FXOpen Review – An Ultimate Broker Review

This article will cover extensive details on the FXOpen review. Established in 2003, FXOpen first started its journey as an educational center offering courses on financial market trading.

This education program covered technical analysis, risk management, fundamental analysis, etc. Its education program ran as a success since they’ve got enormously positive reviews from the traders/clients subscribed to the training program.

After 2 years of the successful education campaign, in 2005 they’ve decided to step in the global market as a financial broker. FXOpen Markets Limited is operated under FXOpen AU Pty Ltd, an Australia based company registered in Nevis.

They aimed to be one of the top competitors around the market and planned to start with something new or unique that no broker has ever brought for their clients.

FXOpen boosted its opening performance by offering Micro Accounts and swap-free accounts for the first time in the forex industry. As a result, traders with smaller capitals started to fall for the Micro Accounts and long-term traders hailed FXOpen for offering swap-free trading facilities.

A swap-free account is also known as a Sharia-compliant account that lets traders hold their open trade positions as long as they want without paying any overnight fee to the brokers.

Fees

FXOpen offers very competitive trading fees compared to other top brokers around the market. Let’s have a look at Fxopen review’s this aspect:

• Trading fees: The cost of trading varies depending on the type of account you use. If you’re using the ECN account, you’ll be charged $30 to $100 per $1m traded which equates to 0.3 to 1 pip based on the nature of the traded instruments. FXOpen offers VIP ECN account service through its Australian entity which requires at least 25,000 AUD as initial deposit. If you’re a VIP ECN account holder, you’ll be charged only $18 per 1 million units traded and $36 per round trip. This is a fixed amount charged per transaction and completely irrespective of trading volumes. There are no commissions charged for Micro accounts. For the STP account, the commission is embedded within the prevailing spreads.
• Deposit and withdrawal fees: FXOpen doesn’t charge any fee for the deposit made to its live trading account. But it charges for withdrawals and the amount of the fee depends on the withdrawal methods. For withdrawals through Bank Wire Transfer and SEPA transfer, it costs around $45 per transaction. If you are using Credit/Debit cards & China UnionPay, it costs 2% to 3.5% of your total withdrawal amount plus 3.5 EUR as a fixed charge. For withdrawals via Electronic Payment Systems like WebMoney, QIWI Wallet, Yandex Money, Neteller, Perfect Money, FasaPay, and Skrill, a 0.8% to 1% fee is applied to the total withdrawal amount. However, the broker does not charge any deposit/withdrawal fees for the transactions made using FXOpen prepaid cards.

Account Opening: FxOpen Review

For opening an account and start trading with FXOpen, you need to follow the 7 simple steps as mentioned below:

1. Access the register: Visit the official website of FXOpen at FXOpen and register for My FXOpen account. A number of trading accounts can be opened under each My FXOpen account.
2. Access to your personal client section: Once you’re done with the registration process, you’ll be provided a username and password through your registered email. Access to your My FXOpen client area using the given login information
3. Account selection: FXOpen offers four different kinds of trading account for its clients. Select the type of account according to your needs. We recommend you to have a brief study over the individual account types and pick the one that suits you most.
4. Read and accept the legal terms and conditions: Take your time to thoroughly read this section and accept it if you see the terms are fair enough.
5. Fill in the account opening form and submit: Here you’re required to fill all the necessary information about yourself like, Name, email address, phone number, local address, etc.
6. Account verification: You need to verify your account information in order to get full access to your trading account features. Just submit a scanned copy of your passport, national ID or driving license and a valid utility bill (not older than 3 months) to prove your identity and address of your residence. Once the verification is done successfully, you’ll be notified through your registered e-mail and you’ll be free to deposit & withdraw money from your account.
7. Fund your account and start trading: After you’re done with all the above steps, log in to your account, fund your account through your preferred transaction method and start trading in the market.

Trading Account Types & Commissions: FXOpen Review

FXOpen offers various types of trading accounts with different commission systems in order to suit the requirements of clients with different size of capitals and strategies. 

