50 Words on – Why you can go Broke with FXOpen?

I am one of those people who think that the rules are made to be broken. Not all the rules though. Is not like I am going around and steal, cheat or kill people but I do like going 200Km/h on the highway even if the speed limit is 130km or to pick a flower in a park although I see the sign that says that I can be fined for doing it. The adrenaline that I feel when I go 200km/h or the look of my girlfriend when I gave her the flower, worth the risk. FXOpen has different trading accounts with different rules to be respected (as any other broker) and if you break those rules, you can go broke. The problem with FXOpen is that you can go broke even if you respect the rules. Kovacs Norbert submitted a case against FXOpen on forexpeacearmy.com website where he claimed that this broker removed all the profits from his trading account. We are not speaking about pennies here but about more than $40k. As you can see on this link. FXOpen got a big time GUILTY verdict on this case.

How can you Avoid Going Broke with FXOpen:

I noticed that many of the negative votes that this company has, are given by traders that opened an account with them without knowing the main features of the trading accounts that this company offer. On the other hand, Norbert knew what he was doing and this did not help him. Here are a few advices that could help you to avoid going broke with FXOpen:

• Do your research about this company and its trading accounts before opening an account. Once you do it, the willingness to open the account might vanish (:
• FXOpen allow traders to open trading accounts with as low as 1$ deposit. That’s more than enough to lose (sorry I meant to trade (:)
• Read the terms and conditions as many times you need. If you have questions, email FXOpen and ask for more information before opening the account. In your email, you could ask which condition was not respected by Norbert that they had to delete $43.405 from his account.
• Be sure that you open the account with the proper company. FXOpen NZ limited does not provide financial services to residents of Australia, New Zealand and Italy. Residents of New Zealand and Australia are welcome to open the accounts with FXOpen AU Pty Ltd while the Italian residents are welcome to open accounts with FXOpen Ltd. The residents of any country in this world are welcome to open accounts with trustful Forex Brokers. There is a wide choice.
• On their website’s stated that they have 172827 micro accounts opened. Make sure that you will not be the 172828
• FXOpen offer demo accounts for free and for unlimited period of time. Use these accounts only.

 Editor’s Note – Would I Trade with FXOpen or Would I Pay my Fine?

When I said that I like to break the rules I did not mentioned that I am also aware of the consequences: if I get a speed limit fine, I pay it. When FXOpen decided to delete those profits from Norbert’s account, they broke the rules. Before the regulators would fine them (if they will ever do), I will be the first to do it by saying that even if FXOpen would be the only broker in this world, I would definitely NOT give them my money. I prefer playing the lottery. Moreover, I also advise you to do the same. Trading with fixed spreads on their micro and standards accounts or variable but starting from 0 pips on their STP and ECN accounts could be very tempting. This temptation could rise when you see that this brokerage is working under strict controls of the regulators as FSPR in New Zealand or FCA in UK. From where I come, there is a saying: “before reaching the God, you have to deal with the Saints”. Translated to our situation would be before reaching FSPR and FCA you might lose more money on lawyers.