FXOpen Commission or Brokerage Charges – Review, Plans, FAQs & more
Find out everything about FXOpen Commission or Brokerage Charges here.
FXOpen is one of the renowned names when it comes to global financial asset trading companies. It is a company which is based in Saint Kitts and Nevis and was established in 2005.
Meanwhile, we are here today to discuss the brokerage structure of the company and make you aware of whether or not you should open up an account with FXOpen.
We will focus on various assets and the fees the company is charging. Of course, we will guide you with the steps to open an account.
Now, speaking of accounts, we will also highlight the types of accounts the company is offering to its clients. So, let us explore.
FXOpen Commission or Brokerage Charges
Almost all trading companies prefer to split the brokerage fees into spreads and commissions, which the companies charge every time you trade.
FXOpen is not an exception either. They also charge spreads and commissions in almost every trade.
Now, the question here is how much do they charge?
To answer this question in a simple manner; there are two contributing factors.
First, it is the classes of assets that determine the fee.
We will explore this segment later in this article. Second, it is the type of accounts a trader is choosing while they trade.
Again, this is something we will learn later in this article. For now, let us just say the spreads are dynamic, and the commissions can be as low as $0.
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Types of FXOpen Commission Plans
|Types of Commission Plans|
The types or categories of commission plans are usually the kind of accounts a company is offering. So, here are the types of account FXOpen is providing:
This is the basic account where the spreads are floating. Micro accounts are ideal for those traders who are new in this industry.
That is why the company allows you to start trading as low as $1.
Additionally, there are no commission fees, while the leverage can be 1:500.
This kind of account fits those who have been a scalper.
You can start trading with just $10, and the spreads are static.
Alongside that, the commission fee is not there, while you can enjoy the leverage of 1:500.
It is, as they claim, the most accepted account type of the company.
It allows the traders to start trading as low as $100.
Now, while the spreads are dynamic, the biggest benefit is there is no commission fee to be charged separately. Of course, there is leverage which can be 1:500.
FXOpen has kept crypto-trading separate accounts.
Here you can start cryptocurrency trading with just $10.
The spreads are floating, and there are no commission fees to pay.
The leverage is a bit less, though, in comparison to the other accounts – 1:3.
FXOpen Account Opening Process
We will discuss how you can open up an account with FXOpen. Here are the steps below:
On visiting the official site of FXOpen. On the homepage banner, you will get “Open an Account Now.”
Of course, you can try out a demo account too, but let us focus on opening the main account first. So, just click on that.
Now, you will get a page where it will ask you to choose your country. Do that and click on “Begin Application.”
Then notice that the site would automatically route you to a form with your country’s IP. Fill out the registration form correctly and proceed to the next page.
The next step is the KYC verification, which is here the eKYC process.
All you need is to submit your ID proof, address proof, and income proof documents to the company’s portal. Of course, you will need digital copies.
Once you submit the relevant and correct documents, the system will verify your account in a couple of minutes.
The next step is to choose the trading platform you wish to use. Of course, you can use multiple platforms as well.
Log in using the same credential that you have used at the time you were filling up the registration form.
Then, upload or transfer the funds and start trading your favourite assets.
FXOpen Payment or Withdrawal Methods
|Deposit Options||Cash-U, Credit Card, Cryptocurrencies, Moneybookers, Neteller, QIWI, Skrill, Webmoney, Wire Transfer|
|Withdrawal Options||Credit Card, Cryptocurrencies, Moneybookers, Neteller, QIWI, Skrill, Webmoney, Wire Transfer|
Let us now discuss the mode of payments you can use to deposit the funds that you will need to trade.
Please note that there are quite a lot of options that you can choose from.
Some of them are 3rd-party applications that may or may not require a fee to process. So, here they are:
- Credit Card.
- Wire Transfers.
Now, let us also mention the options that you can use to withdraw your funds:
- Credit Card.
- Wire Transfer.
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FXOpen Investment Assets
|Supported Cryptocoins||bitcoin, bitcoin-cash, dash, eos, ethereum, iota, litecoin, monero, neo, ripple|
|Total Tradable Assets||100|
|Number Of Currency Pairs||53|
|Number Of Cryptocurrencies||39|
|Number Of Stocks||600|
|Number Of Indices||10|
|Number Of Commodities||5|
|Number Of Futures||NA|
|Number Of Options||NA|
|Number Of Bonds||NA|
|Number Of Etfs||NA|
FXOpen deals with five different classes of assets.
There are roughly 53 currency pairs and over 600 company stocks in the offering.
