Email Scam Hits Major Forex Broker

Nigel Frith

A leading foreign exchange broker is advising its customers to take care after a wave of scam emails sent in its name were uncovered. FXOpen, which caters to both retail clients and large institutional investors, asked its customers to always double-check that any emails it receives are from legitimate sources after the false emails circulated.

A surge in the frequency of the emails, which are believed to ask clients to pay cash towards false service fees, were first noted towards the end of last month.

In a statement, FXOpen pointed out that clients would only ever be expected to pay the fees which were published on the official FXOpen site – and that users would not be asked to pay additional fees over email.

“We are contacting you to make you aware about an increasing amount of fraudulent activity where unidentified individuals are pretending to represent FXOpen and are contacting clients asking for payment of commissions and service fees,” the statement said.

“FXOpen does not have any hidden costs or charge additional commission or fees as clients pay only the commission stated on the broker’s official website.”

FXOpen users were advised to use the domain name from which any suspicious email was received as a way to check its legitimacy.

“Please note that we only use @fxopen.com and @fxopenasia.com mail domains for communication with our clients. If you receive an email from FXOpen but from another domain it is most likely to be fraudulent,” the firm said.

It is also believed that fraudsters could be creating fake registration screens designed to mimic the operations of the official FXOpen screens – a well-known tactic among scammers.

“Also, we draw your attention to the fact that the authentic form of registration with FXOpen is only available on our main official website https://www.fxopen.com at https://my.fxopen.com/en/Registration and the domains on other languages available from the official website,” the firm said.

“We advise you to keep your login details safe and not to disclose them to third parties.”

Forex exchange broker scams are sadly very common, and individuals involved in the forex field are often advised to exercise both caution and common sense no matter which broker they choose to use.

Even the regulators themselves are not immune. Earlier this year, for example, a group of scammers posing as representatives of the regulatory body CySEC, the Cyprus Securities and Exchange Commission, told traders that they had been scammed and that they needed to send large amounts of cash to lawyers as a result.

The same problem also exists in the related world of cryptocurrency. Last month, the American FTC, Federal Trade Commission, was forced to warn people of a blackmail scam in which men were approached via email and told that compromising information would be made public if they did not make a Bitcoin payment.

People who believe they may have been affected by the FXOpen scam can contact the firm’s customer support team at [email protected].


Nigel Frith

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