The broker uses fractional pips that can cause annoying requotes. If you change the "enable maximum deviation" feature to something like 10 (which is actually 1 pip) it becomes sewing machine smooth.

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All your pips are belong to us!

What happens when a business deal goes bad? You get bitterness, recriminations, machinations and vows to get even. This appears to be what happened after Poltek FX and FX Open parted company. It was not an amicable divorce and after reading through dozens of threads it appears the two former spouses are still hurling dishes, pots and pans, as well as the kitchen sink and family cat at one another in a fit of rage that even Hillary and Obama can’t match.
Poltekfx

In this saga there are no good guys or bad guys. All the Savior can do is warn people to stay on the sidelines and watch the spectacle from afar, well out of harm’s way. But if you are looking for a scorecard, well, you’ve come to the right place. Let’s pick things up from one of the earliest threads on the subject.

“FX Open Scam Scum.” This is the title of a series of truly head spinning threads over at Forex Factory detailing the misadventures of FX Open, a forex dealer with one of the worst reputations in the business.

FXOPEN SCAM SCUM
Fxopen Is a SCAM, Be Aware!
FXOpen Scam Alert again...
Fxopen Are Scammer ................................... ..

Now if you ask FX Open they blame their poor reputation on the scoundrels at Poltek FX who they claim have been waging a systematic propaganda campaign designed to discredit their firm.
FXOpen forex broker - forex services - forex trading

But who is FX Open? Well, nobody really knows. There is no business address listed on their website. There is no Board of Directors or head shots of executive officers. If you really press them they’ll give you an address in Egypt or tell you that they are registered in the Seychelles. And if that isn’t confusing enough one muckraking trader found out that their website is registered in Florida to a “Mr. John Fool.”
Forex Factory - View Single Post - Fxopen Is a SCAM, Be Aware!

So they could be anywhere and everywhere. They could be someone or no one. In short, they can up and vanish like a fart in the wind if they have to.

FX Open is also one of the too numerous to count unregulated MT4 brokers preying upon the desperation of those traders who have fallen in love with MetaQuotes’ software. And like so many of these unregulated forex brokers they are in the habit of misleading the public about their unregulated status. When a customer asked them if they were regulated this was their response:
http://www.forex-tsd.com/195190-post316.html

Now let’s go to the SIBA website and find out just what this means. The following are the key features of the law that supposedly “regulates” FX Open:
HOME OF INTERNATIONAL BUSINESS OPPORTUNITIES

• No requirement to disclose the beneficial owners of an IBC
• No minimum capital stipulation
• No need to file accounts with the Registrar

In short, FX Open’s “regulation” consists of a useless piece of paper that probably cost them a $100 in filing fees. They are no more regulated than is some ten year old kid’s lemonade stand.

That alone should convince traders to STAY AWAY from them. But the truth is that’s just the tip of the iceberg with these guys.

FX Open has made a lot of enemies in their brief history. One of them is a Kazakhstan native who goes by the name of Erlan. Erlan was a former customer of FX Open’s and he setup a website completely devoted to getting back $50,000 that he claims FX Open stole from him: FXOpen.com is a scam company! Beware!

FX Open then responded to Erlan with a website of their own (FXOpen public letter) telling a wild story that included accusations that Erlan was sending all of FX Open’s customers “penis enlargement” emails, was trying to crash FX Open’s server and hack FX Open’s customer files and was actually the customer of a former business partner of FX Open’s (Poltek FX) based in Russia that was using Erlan to get back at FX Open. (More on Erlan and his shenanigans in Part II of Metatrader Misery.)
Forex Factory - View Single Post - Fxopen Is a SCAM, Be Aware!

Now seriously, who in their right mind is going to open an account with FX Open after hearing such a loopy tale? And it gets even zanier. Someone claiming to be FX Open’s CEO starts posting at Forex Factory demanding that the forum moderator stop banning supporters of FX Open or else they’ll sue Forex Factory.
Forex Factory - View Single Post - Fxopen Is a SCAM, Be Aware!

The moderator replies that FX Open is a scam and the man claiming to be FX Open’s CEO quickly slinks out the back door after he sees his threats are being ignored. Indeed, FX Open gets completely banned from the forum and is forced to waddle over to Forex TSD where they cause another huge fight with traders screaming that FX Open is a scam and should be banned.

Is FX Open a scam? It’s just not clear. FX Open’s lack of transparency is deeply troubling. Their communication with the public is so unprofessional and their English so mangled that one gets the impression that Borat is running the company. They are also as I have stated before unregulated so if they ever get into trouble they are accountable to no one. At the end of the day this is what the trading public should be most concerned about.

The public should also be concerned about the firm’s alleged dealing practices. The number one complaint against FX Open is that they are a ruthless market maker that has no patience for customers who actually make money. Now this is a common complaint against many market makers. But in the threads referenced above I’ve never seen so many traders screaming about a firm’s dealing practices. Trader after trader complains about profits being removed from their accounts. Numerous traders complain of how the firm booted them out only after they made profits. Traders complain about terrible execution in numbers that really call into question the dealing ethics of this firm.

