OpenFX

Cheated by a financial organization, does not withdraw money? Do you want to check the financial company?

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    OpenFX review - a new fake company, reviews of the broker, results of cooperation

    A financial project that provides several tariffs with favorable conditions for profitable trading on the stock exchange. Representatives of this platform claim that their company is in fact one of the most promising and reputable on the market. However, in reality there is not much data regarding this site, which is why many users are suspicious of it. Therefore, our experts decided to check the data about this company to understand whether it is worth recommending it to our readers or whether it is better to add the service to the list of fraudulent organizations that do not deserve your attention.

    Status

    SCAM

    Year of foundation

    2016

    Affiliate program

    Yes

    Regulation and jurisdiction

    Belarus

    Website

    https://openfx.by/

    Contacts

    +375 17 336 55 44 

    +375 17 336 55 45

    [email protected]

    [email protected]

    Pros
    • A mobile application is provided for permanent access to the platform
    • Wide range of assets available for investment
    • Affiliate program available
    Cons
    • There is no official documentation indicating the legality of the project
    • Lack of legal regulation
    • No demo account available
    • No educational platform for inexperienced traders
    • Constant problems accessing the site
    Trading Platform

    MetaTrader4 (MT4)

    MetaTrader5 (MT5)

    Mobile Trading Platform

    Types of accounts

    Pro Account

    Premium Account

    Invest Account

    Currency

    USD, EUR, RUB

    Deposit/withdrawal

    Credit cards Visa/Mastercard/Maestro

    Electronic wallets

    Cryptocurrency

    International payment systems

    WireTransfer

    Min Deposit

    500$

    Leverage

    Up 1:200

    Min order

    0.01 pips

    Spread

    From 0 points (floating and fixed)

    Financial instruments

    Energy, cryptocurrency, currency pairs, indices, commodities, precious metals, shares of major international financial companies

    Order execution

    Market Execution

    Company information

    The history of formation and key aspects of the company’s activities are not much disclosed on the company’s official website. Registration allegedly took place on February 29, 2016, under UNP number 192612632. But we checked the history of the domain and, according to the information provided, the site was launched only in 2020. The service has three years of active work behind it.

    OpenFX positions itself as a high-tech company offering modern products and solutions for working in financial markets. The company’s main activity is related to operations on the over-the-counter Forex market. Certificate of inclusion in the register of Forex companies: No. 1 dated April 19, 2016, issued by the National Bank of the Republic of Belarus. The company operates within the framework of Belarusian legislation, regardless of the residence of clients.

    The company’s website does not provide specific statistics about its activities or achievements. However, it is stated that activity in the over-the-counter Forex market is associated with certain risks, including the possibility of losses. OpenFX does not provide services to clients resident in the United States, Iran and the Democratic People’s Republic of Korea. The Company emphasizes the risky nature of transactions in non-deliverable OTC financial instruments.

    OpenFX’s review of the company’s history showed that we are dealing with a classic kitchen, which at the start of the portal did not plan to operate openly.

    Terms of cooperation with OpenFX

    So, the following available tariffs are posted on the official website of OpenFH:

    • Trader. Designed for beginners and professional traders. Commission: 0.01% of position volume (for both sides). Inactivity fee: $20 per month if there are no trades on the account;
    • Investor. Designed for stock investors and clients using partner services. Commission: from 0.03% of the position volume (for both sides). Inactivity fee: $20 per month if there are no trades on the account. Discounts up to 50% on partner services.

    Additional features available to clients:

    • transactions with non-deliverable over-the-counter financial instruments do not involve the transfer of ownership of the underlying assets and are associated with risks;
    • activities on the over-the-counter market are carried out within the framework of Belarusian legislation, regardless of the residence of clients;
    • the company does not provide services to clients from a number of countries.

    The OpenFX organization promises a lot, but delivers nothing in practice. The company just feeds you with promises and that’s it.

    Expert opinion

    Eugene Rudenko

    So the company OpenFX is a Forex broker that immediately makes you think about the reliability of the project. Since online comments and analysis of the project as a whole indicate that the company does not operate legally. The office simply manipulates traders, promising them one thing, but delivering something completely different in practice. Accordingly, cooperation with OpenFX will only lead to losses.

    Want to spread the word about your company or have you been in a negative review? Contact the portal editorial office right now

    OpenFX reviews from ex-clients

    There are plenty of comments online from users. This greatly simplifies the evaluation of openfx.by. Considering the reviews, it is clear that scammers simply extract money from clients using various methods. Below is a series of reviews according to which the company forces you to deposit a larger amount on your balance, arguing that you can increase your profit. In reality, it’s just a way to get as much money as possible.

    There is also no withdrawal of money. Managers talk about various delays and reasons why withdrawal is not possible right now.

    Oleg shared his own story that he was also promised income and support. It was only when it came to withdrawing money that everything fell into place.

    The platform is completely controlled by the company. You shouldn’t even count on making money, since the quotes are drawn.

    Divorce algorithm

    Now regarding how the company scams money:

    • pFull control of the terminal. OpenFX is license-free, which allows them complete control of the trading platform. This means that they can manipulate the trade in any way they want without taking the trades to the real market;
    • aggressive trading tactics and pressure on clients. The company uses aggressive methods to get clients to invest more money by applying pressure and promising high returns;
    • questionable advertising and marketing. OpenFX uses aggressive advertising and marketing ploys to attract customers, including false statements about its experience and reliability;
    • promises of high returns with minimal risks. The project makes unrealistic promises of high returns with minimal risks, which is a classic sign of fraud;
    • problems with withdrawal of funds. Many customers encounter difficulties when trying to withdraw their funds, and company support often imposes additional fees and charges to make withdrawals difficult or impossible.

    This information highlights the risks of working with OpenFX. In addition, do not forget about reviews from ex-clients.

    Remember that you can return money transferred to scammers. The process is carried out quite successfully, but only if you approach the procedure correctly. Just for consultation write to us.

    Signs of an OpenFX scam

    To summarize, we get the following list of signs of fraud:

    • pComplete control of the terminal without a license. The service does not have a license, so the platform is completely controlled by scammers;
    • aggressive trading tactics and pressure on clients. The company uses aggressive methods, thereby using various methods of pressure and promising high profitability;
    • questionable advertising and marketing. OpenFX convinces potential clients of its reliability; for this purpose, they place fake contacts and legal information on the website;
    • unrealistic promises with minimal risks;
    • problems with withdrawals. Ex-customers face difficulties when trying to withdraw money, and the support company often introduces additional fees and charges to make withdrawals difficult or impossible.

    Based on these facts, it is not even worth spending your own time getting acquainted with OpenFX. The organization acts like the most banal kitchen.

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    FAQ

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    How do customer reviews influence OpenFX on the company's rating?

    Customer reviews are one of the main criteria influencing the reputation and position of a broker in the ranking of reliable companies. You can view reviews about OpenFX on the main broker profile page.

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    How to write a review about cooperation with OpenFX Online Forex Rating?

    You must register on the official website of the Forex Rating . This procedure is free and will take very little of your time. To confirm your registration, you will receive an email with a link where you will find detailed instructions on how toleave a review about the company OpenFX.

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