FXOpen

FXOpen Review: Is FXOpen a Good Broker?

Broker Overview

FXOpen was founded in 2005 and in 2006 became the first forex broker to offer Micro and Swap-Free accounts for Muslim traders.

• In 2009, the broker launched the ECN MT4 trading platform with a minimum of 0.1 lot and introduced PAMM technology.

• In 2013, FXOpen UK, a London-based company under the FXOpen Group 

• In 2014, we introduced two-factor authentication to enhance the security of our customers' personal information.

• In 2017, the broker began using deposits and withdrawals via Tether, a cryptocurrency pegged to the US Dollar, which allows clients to deposit and withdraw USD and EUR equivalents using blockchain technology.

From the information that the broker has disclosed, it is quite interesting to see the safety of traders who use the service.

Broker Licensing and Regulation

If you ask whether FXOpen broker is good or not, you must first consider the license factor. The broker has both CySEC and FCA licenses.

• Financial Conduct Authority (FCA) License No. 579202 under FXOpen Ltd.

• Cyprus Securities and Exchange Commission (CySEC) license number 194/13 under FXOpen EU Ltd.

Broker Products and Services

Trading products

• Forex: Trade over 50 Forex currencies 24 hours a day, from Sunday night to Friday night.

0.0 pips

• Indices: Trade global indices on any ECN account with low commissions, tight spreads and flexible contract sizes to suit all types of traders.

• Commodities

• Stocks: Trade some of the biggest companies like Apple, Amazon, Facebook and Google on all types of accounts including MT4 /MT5 / TickTrader.

• Cryptocurrencies: Trade cryptocurrencies without owning them directly. Trade over 40 crypto CFD markets 24/7.

Trading Platform

Meta Trader 4

Trade ECN via the MT4 platform, and the standard MT4 capabilities are augmented by FXOpen’s innovative solution – Liquidity Aggregator, allowing instant, faultless order execution at the best available price.

Meta Trader 5

• Broker supports trading with MT5 platform, which is like upgrading the platform to the next level with a variety of features.

• Trading Flexibility In MT5 you have the choice of two account systems (netting and hedging).

• The platform allows you to open up to 100 charts with prices at a time, facilitating professional traders.

• There is a system to copy the trades of successful traders by subscribing to the selected signal provider.

• Trade directly from your web browser, with added flexibility over desktop and mobile apps.

• Install the mobile app on your iOS or Android device and trade financial markets anytime, anywhere.

TickTrader

• TickTrader is a new trading platform that allows clients to trade 5 asset classes — Forex, Stocks, Commodities, Indices, and Cryptocurrencies through a single trading account.

• TickTrader ECN Exclusive Trading Account This new platform allows traders to make profits while being user-friendly.

• TickTrader has a comprehensive functionality that meets the needs of a wide range of traders, from beginners to institutional traders.

TradingView

• A world-class browser-based trading platform that delivers an unparalleled trading experience with the help of powerful charting tools from TradingView.

Broker Account Types

The broker's trading accounts come in two types:

ECN Account

• Minimum deposit: $300

• Spreads: Floating, starting from 0 pips

• Leverage: Starting at 1:30

• All products can be traded

STP Account

• Minimum deposit: $300

• Spread: Floating

• Leverage: Starting at 1:30

• Only Currencies and Metal CFDs can be traded.

Deposit and Withdrawal

Deposit

Withdrawal

Broker Customer Service

• Live Chat (24/100 mon-fri)

• Email:[email protected]

• Telephone: +64-9-801-0123

Pros and cons of FXOpen

Pros :

• Multiple trading platforms

• The website contains several important disclosures.

Cons :

• High deposit and withdrawal fees

• High minimum deposit

• There are few account types to choose from.

• For deposits and withdrawals in Thai currency, there are few supported channels.

• Withdrawals are delayed

Broker Overview Summary

From the basic and in-depth information we have gathered, FXOpen is quite impressive in terms of the comprehensive information the company provides, giving traders peace of mind. However, there are some additional considerations for traders, such as the relatively high transaction fees and the limited number of channels that support Thai currency.

FXOpen FAQs

1. Are there any inactive account fees?

A: Inactive accounts will be charged $10.00 each month. The fee will be automatically deducted from the account.

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