Fxopen

Payouts:
Min Deposit: $1

Fxopen

  • Free VPS
  • Electronic communication network
  • Multiple cryptos
  • Level2 Plugin and One-Click trading
  • Deposits with cryptos
  • Low commissions and tight spreads
Visit Now

Details

Broker Fxopen
Website URL https://www.fxopen.com/
Founded 2005
Headquarters 38 Spyrou Kyprianou Street, CCS BLDG - Office N101, 4154 Limassol, Cyprus
Support Number +44 (0) 203 519 1224
Support Types Telephone , Live Chat , Email
Languages English , Japanese , Russian
Trading Platform MT4 | MT5 | TickTrader
Minimum 1st Deposit $1
Minimum Account Size $1
Minimum Trade Amount 0.1
Leverage 1:30
Spread floating, from 0 pips
Free Demo Account Open Demo
Regulated Yes
Regulation FCA UK reference number 579202
Fees Yes
Fee Info Inactivity Fee
Commission Info FCA
Account Types ECN , STP , Crypto , Micro
Deposit Methods debit/ credit cards , UnionPay , Bank Transfers , e-wallets; WebMoney, Neteller, Skrill , Qiwi wallet; Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money
Withdrawal Methods debit/ credit cards , UnionPay , Bank Transfers , e-wallets; WebMoney, Neteller, Skrill , Qiwi wallet; Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money
Number of Assets Forex | Cryptocurrencies | Metals
Types of Assets Forex , Cryptocurrencies , Metals
Trading Currency USD , EUR , GBP , AUD , JPY , RUB , BTC
Account Currency USD , EUR , GBP , AUD , JPY , RUB , BTC
US Traders Allowed No
Overall Score 3

Pros

  • Free VPS
  • Electronic communication network
  • Multiple cryptos
  • Level2 Plugin and One-Click trading
  • Deposits with cryptos
  • Low commissions and tight spreads

Cons

  • No US clients
  • High fees
  • Restricted leverage

Our Review

  1. What is FXOpen?
  2. FXOpen Pros and Cons
  3. Safe or a scam?
  4. Leverage
  5. Awards
  6. Accounts
  7. Fees
  8. Spreads
  9. Deposits and Withdrawals
  10. Market Instruments
  11. Trading Platforms
  12. Customer Support
  13. Research
  14. Education
  15. Conclusion

What is FXOpen?

FXOpen is a multi-award-winning financial trading platform that was founded in London, UK, back in 2005. It has over the years grown to become one of the best brokerages around the world. With offices in various countries across Europe, FXOpen is licensed and regulated by leading authorities including the Financial Conduct Authority (FCA).

Since 2005, FXOpen has been offering lasting solutions to traders around the world. It offers over 60 ETFs and 50 FX pairs. Keep reading this FXOpen review to learn more about its spreads and fees, trading instruments, customer support services, types of accounts, and more!

Initially, FXOpen was established as an educational Centre providing courses in subjects like financial markets and technical analysis. However, by the year 2005, it has grown to become a brokerage firm. It was the first trading company to offer its traders ECN trading through the MetaTrader (MT4) terminal, alongside the FXOpen’s own proprietary price aggregating technology where traders can take advantage of low trading commissions and some of the most competitive spreads.

Besides allowing its clients to trade Forex, FXOpen didn’t relent and in 2014, the company started offering bitcoin trading. FXOpen often holds Forex competitions, which helps traders in learning about the latest trends in the trading industry. Nowadays, FXOpen is a leading broker with over 1 million clients from more than 100 countries. According to their vision and mission, FXOpen strives to provide traders with quality services in financial trading and analytics.

FXOpen Pros and Cons

Pros

  • Free VPS
  • Electronic communication network
  • Multiple cryptos
  • Level2 Plugin and One-Click trading
  • Deposits with cryptos
  • Low commissions and tight spreads

Cons

  • No US clients
  • High fees
  • Restricted leverage

 

Is FXOpen Safe Or A Scam?

FXOpen Markets Ltd is a fully registered company. In 2013, FXOpen was issued with a Financial Conduct Authority (FCA) license. Since the FCA license is one of the most respected across the globe, traders can rest assured that their funds are secure and safe at FXOpen.

