FXOpen Broker Review

Is FXOpen a scam?

FXOpen is regulated by several regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) in Australia, and the Financial Service Commission (FSC) in the British Virgin Islands. These regulatory bodies oversee the operations of FXOpen and ensure that the company complies with their respective regulations, which include maintaining financial stability, providing fair trading practices, and protecting the interests of investors.

In terms of safety, FXOpen uses advanced security measures to protect its clients’ data and funds. The platform uses SSL encryption to secure all data transmissions, and client funds are held in segregated accounts with top-tier banks. FXOpen also offers negative balance protection, which ensures that clients cannot lose more than their account balance.

Overall, FXOpen is considered a reputable and safe broker for forex and cryptocurrency trading, with a strong focus on regulatory compliance and client safety.

FXOpen Trading Platforms

FXOpen offers its clients a variety of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as the WebTrader platform and the FXOpen mobile app.

1. MetaTrader 4 (MT4): This is a widely used trading platform that provides access to a wide range of financial instruments, including forex, stocks, commodities, and cryptocurrencies. MT4 is available for desktop and mobile devices and offers advanced charting tools, customizable indicators, and expert advisors.
2. MetaTrader 5 (MT5): This is the latest version of the MetaTrader platform and is similar to MT4 but with additional features and capabilities. MT5 offers more advanced charting tools, an improved order management system, and access to more financial instruments.
3. WebTrader: This is a browser-based trading platform that allows clients to access their trading accounts from anywhere with an internet connection. WebTrader offers a user-friendly interface, advanced charting tools, and real-time quotes.
4. Mobile App: FXOpen also offers a mobile app for both Android and iOS devices, which allows clients to trade on the go. The app provides access to real-time market data, advanced charting tools, and a range of order types.

Overall, FXOpen provides its clients with a range of advanced and user-friendly trading platforms, suitable for both beginner and experienced traders.

Products FXOpen provides

FXOpen provides a variety of products for trading, including:

1. Forex: FXOpen offers trading in the forex market, allowing clients to trade major, minor, and exotic currency pairs. The platform provides access to competitive spreads, high leverage, and advanced trading tools.
2. Cryptocurrencies: FXOpen also allows clients to trade cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and other altcoins. The platform provides access to real-time market data, advanced charting tools, and a range of order types.
3. Precious Metals: FXOpen offers trading in precious metals, including gold, silver, and platinum. Clients can trade these metals against major currencies, providing a range of trading opportunities.
4. Oil and Gas: FXOpen provides access to energy markets, allowing clients to trade oil and gas contracts. These markets are highly volatile and offer significant trading opportunities for experienced traders.

Overall, FXOpen provides its clients with a diverse range of trading products, suitable for different trading styles and preferences. Clients can choose from a variety of markets and financial instruments, depending on their trading goals and risk appetite.

FXOpen account types

FXOpen offers several different account types to suit the needs of different traders. These include:

1. ECN Accounts: FXOpen’s ECN accounts provide direct access to liquidity providers and offer low spreads, fast execution, and no dealing desk intervention. ECN accounts are suitable for experienced traders who prefer a low-cost and high-speed trading environment.
2. STP Accounts: FXOpen’s STP accounts offer fast execution and competitive spreads, but unlike ECN accounts, they have a dealing desk that executes orders. STP accounts are suitable for traders who prefer a more traditional trading environment with the convenience of a dealing desk.
3. Crypto Accounts: FXOpen’s Crypto accounts are designed for trading in cryptocurrency markets. These accounts provide access to a range of cryptocurrencies and offer high leverage and low commissions.
4. Micro Accounts: FXOpen’s Micro accounts allow clients to trade with a minimum deposit of just $1. Micro accounts offer fixed spreads and are suitable for beginner traders who want to start with a small investment.
5. Demo Accounts: FXOpen also provides demo accounts for clients to practice trading with virtual funds. Demo accounts allow traders to test different strategies and become familiar with the platform before investing real money.

Overall, FXOpen offers a variety of account types to suit the needs of different traders, from beginner to advanced. Each account type offers unique features and benefits, so traders can choose the account that best suits their trading style and objectives.