FX Open’s reply is that all these complaining customers are using some kind of secret software that allows them to “cheat” and make big profits off them. Thus they have no choice but to close the accounts of these cheating customers. I’m aware that there are some traders out there who are skilled at jumping in and out of the market in short bursts due to price discrepancies and latency issues. But this is very difficult to do. Yet judging from FX Open’s claims you would think that there are hordes of these traders out there raping and pillaging poor little forex dealers like FX Open.

Having said all that are some of these complaints against FX Open being orchestrated by their enemies? It appears so. And in part II of Metatrader Misery we’ll take a look at FX Open’s rival “Poltek FX” to uncover what these guys are up to.

Thank you forexsavior !!
good show , keep it up !!
This topic of yours is the only thing I really enjoy to read and it was badly needed long time ago to open some people's eyes .
I wish those things never happened but we're living today in different world these days .
Just a few years back this could be unimaginable on such a huge scale .
Forex market did really opened too much for public and now it is having some not pretty consequences already .
During my Futures and Commodities market years , there was very quiet on the battlefield when it comes to public trading because these markets were considered expensive and still are for a lot of folks but oh boy Forex market unleashed its ugly head with almost no money required to open account and many bad and wrong people did took advantage of public huge interest in Forex which is ever rising at fast speed.

Sincerely,
ChampionFx

Is Erlan Saduakasov a real person? Well, judging from this You Tube video he is.
YouTube - Erlan Saduakasov speaking himself

Erlan has been waging a non-stop crusade against FX Open for several months now. He appears on bulletin boards, has his own website (FXOpen.com is a scam company! Beware!) and appears to be quite convincing. Did Erlan lose money at FX Open? Probably. Is Erlan working for or working with FX Open’s hated rival Poltek FX? It sure looks that way.

The evidence is a thread at ForexTSD in which Erlan’s IP address gets traced back to one of Poltek FX’s offices in St. Petersburg, Russia.
Brokers Scam

The office Erlan was traced back to was FXIndia.org, which is one of the many front groups Poltek uses to recruit customers. Other ones include “Master Forex” (yup, that’s the Swiss outfit that said it doesn’t need to get a banking license and you’ll know why in a moment), Beaverhead Financial, Iberia Forex, and others.

Poltek’s official business address is listed in Belize and like FX Open they too have a useless fill in the blank “certificate” which can be flashed in the faces of naïve traders whenever pesky questions about “regulation” come up:
http://www.poltekfx.com/pic/sertificat.jpg

Another note about Poltek’s address is that their other company, MasterForex, claims an address in Switzerland. Yet it appears this address is fictitious. When a poster at a bulletin board stated they couldn’t actually find Masterforex’s office and asked them if this office even existed a Masterforex’s spokesman refused to provide any additional information and just stated “we also have an office in Russia where you can meet us.” You’d have to be a pretty brave person to want to visit this Russian office knowing the Swiss office actually listed on their website is bogus.
RECOMMENDED BROKER - Masterforex - masterforex.org - Page 12 - CariGold Forum

As for Master Forex’s regulatory status, you guessed it; Master Forex has its own certificate from the Seychelles it likes to use to ward off those evil regulatory spirits: http://www.masterforex.org/upload/image/fullsize/13.jpg

Why so many different registrations and addresses? Well I guess it never hurts to have a second getaway vehicle in case the first one breaks down. And just as with FX Open you won’t find the actual names of any CEO’s or executive officers on any of these websites. Just addresses for P.O. boxes or links to instant messenger addresses. I’m stunned that anyone would actually consider sending their money to such financial phantoms who can conjure themselves up on a moment’s notice and then disappear without leaving a trace.

Of course, Poltek knows their lack of credibility is a problem which is why they dangle all sorts of goodies before the trading public’s eyes in an attempt to make sure traders don’t look behind the curtain. They offer pip rebates, insane 500:1 leverage, trading volume bonuses, deposit bonuses and even have a special bonus for traders who drive up traffic on their forums by posting sycophantic rubbish.
Poltek FX - Bonus Money

So even though Poltek has no credibility they are able to woo newbies who are looking for a bargain. But the competition for these newbies is fierce which is why Poltek and FX Open are at each other’s throats.

This Russian version of the Hatfields and the McCoys is likely to continue well into the future with both screeching at each other in the comical form of broken English as seen below in this Poltek broadside against FX Open:
http://www.forex-tsd.com/183206-post4.html

I love how Poltek, with its busted English and awful grammar, has the nerve to ridicule FX Open’s poor language skills. I don’t think that is the best strategery Poltek should be using against FX Open. In any case FX Open claims Poltek stole their clients and Poltek claims FX Open stole its clients… This tit for tat pretty much summarizes the poor state of affairs these two firms find themselves in today.

