FXOpen Review

Minimum Spread :   From 0.0
Foundation Year :   2005
Min Deposit $ 100
Broker Trusted Point+6
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FXOpen Review 2020

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FXOpen Broker Review History and Trade Performance: FXOpen started its journey in the Universe of financial trading in the year 2005. Since then, there is no looking back. The company is witness to several changes in technology and the clients’ perspective. Traders have faith in their regime due to which the website is sustaining in the business.

The brokerage firm is evolving for years now and catering to the requirements of investors from different walks of life. Let’s analyse their performance and review their claims.

Types of Accounts on FXOpen Broker

The company primarily offers four types of accounts: ECN, STP, Crypto, and Micro to support trading. Besides, there is a Demo account for a particular purpose and an Islamic account for religious satisfaction.

ECN Account

As per the website, the sole purpose of the account is to provide a communication network among different participants. It wants to centralise the foreign currency exchange, banks and brokers through the medium. Some of its features are:-

  • It asks for a minimum deposit of $ 100 or equivalent currency.
  • The account offers 0.0 pips on floating.
  • Traders can deal in USD, EUR, GBP, SGD, RUB etc.
  • The quotes format is 0.12345.
  • There are no limitations for maximum balance.
  • Here, the minimum transaction size is 0.01 lot.
  • The commission rate is $ 1.5 for per $ 1,00,000 transaction. It is subject to change as per volumes.
  • Traders can invest as big as their pocket allows.
  • It offers leverage up to 1:500
  • Also, it provides hedging, scalping, EA service, news and phone tradings etc.

STP Account

Straight-through processing has some similar and distinct fundamentals compared to ECN. Here are its features:-

  • It deals in USD, JPY, CHF, GBP, EUR and other currencies.
  • People can trade with paltry $ 10 in their wallet.
  • There is no bar on the maximum deposit.
  • It has zero commission.
  • The leverage is 1:500.
  • Margin call and stop out is fifty per cent.
  • Here, the minimum transaction size is 0.01 lot.
  • It offers 50 currency pairs in addition to silver and gold.
  • For inactivity of the account, it charges $ 10 per month. And to reactivate it, one needs to shell $ 50.
  • Investors can trade for five days a week for 24 hours.

Micro Account

It stands for market maker execution. Features:-

  • It supports only one account currency that is USD.
  • Minimum deposits start from $ 1, which opens the door of trading for everyone.
  • There is no commission.
  • Execution happens instantly here.
  • The maximum transaction size is $ 1,00,000.
  • The margin call is 20 per cent while stop out is 10 per cent.
  • It offers 28 currency pairs along with dealings in gold and silver.
  • One can make minimal increments up to 0.1 micro-lots.
  • It does not support hedging and news trading.
  • The trading time is 23 hours.

Crypto Trading account

It provides variety in the otherwise foreign currency exchange dominated arena. Here are some features:-

  • It supports currencies like BTC, LTC, USD, JPY and many more.
  • The minimum deposit starts from $ 10 or equivalent to the currency.
  • Its minimum transaction size is 0.01 lots.
  • Stop out is 15 per cent.
  • The leverage here is at the lowest side, 1:3.
  • Trading time is 24/7.
  • There is no bonus facility. However, users can avail scalping, hedging, phone dealing, news trading, expert advisors and many services.
  • The maximum transaction size has no limitations here.

Demo Account

Any novice trader who exhibits interests in joining the professional field of trading, then this account is helpful.

Here, they provide real market conditions and opportunities. It gives the proper outlook of the financial market and make-up the mindset. There is a demo account for all other accounts.

Bonuses Provided by FXOpen Broker

Almost all the brokerage firms are squeezing out the concept of promotions and bonuses; it still has them. Such schemes help in drawing more traders and retaining the existing ones. By creating an account and depositing the money, a client becomes eligible for a bonus. Here’s the list:-

STP Account

One can avail a no deposit bonus by registering on the website. It gets credited within three months of trading. A user cannot withdraw or transfer it to others.

Micro Account

Traders on this sphere can get a welcome bonus. It takes three months from the date of registration for a client to avail. One can withdraw it and profit earned through it.

STP Account

On this account, one can partake in the trading contest bonus. They are subject to announcements. Also, it depends on the terms of the company. To receive the offer, one has to join a foreign currency exchange competition. People can earn profits based on their performance in the game.

A trader can transfer or withdraw the amount. However, it may come with some limitations and rules.

Deposits and Withdrawal Options on FXOpen

The company offers some options like AtsroPay, bank wire transfers, credit and debit cards, WebMoney and Perfect Money. Besides, QIWI Wallet, Union Pay, and other local deposit and withdrawal channels.

How to Connect with Fund Transaction Getaway?

  • Traders have to FXOpen personal area and click on the add funds menu.
  • Then fill the payment through a channel and add to funds.
  • The system redirects to the gateway of the selected payment option.
  • It will take around 1-3 business days to process the amount as per the website’s claim.

Platforms Available on FXopen

The company is ahead of its peers when it comes to incorporating the latest platforms. It has MetaTrader4, latest MetaTrader5, and WebTrader. Out of them, MT5 is way ahead in terms of features. It is way ahead in customising the trading and allows flexibility for investing.

The brokerage firm has an establishment in desktop, Android, and Apple ioS.

Trading Tools

  • Commission calculator.
  • Currency exchange rates.
  • Margin & pip value calculator.
  • Mirror trading with Myfxbook for automation.
  • It has Zulu trades which manages the trading automatically.

How to Contact FXOpen?

When the problem persists, clients tend to look forward to the customer care executives. For the live chat, it has Telegram, Facebook Messenger, Whatsapp, Viber, Skype, Line, Wechat, and Twitter. Besides, there is an e-mail id and landline phone number for different nations. One can contact 24/5 between 7 AM to 4 PM (GMT).

Pros and cons of The company

Some Pros

  • It has great trading platforms
  • In-built PAMM technology adhering to benefits.
  • Several options in account trading.
  • Low spreads and deposits for starting trading

Some Cons

  • It charges inactivation fees of an account.
  • Doesn’t have many instruments

Concluding Point – FXOpen Broker Review

FXOpen is one of the oldest brokerage websites in the world, and it uses the benefit to its advantage. The company is moving with time and involving all features that would interest a trader. When a surfer pans through the Internet for foreign exchange trading platforms, it is among the best.

The website inculcates optimum and latest offers like MT5 platform and bonuses and promotions which are almost extinct these days. However, it does not have too many assets and instruments. That’s the biggest drawback.

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