FXOpen is considered one of the best online forex brokers that has been operating since 2005. Provides traders with access to a wide range of instruments in several markets: a large number of basic, secondary and exotic currency pairs, CFD indices, oil, natural gas. The company also offers cryptocurrency trading, including bitcoins, lightcoins, name coins and peercoins. Trading conditions are very good and overall operating costs with FXOpen are low. An important thing for novice traders is that FXOpen offers a demo account before risking real money that has no expiration date.
The FXOpen broker is headquartered in Charlestown, and the FXOpen brand itself includes the following companies:
- FXOpen Markets Limited, a company registered in Nevis.
- FXOpen AU Pty Ltd, an Australian-registered company.
- FXOpen Ltd, a company registered in England and Wales.
FXOpen is a broker subject to strict rules of customer protection under UK and Australian laws: broker’s bankruptcy protection and registration dispute resolution services.
FxOpen is managed by FXOpen AU Pty Ltd and is regulated by the Australian Securities and Investments Commission (Persons). AFSL No412871). In accordance with the requirements of ASIC FXOpen is also a member of the Financial Ombudsman Service (FOS) in Australia, which provides protection to traders from possible unfair or fraudulent actions of the broker. The broker is also regulated in the UK by the Financial Conduct Authority (Persons). No579202), is a member of the Financial Commission. The Financial Commission provides a dispute resolution mechanism and a financial compensation fund for clients of member brokers.
The presence of regulators and a good regulatory framework proves that in general the FXOpen broker is an honest and reliable company.
Basic information about broker’s conditions
FXOpen uses the end-to-end/ECN business model without the dealer’s interference in customer transactions. Even if FXOpen can act as a counterparty, it is similar to the model used by many other brokers that serves to minimize the conflict of interest between the trader and the broker.
FXOpen offers a very popular and functional trading platform MetaTrader 4. MT4 allows manual and automatic trading. For traders with programming skills, the programming language of m’L allows you to create your own chart indicators and trading programs (advisers). In addition to the standard MT4, FXOpen also offers a mobile version of MT4 via Android or iOS apps. This allows traders to analyze, track and make trades from anywhere in the world if there is an online connection.
FXOpen via FXOpen UK also offers MT4 WebTrader, which provides access to trading through a web browser without having to download and use the MetaTrader app. This is suitable for users who have a non-standard operating system on their computer or device.
FXOpen, through FXOpen Markets Limited, also offers automated trading through Myfxbook and zuluTrade. This is an opportunity for traders to outsource trading solutions from those who may have more experience in trading.
The broker provides several types of accounts to select traders, which have their advantages for trading. Spreads offered by FXOpen vary depending on the type of account from ECN and STP to Micro, FXOpen offers several pricing options for its commissions and fees.
The FXOpen and STP accounts have a commission equivalent built into the prevailing spreads – like brokers with a price without a commission, where spreads are inherently wider.
In the ECN, the commissions range from $30 to $100. U.S. turnover of 1 million (which corresponds to 0.3-1.0 pips). The applicable bid is determined by several factors, such as the amount of funds in the FXOpen account and the volume of trades for the last 30 days.
FXOpen offers a VIP ECN account through its Australian organization, where a deposit of at least AU$25,000 will raise the default commission rate to $18 per 1 million sold Units. That’s $36. U.S. round-trip per million and does not depend on the volume of trades.
The total transaction costs with FXOpen are some of the best available for such a well-regulated broker.
FXOpen customers can top up their accounts in a variety of ways, including:
· bank transfers
· local bank transfers
· credit/debit cards
· electronic payment systems such as Skrill
In most cases, a fee is charged for withdrawals. A non-cash fee charges of 30 pcs of the currency, although in the UK it is free of charge. Outside the UK, most withdrawalforms, excluding bank transfers, charge a fee based on a percentage of withdrawals. The exception is Skrill, which has a low maximum withdrawal fee, but a higher deposit fee. In general, the ground and withdrawal options are reasonable. FXOpen allows you to deposit and withdraw funds for major trading currencies.
Of particular importance to new traders is that FXOpen offers demo accounts that do not expire until trading lasts 30 consecutive days. This is an unusual and important feature as a new trader may need months or years to learn how to trade with profits. It is very important to be able to do this before risking real money.
To sum up, our review of fxOpen broker showed all the possibilities for trading: many types of accounts, low minimum deposits and a respectable range of currency pairs and CFDs.