FXOpen is a forex broker that provides online trading services to clients around the world. Founded in 2005, the company is based in the UK and is regulated by the Financial Conduct Authority (FCA). In addition to forex, FXOpen offers trading in other financial instruments, including cryptocurrencies, metals, and commodities.
One of the notable features of FXOpen is its range of account types, which cater to traders of different experience levels and trading styles. The company offers several account options, including STP, ECN, and Crypto accounts, each with different spreads, commissions, and other trading conditions.
Why FXOpen?
There are several reasons why traders may choose to use FXOpen as their online forex and CFD broker:
- Regulation: FXOpen is regulated by the Financial Conduct Authority (FCA) in the UK, as well as by other regulatory bodies in different jurisdictions. This regulation helps to provide traders with a degree of protection and ensures that the broker adheres to certain standards and practices.
- Range of instruments: FXOpen offers its clients access to a range of financial instruments, including forex, cryptocurrencies, metals, and commodities. This allows traders to diversify their portfolios and potentially benefit from different market conditions.
- Account types: FXOpen offers several account types to cater to traders of different experience levels and trading styles. This includes STP, ECN, and Crypto accounts, each with different spreads, commissions, and other trading conditions.
- Trading platforms: FXOpen provides its clients with access to a range of trading platforms, including the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The broker offers both desktop and mobile versions of these platforms, allowing traders to access their accounts and trade on the go.
- Fees: FXOpen offers competitive spreads and commissions, with some account types offering spreads as low as 0 pips. The broker also offers various deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets.
Overall, FXOpen is a well-established and reputable broker in the forex industry, with positive reviews from many traders. However, as with any broker, there are potential risks and drawbacks to consider, so it’s important to do your research and due diligence before deciding to trade with FXOpen or any other broker.
Is FXOpen Legit?
FXOpen is a regulated forex and CFD broker that operates under the oversight of several regulatory bodies, including the Financial Conduct Authority (FCA) in the UK. This regulation helps to provide traders with a degree of protection and ensures that the broker adheres to certain standards and practices.
FXOpen has been operating since 2005 and has built a good reputation in the industry, with positive reviews from many traders. The broker offers a range of account types and trading platforms, competitive spreads and commissions, and various deposit and withdrawal methods.
However, as with any broker, there are potential risks and drawbacks to consider, and trading always involves a degree of risk. It’s important to do your own research and due diligence before deciding to trade with FXOpen or any other broker and to carefully consider your trading goals and risk tolerance.
Trading Instrument Offered By FXOpen?
- Forex: The broker offers to trade in a wide range of forex pairs, including majors, minors, and exotics.
- Cryptocurrencies: FXOpen offers trading in a range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, and more.
- Metals: The broker offers trading in gold and silver, as well as other precious metals.
- Energies: FXOpen offers trading in crude oil and natural gas, allowing traders to potentially profit from changes in global energy prices.
- Indices: The broker offers to trade in a range of global stock indices, including the FTSE, S&P 500, DAX, and more.
- Commodities: FXOpen offers trading in a range of commodities, including agricultural products like coffee and cocoa, as well as industrial metals like copper and aluminium.
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Overall, the wide range of trading instruments offered by FXOpen allows traders to diversify their portfolios and potentially benefit from different market conditions.
Types Of Accounts offered by FXOpen?
FXOpen offers several different account types to cater to the needs of different traders. Here are some of the main account types offered by FXOpen:
- ECN Accounts: These accounts offer raw spreads starting from 0 pips and are designed for advanced traders who require high speed of execution and the ability to trade in large volumes.
- STP Accounts: These accounts offer floating spreads starting from 0.2 pips and are designed for traders who prefer to trade on the interbank market with no dealing desk intervention.
- Crypto Accounts: These accounts are denominated in cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more. They offer floating spreads starting from 0 pips and are designed for traders who want to trade in cryptocurrency pairs.
- Micro Accounts: These accounts are designed for beginners and traders who want to test their strategies in a real trading environment with low risk. The minimum deposit for this account is $1, and the leverage offered is up to 1:500.
- Demo Accounts: FXOpen also offers demo accounts that allow traders to practice trading strategies and test the broker’s trading platforms and services without risking real money.
Overall, FXOpen offers a range of account types to cater to the needs of different traders, with competitive trading conditions and access to a range of financial instruments.
How To Open A Forex Trading Account With FXOpen?
Opening a trading account with FXOpen is a straightforward process. Here are the general steps:
- Visit the FXOpen website and click on the “Open Account” button.
- Choose the account type that suits your trading needs.
- Fill out the registration form with your personal information, including your name, email address, phone number, and country of residence.
- Choose the base currency for your account, such as USD or EUR.
- Verify your identity by providing a copy of your passport or government-issued ID and proof of address, such as a utility bill or bank statement.
