- What is FXOpen?
- FXOpen Pros and Cons
- Is FXOpen safe or a scam?
- Deposits and Withdrawals
What is FXOpen?
The FXOpen firm was founded as an educational center offering courses in the field of technical analyses and financial markets, yet in 2005 became a brokerage company with an aim to satisfy the growing need for fair and transparent trading conditions.
Therefore, the broker committed to continuous development, while constantly adding-on additional markets and expand their offerings even more. Currently, the broker is a trusted partner to more than 1,000,000 customers from around 100 countries, their services and the technology, as well the working environment recognized many times.
FXOpen was the first Forex broker to offer its clients ECN trading via the Meta Trader4 terminal, along with FXOpen’s unique proprietary price aggregating technology which you can benefit from the industry’s most competitive spreads and low trading commissions.
The ECN Model gives traders access to the Interbank market, clients receive real-time quotes from the industry’s largest liquidity providers.
FXOpen Pros and Cons
FXOpen is regulated broker with low risk, good technology and platform selection, the minimum deposit is very low only 1$, there are good analysis tools and excellent support.
On the flip side education section with trading videos or webinars are not so rick, beginners better look for other broker.
10 Points Summary
|🗺️ Regulation||FCA, CySEC, ASIC|
|📉 Instruments|| Forex, Cruptocurrencies, Metals|
|🖥 Platforms||MT4, MT5, TickTrader|
|💰 EUR/USD Spread||0.4 pips|
|🎮 Demo Account||Provided|
|💰 Base currencies||USD, EUR, GBP, AUD, JPY, RUB, BTC, etc.|
|💳 Minimum deposit||1$|
|📚 Education||No Professional education, tehcnical analytics and autotrading|
|☎ Customer Support||24/5|
Is FXOpen safe or a scam
No, FXOpen is not a scam, it is regulated broker by top-tier authotiry like FCA and is considered low-risk broker for Forex and CFD trading.
Is FXOpen legit?
FXOpen Markets Limited is a company duly registered in Nevis, however, since 2013 within the FXOpen Group of Companies a London-based company – FXOpen UK received the Financial Conduct Authority (FCA) license with registration number 579202.
In fact, the launch of the London office and the www.fxopen.co.uk website brought huge company expansion among the EU countries and even further, so now FXOpen is among popular brokers.
How are you protected
Since FCA licenses are among the most respected worldwide, trader’s assurance and peace of mind that funds are safe and secure at FXOpen, provided by numerous ways and general transparent guidelines how brokerage operates.
Moreover, client funds are held in fully segregated bank accounts in the UK and protected up to £50,000 by the FSCS.
Being a UK based regulated broker FXOpen therefore, follows strict guidelines set by the European authority Financial Conduct Authority and general ESMA rules.
Eventually, a recent update from the European regulator set a limitation towards maximum offered leverage levels, as ESMA recognized a potential risk in case very high leverage is used. Professionals, once the status is confirmed may gain higher leverage levels, while all traders are definitely advised to learn more about leverage use and how to use its potential to the best.
- Clients of FXOpen may use leverage up to 1:30 for Forex products, 1:5 for CFDs and 1:10 for Commodities.
The account types are offering 4 accounts with defined conditions according to the tailored solution which including STP, ECN, Micro and Crypto accounts. Besides, there are numerous account base currencies that you can denominate your account including USD, EUR, GBP, AUD, JPY, RUB, BTC, etc. making your payments easier process.
The Islamic traders are also welcomed, to take advantage of Forex trading without violating Sharia law by offering them SWAP free accounts.
The Micro Account allows access to trade 28 currency pairs and on non-commission basis, while the STP account offers tight spreads, no commission and as low as a 10$ deposit to start.
Crypto trading available through 24 currency pairs BTC, LTC, NMC, PPC, ETH, DASH, EMC, with commissions of transaction volume 0.25% through the first deposit of 10$. However, some differences between the accounts may occur for UK residents in particular.
Apart from the general offering to trade Forex and Metals like Gold and Silver, the company continued to set the pace with its latest technologies and in 2014 offered Bitcoin trading.
FXOpen fees are depending on the account type you use, and either built into a spread or commission charge. See comparison table below, where we get via FXOpen Review its fees are very competitive to industry proposals, as well you can compare FXOpen fees to another popular broker HotForex.
|Fees||FXOpen Fees||CMC Markets Fees||Rakuten Fees|
FXOpen trading costs or spread, due to its execution technology you get variable spreads which are defined by the trading account and instrument you choose. So STP account is solely spread account with all costs inbuilt.