• ECN: FXOpen launched ECN trading in 2009. ECN is a unique Electronic Communication Network, links different market participants of like banks, centralized exchanges, brokers, financial institutes, and private investors. This account is coordinated by FXOpen’s Advanced Price Aggregating Technology that accumulates the best prices, real market spreads, and instant order executions. There is no dealing desk at the middle and all kinds of trading styles like scalping, news-trading, automated HFT, and Expert Advisors are allowed for ECN traders. The commission for trading through ECN starts from 1.5 USD per standard lot.
• Crypto Account: Crypto account was launched in 2014 by the broker. This account is specially designed for the Cryptocurrency tradings. Some of the strongest cryptos like Bitcoin, Litecoin, Ethereum can be traded against USD, EUR or RUB through this account. The average commission 1% for each round and 0.5% per half-round traded.
• STP Account: FXOpen had been providing STP account facilities to its clients since 2013. This account features almost all the facilities provided by the ECN account but with a low deposit which is as low as $10. The commissions of STP account trading are included in the spreads. It offers leverages up to 1:500 (for accounts under 25,000 USD) and the minimum size of the trade is allowed as 0.01 lot. The main purpose of the STP account is to provide an ECN trading environment for traders with small and medium investments.
• Micro Trading Account: This account is suitable for traders with small capitals, especially for the newbie traders. It allows minimum deposit which is as low as $1 and allows small transactions with micro-lot (0.01) tradings. It supports multiple indicators, strategies, and expert advisors with minimal risk involved.
• Demo Account: FXOpen also offers demo trading accounts for the traders who are interested to learn about the broker service and keen to experience the thrill of trading in the live markets. An individual can open multiple demo accounts which enable traders to experiment numbers of trading strategies and evaluate the trading performance using separate accounts. Opening a demo account with FXOpen is as simple as opening an email account. Moreover, for demo accounts, you’re not required to go through any sorts of account verifications.

Also Read: XM Broker Review

Deposit and Withdrawal

As an FXOpen client, you’ll enjoy a wide range of deposit and withdrawal options which allows you to choose your favorite transaction methods while investing and making withdrawals from your account.

Transaction methods

• WebMoney
• Neteller
• Skrill
• QIWI Wallet
• Perfect Money
• Yandex Money
• FasaPay
• IntellectMoney
• Bank Wire Transfer
• SEPA Transfer
• Skrill Rapid Transfer
• Paytoday
• Alfa-Click
• China Union Pay
• Credit/Debit Cards
• FXOpen Prepaid Cards
• Paysafecard
• Local Bank Transfers (for Asia, Africa, and Latin America)

Limit: The minimum deposit limit in your FXOpen account is as low as $25 and there is no maximum deposit limit. This means you are free to deposit any amount you wish starting from $10.

On the other hand, the minimum withdrawal amount is limited to $100 and you’re free to withdraw as much as you want within your account balance.

According to the terms of FXOpen, the method of deposit and withdrawal should be the same. If you wish to have more clarification regarding this matter, you can still chat with their customer service and we recommend you to do it before you go in for your first deposit.

It takes up to three business days for processing payments through debit/credit cards and wire transfers. However, for electronic payments, it takes only one business day.

FXOpen Trading Platforms

• Metatrader 4: The most popular forex trading platform in the market. More than 90% of transactions on the retail Forex market are executed via MetaTrader 4. In 2009 FXOpen offered its clients direct access to Interbank liquidity and ECN trading facilities through the MetaTrader 4 terminal. Since then FXOpen has been continuously working to extend the capacity of Standard Forex MT4 terminals. Moreover, this platform is supplemented by FXOpen’s own innovative solution – Liquidity Aggregator. In these modern days of trading, FXOpen ECN ensures instant and error-free order execution at the best prices with more than 10 banks and other liquidity providers in the background.
• Metatrader 5: MetaTrader 5 is well-known as a multi-asset trading platform. It has been developed by MetaQuotes Software Corp and is now one of the most popular free terminals used for online trading. MT5 offers a familiar user interface of MT4 enriched with many new functions.
• WebTrader: FXOpen has made online trading more accessible to more traders around the world. You can use your FXOpen trading ID and password through the web browsers to get access to your trading panel from anywhere of the world. Furthermore, this platform doesn’t require to download and install any extra software to your device.
• Mobile Trading: FXOpen also offers mobile versions of both MT4 & MT5 that support iPhone, Tab, and Android devices. This feature enables traders to access the market and execute trades from anywhere they want.
• Zulu Trade: It is a social trading platform that enables traders to follow and copy the trades from other market professionals. If you’re not ready to trade yourself in the market, you can still operate your trading activities by copying profitable traders through the Zulu Trade platform. ZuluTrade runs a trader’s rating with detailed information about the provider’s past performance and reviews from other signal followers. This rating helps traders to subscribe for the best possible signal providers available in the market. Although, ZuluTrade leaves full control over your capital and trading in your hands. Moreover, you can customize the risk management and set a suitable number of lots, to be opened when a signal is received in your account. Besides, you can close all open positions and opt-out of a strategy or a provider at any time you want.

Other than offering multiple trading platforms, this broker also provides a number of trading lools like One Click Trading, Margin & Pip Value Calculator, Conversion Rates, and Commission Calculator. These features assist you to make the best possible decisions over risk management while trading in the market.

