FXOpen

Overview

FXOpen is a well-established broker since 2003. FXOpen has headquarters in United Kingdom, Australia, China, European area, Hong Kong, India, Indonesia, Spain, Thailand, Turkey, United Arab Emirates and Cyprus. FXOpen to provide their Forex/CFD trading services to global clients.

This broker has also been regulated by FCA 579202, ASIC 412871, The Financial Commission 01092013 and CySEC 194/13.

Founded in 2005, the company is registered in Nevis as a company, but not regulated by the Financial Services Regulatory Commission. Instead, investors are protected by The Financial Commission, based in Hong Kong.

FXOpen is also a member of the Investor Compensation Fund, which protects client funds up to 20,000 EUR, which is on par with CySEC regulated entities. Overall, FXOpen has a clean reputation for maintaining a safe and secure trading environment.

fxopen Summary

Account Information

Apart from the forex demo account, this broker offers STP and ECN. To successfully navigate your trading account, you also need to consider about leverage and minimum deposit. Talking about leverage in general, the maximum leverage offered by FXOpen is up to 1: 1000 Meanwhile, you can open an account with a starting capital of $10.

FXOpen offers two live accounts:

ECN

The ECN account type offers traders a range of features with a minimum deposit of $100 and a minimum position size of 0.01 lot. The account provides floating spreads, a margin call at 100%, and a stop-out level at 50%. Traders can benefit from scalping, expert advisors, hedging, news trading, phone dealing, and market depth with level 2 quotes. Additionally, the account comes with a commission of $1.50 per trade, making it an attractive option for various trading strategies.

STP

The STP account type is designed for traders with a minimum deposit requirement of $10 and a minimum position size of 0.01 lot. It offers floating spreads, a margin call at 100%, and a stop-out level at 50%. The account supports scalping, expert advisors, hedging, news trading, phone dealing, and market depth with level 2 quotes. Notably, this account type charges no commission, making it an attractive option for cost-conscious traders.

Fees

FXOpen offers relatively low-cost trading. For STP account, the lowest identified spread was 1.1 pips. For the ECN alternative, the typical spread is as low as 0.1 pips with a commission of merely $1.50 per lot. The broker also charges an overnight open position fee and third-party withdrawal fees, which is fairly standard in the industry.

Instruments Traded

Besides lots of currency pairs, FXOpen also offers some instruments you would like to trade on, such as Forex, Gold & silver, Etf and Commodities for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.

FXOpen traders have access to:

• 50 currency pairs
• 5 commodities
• 39 cryptocurrencies
• 535 US equity CFDs
• 9 index CFDs

Payment Methods

FXOpen provides a decent range of funding methods including bank wires, credit/debit cards, local bank transfers, AstroPay, Redeem Codes, WebMoney, Perfect Money, QIWI Wallet, Yandex Money, FasaPay, and AirTM. Minimum and maximum deposit and withdrawal amounts depend on the preferred payment processor, as do processing times and fees.

Wire transfer : Wire Transfer is the most commonly used payment method. Nearly all brokers in the world provide this method on their service. The reason is wire transfer is basically traditional transfer between banks in the worldwide. So, this method is guaranteed for its safety. This really helps traders who avoid third-party payments or don’t have credit cards.

 WebMoney : WebMoney is one of the major online wallet services which many people use to send money around the world. For this reason, there is a large number of forex brokers that accept WebMoney today. Like other online payment services today, WebMoney is supported by mobile applications to make transactions more efficient.

 FasaPay : Known as an e-payment for retail forex traders, FasaPay does not require a huge amount of fee, giving it a competitive edge among any other e-payments in the forex brokerage industry. Instant process is also featured as one of its advantages.

FXOpen also provides payment with Tether (USDT), Litecoin, Ethereum, Crypto, Credit/debit cards, Bitcoin Cash and AdvCash

Trading Platforms

Trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, a price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitability by placing well-planned trades.

Hereby, FXOpen offers you MetaTrader 4 (Limited with 30 days), MetaTrader 5 (Limited with 30 days), TickTrader (Limited with 30 days), TradingView and Web.

• MT4: MT4 is ideal for both beginners and experts and offers a range of customizable features, including built-in indicators and graphical objects for technical analysis, many types of orders (market, limit, and stop), intuitive charting package, rich historical data, trading signals, and many more. MT4 is available for download on Windows PCs and can be accessed from the Platforms page on the broker’s website.
• MT5: MT5 platform designed with the professional trader in mind. The platform boasts more built-in indicators and graphical objects for technical analysis than the previous version, 21 timeframes to track price movements, multi-currency strategy tester, and also allowing netting and hedging strategy.
• TickTrader: TickTrader is a trading platform offering much of the same features as MetaTrader. Using one trading account, TickTrader ECN, the platform is suitable for both beginners and experts. A web-based version of TickTrader is also available so users can access the web terminal from FXOpen website.

Unique Features

FXOpen offers various supplementary trading features, designed for both beginners and experts:

• FXOpen developed an ECN bridge for the MT4 trading platform in 2009.
• Access to institutional liquidity.
• The One-Click Trading and Level 2 plugin.
• The broker performs well as they give free VPS service supports by automated trading solutions. However, only accounts with equity above $5,000 or trading volume that exceeds $10 million per month can apply for this service. Of course, other clients may apply but with a $30 monthly fee.

Research and Education

There are a number of useful research educational resources on the FXOpen blog:

• The daily analytics consists of written content and charts.
• Cryptocurrencies populate a dedicated section.
• Educational articles are available under the Strategies category.
• Live news streaming on the main website

Bonus and Promotions

Traders have a $1 welcome bonus when they sign up for an account at FXOpen Micro and a $10 no deposit bonus for the STP account. A time-limited cashback program is equally available with a rather complex structure. The online broker also runs demo account competitions, ForexCup, with real cash awards are credited to trader accounts.

Customer Support

Do you have any question or find any trouble related to FXOpen? If you do, you should reach FXOpen’s support to get the information that you need. Here is the detail of the broker’s customer support:

FXOpen customer support is available 24/5 via live chat, phone call, or e-mail. Support tickets are answered Monday through Friday between 7:00 and 16:00. The Help Center is helpful and responsive when answering basic common questions.