, Islamic Shariah Law forbids Muslims from dealing with any form of Riba (Interest, Usury), so for our Islamic clients, unlike many other brokers, we offer a swap free account option where no overnight interest is earned or charged to their accounts.

Fundamental and technical analysis often contradict each other. In your opinion, what is the most successful approach to Forex trading?

Most traders (about 90%) are utilising technical analysis only. However, technical traders often consider fundamentals when reading the charts. To ensure your success, you should always bring a least a little of the fundamental considerations into the charts before making trade decisions.

What are the future plans of FXOpen? Are there any new features planned, if this is not a commercial secret?

We have recently launched a brand new website http://www.fxopen.com, and have introduced an advanced trader’s cabinet. We have several promotions running already, which you can check by visiting http://www.fxopen.com/OurPromotions.aspx. We are also planning to add new trading instruments during October and increase the speed and reliability of the trading servers. FXOpen will always work towards upgrading our services to fulfill all of our client’s needs! Our open door policy is our commercial secret. When the client talks, we listen and bend over backwards to make them happy. This is the FXOpen edge.

Hope you learned something interesting and useful about FXOpen and their view on Forex trading from this interview. If you have some comments regarding this interview or FXOpen broker, feel free to leave them here, or send via this contact form.

27 Responses to “Interview with FXOpen Forex Broker”

  1. Erlan

    Hello
    My name is Erlan Saduakasov and this is to warn you about scammers calling themselves FXOpen.com. I DO NOT OFFER ANY SERVICES to you, and I DO NOT WANT TO SELL YOU ANYTHING. This is only a warning for your

    information. If you don’t want to lose all your money and be robbed by these disgusting cheaters, do not send them any money. They pretend to be a honest Forex broker, but in fact the STEAL your money, in case you

    begin to gain profit. What they want – is to make the trader lose and take his money.

    The rough facts are: I deposited 50000 USD to this scam company. I made 80000 USD profit. Then I tried to withdraw my money, but these scammers did not give me my money back. They have just stolen it! The complete

    story with screenshots and phone calls records is available at http://fxopen.info. I contacted police, Interpol and FBI, and the case is being investigated.
    I am doing my best to bring this information to everyone. If you gain 500 USD profit – they will withdraw it, and everything seems fine. But in fact, this way they wait for you to deposit USD 5000 or more – and

    then steal your money. Like a scam HYIP or any other online cheaters.

    Thank you and I hope you will not let FXopen.com (or whatever other sites they have) cheat on you and steal your money.

    Regards, Erlan Saduakasov

    Reply

  2. enivid

    FXOpen Management now started a legal action against this “erlan”, you can read the details on this site – http://www.erlan.info.

    Here is just brief paragraph from that site:

    “FXOpen public letter.

    Dear Friends,

    We would like to share with you with the results of an investigation that has been made by the FXOpen team regarding the case of “Erlan”. In the 1st part of our report, we ask you to check facts and direct evidences such as:

    1) An examination of the Identity Document and Utility Bill (sent by the person named Erlan S.)
    2) Recorded calls (Calls were made to the administration of Baktybaya city. The conversation was in the Russian language and a compressed translation will be provided in English. Some of the information on the tapes, such as: The name of the Kazakhstan Official, and the contact phone number of the authority are edited out as they are not for public viewing. Unaltered records have been made available for legal purposes (Police, Courts of Law) however.
    3) An Official letter sent by the Administration of Baktybaya city (The letter is in Russian language and translated to English by FXOpen. The Original of the letter will be made available for legal use).

    In the 2nd part of our report we will analyze some additional evidences that support the main evidences and will try to help to determine, who is Erlan S. or who is standing behind the name of Erlan S…”

    More information available here: http://www.erlan.info

    Reply

  3. Robert Uche

    of d truth dis guys are scammers they witheld my mentors money.

    Reply

  4. shola

    I am keen at deciphering the true identity of fxopen. I traded demo on their platform and discovered orders are accepted on time only when its a losing trade. when you are gaining and want to close ur trade ,u will be asked to confirm several times until the trade turns against u and start loosing.

    Reply

  5. Andrei

    I’ve never encountered such order execution behavior as you described.

    Reply

  6. Ade

    There are so may complaints by various people about FXOPEN not paying client’s money.

    They need to do something to redeem their image if truely they are not scammers.

    Reply

  7. Andrei

    Ade, this complaints usually don’t have any basis behind them (I can judge only by those posted on talkgold.com) and when someone from FXOpen tries to help the complainer he simply disappear. Personally I have had no problem with FXOpen in a 1 year period already.

    Reply

  8. trader

    Me and my girlfriend are being scammed by fxopen. They owe us over $10,000. I have contacts in Egypt and am gathering information about these crooks. If you have any leads on their associations please email them to fxtradealert@gmail.com I will try to get your money back as well if it has been taken.

    Reply

  9. Andrei

    trader, why don’t you contact them in public about this issue? Not only that would probably solve your problem, but that would give other traders more confidence in what you say, because anyone can post accusations on a third-party blog.

    Reply

  10. Fidelis Obodoeze C

    I am exceedingly glad for this information on fxopen. In fact I am about opening a live account with fxopen today and wire my money $1000.00 to their account.

    I love their trading platform, i saw it in action with a colleague here in Nigeria. I learnt they accept scalping and news trading but if the allegation of stealing or clearing clients’ money is true, then I had better stay away from them.

