FXOpen Review
FXOpen was established in 2004 as an educational center that offered courses in technical analysis and financial markets. In 2005, it became a brokerage firm with the aim of meeting the growing demand for fair and transparent trading conditions.
Broker: FXOpen
Minimum deposit: 1$
Regulator: FCA, CySEC, ASIC
Year: 2005
Financial instruments: 150 000+
FXOpen Licences:
FXOpen Ltd. - Authorized by FCA UK, registration number. 579202
FXOpen EU Ltd is authorized by CySEC Cyprus, registration number. 194/13
FXOpen AU Pty Ltd – Authorized by ASIC (AU), registration number. 412871
Our Take:
The broker is committed to continual development and adding new markets to expand their offering. The broker is currently a trusted advisor to over 1,000,000 customers from around 100 countries. Their services and technology as well as the work environment have been recognized many times.
FXOpen is the first Forex broker that offered ECN trading via the Meta Trade4 terminal. You can also benefit from FXOpen’s proprietary price aggregating technology. Industry's best spreads and lowest trading commissions.
ECN Model allows traders to access the Interbank Market, clients get real-time quotes and information from the largest liquidity providers in the industry.
Overview
FXOpen is a regulated broker that offers low risk, excellent technology, and platform selection. The minimum deposit is only 1$. There are great analysis tools and excellent support.
The education section, which includes webinars and trading videos, is not as easy for beginners. They should look elsewhere.
Pros
True ECN model
Globally regulated
Unlimited demo account
Negative balance protection
MT4, MT5, & TickTrader platforms
Cons
Withdrawal fees apply for some methods
No access to all trading instruments on some accounts
Minimum deposit requirements for some payment methods
Rating of the company overall
Reliability ⭐⭐⭐⭐⭐
Platform ⭐⭐⭐⭐
Commissions ⭐⭐⭐
Support ⭐⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐⭐
RATING: 4.0
History
FXOpen Markets Limited, a Nevis-based company, is registered. However, FXOpen UK, a London-based company, has received the Financial Conduct Authority license with registration number 579202.
The launch of the London office as well as the www.fxopen.co.uk website has led to huge company expansion in the EU. FXOpen now ranks among the most popular brokers.
Is FXOpen a safe or scam?
FXOpen isn't a fraud. It is regulated by the FCA, a top-tier authority, and considered a low-risk broker in Forex and CFD trading.
How can you be protected?
FCA licenses are a highly respected global standard. Traders have the assurance and security that their funds are safe and secure at FXOpen. This is done through a variety of ways and transparent guidelines about how brokerage works.
Additionally, client funds are kept in separate bank accounts in the UK and protected by the FSCS up to PS50,000.
Leverage
FXOpen, a UK-based regulated broker, adheres to strict guidelines established by the European authority Financial Conduct Authority as well as general ESMA rules.
A recent European regulator update set a limit on maximum leverage levels. ESMA recognized a risk when very high leverage was used. Once the status has been confirmed, professionals may be able to gain higher leverage levels. However, all traders are strongly advised to study more about leverage and how to make the most of it.
FXOpen clients may leverage up to 1:5 for Forex products and 1:5 for CFDs, as well as 1:10 for Commodities.
Types of accounts
There are 4 account types, each with a defined condition, which can be used to suit your needs. These include ECN, Micro, STP and Crypto accounts. You can also denominate your account in a variety of base currencies, including USD, EUR and GBP. This makes it easier to make payments.
Islamic traders are also welcome to benefit from Forex trading without violating Sharia Law by being offered SWAP-free accounts.
The Micro Account permits you to trade 28 currency pairs on a non-commission basis. While the STP account allows tight spreads and no commission, and only requires a 10$ deposit.
Crypto trading available through 24 currencies pairs BTC and LTC, NMC PPC, ETH and EMC, with transaction volume commissions of 0.25% through 10$. There may be differences in the accounts for UK residents.
Instruments
The company offered Bitcoin trading in addition to the general offer to trade Forex and Metals such as Gold and Silver.