All user funds are kept in segregated bank accounts throughout the UK. Not to mention the traders have a protection of up to £50,000.

Furthermore, FXOpen is excellent with regards to how cautiously it protects its clients from cybercriminals. Traders have advanced high-end management tools to ensure their protection is guaranteed.

Is FXOpen Regulated?

As mentioned earlier, the FXOpen is authorized and licensed by reputed authorities around the world. These include the UK’s Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investment Commission. Moreover, the broker is an accredited financial dealer in the United Kingdom.

FXOpen is an internal platform that offers trading services in numerous countries. Today, FXOpen serves more than 50 countries where’s it is permitted to operate. Unfortunately, traders in the US, Syria, Cuba, and a few other countries don’t have access to this incredible platform, mainly because it’s not allowed to operate in those jurisdictions. You can check whether FXOpen is available for traders in your country by visiting the official website.

Leverage

As a UK-based financial broker, FXOpen strictly adheres to the guidelines and rules stipulated by the FCA as well as the ESMA.

The European regulator recently set a guideline on the maximum leverage levels to be offered by brokers. This is because the ESMA understands the benefits as well as risks of very high leverage.

So, FXOpen traders can use a leverage of up to 1:30, 1:10, and 1:5 for Forex products, commodities, and CFDs respectively.

Awards

Here are some of the most recent awards FXOpen has received:

  • Best Tracing Platform by Falcon in 2010
  • Best ECN Forex Broker in 2011
  • Best Southeast Asia Forex broker in 2011

How To Open An FXOpen Account?

Opening an account at FXOpen is easy and fast. First, to get started, you’ll be required to open an electronic wallet. This is the tool you’ll be using to manage your funds as well as trading accounts. Once you’ve opened an e-wallet, you can then follow the following steps:

  • Log in and navigate to the FXOpen personal section
  • Choose the account type you need
  • Read and agree to the terms and conditions
  • Fill out the application form

Once you’ve completed the sign-up process, you’ll be redirected to an area where you’ll see your registration information.

To start your trading journey, you must deposit funds into your account through any of the accepted payment methods on the FXOpen website, Web Trader, or MetaTrader platform.

However, FXOpen also offers new traders a chance to open a free demo account. With the free FXOpen demo account, you can enjoy trading and also experience market conditions without risking your money because you’ll be operating with virtual funds.

Accounts

FXOpen is one of the most trustworthy and renowned Forex brokers. The company offers highly innovative technological solutions, fast order executions, and attractive trading conditions.

The types of accounts you’ll find here are perfectly designed for traders with different experience levels and knowledge, from savvy professionals to novice traders. As of the time of writing this FXOpen review, there are four types of accounts for traders to choose from depending on their risk tolerance, capital, and trading experience.

Electronic Communication Networks (ECNs)

The ECNs are trading platforms that allow traders to sell and buy securities. ECN is highly profitable since it has lower transaction costs than conventional stock exchanges. Furthermore, the transactions are carried out in real-time. It offers investors fast execution speeds and low commission fees. Features include:

  • Minimum lot size
  • The minimum deposit is $100
  • Allow HFT and scalping
  • Over 70 currency pairs including CFDs
  • 1.5 units per lot commissions
  • Access to the interbank liquidity pool
  • Raw spreads

 

STP

This is a type of account that allows you to setup sub-accounts. You can easily transfer money from one account to the next. One of the benefits of STP accounts is that it gives you the ability to invest your funds without feeling limited by time for investing and withdrawing the funds. Secondly, you’re able to control all your investments since you can decide exactly how much is transferred to every sub-account.

Features include:

  • Minimum lot size
  • Minimum deposit of $10
  • Allows HFT and scalping
  • Over 50 currency pairs, gold, and silver
  • No commissions
  • Tight spread

Micro Account

  • Micro lot minimum lot size
  • Minimum deposit of $1
  • Over 28 currency pairs
  • No commissions
  • Floating spread

Crypto

  • Minimum lot size
  • Minimum deposit of $10
  • Over 43 crypto pairs, DASH, ETH, PPC, EOS, LTC, and BTC
  • A 0.25% commission fee
  • Tight spreads

 

 

Spreads

FXOpen traders get a chance to choose from different trading accounts and immensely improve their trading abilities with highly automated trading systems. If you’re an Islamic trader, you have nothing to worry about because you can use the SWAP free accounts to trade Forex without going against Sharia Law.