FXOpen trading fees

FXOpen charges trading fees in the form of spreads, commissions, and swaps. The fees vary depending on the account type and the financial instrument being traded. Here’s an overview of the trading fees charged by FXOpen:

1. Spreads: The spread is the difference between the bid and ask price, and it represents the cost of trading. FXOpen offers competitive spreads starting from 0 pips on ECN accounts, and spreads on STP accounts start from 2 pips. Spreads for cryptocurrency trading vary and can be as low as 0.01 pips.
2. Commissions: FXOpen charges a commission on ECN accounts, which is calculated as a percentage of the trading volume. The commission varies depending on the financial instrument being traded and the account type. Commissions for forex trading start at $1.5 per lot.
3. Swaps: Swaps are fees charged for holding a position overnight. They are calculated based on the interest rate differential between the two currencies being traded. Swaps can be positive or negative, depending on the direction of the trade and the interest rate differential.

Overall, FXOpen offers competitive trading fees, especially on its ECN accounts, which have tight spreads and low commissions. The trading fees for STP and crypto accounts are also reasonable and competitive compared to other brokers in the industry.

FXOpen Funding and Withdrawal Options

FXOpen offers a variety of funding and withdrawal options for its clients, including:

1. Deposit Options: FXOpen supports several deposit options, including bank transfer, credit/debit cards, electronic payment systems, and cryptocurrencies. Some of the popular payment options include Visa/Mastercard, Skrill, Neteller, WebMoney, and Bitcoin.
2. Withdrawal Options: FXOpen allows clients to withdraw funds using the same payment methods used for deposit. The withdrawal process usually takes 1-2 business days to process, although it may take longer depending on the payment method used.
3. Fees: FXOpen does not charge any deposit fees, but some payment systems may charge a fee. The withdrawal fees depend on the payment method used and the client’s account type. For example, withdrawals via bank transfer may incur a fee of $30 for non-ECN accounts, while ECN account holders enjoy free withdrawals via bank transfer.
4. Processing Time: Deposits are usually credited to the client’s account within a few hours, depending on the payment method used. Withdrawals can take up to 1-2 business days to process, although it may take longer depending on the payment method used.

Overall, FXOpen offers a variety of funding and withdrawal options, allowing clients to choose the most convenient and cost-effective method for their needs. The fees and processing times are reasonable, and FXOpen is committed to providing a smooth and hassle-free transaction process for its clients.

FXOpen’ promotions

FXOpen offers various promotions for its clients, including:

1. Welcome Bonus: FXOpen offers a welcome bonus to new clients who open an account and deposit funds. The bonus amount varies depending on the account type and the deposit amount.
2. No Deposit Bonus: FXOpen also offers a no deposit bonus to new clients, allowing them to start trading without making an initial deposit. This bonus is subject to certain terms and conditions, including a required trading volume.
3. Cashback Program: FXOpen’s cashback program allows clients to receive cashback on their trading volume. The cashback amount depends on the account type, trading volume, and the financial instrument being traded.
4. Trading Contests: FXOpen offers various trading contests for its clients, providing an opportunity to win cash prizes and other rewards. These contests usually involve trading on a demo account, and the top-performing traders receive the prizes.

Overall, FXOpen’s promotions provide additional incentives for clients to trade with the broker. These promotions can help clients increase their trading profits and enhance their trading experience. It is important to note that these promotions are subject to terms and conditions, so clients should read the details carefully before participating.

FXOpen customer support

FXOpen offers customer support services via various channels, including:

1. Live Chat: FXOpen’s live chat feature allows clients to chat with a support representative in real-time. This is a convenient way to get quick answers to questions and resolve issues.
2. Email: Clients can also contact FXOpen’s customer support team via email. This is a good option for non-urgent queries and requests.
3. Phone: FXOpen provides phone support for clients who prefer to speak with a support representative over the phone. The phone support is available in multiple languages.
4. Knowledge Base: FXOpen has a comprehensive knowledge base that provides answers to frequently asked questions, trading guides, and other educational resources.
5. Social Media: FXOpen maintains an active presence on social media platforms like Facebook, Twitter, and YouTube. Clients can follow FXOpen’s social media pages to stay updated on the latest news, promotions, and educational content.

Overall, FXOpen’s customer support services are comprehensive and reliable, with multiple channels available for clients to get assistance. The support team is responsive and knowledgeable, and they are committed to providing a high level of service to clients.

