FXOpen Trading Account – Review, Types, Process, Benefits, Charges & more
Find out all details about FXOpen Trading Account here. FXOpen is a worldwide leader when it comes to online trading companies.
Incorporated in the year 2005, the company has managed to reach an astounding height with every year passed on.
This is a trustworthy institution as three major regulators green-flagged its operations – ASIC, CySEC, and FCA.
There are tons of reasons why it makes sense to open up an FXOpen Online Trading.
That is why we will discuss all the features, benefits, and fee structures of the company if you are contemplating as a trader.
We will also talk about the steps by which you can open up a trading account. Now, let us jump in.
FXOpen Trading Account and Benefits
The company has been in operation for 16 years now. So, it is apparent that they are efficient and therefore, has a lot of benefits in offering:
- The first thing that you should care about is the security aspect that FXOpen has. The company is regulated by some of the most reliable organizations – ASIC, CySEC, and FCA.
- FXOpen is a true ECN/STP broker. Therefore, you can rest assured knowing the company and your interests are aligned.
- One of the main factors that most traders look forward to is the spreads and commissions the company is charging. So, you will be happy to know that FXOpen offers spreads as low as 0.0 pip, and commissions as low as $1.50 per lot. Of course, it depends on the type of account you choose which we will learn later.
- The company operates using a wide range of liquidity providers who can stream real-time prices. So, traders can expect ultra-fast order processing with FXOpen.
- It doesn’t matter whether you are a scalper or a long-term investor. With an FXOpen trading account, you can do any form of trading you want. The advisory team has years of experience if you seek assistance.
- There are over 200+ markets that you can buy or sell assets from. The trading platforms are robust and will allow you to trade from international markets in a matter of minutes.
Fill up the Form – Open Forex Trading Account Now!
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FXOpen Trading Account Charges
|Trading Account Charges|
When it comes to the spreads and commission fees of FXOpen, the company is fairly consistent.
They charge floating spreads mostly; so, it is hard to accumulate a fixed rate.
When it comes to commissions, they have a detailed pricing structure that you can get from their website.
Of course, the rate of spreads and commissions depends upon the type of account which you opt for; something we will discuss more elaborately later.
Now, let us talk about various commission fees for each class of assets. Let us start with the commission for forex trading.
They charge $3.50 per lot if the account balance is below $1,000.
Now, in case the balance ranges between $1,000 – $25,000, the commission they charge is $2.50 per lot.
Moving on to balance range between $25,000 – $250,000, $1.80 per lot, and for anything above $250,000, they charge $1.50.
Now, please note that there are discounted rates available to high-volume traders as well. It can typically be as low as $1.50.
On top of that, the commission rates for the TickTrader Platform are a bit less as well – as low as $1.50 for Market Orders, and $1.00 for Limit Orders.
The commission rates for the CFDs are also variable depending upon the type of account you select and the country you live in.
It can be as low as 0.0018%. The variable nature of the commission rates is also applicable for shares trading, where the fee can be as low as 0.04%.
The same amount is valid if you trade cryptocurrencies – 0.04%. Please note the commissions are included in the spreads and you need to pay a composite fee, which is again, completely variable.
Types of FXOpen Trading Account
|Types of Trading Account|
|Trading Desk Type||ECN|
|Suitable for beginners||Yes|
|Suitable for professionals||Yes|
|Suitable for scalping||Yes|
|Suitable for daily trading||Yes|
|Suitable for Weekly trading||Yes|
|Suitable for swing trading||Yes|
It is time to discuss the types of accounts the company is offering. There are 2 kinds of accounts that you can choose from. Based on that, you can get the facilities.
There are Islamic trading accounts available for Muslim traders. Meanwhile, here are the regular accounts that you should know:
Electronic Communication Network (ECN) account:
With this type of trading account, you can choose from the raw price from the banks and liquidity providers. So, eventually, you pay a small commission.
The minimum deposit amount is USD 300, GBP 300, or Euro 300, depending upon the standard currency where you live. There is no upper limit to the balance that you can hold.
The spreads are floating and can be as low as 0.0 pip, while the commissions can be as low as $1.50. You can trade from 6 different classes of assets and also try out the demo account in the offering.
Straight Through Processing (STP) account:
The STP accounts from FXOpen are what you can call the basic trading accounts.
Ideally suited to new traders who are willing to go slow in the beginning.