To add to that, they are also providing around ten global indices, five commodities, and 39 cryptocurrencies.
Some of the popular crypto coins include the likes of bitcoin, bitcoin cash, dash, eos, ethereum, iota, litecoin, monero, neo, and ripple.
Overall, there are a total of 100+ tradable assets that the company is offering.
The spreads for that are mostly floating, except you choose to operate using the STP account.
One thing that we would like to comment on about FXOpen assets’ pricing – they are mostly tight-lipped about its full disclosure.
Then again, the floating spreads are crucial here.
It varies all the time, and therefore, you should wait for it to be at its lowest point to place an order.
As the commission fee is almost negligible, you can earn more.
FXOpen Commission – Conclusion
For the most part, FXOpen is doing a terrific job in satisfying its client base.
With the concept of floating spreads, they are allowing the traders to be smart and trade at the right time to gain maximum profit.
The types of accounts they are offering are also unique from most trading companies nowadays.
The mode of payments and withdrawing funds are something that deserves a shoutout.
There are plenty of options that one can choose, and it doesn’t take much time to process the amount too.
Again, what we would like to conclude is it may sound a bit less informative and more repetitive, but the concept of floating spreads with mostly zero commission is the company’s main USP.
So, from our experience, we believe it is a trustworthy company to get engaged.
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FXOpen Charges or Fees – FAQs
Here is the list of FAQs related to the FXOpen Brokerage Charges or Fees:
Does FXOpen charge a commission?
First of all, the overall brokerage fee comprises commissions and spreads.
Now, when you are dealing with FXOpen, they offer four types of accounts.
If you open up a Micro account, STP account, or ECN account, there are no added commissions that you need to pay.
It is adjusted along with the floating spreads the company is charging.
Commissions are only applicable if you are dealing with cryptocurrency and own a crypto account. Again, it is variable depending upon what asset you wish to trade.
How much does FXOpen charge brokerage?
The FXOpen brokerage fee comprises spreads and, in some cases, commissions.
There are four variants of accounts you can open with FXOpen – Micro account, STP account, ECN account, and Crypto account.
In the case of the Micro account, ECN account, and Crypto account, the spreads are floating.
So, they tend to change frequently.
If in case you are using an STP account, the spread fee is fixed for the particular asset you are interested in.
The commissions, on the other hand, are not applicable except for the Crypto account.
So, the overall brokerage is the aggregated value of spreads and commissions, whichever is applicable.
What is the Minimum Deposit required in FXOpen?
There are four kinds of accounts in the offering; each has its own set fixed amount that you must pay to begin trading.
For the Micro account, you can start trading for as low as $1, whereas, that amount is a minimum of $10 for the STP accounts.
Now, if in case you are using an ECN account, you need to invest a minimum of $100, while for the Crypto accounts, you can trade with as low as $10.
How much leverage does FXOpen provide?
Leverage for the Crypto account is 1:3, while for the Micro, STP, and ECN accounts, it is 1:500.
How much is Spread at FXOpen?
The FXOpen spreads fee varies depending upon the type of account you own.
However, there are no fixed rates for the spreads except you own an STP account.
As for the ECN, Micro, and Crypto accounts, the spreads fee is dynamic and subject to change all the time.
So, we request you to trade for an asset when its spread fee is low.
What type of Commission Plans available in FXOpen?
FXOpen is offering four types of accounts; each has its brokerage plan.
Micro account is the introductory account that FXOpen is offering, and the spreads are floating while there is no added commission.
Next, the STP account, which has fixed spreads rates.
There is no commission fee for this account either.
The no commission fee plan is also applicable for the ECN account, and the spreads are floating.
As for the Crypto account, both floating spreads and commission fees are applicable.
Do FXOpen provide Cryptocurrency for Investment?
Yes. With FXOpen, you can trade cryptocurrencies.
In fact, you can own a dedicated Crypto account for this so that you can trade the most popular crypto coins such as bitcoin, bitcoin-cash, dash, eos, ethereum, iota, litecoin, monero, neo, ripple.
Is FXOpen a legit Forex Broker?
FXOpen is a 100% legitimate forex broker regulated by ASIC, CySEC, and FCA.
Can I invest in FXOpen with $5?
Yes. If you opt for the Micro account, you can start trading with as low as $1. Of course, you can upgrade the account type with better benefits any time you wish to.
Are there any hidden charges available with FXOpen?
No. There are no hidden charges applied here. However, we recommend a chat with the support team for clarity.
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