FXOpen Review

FXOpen Trading Conditions

FxOpen offer customers attractive trading conditions. With their advanced technological solutions, trades are executed with utmost speed and accuracy. They offer three main types of accounts namely: ECN, STP and Crypto. The minimum transaction size is 0.01 lots and the maximum size is unlimited. Registered clients can trade with leverage up to 1:30. This value is low when compared to other brokers who offer trading on a leverage of up to 1:1000. The Margin call level is 120% and margin stop out level is 50%. Hedging, scalping and Expert Advisors are permitted by this broker.

There is another type of account known as the FxOpen UK Pro in which the account holders can trade with a leverage of up to 1:500, but the minimum deposit is $3000.

FXOpen Products

FxOpen offers about 63 currency pairs for trading. These include the major currency pairs, minor and exotic pairs. About 18 CFDs of the world’s major indices, oil and natural gas are available for trading. Precious metals like gold and silver are also available for trading. Cryptocurrencies like Bitcoin, Ethereum, Ripple, Monero, Litecoin etc can be traded on the FxOpen trading platforms.

Compared to other brokers, the trading instruments are a lot fewer, but, most of the popular instruments traded are offered.

Regulation

FxOpen operates with multiple jurisdictional licenses. FxOpen UK is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom.  The FCA is one of the most respected and honourable regulating bodies in the world.

In Australia, FxOpen is also licensed and regulated by the Australian Securities & Investments Commission (ASIC). FxOpen state that they comply with the strict regulatory standards of these regulating authorities.

Platforms

The MT4 is the world’s most popular trading platform as it accounts for over 90% of all forex transactions traded worldwide. It features advanced technology with fully customizable and extendable features. FxOpen offers the MT4 Desktop software application which is downloadable on the Windows PC. With the MT4 for ECN installed, clients can connect directly to liquidity providers which include over 15 banks. Expert Advisors (EAs), which automates forex trading can be utilized on the MT4 platform. This is achieved by either installing or customizing EAs on the MT4 platform. Over 50 indicators and tools for technical analysis are at the trader’s disposal.

The FxOpen MT4 Webtrader eliminates the need to download and install the MT4 app on the computer. The trader simply logs in through a web browser in order to access his MT4 trading account. This works across all operating systems and devices. 

Mobile Trading

The MT4 platform is available for mobile devices. The app has all the features necessary to place trades, perform market analysis and access a variety of technical indicators. With the app, clients can manage their accounts, view their account history as well as statements. The MT4 app is available on android and iOS. Both are downloadable from their respective stores.

Pricing

FXOpen charges commissions from the spread. The commissions start from $1.5 per standard lot.

They charge swap fees for positions that are open overnight. The rollover fee for long positions on EURUSD is -$8.54 and the rollover fee for short positions on EURUSD is $3.21

FXOpen does not charge inactivity fees. The broker charges withdrawal fees depending on the payment method used for withdrawal transactions.

FXOpen Deposits & Withdrawals

FxOpen offers a number of ways to make and receive payments. Only the method used for deposit can be used for withdrawals.

• a) Bank wire transfers are made electronically from one bank to another. It normally takes 1 - 3 business days to complete. The minimum deposit is $100 and the withdrawal fee for Bank wire transfer is $30.
• b) Credit and Debit cards are the fastest ways of funding an FxOpen customer account. The most popular cards are accepted. Some of them are Visa card, Master card, Maestro, Laser, Visa Electron etc. The processing time is instant and there are no commissions charged.
• c) Electronic Payment gateways are also accepted for deposits and withdrawals in FxOpen. The acceptable payment gateways are WebMoney, Neteller and Skrill. A commission of 1% is charged on both deposits and withdrawals using these payment gateways.

FXOpen Customer Support

The website provides a knowledge base and Frequently Asked Questions (FAQs) which attempts to answer likely question that prospective clients may have. New and prospective clients are expected to explore these resources before seeking further assistance by contacting customer care.  The customer support provided is fast, friendly and efficient. The support channels available are: email, telephone and online web chat. It is available 24 hours, 5 days in a week. The available social media channels are Facebook, Twitter, Google+ and LinkedIn. These social media channels can as well be used for support purposes.

FXOpen Research and Education

Unfortunately, new traders who wish to access some online training material from FxOpen will be disappointed as there are no comprehensive training resources available. There are just a few articles introducing forex and how to trade forex. A forex calendar is provided. Market news and analysis columns exist on the website but they are not updated. So, any new trader looking for training will have to source his training from another place. The same applies to traders who trade by following market news, expert analysis and signals.

Noteworthy Points to mention for Broker

FxOpen is a broker that offers tight spreads and low commissions. This is because they connect traders directly to liquidity providers. They have in the brokerage business for over 12 years and have expanded to different countries. They offer traders the opportunity to open accounts with affordable deposits through a wide range of deposit methods. Customer support is very efficient and responsive. They provide various account types with access to trade the most popular currency pairs, CFDs and cryptocurrencies. There is the free demo account with virtual money. This is for broker platform familiarization and practice before a trader decides to trade with real money. They also have bonuses to encourage their clients.

Conclusion for FXOpen

FxOpen is an international broker that has been in operation for a very long time. It is regulated by the ASIC and FCA which ensures a number of stringent requirements. The MT4 platforms provided are standard and very sufficient to meet the needs of most traders. Though the trade instruments are not much, but the most traded instruments are available.

The withdrawal fees charged are high when compared to other brokers. Also, the lack of trader education and other trader analytical resources are not very good.

Summarily, FxOpen is a recommended broker so long as services not provided can be gotten from another source.