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FXOpen Review

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Editor's Review

FXOpen Rating
7.67
8 Security
8 Spreads
7 Customer Service

Founded in 2003 as an educational center for technical analysis, FXOpen launched its brokerage services in 2005 and was an early pioneer with micro contracts and Sharia-compliant accounts before building its own ECN bridge technology on the MetaTrader platform.

 

Trading Accounts

FxOpen offers 4 basic account types, all of which offer micro lots for trade. Clients of this broker are able to choose between market and instant execution, and commission-free trading or ECN execution with raw spreads with commissions.

Personal multi-account manager accounts, as well as swap-free (Islamic) and micro ones, are also available with this broker. In fact, FxOpen claims to be the first forex broker to offer Micro accounts and swap-free Sharia-compliant accounts. Now, FxOpen also offers Crypto accounts, where is available trading with Bitcoin, Litecoin, Namecoin, and Peercoin.

 

The Company & Safety of Funds

FXOpen is a global forex broker, regulated in the United Kingdom and Australia. Unlike most brokers, it started as an educational center back in 2003, and ever since it launched brokerage services two years later, FxOpen focused on traders’ interests.

FxOpen is a registered business name of FXOpen Ltd., a company authorized and regulated by the Financial Conduct Authority (FCA). It also has a sister company in Australia – FXOpen AU Pty Ltd., which is duly licensed by the Australian Securities and Investments Commission (ASIC) The broker also had a New Zealand unit, but it was deregistered in 2015.

 

Commissions & Spreads

FxOpen offers floating spreads, which vary by account category. The typical ones on the commission-free STP account are around 1.6 pips on EUR/USD, which is above average. Spreads on ECN account start from 0.2 pips on EUR/USD, the typical ones being around 0.5 pips, and a commission of $5 per lot (per side) applies. So, as it turns out the average cost of trading per lot for the EUR/USD pair on these accounts is approximately 1.5 pips, which is on the upper end of average.  Besides, commission discounts are available to high volume-traders and such with equity above $1000.

 

Leverage

The maximum leverage rates at FxOpen are up to 1:500. Such leverage is considered comparatively high.

 

Platform

FxOpen supports both MetaQuotes’ platforms: MetaTrader4 (MT4) and MetaTrader 5 (MT5). FxOpen is one of the many brokers that have recently added MT5 to its platform offering. After standing in the shadow of its predecessor for more than 5 years, MT5 gains popularity lately, as its developer MetaQuotes made a number of enhancements to it, including the adding of the hedging feature.

What is more, FxOpen has partnered with ZuluTrade and MyFXBook to offer its clients advanced automatic trading options.

VPS Service is also available with this broker so that traders can install their favorite EA applications and have them running 24/5 without requiring their PC to be on. MT4 VPS hosting with this broker is free of charge to new and existing clients that deposit a minimum amount of $5000 or trade volumes of USD 10,000,000 (per calendar month).

 

Deposit & Withdrawal

Clients of FxOpen are able to choose from a wide range of payment methods: via credit/debit cards, (Visa, MasterCard, Maestro), bank wire, Skrill, Neteller, Payza, WebMoney, SorexPay, Yandex Money, FasaPay, IntellectMoney, OKPAY, ePayments, RBK Money, China Union Pay and Bitcoin and ETH.

Also, a number of Local Transfers are available, as well as FXOpen Prepaid Cards.

 

Conclusion

FxOpen is a reputable forex and CFD broker with strong regulation, more than 10 years of experience on the forex market, diversified product portfolio and attractive conditions. We especially like its ECN offerings available on two platforms.

 

 


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