FXOpen Review
💲 Min Deposit $10
⌛ Year Established 2003
💼 Regulation
💡 Min Position 0.01 lot
🌐 Website fxopen.com
🌎 Country
⚖ Max Leverage 1:1000
💰 Bonuses
👨💻 PAMM
🏆 Trading contests
📁 Segregated accounts
Compensation scheme
Negative balance protection
Low spread eur/usd
🕋 Islamic account
Copy Trading
🗺 Vps
Pros
- Auto-trading availability
- Supports multiple base currencies
- Free Virtual Private Server (VPS)
- Multiple account types available
- Deposits with cryptocurrencies
- Tight forex spreads
Cons
- Not available to traders in the US
- No fixed spread accounts
- Limited educational materials
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.
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Extensive Review
FXOpen started its operation as an online trading provider for retail clients in 2005. The company was founded by a group of traders with a mission to provide services that are in the interests of traders. FXOpen claimed to be one of the first to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.
Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one mouse click. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.
Various trading accounts, such as STP, ECN, and free unlimited demo accounts, are provided. The minimum deposit for each account depends on the account type; USD100 in ECN and USD10 in STP. As for leverage, FXOpen offers up to 1:1000 for all instruments on all accounts.
Traders can also enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders, replicating the results of professional traders' strategies.
The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen: STP, ECN, and Crypto PAMM.
On ECN accounts, traders get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one reason why FXOpen's ECN account has become a trader favorite.
After seeing the various advantages offered by FXOpen, traders can easily register an account by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if they will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.
Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.
Furthermore, free VPS is available for ECN and STP account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain an equity of USD 5,000 at the end of the month or trade with a trading volume of USD 10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.
Trading on FXOpen is made easier because traders can gain insight by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.
The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish fiat and crypto-currency trading information. There are three types of partnership levels, including Forex IB (Forex Agent), which attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.
In Conclusion, FXOpen is a well-rounded forex brokerage for traders who desire to try various trading instruments. It offers a trading environment in an ECN account, low minimum deposits, the best cryptocurrency trading conditions, and interesting trading features like PAMM and demo contests.
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.
Min Deposit
$10
Max Leverage
1:1000
Spread
Floating
Commission
$1.50
If you want to look for a more simple explanation regarding this broker's account type(s), take a look at the following chart:
💲 Min Deposit $10
💡 Min Position 0.01 lot
🔢 Spread Floating
Margin Call 100%
Stop Out 50%
📉 Scalping
🤖 Expert Advisors
💱 Hedging
News Trading
Phone Dealing
Market depth with level 2 quotes
💸 Commission
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.
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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
As for STP account, FXOpen specifically provides it with the following instruments and leverage:
Forex
1:500
Gold & silver
1:500
Etf
1:500
Commodities
1:500
💲 Min Deposit $100
💡 Min Position 0.01 lot
🔢 Spread Floating
Margin Call 100%
Stop Out 50%
📉 Scalping
🤖 Expert Advisors
💱 Hedging
News Trading
Phone Dealing
Market depth with level 2 quotes
💸 Commission $1.50
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.
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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
As for ECN account, FXOpen specifically provides it with the following instruments and leverage:
Forex
1:1:1000
Gold & silver
1:1000
Etf
1:1000
Commodities
1:1000
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.
Deposit
Accepted Currencies | Commission & Fees | Minimum Amount | Maximum Amount | |
---|---|---|---|---|
Discover / JCB / MasterCard | EUR / USD | 7% + 0.15 EUR / 7% + 0.15 USD | 5 EUR / USD | 1,000 EUR / USD |
WebMoney | EUR / USD | 4% | 1 EUR / USD | 1,000,000 EUR / USD |
FasaPay | USD / IDR | Free | 0.01 USD / 10,000 IDR | 75,000 USD / 700,000,000 IDR |
Advcash | EUR / GBP / USD | 0.5% | 3 EUR / GBP / USD | 1,000,000 EUR / GBP / USD |
Bitcoin | BTC | 0.0003 BTC | 0.001 BTC | 1,000,000 BTC |
BitcoinCash | BCH | Free | 0.001 BCH | 10,000,000 BCH |
Litecoin | LTC | Free | 0.01 LTC | 1,000,000 LTC |
Ethereum | UST / ETH | 5 UST / 0.001 ETH | 5 UST / 0.01 ETH | 1,000,000 UST / ETH |
Tether | UST / USDT | 5 UST / 5 USDT | 5 UST / USDT | 1,000,000 UST / USDT |
Withdrawals
Accepted Currencies | Commission & Fees | Minimum Amount | Maximum Amount | |
---|---|---|---|---|
SorexPay (Credit/Debit Cards) | USD / EUR | 3.5% + 3.5 USD / 3.5% + 3.5 EUR | 10 USD / EUR | 2,000 USD / EUR |
Paypaid | THB | 2% | 10 THB | 10,000,000 THB |
WebMoney | USD | 0.8% | 1.01 USD | 1,000,000 USD |
FasaPay | USD / IDR | 0.5% | 1 USD / 10,000 IDR | 25,000 USD / 250,000,000 IDR |
Advcash | USD / EUR | 0.5% | 1 USD / EUR | 1,000,000 USD / EUR |
Bitcoin | BTC | 0.001 BTC | 0.001 BTC | 1,000,000 BTC |
BitcoinCash | BCH | 0.0005 BCH | 0.001 BCH | 10,000,000 BCH |
Litecoin | LTC | 0.005 LTC | 0.01 LTC | 1,000,000 LTC |
Emercoin | EMC | 0.1 EMC | 0.2 EMC | 10,000,000 EMC |
Ethereum | ETH / UST | 0.005 ETH / 15 UST | 0.01 ETH / 30 UST | 1,000,000 ETH / UST |
Tether | USDT / UST | 15 USDT / 15 UST | 30 USDT / UST | 1,000,000 USDT / UST |
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
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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.
