FXOpen Broker Reviews and Full Information

What is FXOpen?

The FXOpen firm was initially established as an educational institute that offers classes in the area of technical analysis as well as financial markets. However, in 2005, it became a brokerage business with the intention to meet the ever-growing demand for honest and clear trading rules.

So, the broker is will continue to grow and is constantly adding new markets and expanding their offerings to even more. Today, the broker is a trusted advisor to over 1,000,000 customers across 100 countries. Their service and technology are and the work environment are often praised.

FXOpen became the initial Forex broker to provide its customers ECN trading using its Meta Trader 4 terminal as well as FXOpen's exclusive price aggregation technology, which allows you to profit from the market's best spreads and commissions for trading that are low.

The ECN Model gives traders access to the Interbank market. Clients get real-time quotes from market's most prominent liquidity providers.

FXOpen Pros and Cons

FXOpen is a regulated broker offering very low risk, great technology and platform selection the minimum deposit amount is small at just 1$, the tools for analysis are top-quality as well as excellent customer service.

On the other hand, the educational section, which includes webinars and trading videos is not as rickety, novices need to look for another brokers.

FXOpen Review

10 Points Summary

Headquarters

UK

Regulation

FCA

Instruments

Forex, Cruptocurrencies, Metals

Platforms

MT4, MT5, TickTrader

EUR/USD Spread

0.4 pip

Demo Account

Provided

Base currencies

USD, EUR, GBP, AUD, JPY, RUB, BTC, etc.

Minimum deposit

1$

Education

No professional education, no technical analysis and autotrading

Customer Support

24/5

 

Is FXOpen legitimate or just a scam?

Yes, FXOpen is not a fraud, it is a by top-tier authority such as FCA and is a considered low risk brokerage to trade Forex or CFD trading.

Is FXOpen legit?

FXOpen Markets Limited is a company that is registered in Nevis However, as of 2013, it is part of FXOpen Group of Companies, FXOpen Group of Companies a London-based company , FXOpen UK received the Financial Conduct Authority (FCA) licensewith registration number 579202.

In reality, the opening of FXOpen's London office as well as the www.fxopen.co.uk website has led to huge expansion in the EU countries, and further to the point that FXOpen is one of the most sought-after brokers.

What are the best ways to protect yourself?

Because FCA certifications count among the most coveted globally, traders can have assurance that money is safe and secure at FXOpen and are protected by a myriad of methods and generally transparent guidelines for how the brokerage works.

Furthermore, client funds are stored in segregated account in banks within the UK and secured until PS50,000 by the FSCS.

FXOpen license

 

Leverage

As a UK based , regulated broker, FXOpen thus, adheres to strict guidelines that are set by European regulator, the Financial Conduct Authority and general ESMA rules.

A recent revision by the European regulator set a limit on the maximum levels of leverage offered in the sense that ESMA acknowledged the potential risks in the event that extremely high leverage is utilized. Professionals, when the situation is verified, may be granted higher leverage levels, and all traders are advised to be aware of leverage and how to utilize the potential of leverage to the maximum.

  • Customers of FXOpen can leverage as high as 11:30 for Forex products 1:5 for CFDs, or 1:10 with respect to Commodities.

 

Types of accounts

The accounts are available in 4 accounts that are governed as per the customized solution, which includes STP, ECN, Micro and Crypto accounts. Additionally, there are many base currencies can be used to denominate your account in, including USD, EUR, GBP JPY, AUD, RUB, BTC, etc. Making payments a simpler process.

They are also welcome. Islamic traders too are welcome to benefit from Forex trading without breaking Sharia law. We offer them SWAP accounts that are free.

The Micro Account permits the trading of up to 28 currency pairs, and on a non-commission terms, while the STP account comes with a low spread without commission and as little as $10 deposit to get started.

Trading in crypto is available via 24-currency pairs BTC, LTC, NMC, PPC, ETH, DASH, EMC, with commissions of up to 0.25 percent after the initial deposit of 10dollars. However, there are some differences between the accounts might be experienced by UK residents, in particular.

FXOpen accounts

Instruments

In addition to the standard offer to trade metals and Forex, such as gold or Silver The company has maintained its lead by utilizing the most advanced technologies. It also in 2014, it also offered Bitcoin exchange.