FXOpen Educational Resources

FXOpen provides a range of educational resources to help traders improve their knowledge and skills. These resources include:

1. Forex Articles: FXOpen’s website features a range of articles on forex trading, covering topics such as market analysis, trading strategies, and risk management.
2. Video Tutorials: FXOpen offers video tutorials that provide step-by-step guidance on how to use the trading platform, analyze the markets, and implement trading strategies.
3. Webinars: FXOpen regularly hosts live webinars, featuring expert traders and industry professionals who share their insights and strategies on various trading topics.
4. Trading Tools: FXOpen provides various trading tools, including an economic calendar, market news, and technical analysis tools, to help traders stay informed and make informed trading decisions.
5. Demo Accounts: FXOpen offers demo accounts that allow traders to practice trading in a risk-free environment. This is a great way to test trading strategies and learn how to use the trading platform.

Overall, FXOpen’s educational resources are comprehensive and cater to traders of all levels, from beginners to advanced. These resources can help traders improve their knowledge and skills, ultimately leading to better trading performance.

Pros and cons of FXOpen

Pros of FXOpen:

1. Regulated Broker: FXOpen is regulated by reputable regulatory bodies such as ASIC, FCA, and CySEC, which adds an extra layer of security and trust for traders.
2. Wide Range of Trading Instruments: FXOpen offers a wide range of trading instruments, including forex, cryptocurrencies, metals, indices, and commodities.
3. Low Minimum Deposit: FXOpen allows clients to open an account with a minimum deposit of just $1, making it accessible to traders with different levels of experience and budgets.
4. Multiple Account Types: FXOpen offers multiple account types, including ECN, STP, and Micro, each with its own trading conditions and benefits.
5. Competitive Spreads: FXOpen offers competitive spreads starting from 0.0 pips for some account types, making it an attractive option for traders who value low trading costs.

Cons of FXOpen:

1. Limited Educational Resources: Although FXOpen provides some educational resources, they may not be comprehensive enough for traders who are just starting.
2. Limited Customer Support: Some traders may find the customer support options provided by FXOpen to be limited, as they do not offer support through social media or instant messaging platforms.
3. Inactivity Fee: FXOpen charges an inactivity fee of $10 per month for accounts that have been inactive for over 90 days, which may discourage some traders from using the platform.
4. Limited Trading Platforms: FXOpen offers a limited selection of trading platforms, with only MT4 and MT5 available. Traders who prefer other platforms may need to look elsewhere.

Overall, FXOpen is a reputable broker that offers a range of trading instruments and competitive trading conditions. However, it may not be the best option for traders who prioritize educational resources and prefer a wider selection of trading platforms.

Frequently asked questions about FXOpen

Is FXOpen a regulated broker?

Yes, FXOpen is a regulated broker, and it is authorized and regulated by the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), and Cyprus Securities and Exchange Commission (CySEC).

What trading platforms does FXOpen offer?

FXOpen offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are widely used in the industry.

What account types does FXOpen offer?

FXOpen offers a range of account types, including ECN, STP, and Micro accounts, each with its own trading conditions and benefits.

What is the minimum deposit required to open an account with FXOpen?

The minimum deposit required to open an account with FXOpen is just $1, making it accessible to traders with different levels of experience and budgets.

What payment methods does FXOpen support?

FXOpen supports a range of payment methods, including bank wire transfers, credit/debit cards, and various e-wallets such as Skrill, Neteller, and WebMoney.

Does FXOpen charge any trading fees?

FXOpen charges a commission on trades for ECN accounts, while spreads are the main trading cost for other account types. However, the commission and spreads vary depending on the account type and trading instrument.

What customer support options are available with FXOpen?

FXOpen provides customer support services via various channels, including live chat, email, and phone. The broker also has a comprehensive knowledge base and active social media pages.

Does FXOpen offer demo accounts?

Yes, FXOpen offers demo accounts that allow traders to practice trading in a risk-free environment before trading with real money.

Can I trade cryptocurrencies with FXOpen?

Yes, FXOpen offers a range of cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin, and Ripple, among others.

Is FXOpen a good broker?

FXOpen is a reputable broker that offers a range of trading instruments and competitive trading conditions. However, the suitability of FXOpen as a broker depends on the individual needs and preferences of traders.