FXOpen

FXOpen is a global forex broker licensed in the United Kingdom and Australia. Like most brokers, FXOpen was founded as an educational institute in 2003. Then, since its launch of the brokerage service two years after, FxOpen focused on traders and their interests.

FxOpen is an online international trading broker that provides services to trade in financial markets for institutional and retail investors.

FxOpen is an official business name registered by FXOpen Ltd., a company that is licensed and regulated through the Financial Conduct Authority (FCA). The company also has another subsidiary firm located in Australlia named FXOpen AU Pty Ltd. This is authorized through The Australian Securities and Investments Commission (ASIC) The broker also operated an New Zealand unit, but it was deregistered in the year 2015.

Additionally, FXOpen also operates an offshore division, FXOpen Markets Limited, that has its registered office in Nevis.

Security of Funds

There is a lot of trust in the UK’s FCA and Australia’s ASIC are among the most trusted financial watchdogs in the world. The UK and Australian authorized brokers must store clients’ funds in separate accounts, separate from businesses’ operating the funds. Brokers based in the UK must have net tangible assets of at the minimum EUR730 000 to show evidence they are financially stable as do Aussie brokers in the forex industry must have at least $ 1 million.

Additionally, the clients from UK broker are protected under under the Financial Services Compensation Scheme (FSCS). If an insolvency of a company, FSCS is able pay an amount of compensation that is up to a maximum of PS50,000 per for each authorized company. In contrast to UK-based brokerages Australian ones aren’t included in any compensatory plan.

Trading Conditions

Minimum Initial Deposit

It is possible to start trading using FxOpen for just $1, which is a tempting offer especially when it’s from a well-respected and reputable broker. We would suggest that you invest at least $100 to profit from the ECN execution.

Average spreads and Commissions

FxOpen offers floating spreads which differ according to account categories. The most common ones for STP account, which is commission free STP account are approximately 1.6 percent on EUR/USD which is higher than average. Spreads on the ECN accounts start at 0.2 per cent on EUR/USD. they are typically around 0.5 per cent and a commission in the amount of $5 per lots (per side) is charged. This means that the average cost for trading per lot of the EUR/USD pair for these accounts is around 1.5 pips and is the high end of average. In addition, commission discount are offered to high volume traders and other traders with equity greater than $1000.

Comparatively, FxPro offers average spreads of as low as 0.4 percent on the EUR/USD exchange rate for its CTrader (ECN) accounts, and costs $4.5 for each lot. For more information you can search and evaluate the real-time spreads offered by 15 top brokers.

Leverage

Leverage rates that are the highest offered by FxOpen are as high as 1:500. This leverage is thought to be to be quite high, even though several other FCA-regulated brokers have the same leverage rate. For instance, the leading EU brokerage FXProprovides leverage as high as 1:500. You can look up the complete listing of forex brokers with leverage of up to or greater than 1:500..

Be aware that investing in derivatives purchased over the counter that have high leverage carries substantial risks.

Trading Platforms

FxOpen can be used with the two MetaQuotes’ two platforms: MetaTrader4 (MT4) and MetaTrader 5 (MT5).

Since 2005, MetaTrader 4. has held the title of the most-loved Forex trading platform and is still favored by the majority of brokers and investors. The MT4 offers an easy-to-use interface and provides all the features the features a trader requires: an advanced charting tools, a range different technical indicator, an extensive back-testing facility, and a range of Expert Advisors (EAs). The broker comes in desktop, web, and mobile versions.

FXOpen’s web MT4. Click to expand.

FXOpen declares to be the only brokerage to give clients the direct accessibility to Interbank liquidity as well as ECNtrading through the MetaTrader 4 in 2009. The standard forex MT4 capabilities have now been expanded and enhanced by the broker’s Liquidity Aggregator solution. Today, FXOpen ECN ensures instantaneous and free order execution, at the most competitive prices offered by the banks of more than 10 as well as other liquidity providers, on two trading platforms: MT4 along with MT5.

FxOpen is among the many brokers who have recently added MT5 to their platform. After being within the shadows of its predecessor for over five decades, MT5 gains popularity lately since its developer MetaQuotes introduced a variety of improvements to it, including the addition of the hedging option. MetaTrader 5 is a multi-asset trading platform which includes the majority of MT4’s most popular tools and features along with some other services. For instance, the economic calendar is integrated into the charts, and they are similar to charts of the previous version. In the moment, FXOpen allows only ECN accounts with MT5 and have the same trading terms as the MT4 ECN accounts.

Additionally, FxOpen has partnered with ZuluTrade and MyFXBook to provide its customers with advanced trading solutions that are automated.

VPS hostingis also offered by this broker, so traders can install their favourite EA applications and keep the applications running 24/7 without having their computer to be online. The hosting of MT4 VPS servers at this broker is available absolutely free for clients who are new or existing and have deposited a minimum of $5000 or have the volume of trades that exceed USD 10,000,000 (per calendar month).).

Methods of Payment

FxOpen’s customers FxOpen can choose from a range of payment options, including debit or credit cards (Visa, MasterCard, Maestro) and bank wires, Skrill, Neteller, Payza, WebMoney, SorexPay, Yandex Money, FasaPay, IntellectMoney, OKPAY, ePayments, RBK Money, China Union Pay and Bitcoin and ETH.

There are also a variety of Local Transfers are readily available and FXOpen Prepaid Credit Cards.

Fees for withdrawal and deposit are applicable For more information please visit the website of the broker.

Conclusion

FxOpen is a well-known Forex and CFD broker that has strong regulation and having more than 10 years expertise on the market for forex, a diverse product range and appealing conditions. We particularly appreciate the ECN services that are accessible through two trading platforms.