FxOpen
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| Popularity |  |
| Leverage | 1:500 |
| Minimum Deposit | $10 |
| Regulation | ASIC, CySEC |
| Payment Methods | Bank Transfer, Credit Card, Neteller, Skrill, WebMoney |
| Trading Assets | Forex, CFDs, Cryptocurrency, Stocks, Indices, Commodities |
| MT4 | ✅ |
| MT5 | ✅ |
| Spreads | low |
| Average cost: EUR/USD | 0.2 pips |
| Demo Account | ✅ |
| Islamic Account | ❌ |
| MAM | ✅ |
| PAMM | ✅ |
| CopyTrading | ✅ |
| ZuluTrade | ❌ |
| Scalping | Yes |
| Signals | ✅ |
| EAs/Robots | Available |
| Negative Balance Protection | Yes |
| Deposit Fee | ❌ |
| Withdrawal Fee | ✅ |
| Inactivity Fee | No |
| Year Established | 2005 |
| Address | P.O. Box 590, Springates East, Government Road, Charlestown, Nevis |
| Contact Information | Email: [email protected], Phone: +44 203 519 1224 |
| Mobile Trading APP | |
| Rating | ★★★★☆ 4.5 |
| Website |
Pros and Cons
- Competitive spreads and low transaction costs
- Access to MT4 and MT5 platforms
- Extensive range of trading instruments
- No deposit fees and negative balance protection
- Supports automated trading and scalping
- Withdrawal fees apply
- No Islamic account option
- Limited educational resources for beginners
- Customer support response times can be improved
- Not available in all countries
Introduction
In the vast and ever-evolving world of online trading, choosing the right broker can be a daunting task for both novice and seasoned traders.
FxOpen stands out as a formidable player in the brokerage industry, offering a comprehensive suite of services tailored to meet the diverse needs of its global clientele.
This review delves into its intricacies, evaluating its offerings, performance, and how it stacks up against competitors in the financial marketplace.
Open a free accountCompany Overview
History and Background
- Establishment: Founded in 2005, FxOpen was initially conceived as an educational project before transitioning into a full-fledged brokerage service.
- Regulation: It prides itself on a strong regulatory framework, being overseen by reputable financial authorities including ASIC and CySEC.
- Innovation: The company has been at the forefront of introducing cutting-edge trading technologies, including being one of the first to offer ECN trading on the MT4 platform.
Regulatory Compliance and Security
FxOpen’s commitment to regulatory compliance and the security of client funds is evident through its adherence to strict guidelines set forth by several international regulatory bodies.
This ensures a trustworthy and secure trading environment for its users.
Trading Platforms and Tools
MetaTrader 4 and MetaTrader 5
- Accessibility: Both platforms are accessible via desktop, web, and mobile applications, ensuring traders can operate anywhere, anytime.
- Features: They offer advanced charting tools, automated trading through Expert Advisors (EAs), and extensive back-testing capabilities.
Proprietary Tools and Features
- TickTrader: A versatile platform offering advanced charting, one-click trading, and level 2 pricing for precise execution.
- Mobile Trading: FxOpen’s mobile apps allow for seamless trading on the go, compatible with both iOS and Android devices.
Account Types
FxOpen caters to a wide range of traders by offering various account types, each designed to suit different trading strategies and experience levels
Micro Account
- Minimum Deposit: $1
- Leverage: Up to 1:500
- Spreads: Starting from 1 pip
- Suitable for: Beginners looking to gain trading experience without significant risk.
Standard Account
- Minimum Deposit: $100
- Leverage: Up to 1:500
- Spreads: From 0.5 pips
- Suitable for: Experienced traders seeking competitive spreads and leverage options.
ECN Account
- Minimum Deposit: $100
- Leverage: Up to 1:500
- Spreads: From 0 pips
- Commission: $1.5 per lot
- Suitable for: Advanced traders preferring tight spreads and fast execution through the Electronic Communication Network (ECN).
Crypto Account
- Minimum Deposit: $10
- Leverage: Up to 1:3
- Spreads: From 0 pips
- Suitable for: Traders interested in cryptocurrency markets, offering trading in Bitcoin, Ethereum, and other major cryptocurrencies.
Trading Instruments
FxOpen offers a diverse range of trading instruments across various markets:
- Forex: Access to over 50 currency pairs, including major, minor, and exotic pairs.
- Indices: Trade on the world’s leading indices such as the S&P 500, FTSE 100, and Nikkei 225.
- Commodities: Options to trade in precious metals, energies, and agricultural products.
- Stocks: CFD trading on hundreds of global stocks.
- Cryptocurrencies: A wide selection of digital currencies beyond Bitcoin and Ethereum.
Fees and Commissions
Understanding the fee structure is crucial for traders to manage their trading costs effectively.
Its fee model varies by account type:
- Micro and Standard Accounts: Primarily spread-based. No commissions, making it straightforward for casual traders.
- ECN Accounts: Low spreads starting from 0 pips with a commission of $1.5 per lot, appealing to high-volume traders.
Additional Fees
- Inactivity Fee: No charges for inactive accounts, which is a plus for casual or seasonal traders.
- Withdrawal Fees: Varies by payment method, so it’s advisable to check the latest fees on its website.
Payment Methods
FxOpen supports a wide array of payment options, catering to the global nature of its client base:
- Bank Transfers
- Credit/Debit Cards
- E-Wallets: Including Neteller, Skrill, and WebMoney.
- Cryptocurrencies: Bitcoin and Ethereum payments are accepted.
Customer Support
- Availability: 24/5 through live chat, email, and phone.
- Languages: Support is available in multiple languages, accommodating a global clientele.