    Please advice me.

    Thanks.

    Reply

  11. Andrei

    Fidelis Obodoeze C, As far as I know, these accusations have never proved to be true. In fact, if they were true, FXOpen would have already ceased to exist. I don’t think that I have a right to give you any advice, because it’s your money. Personally I’ve never experienced any problems with them.

    Reply

  12. harry

    I tried withdrawing without success what is going wrong FXopen?

    Reply

  13. Andrei

    harry,

    I had no problem withdrawing funds from them recently. Did you contact their support?

    Reply

  14. kenny

    The interview was superb no doubt about that.But you know what,all the claims by the reviewers were only counter claim by Andrei.Pls, can\’t other people respond to the claims?Then is Andrei a Trader or an agent?

    Reply

  15. Andrei

    kenny,

    I am both trader and affiliate, so I may sound quite biased. As to why no one else here comments in defense of FXOpen – this post is popular only among those who seek some info about FXOpen, not among those who would like to share. You can read other’s opinions about FXOpen on its review page:
    https://www.earnforex.com/reviews/fxopen_review.php

    Reply

  16. Jafar

    Hello All

    Forex Peace Army Scam Investigations Committee recently held an independent investigation of the Erlan case and have ruled in FXOpen’s favour. I hope this puts this unfortunate instance of propaganda against FXOpen to rest once and for all.

    http://www.forexpeacearmy.com/forex-forum/case-resolutions-folder/2321-fxopen-erlan-resolved.html

    Reply

  17. Tunde Aregbe

    I am afraid fxopen nothing but refined scammers.I was makin profi but when they dicovered that ,they started trading against me .potential traders should beware

    Reply

  18. akinnagbe A.O

    Hello all

    i want someone there to please advice me if i should put my money in FXopen. I have demo traded for more than a year now and i will like to live. What do i do cos i have made up my mind to trade live with FXopen

    PLEASE ADVICE ME

    Reply

  19. weslad

    Well so far, so good, its been quite along time have been with fxopen, i like everything about them, why people are say all this shit about this great broker. Fxopen is the best so far for me, although have not deposited more than 3000$ and things are working well with me about them, I withdraw ease and deposit ease, I open and close trade free and ease. My country people am from Nigeria and also a member of wss. wss which is a combination of a talented traders in the world and a trader recommended fxopen to people, I don`t think they are like the way people talk about them. fxopen kindly do something about all this bad acquisition.
    Regards.
    Weslad

    Reply

  20. olagunju shina m

    i ve been trading damo account,i ve even makeup my mind to open live trading account by this week.i had about fxopen from my friends that ve been using the broker, not even one of them say opposite word.

    Reply

  21. cencurut

    I’ve traded with FXOpen for so many years and got no problem at all.

    Reply

  22. Ron M

    With all the +s and -s from everybody it makes people wonder who is really telling the truth here.
    All the Positive feed back could be from FXOpen itself and all of the Negitive Feedback could be from other FX Brokers trying to steal the business away from FXOpen providing they are legit.
    It’s really hard to say one way or the other.
    All I can say is DO YOUR HOMEWORK!!!!!!

    Good luck to ALL

    Reply

  23. nsikan

    Dea friends, i have decided to go live with this people called fxopen, but i don’t really know whether there would be honest, please advice me.

    Reply

  24. Jafar

    Hi all

    FXOpen now has an ECN/STP account option for true market transparency.
    FXOpen is also fully government regulated by the Mauritius FSC. Why Mauritius? FXOpen is registered there. It’s license is from there. The Mauritius government regulator is the only one with the Jurisidiction to prosecute any law breaking by FXOpen. FXOpen is an offshore broker and comes with all the taxation advantages of offshore trading.

    FXOpen is the only offshore broker doing the right thing by cleaning up not only it’s own backyard, but the Forex industry in general. It’s in the company’s interests to be seen as honest and “open” about it’s business, and this new ECN/STP account option is just the beginning. The days of the Market Maker broker are coming to an end ladies and gentlemen :)

    Reply

  25. Emal

    I want to open a real account and also being as a broker in afghanistan Can I ?

    Reply

    Andrei Reply:

    Of course, you can open a real account. But as for “being as a broker in Afghanistan” – I don’t know. That depends on your laws.

    Reply

  26. dadush

    so after many discussions and reviews i am confused whether to open account or not. I am honest, I myself have given good reviews on other forms cuz of best policy and good services for their clients are being offered by the fxopen team. Even i familiarized all the things about fxopen: their location, branches, regulation and license by(FSC) of the Republic of Mauritius which refers offshore zone and account types, market types…All seemed tiptop but there is saying:There won’t be any winds if there is no problem. with this i wanna say that bad reviews on fxopen makes newbie incoming clients shock even they offer brand services. It is because, there is something wrong cuz i opened demo version with fxopen and at the same time i have many demo accounts from different type of brokers, as for the fxopen, at the beginning everything was alright but when made profits step by step i faced probs with order executions(which took long time if i winning, and less time if i am losing money, which means for their profit not us, as if they are playing against us). But hope eveything will be ok cuz it is just demo, on the other hand, what if it happens with real ECN account? This is really problem. Cuz i was namely to open ECN account with $3500 and tks to God that I didn’t hurry to open a real now i should search again carefully…

    Reply

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