FXOpen

The market is expanding globally, giving opportunities for traders and brokers to trade in the Foreign exchange market. Grasping the opportunity, FXOpen has become one of the leading brokerage firms, trading in various instruments. FXOpen offers traders access to leverage to have an opinion on trading. Online trading has brought retail traders under one roof; with the help of your devices, one can easily surf the internet, know about the market, and deal with brokers. One such retail broker FXOpen provides the services using MetaTrader4 and MetaTrader5 with the electronic communication network. A client has different instruments, currency pairs, CFD’s, Precious Metals, and Cryptocurrency to trade online. So many options to choose from and trade with FXOpen broker to guide.

FXOpen : PROS and CONS

FXOpen is having more benefits than drawbacks for serving the traders with the best FXOpen experience.

Pros

• Minimum $1 deposit
• Various instruments to trade
• Electronic communication network
• Easy to use platforms
• Trading tools
• Free VPS
• Regulated firm

Cons

• Less educational material
• No American clients policy

FXOpen : Regulations

Authorized and regulated by The Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC). The FXOpen is the most trusted broker as FCA and ASIC are the most reputed authorities increasing the opportunity of FXOpen to be selected for trading. In addition, FXOpen has good ratings online, making it more worthy of trading from.

Registered with FXOpen Markets Ltd. has license number 579202 (FCA) and 412871 ( ASIC) with a quality certificate as an online broker.

FXOpen : Trading Accounts

A trading company working since 2003, FXOpen has the facility of four trading accounts in the forex market. Each account has a different dynamic feature to offer for trading.

Micro Account

Micro account service is provided for Forex traders who want to risk less capital in the market—allowing retailers and beginners to engage in trade of foreign exchange using small lots of capital. It has 1000 units of currency to base currency for trading.

Basically, for beginners of trading, this account helps get knowledge about strategy making and how to invest in the forex market. A retail trader can invest like a professional trader learning risk management. Moreover, it provides small equity shares to traders of micro-accounts.

STP Account

The account is a type of demo account with ten lakh virtual money to invest and learn to trade. Standing Through Processing includes the commission in spreads, which are variable and depend on the purchase and sale of the market. A wide range of financial trading services and a minimum transaction size of 0.01 lot are available for traders having an STP account. There is no limitation on using the tools provided by FXOpen, expert advisor, platforms and hedging every service could be used for the trading.

No commission is charged for this account, and a minimum deposit of $10 is required.

ECN Account

A unique trading account, Electronic Communication Network linking all the participants of the broker, banks, companies and private investors. The account could be traded with a minimum deposit of $100.The account furnishes customers with the best spreads, prices and executions. There is a system of no dealing desk, where the broker never goes against the client.

The trader can use any available service without limitations. A commission of $1.5per standard lot is charged from the trader. The account has several private investors and centralized exchange services. A trader has 50 forex pairs, access to bonuses, hedging and scalping etc.

Crypto Account

Crypto is an ECN business model; the account is opened with a minimum of $10 as a deposit. The account has a service of cryptocurrencies where trading in bitcoin and litecoin is provided. With a minimum commission of 0.5% and floating spreads, they have access to all the facilities of hedging, scalping, unlimited transactions, 43 forex pairs, technology and innovation to plan and forecast.

Account has lots to offer, from customer support to news and demo accounts. However, the holder is not entitled to bonuses and Islamic account services.

There is a demo account for novice traders; a trader can improve skills, with virtual funds can trade without risk and learn about risk management.

FXOpen : Opening Account

FXOpen has accounts with features to attract different traders. However, account opening is an easy task requiring some details of the trader.

• With My FX area register
• Read all the terms carefully
• Fill in the details asked
• Open e-wallet is needed for managing accounts and funds
• Fill the account opening form
• Choose the account
• Start Trading

A Forex broker needs information like full name, address and contact details for account opening. Once you have filled in each detail, you can open an account you wish to trade with.

FXOpen : Trading Platforms

Trading Platforms FXOpen uses are MetaTrader4, MetaTrader5 and TickTrader.

MetaTrader4

A well-known platform for traders, MetaTrader4 is an award-winning platform serving both experts and beginners. MT4 is a customizable platform where traders can select features they think fit for trading. With one-click trading, trading signals, automated trading and expert advisors, this is best to trade. An intuitive platform with charts, patterns, fifty-plus indicators, graphical charts to analyze and a web-based version.