- Quality of Service: Generally positive feedback on the responsiveness and helpfulness of the support team.
Educational Resources and Research
- Educational Materials: FxOpen provides a range of learning resources, including articles, tutorials, and webinars, suitable for traders at all levels.
- Market Analysis: Regular market insights and analysis are offered, aiding traders in making informed decisions.
User Experience
Website and Usability
- The FxOpen website is well-designed, offering easy navigation and access to essential information such as account types, trading platforms, and educational resources.
Mobile Trading
- The mobile apps provide a robust trading experience, with full functionality to manage accounts, execute trades, and access real-time market data.
Reputation and Customer Feedback
FxOpen enjoys a solid reputation within the trading community, backed by years of reliable service and a focus on technological innovation.
Customer reviews highlight the broker’s competitive spreads, range of instruments, and supportive customer service.
However, like any service, there are mixed reviews, with some users pointing out areas for improvement such as the withdrawal process and the availability of more educational content for beginners.
Conclusion
FxOpen stands as a competitive option for traders seeking a reliable and versatile online broker.
Its adherence to regulatory standards, coupled with a wide range of trading platforms, account types, and instruments, makes it a viable choice for traders at any level of experience.
While there are areas for improvement, particularly in enhancing educational resources and streamlining the withdrawal process, FxOpen’s overall offering is robust.
Prospective clients would do well to consider FxOpen in their broker selection process, keeping in mind their specific trading needs and preferences.
Visit www.fxopen.comFeatured Video
User Reviews
Frequently Asked Questions (FAQ)
What is the minimum deposit required to open an account?
The minimum deposit required to open an account with FxOpen is $10, making it accessible for traders of all levels.
Does it offer a demo account?
Yes, FxOpen offers a demo account for traders who want to practice their trading strategies without any risk.
Can I trade cryptocurrencies?
Yes, FxOpen offers cryptocurrency trading alongside traditional assets like Forex, stocks, and commodities.
Is FxOpen regulated?
The broker is regulated by several reputable bodies, including ASIC and CySEC, ensuring a secure trading environment for its clients.
How can I contact its customer support?
Its customer support can be reached via email at [email protected] or by phone at +44 203 519 1224.
What platforms does FxOpen offer?
FxOpen provides access to both the MT4 and MT5 trading platforms, catering to a wide range of trading preferences.
Are there any fees for depositing or withdrawing funds?
Deposits are free of charge, but withdrawal fees may apply depending on the payment method used.
Resources
Our experts
This article has been written, edited and reviewed by the following members of our team:
Feng Zhou
Feng Zhou, a seasoned author and financial expert, boasts a diverse portfolio of articles recognized by prestigious publications such as Bloomberg, Global Asia, and BizLeaders. Graduating from the University of Hong Kong marked the inception of Mr. Zhou's journey into the financial sector. Initially delving into financial statement audits for both publicly traded and privately held clients, he honed his skills before furthering his education at Hong Kong Polytechnic University. During his tenure, Feng Zhou contributed significantly to the valuation of privately held businesses, engaged in forensic accounting, and provided litigation-related services. His professional trajectory also includes valuable experience at Nezu Asia Capital Management, a prominent hedge fund giant. Demonstrating entrepreneurial spirit, Feng Zhou founded a financial asset management company and frequently shares his expertise as a guest lecturer at various Chinese MBA programs. His prolific writing extends beyond traditional platforms, with articles featured in a range of industry events and publications, including FoxTrade, The MoneyShow, London Summit, and iFX EXPO. With a keen eye for market trends and a wealth of experience, Feng Zhou continues to be a prominent voice in the financial landscape.
Sandro Pontedra
Sandro Pontedra is the mastermind behind the insightful financial analysis and educational content that FoxTrade readers have come to rely on. With a rich academic background from Università di Bologna and the University of Milan, Sandro has built a career that spans across private wealth management and financial analysis, culminating in his role as Chief Accounting Officer for a prominent firm. An avid trader with over a decade of experience in the markets, Sandro combines his hands-on trading knowledge with a keen analytical mind, offering FoxTrade readers a unique blend of practical advice and in-depth market insights. His work, recognized by major financial publications, reflects his passion for finance and commitment to demystifying complex financial concepts. Sandro is dedicated to empowering readers with the knowledge and tools needed to navigate the financial markets confidently. Whether you're a seasoned investor or new to trading, his articles provide valuable insights into investment strategies, market analysis, and the future of finance and technology.
Stephane Dubois
Stephane Dubois stands at the forefront of financial analysis and industry expertise, driving innovation and insight across global markets. With a diverse academic background in International Relations and World Economy, coupled with practical experience spanning government projects and private sector endeavors across five continents, Stephane brings a wealth of knowledge and perspective to his role. As a senior editor at FoxTrade, Stephane oversees the publication of insightful content, ensuring that readers receive accurate and timely analysis to navigate the complexities of the financial world. His leadership and editorial guidance have been instrumental in shaping the platform into a trusted source of information for investors and traders alike. Beyond his editorial responsibilities, Stephane is revered as a leading analyst in the online broker industry. His insights have been instrumental in shaping strategies and decision-making for executives worldwide. Stephane's expertise isn't confined to the boardroom; he is also an esteemed business school professor, with an MBA from Columbia University and prior experience at Goldman Sachs. Stephane's impact extends beyond the confines of academia and corporate settings. He has spoken and moderated panels at prestigious events globally, earning citations from esteemed publications such as Finance Monthly, The Journal of Finance, and Financial Analysts Journal. His contributions to industry discussions cover a wide array of topics, from forex strategies to stock market catalysts, earning him recognition as a thought leader in the financial world.
Last update: April 27, 2024