The micro account lets traders access over 28 currency pairs with zero commission fees, whereas the STP account offers no commission, tight spreads, and a minimum deposit of only $10.

Furthermore, crypto investors can trade about 24-currency pairs including EMC, BTC, DASH, ETH, PPC, NMC, and LTC with a minimum deposit of $10 and a commission of 0.25%.

With regards to FXOpen spread and trading costs, because of its high-speed execution technology, traders have variable spreads that are defined by the trading instrument and account you choose.

If you choose to trade via the ECN account, you’ll have to deal with floating spreads, starting at 0 pip.

FXOpen Trading Platforms

FXOpen offers an impeccable financial trading platform that’s very appealing and user-friendly. The platform is multilingual including French, German, Spanish, English, etc. Furthermore, the trading dashboard is sparkling clean and perfectly designed. Even newbies will find it very easy to navigate the website with no problems and challenges. The platform is very secure and you can use 2-factor authentication through Facebook or Google.

FXOpen has numerous leading trading platforms such as MetaTrader 4 and MetaTrader 5. In this section, we’ve discussed the most popular FXOpen trading platforms.

MetaTrader4

MetaTrader 4 or MT4 is one of the top Forex trading platforms. More than 70% of all Forex brokers offer MetaTrader 4 to their users and more than 90% of the transactions in the retail Forex markets are carried out through MT4.

In 2009, FXOpen became the first Forex broker to offer its users direct access to ECN and Interbank liquidity trading through the MT4 terminal. The standard MT4 abilities have been further extended by FXOpen in house Liquidity Aggregator.

Today, FXOpen guarantees error-free and instantaneous order executions at the most competitive prices from at least 10 financial institutions and other leading liquidity providers.

For micro and STP account you’ll require a different MT4 modification. It’s not the same MT4 modification used for the ECN accounts. As a result, always ensure you download the appropriate MT4 version.

MetaTrader5 (MT5)

The MT4 is a multiasset financial trading platform that was created by MetaQuotes Software Corporation. It’s now the most popular terminal for Forex trading.

MetaTrader5 offers the same user interface as MT4 but has many more functions that offer traders everything they need for a successful trading experience.

Currently, MT5 only supports ECN trading accounts.

You can access any of the FXOpen trading platforms via a tablet PC or smartphone.

Deposits and Withdrawals

FXOpen accepts a wide selection of payment methods including local bank transfers, UnionPay, credit/debit cards.

The Forex broker also accepts payments made via e-wallet including RBK Money, Intellect money, Sorex pay, Yandex money, perfect money, Qiwi Wallet, Skrill, Neteller, WebMoney, and more.

Moreover, payments can also be made via PaysafeCard or leading cryptocurrencies (Bitcoin, Ethereum, Emercoin, Tether, and Litecoin).

The minimum deposit is set according to the deposit method used. However, the minimum deposit for most payment methods is $1, which is perfect for new traders.

No fees are charged for making a deposit, but you might incur some additional charges depending on the service provider. The time it takes for the deposit to be processed varies with the payment method you’ve used. For instance, debit/credit cards and e-wallets are processed more quickly than bank wire transfers.

Trading Platforms

FXOpen offers traders a chance to trade the following instruments:

  • 51 Forex: You trade over 50 Forex at FXOpen. These include USDRUB, SGDJPY, NOKSEK, GBPAUD, EURAUD, AUDCAD, and more.
  • 9 index CFDs: there are about 9 CFDs, you’ll find Wall Street 30, Europe 50, France 40, Germany 40, UK 40, and other leading global indices on the website.
  • 2 CFD Energies: There are 2 types of crude oils that you can trade here. These are WTI Crude oil and Brent Crude oil.
  • 3 CFD Spot Materials: you can trade three spot materials: platinum, silver, and gold.
  • 5 commodity CDFs: The commodities you can trade here include US natural gas, UK Brent Oil, US Crude Oil, silver, and gold.
  • 10 CFD cryptocurrency: You’ll be able to trade on 10 highly popular cryptocurrencies. These include Ripple, DashCoin, Litecoin, Ethereum, and Bitcoin.
  • 1 CFD Share

Research

There are several useful research materials on the FXOpen blog.

