FXOpen Review

FXopen

$100

Min Deposit

From 0.0

Min spread

2005

Foundation

Broker Trusted Point+7

Broker Trusted Point

It takes years to earn wealth but a second to lose everything. Various fraudulent activities are running around the financial market, and protecting your money from these frauds is essential. Various reviews reflect only positive sides of a broker. We suggest going through every single detail and following unbiased reviews about the broker before investing your money.FXOpen is one of the oldest brokerage firms. But, does the broker stand on your trading expectation? Is the firm legitimate to invest with? The review will cover each point in detail. 

About FXOpen 

It is one of the oldest financial service providers, established in 2005, allowing traders to speculate on some limited financial markets. It is unclear from the website of the broker if it is regulated or not. The user interface of the website is conventional and seems to be overloaded with unnecessary information. Thus, missing some of the essential and valuable information. 

From the website, it is visible that the broker provides trading on currency pairs. There is nothing mentioned about commodity, cryptocurrency, stocks and indices trading. Also, the demo account services are offered for just 30 days. Although beginning a relatively old brokerage firm; the broker lacks certain basic features compared to other novice firms. 

Is FXOpen scam or safe? 

The FXOpen can be considered in the scam list as there is nothing mentioned related to the license and regulation on the broker’s website. They have provided just one single line that “FXOpen is a member of the Financial Commission”. Neither they have mentioned the licence number nor uploaded the regulation certificate. How can one trust such a brokerage firm which has not taken any initiative to prove its authenticity. Your money can be at risk, so think before investing. 

Market and tradable products

FXOpen provides trading only in forex pairs, thus blocking all the paths for those traders who wish to trade in commodities, indices, stocks and cryptocurrencies. Also, the number of currency pairs available for trading is limited. It indicates that you do not have many options in this arena also. 

The other drawback of the broker is it has mentioned everything about forex trading, its advantages and features, but it has not provided the available pairs information. It again shows that they have provided unnecessary information leaving the important ones. 

Trading platforms

The broker offers MetaTrader, Tick Trader for trading. It has mentioned the features, use and installation steps for these platforms, which is of no use, and numerous sites are offering this data to users. The main thing is a description of the mechanism and functions, which is absent on the site. 

MetaTrader offered by FxOpen is a complex platform with several confusing features. Almost all brokerage firms provide tutorials and videos for this. Unfortunately, you will find nothing with FXOpen. 

Minimum deposit

The high minimum deposit of $100 does not do justice with services and features the broker offers to its customers. Some renowned and advanced firms such as ROinvesting and 101inveting provide excellent features, research tools, advanced platforms and educational material in $100. 

Leverage

The leverage offered on each trade by the broker is 1:500, which is very high. It is far above the limit fixed by legitimated financial bodies. The leverage is a double-ended sword, and it magnifies your losses along with profit. The broker website has mentioned it in clear words that margin trading is risky. But, it has not taken any measure to reduce this risk. However, it is exposing its clients to high leverage risk. 

Educational material

FXOpen has not taken any initiative to surge the knowledge of its clients. Articles, courses, tutorials, videos, and webinars increase traders’ knowledge and automatically surge their trading standards.  The lack of educational material proves that the broker does not care about education its clients. 

Research tools

You will not find research tools such as fundamental indicators, technical indicators, report season calendar, and trading signals with FXOpen. It directly impacts your trading decision and eventually trades. Moreover, the demo trading account offered by the broker is also inefficient. 

Fees, spreads and commission

The broker charges a high withdrawal fee and inactivity fee. The inactive account fee includes a $10 maintenance fee per month and a reactivation fee of $50. The spreads are high and not up to the market. They also increase in case of sudden financial events, news and other low or high volume conditions. The additional charges are so high that you cannot afford to trade with the brokerage firm. 

Deposit and withdrawal

The broker provides limited methods for deposit and withdrawal. Also, these methods are not widely used by traders. Usually, the deposit of funds is instant but with FXOpen deposit takes one long day. Similarly, the withdrawal requires about five to seven days to process, and there are many limitations on the number of transactions and amount. The entire process of deposing and without funds is cumbersome and time-consuming. 

Account opening

The steps for opening an account with FXOpen are not clear as the broker has mentioned nothing on its website. Moreover, the process of document verification is also time-consuming. 

Customer support service

The broker provides several ways to contact customer support teams such as live chat, phone and email id. We have read many FXOpen clients reviews, which says that the broker’s customer support team is not efficient. The response time is also high, and clients have to wait long to get the answers. Also, the support is available 24/5, that reflects the team will not answer your calls or entertain any queries on weekends. 

Cons of trading with FXOpen 

1) Lack of educational material

2) Lack of research tools

3) High leverage

4) Limited currency pairs

5) Does not allow trading on stocks, indices, cryptocurrencies, commodities and metals 

6) Restricted leverage for EU traders 

7) 24/5 Customer support 

8) No clear information about regulation 

9) Significant transaction fee 

The Bottom Line 

Unfortunately, the FXOpen fails to provide essential service to its clients. There is no clear information about the firm’s regulations and licence, which indicates the firm being scam. The high leverage, spread and fee reflect that the broker’s ultimate aim is enhancing their profit ignoring the needs and expectations of traders. The limited tradable assets, lack of educational and research tools again compel traders to look for other advanced and renowned brokerage firms. If you are sincere and passionate about trading, we recommend you to opt for other better firms such as HFTrading, T1markets,TradeATF, ROinvesting and several others. 

Frequently asked questions 

Is FXOpen safe?

The FXOpen can be considered in the scam list as there is nothing mentioned related to the licence and regulation on the broker’s website. 

Does the broker provide educational resources? 

FXOpen has not taken any initiative to surge the knowledge of its clients. The lack of educational material proves this fact. 

 What are the cons of FXOpen? 

The broker has the following cons: 

1) Lack of educational material

2) Lack of research tools

3) High leverage

4) Limited currency pairs

5) Does not allow trading on stocks, indices, cryptocurrencies, commodities and metals 

 

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