FXOpen Review
Introduction and Background information
FXOpen is a forex broker founded in 2003 which is regulated by only one regulator. FXOpen is not publicly traded and does not operate a bank. It started in 2003 as an educational center for technical analysis before it launched its brokerage services in 2005. The trader supports robot trading, news trading and scalping.
Account types
ECN, STP, and Micro.
Minimum account deposit is $100. Maximum Leverage is 500:1
Instruments
FXOpen offers 95 currency pairs and 16 CFDs to make a total of 111 tradable instruments. The CFDs consist of indices and cryptocurrencies.
To trade digital currencies such as Bitcoin, the cryptocurrency account is not available from the firm’s Australia entity – it is available only from FXOpen’s unregulated entity in Nevis, from its UK entity regulated by the FCA.
social copy trading platforms ZuluTrade and Myfxbook
Education
FXOpen provides an economic calendar that shows a forecast of upcoming events with the consensus estimate, including market news updates – both powered by FXStreet – on its UK, Australia, and Nevis websites.
Regulation
FXOpen is predominantly a standard MetaTrader broker. FXOpen is authorised by the Financial Conduct Authority (FCA) in the UK.
FXOpen is predominantly a standard MetaTrader broker
MT4 and MT5 apps for Android and iOS. FXOpen also offers its Tick Trader mobile app for Android, developed by Soft-FX
Deposit and Withdrawals
Deposit Methods: Bank Wire, VISA, MasterCard, ePayments, FasaPay, IntellectMoney, JCB, Local Bank Transfers, Maestro, Neteller, PayToday, PerfectMoney, Poli, Qiwi, RBK Money, Skrill, UnionPay, WebMoney, Yandex Money
Withdrawal Methods: Bank Wire, VISA, MasterCard, ePayments, JCB, Local Bank Transfers, Maestro
Fees (spreads/commission)
Depending on the account type you choose, ranging from ECN and STP to Micro, FXOpen offers several pricing options for its commissions and fees.
In FXOpen’s ECN account, commission rates vary from $30-$100 round turn per 1 million traded (which equates to 0.3 – 1.0 pip) depending on account balance and monthly activity. FXOpen’s other account type, the STP account, has a commission equivalent embedded within the prevailing spreads, similar to brokers with non-commission pricing where spreads are inherently wider.
FXOpen also offers a VIP ECN account; however, it is only available through its Australian entity and requires a deposit of 25,000 AUD.
Execution
ECN and STP.
Customer Support
Email – [email protected], [email protected]
Phone – +7-499-346-0960
Promotion
Conclusion