In case you trade through ECN account spreads are floating and starting from 0 pips and trading costs are charged as a commission also depending on the trading volumes you operate from $1.5 per Standard lot.
|Asset/ Pair||FXOpen Fees||CMC Markets Fees||Rakuten Fees|
|EURUSD Spread||0.5 pips||0.7 pips||0.5 pips|
|Gold Spread||13 cents||3||1.5|
Methods of Payment
The payment methods acceptable by broker covering the most common options including
- debit/credit cards,
- bank transfers,
- local bank transfers or local deposit (available in Malaysia, China, Indonesia, Thailand), as well local bank transfers supported too in Latin America region,
- major e-wallets WebMoney, Neteller, Skrill
- Qiwi wallet, Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money.
- And the last, payments can be processed via PaySafeCard or a newly established cryptocurrencies payment (the broker accepts Bitcoin, Litecoin, Ethereum, Tether, Emercoin).
What is the minimum deposit for FXOpen account?
FXOpen minimum deposits is 1$ for Micro Account, which is indeed fantastic for the traders of any size and experience level.
In addition, the hustle-free funding option available by the Prepaid Card worth of 25$ up to 10,000$ that can be ordered from FXOpen’s official resellers, and FXOpen Pre-paid Codes allows transferring funds between FXOpen eWallets with no commission.
FXOpen minimum deposit vs other brokers
||Most Other Brokers
For FXOpen withdrawal you can use either a prepaid card or offered methods to withdraw money from your trading account. Yet, always verify conditions as some differences may be applicable due to regulations. Though, take into consideration that some of the payment methods may incur transfer fees, which FXOpen charges according to the various payment conditions and regions respectively.
According to the statistical data over 90% of all transactions on the retail Forex market are conducted via Metatrader4, also MT5 available for you choice at FXOpen as well.
|Mainstay on MT4 and MT5 platforms||None|
|Mobile Apps included|
|User friendly design and login|
|Supporting many languages |
|Technical analysis and powerful features|
|TickTrader ECN specially designed account for TickTrader Platform|
|PAMM and auto trading|
As the most popular choice, along with its powerful tools the FXOpen chooses MT4 as their mainstay and actually was the first broker to introduce direct access to Interbank liquidity and ECN trading via MT4.
However, the company moved even further and enhanced the technology by the Liquidity Aggregator that ensures error-free order execution and best prices.
The standard version of MT4 diverse from the FXOpen one, as the trader needs a different modification for each account. Hence, there is an available version of STP and Micro accounts, and a separate one for ECN accounts and Crypto Trading.
Generally, the platform is available in different versions which are suitable for any device or accessible as a WebTrader through the browser.
- In addition, there is a specifically designed account TickTrader ECN featuring Desktop, Web and Mobile Terminal offering a special version for traders demanding advanced analysis and a level 2 pricing platform.
Automated Forex Trading, also known as algorithmic trading, is the use of Expert Advisors (EA’s) or trading robots to place orders automatically without the manual interaction of the trader that allows trading systems to run autonomously and continuously.
FXOpen offers Forex auto trading via Myfxbook and ZuluTrade. FXOpen also offers its own PAMM technology allowing to benefit from the strategies of experienced traders with a proven track record.
- FXOPen PAMM service offers to join the funds of experienced traders to become a Master and earn from Forex followers for the benefit of both, while followers may choose from vast of strategies to follow. Currently, there are over 200 active PAMM accounts, the minimum capital to start is only 200$ with no limitation of open trades or strategies.
Overall, as we saw via FXOpen Review the broker maintains its mission to provide clients with professional services in trading, analytics, and excellent customer support, the support remains always on hand to any questions you may have. You can access service via the phone lines or Live chat 24/5.
As well, FXOpen does not provide advanced educational materials with Webinars or Seminars, yet technical analysis, News feed and other research tools are in the package. Besides, comprehensive investment opportunities either through their own trading strategy or by following of PAMM account may be interesting for both beginning and professional traders.
What is more interesting, Forex Competitions are held regularly by the broker that assists in learning, as well offers the opportunity to gain valuable prizes.
FXOpen Review a broker that makes access to the forex market easier while you can benefit by lower deposits or trading requirements, as well with a wide range of attractive offerings. The broker also keeps regulatory supervision for their operations, which ensures that the traders’ legal rights are well protected and secured. ECN trading is a good choice for experienced traders and those who prefer technical or programmed trading as a major strategy.