Now, of course, like any basic account, you won’t have all the features stored in it. While the commissions are not applicable here as that is a part of the spread.
But then again, the spreads are not as low as the ECN accounts. You can trade 2 classes of assets – Currencies and Metal CFDs. One drawback is you won’t get the demo account for practicing trades.
FXOpen Account Opening and Trading Process
Now, as we have covered most of the segments about FXOpen trading account, let us know how to open an account in the first place:
- Follow this link – https://www.fxopen.com/en-gb/open-account/. Here the form will ask you for the country where you live. Select your country and click on “Begin Application.”
- Then you need to fill up the form with correct information and continue.
- Then you need to complete the KYC process. For that, you need to upload digital copies of your ID proof, address proof, and income proof.
- Once the eKYC is done, you need to set up your account login credential.
- Then log in, deposit funds instantly, and start trading.
Once you log into your trading account using one of the trading platforms, the first thing is to create a watchlist with your preferred assets. Once you are satisfied with the price point, you can place the order. FXOpen allows fast order execution; so, you can trade quickly and efficiently.
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FXOpen Trading Account – Features
|Social Trading / Copy Trading||Yes|
|Guaranteed Stop Loss||Yes|
|Guaranteed Limit Orders||No|
|Guaranteed Fills / Liquidity||Yes|
|Trading From Chart||Yes|
|Interest On Margin||No|
|Other Trading Features||Yes|
It is time you take a look at the features that the company is offering before you make your final call. So, here they are:
- The Social trading or copy trading feature is available.
- You can avail of Guaranteed stop loss every time you trade.
- Guaranteed Fills / Liquidity feature is ready to use.
- You can place a Trailing SP/TP order on every trade you make.
- API trading feature is up and running.
- VPS services are available.
- The trading platforms of FXOpen allow trading from Charts.
- You can place One-Click orders.
- The Expert advisory services are decent.
- There are loads of technical features that you can check on by contacting the support team.
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FXOpen Trading Account – Conclusion
FXOpen is a formidable company that has a lot of reasons to be associated with.
The trading platforms are robust, the spreads and commissions are reasonable, the customers’ reviews are mostly positive too.
So, it ticks all the primary boxes to open up a trading account with them. Therefore, we suggest you give the company a chance.
FXOpen Online Trading – FAQs
Here is the list of FAQs related to the FXOpen Online Trading:
Does FXOpen provide Online Trading?
Yes, for sure. The company has been around for 16 years providing online trading.
Today you can perform trading of 6 different classes. Talk to the support team for more clarification.
What are the Commission Charges in FXOpen?
Depending on the type of account you choose, the commissions can be as low as $1.00 per lot.
However, if you are associated with the STP accounts, you may have to bear higher rates of commissions.
So, we suggest you clarify every doubt with the support team before you open an account.
Does FXOpen provide Demo account Trading?
Yes. You can avail a Demo account with the ECN trading accounts.
Please note the STP account doesn’t allow a demo account for you to practice online trading.
Is trading Free at FXOpen?
Apart from the spreads and commission fees, trading with FXOpen is free.
However, the very definition of free is complex here. So, again, we suggest you discuss this with the support team.
Does FXOpen provide Spot Metals Trading?
Yes. You can perform Spot Metal trading with the FXOpen trading account.
We suggest you take a look at the spreads and commissions that you need to pay, also the type of metal trading available with the company.
What are Spot Metals Trading Charges at FXOpen?
We suggest you follow this to get the live spread pricing of Spot metals. It depends upon the type of account chosen by the users.
Does FXOpen provide Stock Trading?
From companies like Tesla, Microsoft, and Apple to Facebook, Amazon, and Netflix, the company offers stock trading with various international brands that you may fancy.
What is Spread at FXOpen?
FXOpen charges floating spreads mostly for the assets they are offering. If you open an STP account, the spreads and commissions get combined and you need to pay one composite fee.
Is FXOpen safe for trading?
As mentioned, a few times now, FXOpen has a high priority on the security aspect. That is why 3 top-class organization regulates the company from various locations.
Also, the trading platforms as two-step verification enabled to add the extra layer of security. Hence, it is safe to perform online trading with FXOpen.
Do FXOpen provide Trading Tips?
The company is ideally suited if you are a new trader. They offer stunning advisory services that provide prompt tips that you can be benefited from.
Fill up the Form – Open Forex Trading Account Now!
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