FXOpen Review: A Must Read Before You Trade

FXOpen Review

FXOpen has been around for some time and is well known. The brokerage firm has been used by thousands of traders around the world and has a long history of fulfilling order flow.

FXOpen Regulation and Company Information

FXOpen is a global broker, regulated in the United Kingdom and Australia. It started as an educational center bank in 2003, and has since launched brokerage services, starting that end of the business in2005. They offer services and trading financial markets in both retail and institutional investors.

FXOpen is a registered business authorized by the FCA, the Financial Conduct Authority in the United Kingdom, but it also has a sister company in Australia, FXOpen AU Pty Ltd., Which is licensed by the ASIC. This ensures security of funds, as the clients of the UK broker will be automatically covered by the Financial Services Compensation Scheme, which pays compensation up to a maximum of £50,000 per regulated entity.

FXOpen ECN accounts and other trading accounts

FXOpen offers four basic account types, all of which also offer micro lots to trade. Clients are able to use either market or instant execution, as well as commission free trading or ECN execution with spreads plus commission. Beyond that, Islamic accounts are also possible, and micro accounts can also be had. Beyond that, they also offer a Crypto accounts.

FXOpen Offers and Trading conditions

Initial deposit

You can start trading at FXOpen with as little as one dollar, which of course is attractive because it gives you the ability to test out life conditions with no real danger. However, to take advantage of the ECN condition, you need to deposit at least $100.

Spreads and commissions

As they offer floating spreads, this can vary depending on liquidity. Typically on the commission free STP account, you will see spreads at roughly 1.6 pips on EUR/USD which is slightly above average. Spreads on the ECN account start from 0.2 pips on the EUR/USD, but are typically closer to 0.5 pips, and a commission of five dollars per lot, per side. Because of this, it makes the average cost of trading per lot on the EUR/USD pair approximately 1.5 pips, which is slightly higher than usual for these types of accounts. Commission discounts are available to high-volume traders and those with equity above $1000.

Leverage

FXOpen offers leverage up to 1:500, which is relatively high compared to many other FCA regulated brokers. This being the case, caution is advised when it comes to this type of leverage, as it can get you into trouble rather quickly.

Trading platforms

FXOpen offers both the MetaTrader 4 and MetaTrader 5 platforms, which many of you should be used to. It gives you the ability to use Expert Advisors, back testing, a host of advanced charting features, and of course indicators. It also comes with web and mobile versions of these platforms.

Methods of deposit

FXOpen will accept a huge range of payment methods, including credit/debit cards, bank wire, WebMoney, Skrill, Neteller, Payza, OKPAY, China Union, and both Bitcoin and Ethereum deposits. There are also some other methods as well. Because of this, money going back and forth will never be an issue.

Extras

This broker offers market analysis, trading tools, the ability to copy other traders, and a few others. As far as the educational aspect of this broker is concerned, it is a bit like to say the least. However, if you’re not looking for those types of extras it could very well work for you.

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