- Fund your account using one of the available deposit methods, such as bank wire, credit/debit card, or e-wallet.
- Download the trading platform of your choice and start trading.
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FXOpen also offers a demo account option, which allows you to practice trading strategies and test the broker’s services before depositing real money.
It’s important to note that the specific steps and requirements for opening an account may vary depending on your country of residence and the account type you choose. Always read the terms and conditions carefully and seek assistance from FXOpen’s customer support if you have any questions or concerns.
How To Deposit Funds Into FXOpen?
FXOpen offers several deposit methods to fund your trading account. Here are the general steps to deposit funds into your FXOpen account:
- Log in to your FXOpen account.
- Click on the “Deposit” button in the top right corner of the page.
- Choose the deposit method you prefer. FXOpen offers a range of deposit options, including bank wire transfer, credit/debit card, e-wallets, and cryptocurrencies.
- Follow the instructions provided by the selected payment method to complete the deposit. The specific steps and requirements may vary depending on the payment method you choose.
- Once your deposit has been processed, the funds will be credited to your FXOpen account. You can start trading immediately.
It’s important to note that some deposit methods may have fees or processing times associated with them, so make sure to read the terms and conditions carefully before making a deposit. Also, ensure that the deposit method you choose is available in your country of residence. If you have any questions or concerns, contact FXOpen’s customer support for assistance.
How To Start First Trading With FXOpen?
To start your first trade with FXOpen, follow these general steps:
- Open and fund your trading account: You can open an account with FXOpen by following the steps outlined on their website. Once you have opened and funded your account, you can proceed to the next step.
- Choose a trading platform: FXOpen offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, and the cTrader platform. Choose the platform that best suits your trading needs and download it onto your computer or mobile device.
- Analyze the market: Use the charting tools and indicators provided by the trading platform to analyze the market and identify potential trading opportunities.
- Place a trade: Once you have identified a trading opportunity, enter the relevant details into the trading platform, including the instrument you want to trade, the size of your position, and the stop loss and take profit levels.
- Monitor and manage your trade: After placing your trade, monitor it closely to ensure it is performing as expected. Use the platform’s risk management tools to adjust your position size, stop loss, or take profit levels if necessary.
- Close your trade: When you are ready to close your trade, simply enter the opposite trade into the platform to exit your position.
It’s important to note that trading always involves a degree of risk, and you should only trade with funds that you can afford to lose. Always do your own research and analysis, and seek advice from a qualified financial professional if you have any doubts or concerns.
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How To Withdraw Money Into FXOpen?
Here are the general steps to withdraw funds from your FXOpen account:
- Log in to your FXOpen account.
- Click on the “Withdrawal” button in the top right corner of the page.
- Choose the withdrawal method you prefer. FXOpen offers a range of withdrawal options, including bank wire transfers, credit/debit cards, e-wallets, and cryptocurrencies.
- Enter the amount you want to withdraw and follow the instructions provided by the selected payment method to complete the withdrawal. The specific steps and requirements may vary depending on the payment method you choose.
- Once your withdrawal request has been processed, the funds will be sent to your chosen payment method. The processing time and fees may vary depending on the withdrawal method you choose.
It’s important to note that FXOpen has specific withdrawal policies, which may include minimum withdrawal amounts, processing fees, and processing times. Make sure to read and understand these policies before making a withdrawal request. If you have any questions or concerns, contact FXOpen’s customer support for assistance.
Trading Condition of FXOpen?
FXOpen offers competitive trading conditions for traders of all levels. Here are some of the general trading conditions offered by FXOpen:
- Trading instruments: FXOpen offers a wide range of trading instruments, including forex currency pairs, commodities, indices, and cryptocurrencies.
- Spreads: FXOpen offers both fixed and variable spreads, depending on the trading account type and the trading platform used. The average spreads for major currency pairs start from 0.5 pips.
- Leverage: FXOpen offers flexible leverage options, with maximum leverage up to 1:500 for forex trading.
- Trading platforms: FXOpen offers three popular trading platforms: MetaTrader 4, MetaTrader 5, and cTrader. These platforms offer advanced charting and analysis tools, as well as automated trading capabilities.
- Execution: FXOpen offers both market execution and instant execution options, depending on the trading account type and the trading platform used.
- Minimum deposit: The minimum deposit required to open a trading account with FXOpen varies depending on the account type and the payment method used.
- Trading fees: FXOpen charges competitive trading fees, including commissions for some account types and trading platforms.
It’s important to note that the specific trading conditions offered by FXOpen may vary depending on the trading account type and the trading platform used. Make sure to read and understand the terms and conditions of your chosen account type and trading platform before you start trading.