So to those MT4 traders who are constantly on the move like Bedouin tribesmen in search of a broker, be sure not to pitch your tents with either of these two dealers. Bedouins are supposed to be adept at spotting mirages, and FX Open and Poltek FX are merely mirages of legitimate forex dealers.

Thanks forexsavior.
By the way I am not fully agree about "poor language skills" for both of the brokers as they are acting in very international way (and it is most difficult in this case) and not any ... lets say ... russians are involved in any posting on the forums.

Your estimation is very good and I agree with most.
Thanks.

Yes I sympathize on one level about that since clearly English is a second language for these foreign brokers. But when communicating in public with customers I think no matter what language is spoken it needs to be professional and without grammatical errors.

Wasn't the point more about the "Blind leading the Blind" ?


I love how Poltek, with its busted English and awful grammar, has the nerve to ridicule FX Open’s poor language skills.

__________________
Live Portfolio (This takes a while to download as it is a big excel spreadsheet)

Newdigital, if you agree, I do not understand why you let those kind of people use your (our?) forum to advertize every single day and use this webspace as ground for their war. Neutrality doesn't mean to let everybody doing what he want, it's just the opposite: neutrality means nobody will use me for his own purpose, and I am strong enough to make that respected.
Those people have no names and no adresses, How is it possible to let them claiming "I am a broker" ?
I don't care if they are scammers or not, they have no adresses or false ones, and this is enough: here everyone has a name and an adresse. A broker is a company, a company has an adresse, simple.
I am really disgusted to see that those guys do not even have to pass a public evaluation or approuval for the endless advertizing of their commercial service, like every little indicator seller must do.
In sign of protestation, I will ban myself for 3 days, and if this lack of ethic continues, I will definitely quit this forum because I do not want to be indirectly used by those guys to fool the newbies, nor participate in any way at their promotion.
Sorry for my english, I am better in mq4.
Thanks to have read me.
Michel

Hi Michel,

Members will recognize about who is good and who is bad.

We had one case on the forum: many members acted against some seller saying that this seller is the scammer and when I deleted the sellers threads (that is they actually wanted for me to do) so some of them started exact the same case on the forum. And do you know - many members knew real address of this scam seller and come to his house sometimes as the friends ....

So, you know ... People are different anyway. Members will recognize about who is good and who is bad.
If you really know that they are scammers so that's fine -post something and let's ban them all. But if not? If mistake? Broker wars are different from scamming. Who must be banned in case of mistake? Person who created the noise about them?
The wars between the members because of money happened every months. Just one war was finished (by me) last week between two coders. It does not mean that we need to ban them all because it is probable half of the forum involved. Because there are no bad guys and good regular guys here. There are different guys with many commercial interests involved as in any forex forum.

I said 'thanks' to forexsavior because I was tired from the brokers wars on the forum between FxOpen and PoltekFX and now, if they will start once again so I know that I am not alone: forexsavior did good evaluation and I will have much more easy admin life because of him in case if the war will be started once again between any commercial sellers or any brokers.

You do not know how many Erlan's thread I deleted, how many days I spent trying to find his location on the map and could not and so on. It is the only thread which I did not delete yet so you can read if you want Brokers Scam
Besides you can post your trader/coder traders opinion about any broker on this thread Brokers Scam and it is sticky thread.

Person who is acting aginst the other person or trading system or the broker is having commercial reason to do that. And in this case I said thanks to forexsavior for his review because I will not be alone if something started next week for example because of money between 2 very good coders or 2 very good traders or 2 brokers with real address.

As to "poor language skills" of those 2 brokers ... as I said I do not agree. Because no any UK or US or any other english speaking country people are involved (yet) in this conflict between 2 brokers so ...They need just to speak one of the UN official language for example and it is not necessary for them to speak English at all if they work in Iran and in Russia/CIS and in other countries for example
If 2 Russians are fighting each other so which language they are using?
Read this thread and you will understand all Brokers Scam

It has not been a good year for Interbank FX. First FXLQ goes down resulting in the firm losing a key liquidity provider. Then FXLQ goes into receivership taking $10 million of IBFX's net capital with it. Now IBFX has just announced to the public that there was a major security breach and that customers who had applied for an account prior to April 2, 2007, had their personal information exposed on a rogue server accessible to anyone on the internet.
http://doj.nh.gov/consumer/pdf/interbank.pdf

To IBFX's credit they appear to have taken immediate steps to secure the information and are offering those customers who were potentially exposed free membership to a credit monitoring company. I'm not familiar with Corporate Law but it appears IBFX hired Kirkland & Ellis to contact State Attorneys General about this? Pretty Intensive damage control by the folks at Interbank.

But considering the news has broken all over the net well outside the forex community best to cover all bases I guess: interbankfx security breach - Google Search

Let's hope Robert Gray hasn't been lurking around this rogue server all this time...