MT4 is also used in STP and ECN accounts, and FXOpen is the first broker to provide this service in 2009. There are different versions of MT4 for STP and ECN accounts.

MetaTrader5

Accessible to only ECN account holders, this service of FXOpen is a multi-asset trading platform. The features are all that MT4 had with some new ones like economic calendar, twenty-one-time frames, multi-currency tester, netting, and hedging. MT5 does not have the service of trading in Cryptocurrencies. A wide range of features with trading enhances the service quality of the broker.

An advanced platform for Forex trading, MT5 is a powerful system with depth analysis, patterns, charts, professional planning and algorithms to trade with innovative technology. These features help in forecasting future actions.

TrickTrader

TrickTrader works intending to profit the clients. A multi-asset platform with both margin and deliverable trading. Forex, stocks, commodities, indices and cryptocurrencies are traded using a single account with this platform. A TrickTrader ECN account is required for a trader to use the new medium of trading. In addition, a user-friendly platform with terminals to be used on mobile devices are available.

The functions that it carries out are detailed charts, graphs to plan, level 2 pricing, one and double click trading, technical tools to analyse, and the trader’s feature of testing the strategies with past liquidity.

An ECN broker FXOpen has mobile and web services as well to make the functioning hurdle free. The android and ios users can download the application on their device and trade anywhere they want.

FXOpen : Trading Instruments

Trading instruments that FXOpen deals in are :

• Forex
• Cryptocurrency
• Stocks
• Commodities
• Indices

FXOpen: Commissions and Spreads

FXOpen does charge a commission depending on the account type and volume of trading. There are different commissions on the accounts; the ECN account has a starting commission of $1.5 and floating spreads of 0.0 pips.

Crypto trading account has 0.5% half-turn commission, and Crypto 10 account has 0.25% half-turn commission.

FXOpen has free and floating spreads.

FXOpen : Leverage

Like commission on accounts, leverage also differs as per the account created. For example, leverage of 1:30 is available for Forex investing, 1:2 for cryptocurrency, 1:20 for Indices and 1:10 for Commodities.

Professional clients could access leverage of 1:500. However, it carries risk with it; low leverage is always recommended for more profits.

FXOpen : Deposits and Withdrawals

There are several options for the deposit and withdrawal process of funds. A trader can choose a convenient method as per requirements.

A minimum deposit of 300 CHF/ EUR/GBP/USD is required for bank transfers.

Debit and Credit cards have a minimum deposit of 0.01 USD/EUR/GBP.

Trustly has a minimum deposit of 100 GBP/EUR.

Webmoney charges 50 USD/EUR.

The Withdrawals are also different for each process of payment.

Bank transfers have a minimum of 20 USD/ EUR/CHF/GBP with no maximum withdrawal limit.

Credit and Debit cards have a minimum withdrawal limit of 10 EUR/USD/GBP and a maximum limit of 1500 EUR/USD/GBP.

Trustly minimum limit for withdrawal is 50 GBP/EUR and a maximum of 10,000 GBP/EUR.

Webmoney charges for withdrawal of 10 USD/ EUR and a maximum of 10,000 USD/EUR.

FXOpen: Education and Research

FXOpen does not have much to educate its traders, but it provides a demo account for trading beginners. Research about the FXOpen could be done any time using the google platform and internet. FXOpen has its website for traders to know what services they provide and how they work. Research is an unless search. There are research reports, advisory reports, news and company profiles to get information.

FXOpen : Customer Support

FXOpen has a customer support system to guide their clients and help them out in any difficulty while trading. They have an email address, phone number and live chat options available for the clients twenty-four by five days a week. The customer support ticket is available for further details of the customer support system for clients.

E-mail address – [email protected] ( for non clients)

Phone Number – +64-9-801-0123

Final Verdict

FXOpen is an innovative and technically advanced broker trading in different instruments of Forex, Commodities and Cryptocurrencies. It serves the client with the best service by providing an open with account option. The company has a professional support team and support services to offer. The requirements of minimum deposit and withdrawal are also minimal as per account. Metals like gold, silver are also traded, client funds are protected with negative balance protection. The platforms MT4 and MT5 have enhanced their working with professional services. TrickTrader is a newly introduced platform with great features. In all, we can say that FXOpen has a lot to offer to the clients with a fully equipped background supported by Customer services.