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.
FXOpen was the first Forex broker to offer its clients ECN trading via the MetaTrader4 terminal, along with the 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.
Apart from the general offering to trade Forex, the company continued to set the pace with its latest technologies and in 2014 offered Bitcoin trading. What is more interesting, Forex Competitions are held regularly by the broker that assists in learning, as well as offers the opportunity to gain valuable prizes.
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. Overall, as FXOpen 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.
Is FXOpen safe or a scam?
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.
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 safety 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.
According to the statistical data over 90% of all transactions on the retail Forex market are conducted via Metatrader4. 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.
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.
FXOpen’s clients can choose from a variety of trading accounts (STP, Micro, ECN, Crypto and free unlimited demo accounts) and enhance their trading capabilities with automated trading systems.
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 10$ deposit to start. Moreover, 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$. However, some differences between the accounts may occur for UK residents.
As for the FXOpen trading costs or spread, due to its execution technology, you will enjoy variable spreads which are defined by the trading account and instrument you choose. In case you trade through ECN account spreads are floating and starting from 0 pips, while STP execution spreads are slightly different, see comparison table below, as well compare FXOpen fees to another popular broker FXTM.
Being a UK based regulated broker FXOpen therefore follows strict guidelines set by the European authority Financial Conduct Authority and general ESMA rules. Eventually, a recent updates from the European regulator set a limitation towards maximum offered leverage levels, as ESMA recognized a potential risk in case very high leverage is used. Therefore, clients of ICM Capital may use leverage up to 1:30 for Forex products, 1:5 for CFDs and 1:10 for Commodities.
Methods of Payment
The payment methods acceptable by broker covering the most common options including debit/credit cards, UnionPay, bank transfers, local bank transfers or local deposit (available in Malaysia, China, Indonesia, Thailand), as well local bank transfers supported too in Latin America region, major e-wallets WebMoney, Neteller, Skrill and minor Qiwi wallet, Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money.
And the last, payments can be processed via PaySafeCard or a newly established cryptocurrencies payment (the broker accepts Bitcoin, Litecoin, Ethereum, Tether, Emercoin).
The minimum deposits are set according to the trading account you choose and starting from the only 1$, 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.
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.
FXOpen 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.
However, ECN trading is a good choice for experienced traders and those who prefer technical or programmed trading as a major strategy. The ECN Model uses Market Execution, means that order will be filled in the interbank market but the execution price may differ from the price you requested upon placing the order.
As well, the company does not provide educational materials, yet comprehensive investment opportunities either through own trading strategy or by following of PAMM account may be interesting for both beginning and professional traders.
Nevertheless, it is always good to know your personal opinion about FXOpen , which you may share in the comment area below.
Share this article [addtoany url="https://55brokers.com/fxopen-review/" title="FXOpen"]
FXOpen launches access to ECN trading through the latest version of MT5 and participating in growing demand with many new functions, yet with a familiar user interface. While MT5 or MetaTrader5 is a new generation of the market leading and widely popular MT4 platform developed by the MetaQuotes company. Together with its known powerful capabilities MT5 allows multi-asset...