FxOpen Review

Company details

The broker first started as a financial school whereby it offered courses such as financial services. In 2005, abled traders came together and saw the need to advance the educational center into a brokerage firm offering a wide range of assets fueled by ECN technology and meager spreads starting from 0.0 pips.

Since its establishment, FXOpen grew to penetrate global markets by providing quality services to its clientele. It offers multiple asset classes and runs a stream of offices based in different sections of the globe, but its head office is located in New Zealand. The company’s goal entails offering real-time ECN order execution services tailored to serve peculiar clients through account types.

FxOpen asset classes include:

• FX pairs
• Commodities
• Indices
• Shares
• Crypto

The multi-asset broker continues to pull in more clients by offering attractive trading conditions and fast and error-free order executions backed by expert customer support. The assets trade with floating leverages: 

• Cryptocurrency 1:2
• FX pairs 1:30
• Indices 1:20
• Commodities 1:10
• Gold 1:20

But the maximum leverage is capped at 1:500. As mentioned, trading is aided by the broker’s trading platforms that integrate with the following tools.

FxPro’s integrated trading tools include:

• Economic and earning calendars
• Percentage allocation master module
• Zulu trade for copy traders
• Market news
• Myfxbook for copy traders
• Virtual Private Server (VPS)

However, clients must fund their trading accounts with a set min. deposit ahead of tapping into the broker’s asset classes. The amount is capped as low as $1 for the micro account but stretches up to $100 for the ECN account. Although FxOpen provides a neutral advantage of $0 fees on deposits.

Available payment options

• Bank wire transfers
• Debit/credit cards
• China Union Pay
• Epay
• Crypto-deposits, among others.

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Regulations

FXOpen is a reputable and trusted company regulated by the FCA and ASIC. Rules and guidelines include segregation of clients’ funds, transparent services, among others.

• Regulated in the UK by the Financial Conduct Authority (FCA) — license 579202.
• Regulated in Australia by the Australian Securities and Investments Commission (ASIC) —  license 412871.

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Trading platforms

The broker provides several trading platforms to its wide client base. All the platforms are designed to best suit the requirements and expectations of the majority of the traders. The platforms include; MetaTrader4, MetaTrader5, WebTrader, and TickTrader.

TickTrader

• Highly customizable workstation
• One-click/double-click trade executions
• Level II pricing
• State-of-the-art technical analysis tools
• Comprehensive charting system
• Back-testing strategies
• Customizable alert system
• ECN accounts

MetaTrader 5

• Accessible 24/7
• Automated trading
• Expert advisors
• Stop limit orders with no slippage
• 80+ technical indicators
• Open up to 100 charts at a time
• 21-time frames
• ECN accounts
• Trading signals

MetaTrader 4

• Interactive charts
• 50+ built-in and third-party indicators
• User-friendly and highly customizable interface
• Expert advisors
• Automated trading
• One-click trading
• ECN and crypto accounts

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Range of markets

Key markets offered by FXOpen include Forex, Indices, Cryptocurrencies, Commodities, and Shares. All these services come with full package advantages that seem to be capturing client attention. Some major merits that clients encounter include low commissions, competitive spreads that range from 0.0 pips, and negative balance protection. In total, the company ascertains that it offers over 1000 trading instruments available on their trading platforms, the MT4, MT5, and TickTrader.

Forex 

FXOpen offers a variety of currencies in the FX market. Currently, the currency pairs tradable in the market are over 50, inclusive of major, minor, and emerging pairs. The market is usually open from Sunday night through Friday night. Some of the advantages enjoyed by the clients include low spreads, which start from 0.0 pips.

Indices

FXOpen grants its clients the opportunity to trade at least nine global indices. Some of the Indices tradable include UK100, US SPX 500 as well as Wall Street 30. All the available Indices are tradable under flexible contract sizes, extended trading hours, and special low commissions. Through Indices, clients can speculate on the performance of a group of stocks instead of a single asset.

Commodities

The commodities marketplace at FxOpen supports hard commodity products such as metals and energies trading 24/5 with ultra-fast order executions and competitive spreads and leverage. Some of the instruments include gold, silver, and natural gas, and their trade size is capped at 0.01 lot and 0.1 for the energy asset, respectively.

