Founded in 2005, FxOpen is now one of the fastest-growing and most successful brokers in the forex market these days. The goal was to be true and loyal to the clients and provide the best customer experience and make trading forex more professional, easy to access, and secure.
In this FxOpen review, I’m going to view the different account types along with different traded platforms. For example, FxOpen was the first Forex broker who offered Micro accounts and swap-free accounts in the forex industry.
The broker is offering many advantages regarding trading conditions that include cryptocurrency trading, competitive spreads, and $1 as a minimum deposit.
According to the broker’ website, fxopen.com, the company behind the broker is FxOpen Markets Limited. The company’ registration address is P.O. Box 590, Springates East, Government Road, Charlestown, Nevis.
You are going to take answers to these questions. Is FxOpen regulated? What is the minimum deposit of FxOpen? How many different account types does it offer? What are the trading conditions such as spreads, leverage ratio? Is FxOpen scam or reliable?
I am going to start with regulation as always I do.
Regulation
FxOpen Regulation
FxOpen has been offering forex brokerage services since 2005. The broker regulated in the United Kingdom and Australia.
The company behind the broker is FxOpen Ltd. This company regulated and authorized by the Financial Conduct Authority (FCA). That offer a compensation scheme of €20.000.
On the other hand, there is also a company which is registered in Australia. FxOpen AU Pty Ltd. is licensed by the ASIC (Australian Securities and Investments Commission).
In addition, there is also an offshore organization, FxOpen Markets Limited, which is registered in Nevis.
The broker has licenses from one of the most reputable watchdogs worldwide. They are reputable because they have strict rules to provide by the brokers.
Both UK’s FCA and Australia’s ASIC require brokers to must keep client funds in segregated accounts, separate from the companies operating funds.
Aussie forex brokers must maintain at least $ 1 million as proof of financial stability and UK-based brokers must maintain a net tangible asset of at least EUR 730 000.
There is also the Financial Services Compensation Scheme (FSCS) for the clients of FCA regulated brokers. The FSCS secures the client’s funds up to a maximum of £50,000 per investor if the company bankrupt.
But, there is no any compensation scheme for Aussie brokers who regulate by ASIC.
Account Types
FxOpen Account Types
There are 4 fxopen account types offered by the broker in addition to the demo accounts to make a total of 5 options available for accounts to be chosen with FxOpen.
These accounts are:
- Micro account
- STP account
- ECN account
- crypto account
- Demo account
Micro account is offered on the MT4 trading platform which represents the most popular platform in the forex market and CFD trading. In addition to providing trading in 28 currency pairs within these accounts with no commission added and a minimum deposit of $1 on the account. Micro lots can be traded within this account where you can have floating spreads.
The STP account, on the other hand, is characterized by tight spreads as well as the absence of commission like the micro account. Here, 50 currency pairs are provided as well as sculpting and HFT welcome options are available. The minimum deposit to open the STP account is $10 and the option to trade with a micro lot is also present.
The most famous type of account with FxOpen is the ECN account where you get to trade with 50 currency pairs and 25+ cryptos CFDs. You can trade with the ECN account on all available trading platforms at the broker like MT4, MT5, and TickTrader. The minimum deposit here is $100 and the availability to trade with a micro lot is also available. Raw spreads and a commission are applied, in which the commission can reach 1.5 units per lot.
The last type of real account that can be opened with FxOpen is the Crypto account which offers tight spreads and 0.5% commission. 43 crypto pairs are available with $10 as a minimum de[posit where you can trade on the MT4 trading platform and the possibility to trade with a micro lot is also valid.
The option to trade in a demo account is also possible as it provides a risk-free option to try out the market before opening a live account. Demo accounts are used by both new beginners and experts in forex and CFD trading maybe for different purposes.
Forex beginners use the demo accounts mainly to try out the broker and to test out their forex knowledge. While expert traders might use the demo account to try out new techniques and trading strategies regarding their live accounts and see the result of these tests to be able to apply them safely in the live accounts.
You can check out my top forex brokers list for more information and you can compare them.
Trading Platforms
FxOpen Trading Platforms
The broker offers various trading platforms, 3 mainly. These are MT4, MT5, and TrickTrader.
MetaTrader 4 is the leading forex trading platform. Year after year the platform continues to receive prestigious awards.
There are some benefits of MT4:
- User-friendly interface
- Advanced charting package
- A number of technical indicators
- Extensive back-testing environment
- Variety of Expert Advisors (EAs)
According to the FxOpen claim, the broker is the first broker to offer its clients direct access to Interbank liquidity and ECN trading with MT4 in 2009.
Now FxOpen ECN ensures instantaneous and error-free order execution at the best prices from more than 10 banks and other liquidity providers on two trading platforms MT4 and MT5.
MT5 is the new version of MT4. MT5 provides the similar user interface of MT4 with many new functions providing traders with all they need for successful forex trading. Only ECN account is currently supported in MT5 in FxOpen.
TrickTrader is a new platform that provides forex, stocks, commodities, indices, and cryptocurrencies via one trading account. The ECN account is available on Tricktrader, where the platform is characterized with Highly customizable user-friendly interface, Advanced technical analysis tools, One/double click trading mode, Level 2 pricing, Trading alert system, Detailed charting system, Strategy back tester and Advanced orders.