Fees
FXOpen fees vary depending on which account type you have and are either included in a spread charge or commission. See comparison table below, where we get via FXOpen Review its fees are very competitive to industry proposals.
Spreads
FXOpen trading spreads or costs, because of its execution technology, you can getvariable spreads. These spreads are determined by the trading account you choose and the instrument you use. STP account is a spread account that has all costs included.
If you trade via an ECN account, spreads are fixed and start at 0 pip. Trading costs are also charged depending on trading volumes. Operate from $1.5 per Standard Lot.
Methods of payment
Deposit Options
Brokers accept the following payment methods:
Debit/Credit cards,
UnionPay,
Bank transfer,
Local Bank Transfer or Local Deposit (available in Malaysian, China, Indonesia and Thailand) as well Local Bank Transfers that are supported in Latin America region .
Major e-wallets WebMoney and Neteller, Skrill
Qiwi wallet. Perfect Money. Yandex Money. Sorex Money. Intellect Money. RBK Money.
Last, you can pay via PaySafeCard, or a new cryptocurrency payment (the broker accepts Bitcoin and Litecoin as well as Ethereum, Tether, Emercoin, Tether, and Litecoin).
Minimum deposit
FXOpen Minimum Deposits: 1$ for Micro Account. This is a great deal for traders of all sizes and experience levels.
Additionally, FXOpen offers a hassle-free funding option with the Prepaid card worth up to 25$ and 10,000$. FXOpen Resellers can order the cards from them. FXOpen Pre-paid codes allow funds transfers between FXOpen EWallets without any commission.
FXOpen Minimum Deposit vs Other Brokers
Withdrawals
You can withdraw funds from FXOpen using either a prepaid or offered method. However, it is important to verify the conditions because there may be differences due to regulations. Be aware that some payment methods might have transfer charges. These FXOpen fees are determined by the specific payment conditions and regions.
Trade Platforms
Metatrader4 is the most popular platform for retail Forex trading.
Desktop Platform
The FXOpen is the most preferred choice. Along with its powerful tools, the FXOpen chooses to use MT4 as their mainstay. A nd was actually the first broker to offer direct access to Interbank liquidity via MT4.
The company went further, however, and added the Liquidity AGgregator to their technology. This ensures that orders are executed correctly and offers the best prices.
FXOpen MT4 has a standard version that is different from the FXOpen. Each trader requires a different modification to each account. There is an STP version and one for Micro accounts. A separate version is available for ECN and Crypto Trading.
Web Platform
The platform is generally available in compatible with any device and accessible through the browser as a WebTrader.
A TickTrader ECN account is also available that includes Desktop, Web, and Mobile Terminals. This version is for traders who require advanced analysis and a level 2-price platform.
Auto trading
Automated Forex trading is also known as algorithmic trade. It uses Expert Advisors (EA) or trading robots to automatically place orders without the need for manual intervention from the trader. This allows trading systems to operate autonomously and continuously.
FXOpen provides Forex auto trading via Myfxbook or ZuluTrade. FXOpen offers its own PAMM technology allowing you to benefit from strategies developed by experienced traders.
FXOPen service allows you to join the funds experienced traders to become Master traders and earn from Forex followers. Followers can choose from many strategies to follow. There are currently over 200 PAMM accounts. The minimum capital required to open an account is 200$. Strategies and trades can be opened at any time.
Support for Customers
FXOpen Review revealed that the broker continues to deliver professional services in trading and analytics to clients, with excellent customer support. They are always available to answer any questions . Service is available via Live Chat or phone 24/5.
Education
FXOpen doesn't offer advanced education materials such as Webinars and Seminars. However, the package includes technical analysis, News feed, and other tools. Comprehensive investment opportunities, either by using their trading strategy or following the PAMM account, may also be of interest to professional and beginning traders.
The broker also holds Forex competitions which assist in learning and offer valuable prizes.
Conclusion
FXOpen Review is a broker that allows you to access the forex market with lower trading or deposit requirements and a variety of other attractive options. The broker maintains regulatory oversight for their operations which ensures that traders' legal rights and security are protected. ECN trading is a great choice for both experienced traders and those who prefer programmed or technical trading as a major strategy.