FXOpen Markets and Products

From currency pairs to Indices, FXOpen offers a wide range of financial products to its clients. Let’s have a look:

• Currencies: FXOpen includes all kinds of forex currency pairs like majors, minors, exotic, and cross-currency pairs. Major currency pairs like EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD and EUR/GBP are represented with tighter spreads than other currency pairs.
• Cryptoassets: As an FXOpen client you’ll get full access to the Cryptocurrency market including major instruments such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), etc. These products can be exchanged against the US Dollar, EURO, and other major currencies in the market.
• Commodities: Popular commodities like Crude Oil, Natural Gas, Heating oil, Sugar, Gold, Corn, Wheat, Soybeans, Copper, Silver, Cotton, and Cocoa all are traded through FXOpen platforms.
• Indices: In 2015, FXOpen introduced Indices & CFDs to its clients. The broker offers a wide range of indices to its traders such as DAX (Germany), FTSE 100, NASDAQ Index, S&P 500 (US 500), ASX 200 (Australia 200), Nikkei 225 (Japan 225), Hang Seng (Hong Kong HS50), IBEX 35, Euro Stoxx 50, etc.

Safety and Security

FXOpen is regulated by the Financial Conduct Authority, FCA, UK (FRN: 579202) and the Australian Security and Investment Commission, ASIC (AFSL #AFSL 412871 – ABN 61 143 678 719). FXOpen keeps its client’s funds in a segregated bank account provided by tier-1 banks.

This broker is also required to comply with the Anti-Money Laundering and Countering Financing of Terrorism Legislation (AML/CTF Laws). It has already developed an internal Anti-Money laundering and Counter-Terrorism Policy (hereinafter – AML Policy) based on the risk assessment and determined to achieve the objectives of the AML/CFT Laws.

FXOpen Education & Market Research

FXOpen provides forex learning materials such as ebooks, videos, and useful webinars for its traders. As a client, you’ll get access to its trader’s forum where you’re allowed to access all the educational tools and can take part in discussions with other forum members to share trading knowledge, experience, and trading tips.

This broker also offers daily and weekly market reports, updates and possible trade ideas prepared by its own market research team. These reports with market insights are sent to clients through their registered emails by qualified market professionals. Besides, you’ll also be accompanied by a broker representative or personal manager in case if you have any special needs.

Also Read: Review on Exness

Trading Contest and Bonus: Fxopen Review

FXOpen holds a free educational demo trading contest on a regular basis. Anyone from any part of the world can register for the contest. Despite it is a demo trading contest, the prize for the winners is “real” money and the prize pool is as high as 4,000 USD.

You do not need to be a client with a real account in order to be qualified to enter the contest. However, existing clients are also welcomed to join the contest and enjoy the trading thrill without risking any money.

Besides trading contests, the broker also supports its clients by providing various trading promotions and bonuses which are updated each and every month. Currently, they are offering a $10 no-deposit bonus for opening an STP account. This bonus will automatically be credited to your account once you’re done with the account verification through SMS.

Customer Service

The customer service department of the broker is open for 24/5 (Monday to Friday) from 7 to 16 GMT. You can contact them through live chat, email, and over the phone.

FXOpen customer service supports multiple languages including English, French, Deutch, Russian, Thai, Malay, Bahasa, Espanol, Portuguese, Farsi, Turkish, and Arabic.

If you’re an existing client, you’ll be issued a customer service ticket whenever you contact them for any issues. This ticket can be used as a future reference if your issue is not solved as you want.

FX Open Contacts

Head Office: Ebene Heights No 34, Cybercity Ebene, Mauritius.

Mailing Adress: P.O. Box 590, Springates East, Government Road, Charlestown, Nevis.

E-mail: sales@fxopen.com

Phone contacts: +8-800-555-9494 (toll free), +7-499-346 (RU), +64-9-801-0123 (NZ), +49-693-329-6294 (GER), +33-979-998-040 (FR)

FXOpen also offers live chat facilities. All you need to do is just fill a simple contact form, submit it, and one of the broker agents will contact you immediately for answering your query.

Frequently Asked Questions

Bottom Line

FXOpen offers an excellent selection of trading platforms, tools, incentives, and customer support. Besides, it provides great flexibility in deposit and withdrawal by offering multiple transaction methods. Competitive spreads, commissions and trading fees are some special advantages of this broker.

Since FXOpen started as a financial broker, it has been upgrading its trading systems, organizational infrastructures, and customer-friendly features on a continuous basis.

This broker believes they are able to provide an ideal trading atmosphere for its clients and ready to claim themselves as one of the top financial brokers among other competitors.