Here is the comparison of trading platforms in FXOpen:
MT4 | MT5 | TickTrader | |
Gross Accounts | ✔️ | ✔️ | ✔️ |
Net Accounts | ❌ | ✔️ | ✔️ |
Depth of Market | Using OCTL2* | ✔️ | ✔️ |
Technical Analysis | ✔️ | ✔️ | ✔️ |
Time and Sales | ✔️ | ✔️ | ✔️ |
Back-testing | ✔️ | ✔️ | coming soon |
Alerts | ✔️ | ✔️ | ✔️ |
Trading Signals | ✔️ | ✔️ | coming coon |
Automated Trading (EA) | ✔️ | ✔️ | ✔️ |
Trade directly from charts | ✔️ | ✔️ | ✔️ |
Integrated economic calendar | ❌ | ✔️ | ✔️ |
Intuitive charting package | ✔️ | ✔️ | ✔️ |
API (FIX, REST, WebSockets) | ❌ | ✔️ | ✔️ |
Market | ✔️ | ✔️ | ✔️ |
Stop | ✔️ | ✔️ | ✔️ |
Slippage control for market orders | ❌ | ❌ | ✔️ |
Slippage control for stop orders | ❌ | ❌ | ✔️ |
Limit GTC/GTD | ✔️ | ✔️ | ✔️ |
IOC | ❌ | ❌ | ✔️ |
Stop-limit | ❌ | ❌ | ✔️ |
Hidden | ❌ | ❌ | ✔️ |
Iceberg | ❌ | ❌ | ✔️ |
Strategies (One-Cancel-the-Other [OCO], One-Triggers-Another [OTA], Ladder of the Orders) | ❌ | ❌ | ✔️ |
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.
Website Languages
Office Support
Email Support
Call Support
Chat Support
FAQ About FXOpen
Yes, FXOpen is a good broker because of the following criterias:
- In general, FXOpen provides trading service in Forex, Gold & silver, Etf and Commodities.
- As for the payment methods, you can choose between Wire transfer, Credit/debit cards, FasaPay, Crypto, Litecoin, Ethereum, Bitcoin Cash, Tether (USDT), WebMoney and AdvCash.
- The customer support is available via Email, Live chat, Forum and Phone.
- FXOpen is regulated by FCA 579202, ASIC 412871, The Financial Commission 01092013 and CySEC 194/13. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.
The starting capital in FXOpen is $10.
FXOpen offers MetaTrader 4 (Limited with 30 days), MetaTrader 5 (Limited with 30 days), TickTrader (Limited with 30 days), TradingView, Web to cater to the diverse needs of its clients. By understanding the features and benefits of each platform, you can select the one that best aligns with your trading goals.
FXOpen provides a wide range of convenient and secure payment methods. Some of the popular options are Wire transfer, Credit/debit cards, FasaPay, Crypto, Litecoin, Ethereum, Bitcoin Cash, Tether (USDT), WebMoney, AdvCash.
For the most accurate and up-to-date information on available payment methods and their specific terms, please refer to the official FXOpen website or contact their customer support.
FXOpen supports an extensive range of languages, making its platform accessible to traders across the globe. This multilingual approach ensures that clients can communicate, navigate, and trade comfortably in their preferred language. Some of the languages available include: Arabic, German, English, Spanish, French, Hungarian, Indonesian, Italian, Russian, Chinese, Portuguese, Thai, Turkish
2 Comments
Equilibu
Feb 23 2024
Az FXOpen ECN számla ideális választás a kereskedéshez. Az ECN számla lehetÅ'vé teszi a közvetlen piaci hozzáférést, ami alacsonyabb spreadeket és gyorsabb végrehajtást eredményez. Emellett az ECN számla mély likviditást és változatos kereskedési eszközöket kínál, ideális feltételeket teremtve a professzionális kereskedÅ'k és a nagyobb volumenű kereskedések számára.
ropo
Mar 28 2024
Sehr guter Broker, ich nutze seine Ticktrader-Plattform für meinen Handel und kein Spread macht ihn überlegen.
Außerdem habe ich immer, wenn ich Hilfe brauchte, den Support kontaktiert. Der Auszahlungsprozess geht sehr schnell!