 

Fees

FXOpen fees vary based on the type of account you choose to use, and are either included in a spread or commission cost. The table below shows comparisons that we have obtained through FXOpen Review FXOpen Review that its fees are competitive with industry standards, and you can evaluate FXOpen fees with another well-known broker FXTM.

 

Fees

FXOpen Fees

CMC Markets Fees

Rakuten Fees

Deposit Fee

No

No

No

Withdrawal Fee

No

No

No

Inactivity Fee

Yes

Yes

Yes

Fee position

Low

Low

Low

 

Spreads

Spread or trading costs for FXOpen because of its execution technology, you can get adjustable spreads that are determined by the account you use and the instrument you select. Therefore, an STP account is only a spread account, with the entire cost inbuilt.

In the event that you trade using an ECN account, spreads for your account are floating starting at 0 pip and costs for trading are paid as commissions dependent on the volume of trading that youoperate starting at $1.5 each Standard lot.

 

 

Asset/ Pair

FXOpen Fees

CMC Markets Fees

Rakuten Fees

EURUSD Spread

0.5 Pips

0.7 Pips

0.5 pip

Gold Spread

13 cents

3

1.5

BTC Spread

11

0.75%

-

 

FXOpen spread

Methods of Payment

Deposit Options

The payment methods accepted by brokers cover the most popular options, including

  • debit/credit cards,
  • UnionPay,
  • bank transfer,
  • Local bank transfer or local deposits (available available in Malaysia, China, Indonesia, Thailand), as well local bank transfers that are accepted also in the Latin America region,
  • the most popular electronic-wallets WebMoney, Neteller, Skrill
  • Qiwi wallet Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money.
  • The last one is that transactions can be made using PaySafeCard or a recently established cryptocurrency payment (the broker can accept Bitcoin, Litecoin, Ethereum, Tether, Emercoin).

How much is the minimal amount of deposit to open an account with FXOpen?

FXOpen Minimum deposit amount is $1 for a Micro Account This is fantastic for traders of all sizes and experience.

Furthermore, there is the hassle-free payment option for funding is offered by FXOpen is available. Prepaid Cards that is worth 25 dollars or 10,000.00 can be purchased directly from FXOpen's official resellers as well FXOpen Pre-paid Codes permit the transfer of funds between FXOpen EWallets without commission.

FXOpen minimum deposit, vs other brokers

 

FXOpen

Most Other Brokers

Minimum Deposit

$1

$500

FXOpen minimum deposit

Withdrawals

For FXOpen withdrawals, you can choose either a credit card or other methods offered to withdraw funds out of your account for trading. But, make sure to verify the conditions since some variances could be applicable due to the regulations. But, keep in mind that certain payment methods could be subject to transfer costs that FXOpen charges according to different payment conditions and countries.

FXOpen payment

 

Trading Platforms

Based on the statistics more than 90% of transactions in this retail Forex market are done via Metatrader4.also Metatrader5 is a possibility at FXOpen and FXOpen.

Pros

Cons

The mainstay for MT4 as well as MT5 platforms

None

Mobile Apps are included

 

Design and layout that is user-friendly, as well as login

 

Price alerts

 

Language support in many languages

 

The power of technical analysis and features

 

TickTrader ECN specifically designed account to work with TickTrader Platform

 

The PAMM as well as auto-trading

 

 

Desktop Platform

It is the most popular choice with its robust tools, FXOpen picks MT4 to be their primary toolnd it was actually the initial broker to offer the direct connection for Interbank liquidity and ECN trading through the MT4 platform.

The company went further and improved the technology with the Liquidity Aggregator, which ensures flawless execution of orders and the best prices.

The default version of MT4 is different in comparison to the FXOpen one, because the trader has to make a separate alteration for each of the accounts. Thus, there's an option to use Micro and STP accounts as well as a distinct version specifically for Crypto and ECN Trading.

Web Platform

In general, the platform is available in various versions that are suitable for all devices or can be accessed via WebTrader via the browser.

  • Additionally to this, there is a specially created account TickTrader ECN that includes Desktop, Web and Mobile Terminal providing a specific version for traders that require more advanced analysis as well as the level 2 trading platform.