Pip Value and Margin Calculator

This is a very easy-to-use trading tool that helps traders calculate the pip value and margin before they open a trade. It also helps decide the leverage level that’s most ideal for you.

Understanding the optimal leverage, pip value, and precise margin are essential to improving your financial trading strategy and also reducing the risk of stop-out and loss.

This calculator utilises real-time updates and your account’s leverage and equity in all computations. Incase any of these variables change, you’ll be able to re-calculate the margin within seconds without risking any errors associated with manual calculations.

Currency Rates & Conversion Calculator

The FXOpen conversion rate calculator helps traders get the precise conversion rate when they opt to transfer between the FXOpen accounts.

Education

Once you’ve signed up with FXOpen, it’s always important to make sure you fully understand the market and its trading traders. Ensure you use all the available educational resources. This includes the tools provided by FXOpen and third parties.

For starters, FXOpen has an exclusive selection of high-quality educational resources. You should take enough time to properly understand how the FX market works, how to trade (buy/sell), how to manage and mitigate risks and how you can take advantage of the trading times.

We strongly recommend that you take advantage of the educational materials provided by FXOpen to improve your chances of becoming a successful financial trader.

FXOpen has guidelines to explore the existing knowledge base, watch help videos and submit tickets.

Customer Support

During our time reviewing FXOpen, we also tried out the customer support department and we were very impressed. FXOpen offers timely customer support services in multiple languages including French, English, Bahasa, Thai, Malay, Russian, Deutsch, Portuguese, Española, Turkish, Farsi, and Arabic.

FXOpen offers support through live chat, and email.

We tested the live chat feature and it works perfectly. We sent a message to FXOpen via a live chat app and received a response within a minute.

They also offer customer support services via email. The time it takes for them to respond to your queries via email varies depending on the gravity of your question. However, you can rest assured that you’ll receive a response within 24 hours.

Unfortunately, FXOpen doesn’t offer customer support via phone.

Conclusion

FXOpen is an excellent financial trading platform for investors who love to be in total control of all their trades. It’s easy for trades to access different markets using FXOpen’s search functions. It has a very well-designed user interface that’s quite appealing to the eye. New traders get a chance to open a free demo account where they can practice real-time trading with virtual funds without risking their money.

There are many educational materials to equip you with all the knowledge you need to trade. Incase you experience any challenges, you can get in touch with the support team via live chat. You’ll also love the available research tools including an economic calendar that keeps you updated with the most recent occurrences likely to impact asset prices. Every aspect of FXOpen is designed to help traders make the most of the trading markets.

 

FAQ

Is FXOpen legit?

Yes, FXOpen is fully licensed and regulated by the FCA. FXOpen is a renowned London-based brokerage that’s fully accredited by reputed bodies.

What’s the minimum deposit for FXOpen?

You must deposit at least $1 to be allowed to start trading at FXOpen. However, the minimum you can deposit vary with the type of account you’ve chosen to open.

How do I deposit funds at FXOpen?

FXOpen offers its traders a wide selection of deposit methods. These include local bank transfers, UnionPay, credit/debit cards, e-wallets (e-wallets including RBK Money, Intellect money, Sorex pay, Yandex money, perfect money, Qiwi Wallet, Skrill, Neteller, WebMoney), cryptocurrency (bitcoin, Ethereum, tether) and PaysafeCard.

How do I secure my FXOpen account?

Securing your FXOpen account is paramount to ensure your funds are well protected. You can do this by setting a strong password and taking the necessary steps to set up the 2-factor authentication.

Visit Broker

Leave a Comment

Copyright © 2022. All Rights Reserved. top5forexbrokers
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. Top5forex will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.