This article contains FXOpen Review to help you get an idea. You will find details about its accepted countries, brokerage, trading platforms, apps, exposure & more.
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About FXOpen & Accepted Countries
FXOpen has established itself as a forex brokerage. A group of traders founded it as an educational center in 2005.
It has gained an excellent reputation as one of the fastest-growing forex brokers. The company aims at offering expert services in Forex and analytics.
Customer support, investing and managing PAMM accounts, etc., to traders are also provided.
FXOpen provides ECN trading ambiance to its clients through MT4 and MT5 terminals. It offers low commissions & the tightest spreads.
FXOpen allows and accepts traders from Qatar, Luxembourg, Kuwait, Saudi Arabia. Other countries include United Arab Emirates, Denmark, Italy, Sweden, Norway, Germany, France. Singapore, South Africa, United Kingdom, & Thailand are also some countries that accept FXOpen.
But, traders from Japan, Belgium & the United States cannot use FXOpen.
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FXOpen Trading Platforms
The Forex broker provides multiple trading platforms for its account holders. Lets have a look at these platforms.
MT4 is an award-winning trading platform. It billows instant trade executions at competitive prices. FXOpen was, infact, the first brokerage company to offer STP and ECN trading via MT4.
Considered ideal for both experts and beginners, MT4 offers several customizable features. These include trading signals, one-click trading, rich historical data, automated trading. Intuitive charting package, 50+ built-in indicators, and graphical objects technical analysis are also included.
A web-based version of MT4 is also offered by FXOpen, an excellent option for those with Apple Mac PCs. The WebTrader terminal is compatible with all major desktop browsers.
FXOpen also offers an MT5 trading platform. It provides all the features of MT4. Some several extra benefits like an economic calendar are also available.
Multi-currency strategy tester, 21 timeframes to track price movements, are also added. Netting, hedging, etc., are also included. But, MT5 does not allow cryptocurrency trading.
It is a brand new trading platform. TickTrader has almost the same features as MetaTrader. FXOpen offers TickTader for non-UK customers.
The platform is suitable for both experts and beginners. Its key features include level 2 pricing, strategy back tester, trading alert system.
A detailed charting system & one/double click trading mode are also included. All major browsers and OS supports the web version of TickTrader. This provides quick and easy access to trading without any need for downloading.
FXOpen Mobile App
FXOpen offers all the trading platforms (MT4, MT5 & TickTrader) as mobile apps. These apps are compatible with android and iOS smartphone and tablet devices.
The mobile apps are almost like desktop versions with added features. One such added feature is push notifications. You can download the app from the Play Store or App Store.
FXOpen mobile app allows placing market & pending orders & using interactive charts. It also allows analyzing market trends with technical indicators, viewing account history & statements.
You can receive push notifications as and when important events occur.
FXOpen Brokerage or Commission or Fees
The commission rate often depends upon the monthly trading volume & the account equity. Hence, the commission rate can increase or decrease from month to month.
This change depends on the account balance at the recalculation time. Traded volume for the previous period in USD terms is also considered.
Commission calculator can get instant commission calculations. Calculation happens per round turn or per half turn for any FX currency metal.
FXOpen Exposure or Leverage
Leverage is available from 1:30 for Forex investing and 1:2 for cryptocurrency. Leverage for commodities is 1:10, and for indices, it is set at 1:20.
Gold is also available at 1:20. Professional clients can access leverage up to 1:500.
You need to contact the support team to change leverage levels. Leverage always carries risk. Infact risks are part and parcel of using leverage in FXOpen.
FXOpen gives its clients the industry-standard MT5 and MT4 trading platforms. It helps management to sell and to buy levels with some of the best trading platforms ever created. FXOpen has also relaunched ECN Tick Trader.
FXOpen Payment Methods
Deposit – FXOpen offers several deposit options in EUR, USD, or GBP. Some options are free (bank wire transfer, credit/debit cards). And for some considerable fee is applicable viz. skrill @ 2%, Neteller @1%, & WebMoney @3.5%.
New clients can have FXOpen to enable themselves to have virtual prepaid cards. The least deposit range from 10 USD, GBP, or EUR for cards & soar up to 300 for wire transfer.
In the case of WebMoney, Neteller, & skrill, the least deposits are 50. Wire transfer doesn’t demand the largest deposit limit. For cards, the limit is 15,000 & for e-wallets it is either 10,000 or 20,000.
Withdrawal – The fees for withdrawal methods are nominal with skrill @ 2%, Neteller @ 1%, WebMoney @ 3.5%.
Bank wire transfer is available @ 30 USD or 15 EUR. Withdrawal times for cards take 2-5 business days. Bank wire transfer usually takes 1-3 business days.
FXOpen Virtual Trading or Demo Account
FXOpen offers a demo account in account options with Trick Trader, MT5 & MT4 platforms. Giving users up to $1,000,000 in virtual funds makes it easy to open the demo account from the main page.
The demo server is accessible every month as long as you log in. Once the trader is ready, he can upgrade to a real money account.
ECN demo account offered by FXOpen acclimatizes you to an electronic communication network. This network is unique and links several participants of the forex market.
These markets include centralized exchanges & several private investors. As a trader, you will have access to CFD crypto, FX Spot, CFD Metals, CFD stocks, CFD commodities, and CFD indices.
STP demo account includes the trading commission of the broker in the spread. The STP demo accounts represent the benefits of ECN real market execution. As a trader, you will have access to trading instruments of metal markets and Forex.