Auto trading

Automatic Forex Trading Also known as algorithmic trading makes use of Expert Advisors (EA's) or trading robots that place orders in a way that is not dependent on the involvement of a trader. This allows trading systems to operate autonomously and continuously.

FXOpen provides Forex auto-trading via Myfxbook as well as ZuluTrade. FXOpen also has their personal software called PAMM which allows users to benefit from the techniques of experienced traders who have a track history.

  • FXOPen's PAMM service lets you join the money of experienced trader to be a master, and earn money from Forex followers to benefits of both parties, while the followers can choose from a variety array of options to use. There are currently more than 200 accounts active PAMM accounts. The minimum investment required to begin is 200$ and there is no limitations on options or trading strategies. FXOpen platfroms

 

Customer Support

As we observed in the FXOpen Review, the broker continues to fulfill its promise to offer clients professional services in analytics, trading as well as excellent customer service, the support remains constantly available to answer solve any queries you might ask. The support is available through the telephone lines or live chat 24/7.

 

Education

Additionally, FXOpen does not provide advanced educational tools like seminars or webinars, but the technical analyses, News feed and other tools for research are part of the package. In addition, the extensive investment options via their own trading strategies or via a accounts with PAMM could be appealing to professionals and beginners alike.

The most interesting part is that Forex competitions are regularly held by the broker, which aids in learning, and also gives the chance to win important prizes.

FXOpen PAMM

 

Conclusion

FXOpen Review a broker that lets you access the market for forex easier, and you will benefit from less deposits or requirements for trading along with a variety of appealing offerings. It is also a broker also maintains strict supervision over their activities to ensure that rights of traders are secured and protected. ECN trading is an excellent option for traders who are experienced and who prefer programming or technical trading as a primary strategy.

Summary
Properties Values
Name
FXOpen
Minimum Diposit
$ 1$
Leverage
1:30
Regulation
FCA (United Kingdom),,,
Headquarters
UK
Established
2005
Address
Charlestown, Nevis P.O. Box 590, Springates East, Government Road, Charlestown, Nevis
Platform
MT4,MT5,MT4 WebTerminal,MT5 WebTerminal,,,
Payment Method
Visa,Mastercard,Wire,Skrill,Neteller,Maestro,Fasa Pay,Local bank transfer,,,
Overview
Properties Values
Spreads
0.4
Min Position size
0.01
Broker Type
STP (Straight Through Processing),ECN (electronic communications networks),Instant Execution,Market,
Account Type
Mini account,RAW Spread,Scalping,Standard,,,
Brokers by Country
UK Forex Brokers,,,
Techniques
Scalping Forex Brokers,Hedging Forex Brokers,Automated Trading Brokers,Mobile Trading Brokers,,,
Instruments
Forex Trading Brokers,Gold Trading Brokers,CFD Trading Brokers,Crypto Trading Brokers,Stock Trading Broke,Oil Trading Brokers,Metal Trading Brokers,Indexes Trading Brokers,,,
Account currency
,USD,,USD,,USD,,USD,,USD,,USD,,USD,,USD,,USD,,USD,
Tools
Economic Calendar,Charting Software,Profit Calculator,,,
Website Languages
en-GB,,,
Support languages
en-GB,,,
Bonus
Yes
Reviews Rating
4.4
Withdrawal Fee
No
Trading Signals
Yes
Free Education
Yes
Daily News
Yes
Demo account
Yes
Swapsr
Yes
Pors
1. The mainstay for MT4 as well as MT5 platforms
2. Mobile Apps are included
3. Design and layout that is user-friendly, as well as login
4. Price alerts
5. The power of technical analysis and features
Cors
1. None
Display Analysis
Yes
Serving country
AU,GB,,,
Not Serving country
US,,,
Contests
Yes
Market analysis
Yes
Copy Trading Brokers
No
Bitcoin Forex Brokers
Yes
Social trading
Yes
Web trading
Yes
Forex pairs
Yes
CFDs
Yes
Crypto
Yes
Hedging
Yes
PAMM
PAMM,Zulu trade,,,
Mobile Trading
Yes
Scalping
Yes
Automated Trading
Yes
Partnership Programs
Yes
Free Phone
+7-499-346-0960
Customer Support
24/5
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