Shares

FxOpen allows clients to share products from major companies such as Apple, Amazon, and others trading with a leverage of 1:5 and a min. lot of 1. The market opens through weekdays guided by expert customer support and fast executions.

Cryptocurrencies

An array of crypto assets trade at FxOpen as CFDs meaning the trader does not own the underlying instrument but speculates the digital asset’s price. Some of the instruments include BTC, Ethereum, Ripple, among others, and also trade with speedy executions and leverage of up to 1:2.

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Main features

FxOpen reiterates several features but based on our research. We have unpacked the following:

• ZuluTrade — Offers a ZuluTrade feature that bolsters copy-trading by connecting signal providers and followers.
• VPS hosting —The broker offers VPS hosting services upon request from clients to investors trading in an STP, ECN, or Crypto account.
• Percentage Allocation Master Module (PAMM) — This feature provides a master follower for copy trading where the master trading strategies are replicated automatically into the follower’s trading account.
• Economic calendar — FXOpen provides an economic calendar where traders can spot upcoming events and their effects on market conditions.
• Market News — FXOpen has an integrated market news section where traders are informed about several market conditions.
• Myfxbook — This is an auto trading platform that ensures error-free trade executions for higher profits.

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Types of trading accounts

FXOpen offers different trading accounts such as the ECN, STP Micro, and Crypto accounts. STP accounts support the trading of instruments such as forex, gold, and silver. The ECN account offers trading services of instruments such as forex, gold, silver, indices, and energy. For crypto accounts, you can trade cryptocurrencies.

ECN Trading Account

• Min. deposit – $100
• Tradable assets – FX Spot CFDs, Shares CFDs, Spot Metals CFDs, Index CFDs, Crypto CFDs, Commodity CFDs
• Floating spread from 0.0 pips
• The commission per lot – $15
• Max. leverage — 1:500
• Margin call – 100%
• Market depth (level II quotes)
• Market execution
• Min. lot size — 0.01 lots

STP Trading Account

• Min. deposit – $10
• Tradable assets – gold, silver, 50+ currency pairs
• Floating spread
• The commission per lot — $0
• Max. leverage — 1:500
• Margin call — 50%
• Market depth (level II quotes)
• Market execution
• Min. lot size — 0.01 lots

Crypto Account

• Min. deposit — $10
• Tradable assets — BTC, DASH, PPC, LTC, EMC, EOS 
• Floating spread
• The commission per lot — 0.5% trade volume turn round
• Max. leverage — 1:3
• Margin call — 30%
• Market depth (level II quotes)
• Market execution
• Min. lot size — 0.01 lots

Micro Account

• Min. deposit — $100
• Tradable assets — gold, silver, 28 currency pairs
• Floating spread
• The commission per lot — $0
• Max. leverage — 1:500
• Margin call — 20%
• Market depth (level II quotes)
• Instant execution
• Min. lot size — 0.01 lots

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Opening an account at FxOpen

Step 1: Upon clicking the live account button, one must first begin by filling in their country of residence.

Step 2: You will then be directed to a secure server where you must complete an online application.Step 3: After completing your registration, you will be provided a username and password. You can then log in to the client portal, deposit funds, and start trading.

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Commissions and spreads

The broker charges fees depending on the type of account. Some accounts, such as micro accounts, charge no commission, unlike the STP and the ECN accounts. The STP account charges commissions linked to the spread, whereas cryptocurrency accounts charge commission fees linked to the spread.

FXOpen spreads are known to fluctuate hence floating spreads. The spreads are usually subject to changes in the market. The spreads always start at 0.0 pips. Commissions charged in crypto accounts are about 0.5% per size. STP accounts are added to the spread, and for the ECN account, it ranges at about $15 per lot.

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Customer service

FXOpen has made it possible for clients to be satisfied with their services. As a client, it is obvious that you may have queries or concerns about a service you are being offered. FXOpen has ensured to provide all the required basics, tools, and education to ensure the quality of service. The customer support platforms offered include; email, help center, customer support telephone, and live chat link button.

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