The broker offers also VPS service, you can use fxopen vps for free during 1 month if you maintain equity of $5,000 in your accounts at the end of the month or have traded volumes of $10,000,000 (per calendar month)
Thanks to the accessibility advantage of VPS, you can log into your MT4 platform from any computer anywhere in the world. Also, it has flexibility and speed advantageous. For more info, you can check the broker website.
Trading Instruments
FxOpen Trading Instruments
There are several trading instruments available through the broker that provide great options to the traders to provide diversity to their trading accounts and portfolios.
These instruments include:
Forex: where you can trade with major, minor and exotic currency pairs on the chosen platform of trade where you can customize your trade to fit exactly your vision of your investment procedure. With 1:500 maximum offered leverage on forex pairs and very tight spreads.
Indices: UK100, US Tech 100 (NASDAQ 100), Europe 50, Dow Jones Industrial Average, Germany 40 (DAX) and more are all examples of indices that can be traded FxOpen with maximum leverage offered of 1:100 and flexible spreads. Indices are highly liquid and offer more trading hours than most markets, so there is certainly the potential to make profitable trades.
Commodities: one of the high-risk high reward markets to trade with as it involves the exchange of different assets based on the price of a physical commodity – typically metals and energy. You can trade metals like gold, silver, copper, and platinum. Energy sources can be traded too including crude oil and natural gas. Livestock is also a means to trade which includes cows pigs and sheep. And finally, you can trade agricultural goods like corn sugar, and wheat.
Shares: you can trade with stocks and shares from major companies from all over the globe. Tesla, Apple, Microsoft, Amazon, and more are examples of what you can invest in. The availability of liquidity in the shares markets allowed the stocks and shares to be one of the most popular trading instruments for investors as the market is full of ongoing supply and demand and so it improves liquidity.
EFT trading: when trading EFT, it can provide exposure to several different stocks, industries, and sectors in one convenient investment as well as cost-effective means of investing. S&P 500 Index, the SPDR S&P 500, and more are available for trade within the 37 ETFs presented by FxOpen.
Cryptocurrencies: numerous cryptocurrency pairs are available for trade. Such digital currencies aren’t considered to be legal tender. Crypto is, however, shifting the global financial trading landscape. And you can invest with leverage now. Bitcoin, Litecoin, Ripple, Monero, Ethereum, and more. The maximum leverage offered is 1:3.
Customer Service
The website is covered in different languages from all over the world to adhere to the international presence of clients on the platform where you would find languages like English, French, German, Hungarian, Italian, Spanish, Turkish, Arabic, Chinese, Portuguese, Russian, Indonesian, and Thai.
Not only that but FxOpen is providing different ways to get in touch whether that was via chat, email, or call. All the required information is to be found on the contact page where you can chat live with customer support 24/5 any time you feel like it.
There is also the option to submit a ticket to the required department, by logging into the customer support portal using your email.
Payment Methods
FxOpen Deposit And Withdrawal Methods
Different options for funding are available which supplies a great variety for the traders to choose the best and easier way for each client that matches their use and requirement.
The options for deposits are mainly based around cryptocurrencies with all their different coins including Bitcoin, Bitcoin cash, Litecoin, Ethereum, Tether, and more. All in addition to the presence of the basic means of funding like bank swift transfers, credit and debit cards like visa and MasterCard as well as the e-wallet options like Fasapay and WebMoney.
It is almost little to no amount of commission added to using cryptos in funding your account. In the case of Bitcoin, you might face a commission of 0.0001 BTC, and if using Ethereum you would have 0.001 ETH, and when using Tether you might occure5 5UST as a commission.
And when it comes to withdrawals, its quite important for the trader to know it’s easy for them to withdraw money anytime they need and that the means are fast and reliable. And with the recent changes in the financial markets and the domination of cryptos on all the fast and reliable methods, withdrawals through cryptocurrencies are the most preferred means to forex and CFD investors these days.
This is exactly what the broker here has made sure to provide in order to satisfy the needs of their clients. Withdrawal methods include e-wallet options like Pay paid and Fasapay, where a commission of 2% for the former and 0.5% for the latter.
In the case of cryptos used for withdrawals, there is a commission added when withdrawing by using bitcoin of 0.0005BTC and the same amount when using Bitcoin cash. You get 0.005 LTC commission when using Litecoin and 0.1EMC when using Emercoin. Ethereum and tether are having commission rates of 15UST for each.
Conclusion
FxOpen is a regulated broker that has started its journey with a vision and that has worked hard over the years now that vision is in practice which is to make trading in forex easy, accessible, and secure. Having clients and accounts opened from international clients residing in every corner of the world, the broker has ensured their role in providing competitive trading conditions.
From tight spreads that can go to as low as 0 pips, to a good leverage amount that is 1:500 for forex pairs. Not to mention the cryptocurrency trading option that was established as a first in the market.
4 trading accounts are offered in addition to demo accounts that offer a chance for risk-free trading and testing techniques before actual trading.
The minimum deposit can reach $1 with a great selection of funding options. Regional and international representatives that make sure to support you whenever, wherever, and in the way that suits you. Whether that was a live chat, email, or phone contact, you’ll have specialists supporting you 24/5.
FxOpen is one of the most reputable brokers among forex industry and you can trade with them in comfort.
