FX Open Review
FXOpen is an established online CFD broker founded in 2005 by a group of traders. Since then, they have grown to become one of the world's leading brokers, with more than 1 million accounts opened in more than 100 countries.
FXOpen is a regulated ECN broker offering some of the best possible market opportunities with low spreads, fast and quick trading execution, and reasonable low commissions. Some of these markets include Forex, Stocks, Cryptocurrency, commodities, Shares, Indices, Energies, Metals, and CFDs.
The Broker is regulated in the United Kingdom by the Financial Conduct Authority (FCA) and in Perth Australia by the Australian Security and Investment Commission (ASIC).
Currently, FXOpen is active in many parts of the world, with different entities registered in London, Saint Kitts and Nevis, Moscow, New Zealand, and Sydney.
FXOpen Trading Platforms
FXOpen website gives users a clean and straightforward interface, which is simple to use. The website has interactive live spread tables showing the trading buy/sell spread of major forex pairs.
FXOpen's website also has an excellent comparison table on which traders can compare live spreads to other well-established forex brokers.
It offers traders the ability to trade on some of the world's most popular platforms like MetaTrader 4 (MT4), MetaTrader 5, and TickTrader. MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TickTrader platforms are available for desktop downloads, and they also have a web-based version for STP, ECN, and Micro accounts.
FXOpen also offers its traders a mobile trading app where you can trade while on the go. Metatrader 4 and 5 have trading apps for both ISO and Android Systems. The apps are readily available, and traders can easily download them from Apple Appstore or Google Playstore. You can also find the app download link on the broker's website.
FXOpen Account Opening
You can open an account with just a few easy steps by clicking the ” Open account button” on the broker's main website. You will then be redirected to a registration page where you will be asked to fill in some personal details such as name, email, and phone number. From here, you will be redirected to FXOpen Client Portal, where you will go through some basic verification procedures to prove your identity.
FXOpen provides traders with the opportunity to trade from 4 different types of trading accounts, and they include Micro, ECN, STP, and Crypto Accounts. Each account comes with a variety of features, tradable services, and products tailored to meet the needs of both beginners and experienced traders.
● Micro Account
The Micro account is based on the market maker's performance model and is charged in US cents. The minimum deposit amount for this account is on $1 with a leverage of about 1:500. This account does not charge a commission, but it has the least number of tradable markets compared to other accounts. Micro Account is mostly preferred by beginners looking to learn and test new markets with little investment.
● ECN Account
This is the most popular trading account, offering the best rates, low spreads, and high speeds of execution, which have access to interbanking trading platform. Although the minimum deposit is a bit high compared to other accounts, the ECN account offers a large pool of markets to trade from.
● STP Accounts
Similar to the ECN account, the STP (Straight Through Processing) account enjoys the benefits of real-time market execution and a minimum deposit of just $10. There is also no commission charged on this account, although the spreads tend to be high.
● Crypto Account
The minimum deposit amount to this account is $10 with a commission fee of 0.25% of the total transactional volume. The Crypto account gives traders a chance to trade on 43 different Crypto markets. This would be the preferred choice for those seeking to focus on Crypto trading.
Depositing and Withdrawing from FXOpen
FXOpen provides a wide range of depositing and withdrawing options such as Credit/Debit Cards, Bank Wire Transfer, China Union Pay, Perfect Money, FasaPay, Web Money QIWI Wallet, Epay, and others.
Withdrawal commissions vary depending on the withdrawal method you use.
Bonus and promotions
FXOpen does have several promotional offers and bonuses which they give to new and also loyal traders. Some of the bonuses include:
- A No-Deposit Bonus –offered for both Micro and STP accounts.
- A special ForexCup Trading contest– available in all accounts, and the rewards depend on the amount deposited and the type of account.
- Cash Back Programs –this reward is determined depending on the maximum margins.
FXOpen, customer support services, is available 24/5 and in several languages such as Russian, English, German, Chinese, French, and others.
Traditional communication channels like emails, telephone lines, and contact forms, and website live chats are available to traders at any time. Additionally, there is a knowledge web-based support system to try to answer many frequently asked questions.
Pros / Cons
- Exclusive price aggregating technology
- Multiple account types, including Micro, STP, ECN, and Crypto
- Low spreads and commissions
- One-Click Trading system with Level2 Plugin
- 24/5 customer service support
- No US clients
- Restricted leverage for EU clients
- It does not have a negative balance protection
- It has a Limited number of educational material
FXOpen was among the first online trading brokers and remains one of the few most established brokers today. Incorporating an advanced price aggregation technology into their system has helped them ensure the ECN platform offers some of the best trading conditions like fast trade, competitive commissions, and low spreads.