FXOpen Offers or Deals
The clients of FXOpen are often supported via several deals, bonuses & promotions.
Example – ‘No Deposit Bonus For TickTrader Accounts’ & ‘No Deposit Bonus For STP Accounts’. ‘Forexcup Trading Contest Bonus’ is also one such example etc.
FXOpen Regulation or Licensing
In Australia, the Australian Securities & Investments Commission (ASIC) regulates FXOpen. The Financial Conduct Authority (FCA) authorizes & regulates the FXOpen in the United Kingdom.
These two agencies are the most respected ones making FXOpen a trustworthy option.
FXOpen Markets Ltd has a membership of the Financial Commission. The customers of member brokers have a dispute resolution mechanism. They also get a financial compensation fund.
FXOpen features an exceptional regulatory record. FXOpen received an execution quality certificate. It compares 5000 trades pm against the benchmark of liquidity providers & other brokers.
Yet, they had to pay a fine of $1,40,000 in 2011. The Commodity Futures Trading Commission had levied this penalty.
CFTC is the forex regulator in the United States. FXOpen had to pay a hefty fine. It’s because they lured US customers without actually making registration with the CFTC.
Although this is against the law, it is a minor issue. Evidence couldn’t corroborate the fact that FXOpen was trying to mistreat customers.
Features of FXOpen
Suited to both expert & beginner traders, FXOpen offers the following features:
- Economic Calendar
- Customer Forum
- FIX API trading
- Market news
- Virtual Private Server (VPS) available
- Help center with knowledge base & support options
- For non-UK, Myfxbook & Zulutrade social & copy trading
FXOpen Account Types
For UK customers, there are three different types of accounts available. They are ECN, STP & Crypto. Forex, gold & silver are the tradeable investments with the STP accounts.
With the ECN account, trading is possible in energy, indices, silver, gold, forex. The Crypto account trades in cryptocurrencies.
FXOpen also offers PRO versions of the ECN, STP, & Crypto accounts. This offer holds valid with lower commission rates & higher leverage of 1:500.
Leverage goes up to 1:30 in the ECN & STP accounts & remains at 1:2 in the Crypto account. 0.01 lots are the least transaction size across all three.
A commission of $1.50 per lot in the ECN account, 0.5% half turn in the Crypto account, is applicable.
No commission is there with the STP accounts. But, the UK entity of the FXOpen is unable to offer PAMM accounts. Leverage remains at 1:2 in the Crypto account & 1:30 in the ECN & STP accounts.
FXOpen also offers PAMM accounts, which allow clients to follow other trader’s strategies. The master trader trades his funds via PAMM.
This technology replicates the trading activity of the master in the followers’ accounts. Thus the followers are not required to do the analysis & monitoring of positions.
FXOpen Account Opening Process
To open a trading account & start trading, the first & foremost step is to open an e-wallet. After that, you need to emulate the following steps:
- Login to My FXOpen personal area.
- Select the type of account you need.
- Read & accept the important documents & conditions.
- Fill in the account opening form.
Your new trading account’s registration data becomes visible after doing the above steps. You need to add funds to your trading account through the available payment system. This is a mandatory step to start trading on a live account.
FXOpen also provides the facility of opening a demo account. This enables beginner traders to trade & get the real market experience. There is no fear of losing actual money.
Following are the benefits of FXOpen:
- True ECN Model
- Decent cryptocurrency offering
- Regulated in the UK & Australia
- Positive customer reviews across all platforms
- TickTrader, MT4 & MT5 platforms
- FXOpen features low commissions with nothing charged on STP accounts.
- It is possible to execute the orders in 0.001 seconds.
- 90-day cashback program. This means you can get up to $1,000 cashback from your trading. You will get it during the initial three months from the moment of registration.
- 100+ trading instruments, including currency metals, CFDs, oil, cryptocurrencies, indices, etc. are available.
- One million traders worldwide have full faith in FXOpen.
- Data encryption, two-factor authentication login & segregated accounts for client funds.
FXOpen Cons or Drawbacks
Disadvantages of FXOpen include the following:
- Limited range of CFDs
- Limited educational tools
- More suited to experienced traders
- High least2 deposits for UK customers
- No fixed spread accounts
- Restricted leverage for EU clients
- No US clients
- No negative balance protection
- Unregulated offshore entities
- Unstable platforms at times
- Customer support is not 24×7
- High fees
- Only the basic order types are available.
FXOpen Trading Hours
Trading hours for indices, Forex & commodities run from Sunday 22:00 to Friday 22:00 (UK time). But, all crypto accounts are tradable 24×7.
FXOpen Customer Support
- Help Center – submit a ticket after registration.
- Email – firstname.lastname@example.org, Customer Support Telephone – +44(0) 203 519 1224
- Live chat, including Facebook & WhatsApp messenger. It’s located at the bottom right corner of the website.
FXOpen Safety & Security
All client funds segregate at Lloyds Bank Plc or Barclays Bank Plc in London. Both the MT$ and MT5 platforms follow industry-standard security requirements. These include two-step verification login & 128-bit secure sockets layer encryption (SSL).
FXOpen is an attractive option. That, too, after having limited educational resources, low commissions, and spreads. Its exceptional track record makes it beautiful, especially for high volume traders.
FXOpen has strict regulations from some of the reputed agencies. Their ECN environment offers the best possible trading conditions. These conditions include competitive commissions, fast trade execution speed, & low spreads.
Open a Forex Trading Account Now! – Fill up the Form
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