Reviewed broker: FXOpen
Company registration: FXOpen NZ Ltd, New Zealand; FXOpen AU Pty Ltd, Australia
Established in 2005
Location: Australia, Russia, UK
Regulation: ASIC, FCA UK, Financial Dispute Resolution Scheme
Trading instruments: forex, gold and silver, Cryptocurrency
Bitcoin trading: available
USA traders: not accepted
ECN: yes (market execution). Participants of an ECN include banks, centralized exchanges, large companies offering their services in the OTC FOREX (Over the Counter) Market and private investors. FXOpen was one of the first Forex broker to offer its clients ECN trading via the Meta Trader 4 terminal.
List of liquidity providers: Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST, GOLDMAN and LavaFX.
FXOpen.com is the Nevis branch of FXOpen. The Australian branch is at FXOpen.com.au. The UK branch is at FXOpen.co.uk
Also known as: fxmalay.com, fxislamic.com, fxind.com, fxfrench.com, philippinesforex.com, fxorient.com, forexarabian.com, forex-leader.com, payufx.com
FXOpen Review : Trading Platform Features
- FXOpen has introduced digital currency to the clients – cryptocurrency trading with Bitcoin, Litecoin, Namecoin and Peercoin
- Various account types to fit the needs of all types of investorst – ECN, STP, Crypto, Micro
- Competitive spreads from 0 pips – very tight spreads compared to similar forex Brokers in the industry
- Minimum deposit starts from $1
- Maximum leverage up to 1:500
- A wide range of fast and reliable payment options
- Various educational material – latest economic news, professional market analyses and a Forex calendar
- Monthly and daily account statements
Trading platform: Metatrader 4, Webtrader
Download platform: yes
Web-based online platform: yes
Mobile trading: yes
Currency pairs: 28
Minimum trade size: 0.001 lot
Spread types: variable
Average spread on EUR/USD: 2
Scalping: not allowed
Hedging: not allowed
One click trading: yes
Mobile trading: yes
Automated trading: yes, via myfxbook and zulutrade
Social trading: no
Expert advisors: allowed
Maximum leverage up to 1:500
Margin call level: 20%
Stop out level: 10%
VPS: available to all FXOpen ECN, STP and CRYPTO account holders
FXOpen Review : Advantages of Forex VPS
- Accessibility: log into your MT4 platform from any computer anywhere in the world.
- Flexibility: expert Advisors continue running even when computer is switched off or the power/internet is off.
- Speed: cross-connected to FXOpen Equinix NY4 servers.
FXOpen Review : Automated Trading
How can you trade automatically with Fxopen?
Automated Forex trading allows the used of expert advisors or trading robots. Knowledge of forex trading and even participation during the trading hours is not necessary. You can be a complete newbie in currency exchange and still make profits.
Expert Advisors (EA) are special programs written in MQL4/MQL5 that interact with MetaTrader 4/ MetaTrader 5. EAs use special algorithms to analyse the market price movements and find out the optimal entries and exits. No emotions, just pure data decision making.
Advantages of Automated Trading
- With the proper use automated trading with FXopen broker will help you gain profits.
- Expert advisors help trading based purely on data, rather than emotions which get us in trouble of greed and over-trading in the first place. a
- Automated trading systems can to watch the market 24/5 while using several trading instruments at the same time.
- You are in full control of EA settings and can turn to manual trading any given time.
- You do not have to be in front of your computer or smart phone to seek profitable opportunities. The software does it for you by copying and following the best strategies of most profitable participants.
One Click Trading and Level2 Plugin
The speed is very important in trading. You snooze, you lose! One Click Trading and Level2 Plugin lets you place an order at the best available price with a single mouse click.
What else you can do with One Click Trading and Level2 Plugin:
- place or close a market or a pending order;
- set order size;
- place a Stop Loss or a Take Profit;
- view the market depth Level 2 data;
- view the volume-weighted average price (VWAP)
FXOpen Review : Trading Accounts
FXOpen’s Forex trading accounts are suitable for traders with different experience in currency trading – from novice traders to skilled professionals. You can choose the type of account suits you best in terms of trading style, finances and risk.
Demo account: yes, limited to 30 days
Islamic swap free accounts: available
Trading accounts: Micro, STP, ECN, CRYPTO
PAMM accounts: available
Comparing trading accounts
|Minimum deposit||from $100;||from $10;||from $10||from $1|
|Maximum balance||without limitations||without limitations||without limitations||$3 000|
|Spread||floating, from 0 pips||floating||floating||floating|
|Commission (per 1 mio)||from $15||No||0.5% of trade volume, round turn||No|
|Minimum transaction size||0.01 lot||0.01 lot||0.01 lot||0.1 microlots|
|Maximum transaction size||without limitations||without limitations||without limitations||$1 000 000|
|Minimal increment||0.01 lot||0.01 lot||0.01 lot||0.01 microlots|
|Leverage||up to 1:500;||up to 1:500;||1:3||up to 1:500;|
|Instruments||50 currency pairs, CFDs, indices, gold and silver;||50 currency pairs + gold and silver;||24 pairs with BTC, LTC, NMC, PPC, ETH, DASH, EMC||28 currency pairs + gold and silver;|
|Market depth with level 2 quotes||Yes||Yes||Yes||No|
FXOpen Review : Payment Options
Minimum deposit requirement: $1
Payment methods: Bank wire transfers, local bank transfer, credit/debit cards, Webmoney, Neteller, Skrill, Visa Qiwi wallet, Perfect Money, Payza, Sorexpay, yandex, fasapay, intellect money, ePayments, RBK Money, Prepaid cards, Bitcoin, Litecoin, Ethereum, Tether
FXOpen is pleased to announce that the broker added a new method of depositing and withdrawing funds. Clients from Vietnam and South Korea can now carry out transactions via Instant Bank Transfers. Instant Bank Transfers are transactions made from an online bank account in a local currency.
Fees: there is withdrawal and deposit fee almost with any payment method you choose to use, raging from 0.5% to 6%.
FXOpen Customer support and representative assistance
FXOpen offers impressive Client Helpdesk where you can submit tickets, watch help videos and go through educational Knowledge base.
General information about FXOpen’s products and services via Live Chat – 24/5;
Tickets to FXOpen’s sales, finance, trading desk and support departments – 7-16 GMT on business days.
Customer support: callback, email, live chat, skype
Support languages are in Russian, English and Chinese
FXOpen Review : Forex Bonuses and Promotions
No Deposit Bonus for STP accounts
To receive this offer:
Register an FXOpen e-Wallet and open an STP trading account. Verify your account via SMS.
Paid after the minimum deposit!
To receive this offer:
- Register an FXOpen e-Wallet
- Open a Micro trading account
- Deposit $1 or more. Bonus is paid once to the first trading account.
ForexCup Trading Contest Bonus
Amount: Depends on the contest terms (% of profit made in the contest demo account)
To receive this offer:
- Join one of Forex trading competitions at ForexCup.com
- Make profit, specified in the contest conditions.
Have you traded with FXOpen? Please review the broker’s quality of services and trading conditions.
FXOpen Cash Back Program
The 90-day Cashback program lets you receive an additional refund up to $1,000 for your trades. Available for all trading accounts.
How was the rating of FXopen performed compared to other brokers?
This 2023 Forex Broker Review has been conducted though thorough research and assessment of rating and ranking among almost 300 international forex brokers. The final grade is given based on FXopen FX broker performance and features.
Overall our online FXopen review was conducted with the details obtained from the demo trading and the forex brokers website. If you would like to add details to this online FXopen or you find inaccurate details FXopen broker review please get in touch with us and the changes will be applied.