Here are some pros and cons of using FXOpen as a forex broker:
Pros:
- Regulated broker: FXOpen is regulated by several regulatory bodies, including the FCA in the UK, ASIC in Australia, and the FSC in the Seychelles. This provides traders with a level of security and protection.
- Range of trading instruments: FXOpen offers a wide range of trading instruments, including forex currency pairs, commodities, indices, and cryptocurrencies.
- Competitive trading conditions: FXOpen offers competitive trading conditions, including low spreads, flexible leverage options, and a range of trading platforms.
- Multiple account types: FXOpen offers a variety of trading account types, including ECN, STP, and crypto accounts, to suit different trading styles and preferences.
- Customer support: FXOpen provides customer support through various channels, including phone, email, and live chat, in multiple languages.
Cons:
- Limited educational resources: FXOpen’s educational resources are limited compared to some other forex brokers, which may be a disadvantage for beginner traders.
- Inactivity fee: FXOpen charges an inactivity fee if there is no trading activity on the account for a certain period of time, which can be a disadvantage for infrequent traders.
- Limited payment options: FXOpen’s payment options are somewhat limited compared to some other brokers, which may be a disadvantage for traders who prefer a wider range of payment methods.
- Withdrawal fees: FXOpen charges fees for some withdrawal methods, which may be a disadvantage for traders who prefer to withdraw their funds frequently.
Overall, FXOpen is a reputable forex broker with competitive trading conditions and a range of account types to suit different trading styles. However, it may not be the best option for traders who prioritize extensive educational resources or a wide range of payment options.
FXOpen Commissions & Fees?
FXOpen charges different commissions and fees depending on the trading account type and the trading platform used. Here are some of the typical commissions and fees you can expect with FXOpen:
- Spreads: FXOpen offers both fixed and variable spreads, depending on the trading account type and the trading platform used. The average spreads for major currency pairs start from 0.5 pips.
- Commission: FXOpen charges commission on some account types, such as the ECN account, which has a commission of $1.5 per lot per side.
- Swap fees: FXOpen charges swap fees for holding positions overnight, which can be positive or negative depending on the currency pair and the interest rate differential.
- Deposit fees: FXOpen does not charge deposit fees, but you may be charged fees by your payment provider.
- Withdrawal fees: FXOpen charges withdrawal fees for some payment methods, such as bank wire transfers, which can vary depending on the amount and the currency.
- Inactivity fee: FXOpen charges an inactivity fee of $10 per month if there is no trading activity on the account for more than 90 days.
It’s important to note that the specific commissions and fees charged by FXOpen may vary depending on the trading account type and the trading platform used. Make sure to read and understand the terms and conditions of your chosen account type and trading platform before you start trading.
Customer Support Service FXOpen?
FXOpen offers customer support through various channels, including phone, email, live chat, and social media. Here’s an overview of the customer support services provided by FXOpen:
- Phone support: FXOpen provides phone support in multiple languages, including English, Arabic, Chinese, and Russian. The phone support is available 24/5, from Monday to Friday.+64-9-801-0123, +49-693-329-6294, +33-979-998-040, +7-499-346-0960
- Email support: You can contact FXOpen’s customer support team via email. The support team aims to respond to emails within 24 hours. [email protected]
- Live chat support: FXOpen provides live chat support on its website, which allows you to get quick answers to your questions. The live chat support is available 24/5.
- Social media support: FXOpen is active on various social media platforms, including Facebook and Twitter. You can reach out to the company through these platforms for support and assistance.
- Knowledge base: FXOpen also provides a knowledge base on its website, which includes articles, tutorials, and FAQs to help you with your trading and account management.
Overall, FXOpen offers a range of customer support options to help you with your trading and account-related queries. The company aims to provide prompt and effective support to its clients through multiple channels, making it easy to get help when you need it.
Final Word FXOpen Review 2023?
Overall, FXOpen is a reputable forex broker that offers a wide range of trading instruments, competitive spreads and commissions, and a choice of trading platforms. The company is well-regulated, providing traders with a safe and secure trading environment. FXOpen also provides a range of educational resources and customer support options, making it a suitable choice for both beginner and experienced traders.
One of the main advantages of FXOpen is its range of trading account types and platforms, which cater to the needs of different traders. The company’s ECN account, for example, offers low spreads and fast order execution, making it a suitable choice for scalpers and high-volume traders. Additionally, the company’s MetaTrader platform provides advanced charting and analysis tools, which can help traders make more informed trading decisions.
That said, FXOpen is not without its drawbacks. The company’s inactivity fee and withdrawal fees may be a concern for some traders, while the absence of a 24/7 customer support service may also be a disadvantage.
Overall, if you’re looking for a reliable and well-regulated forex broker with a range of trading instruments and platforms, FXOpen is certainly worth considering. However, it’s important to carefully consider your trading needs and goals before choosing a broker and to read and understand the terms and conditions before opening an account.
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