FXOPEN REVIEW

MT4/MT5, PAMM Accounts, and 70+ pairs

 

FXOPEN REVIEW SUMMARY

• Broker Type: ECN/STP (GMT+2 server time)

• US Traders: NO

• FxOpen Regulation: FCA UK (No 579202) & FSP New Zeeland (No FSP192685)

• FxOpen Platforms: MetaTrader-4, MetaTrader-5, and WebTrader

• Mobile Trading: iOs app (iPhone, iPad, and iPod) plus an Android app

• Automated Trading & Scalping: YES (Fully)

• FxOpen Assets: 70 Forex Pairs, 43 Cryptocurrency Pairs, CFD products (Gold, Silver, Energies, Stocks, and 13 Indices)

• FxOpen Minimum Account: $10 (Micro Account)

• Funding Methods: Cards, Wire, Skrill, Neteller, WebMoney, Perfectmoney, FasaPay, and more methods (check below)

• FxOpen Welcome Bonus: No Deposit Bonus $10 on STP account & Welcome bonus $1 on Micro account

» FxOpen Online Trading

FXOPEN RATING SCORE

This is the Rating Score of FXOPEN:

FXOPEN.COM RATING (USING THE RATING FORMULA V.5.0)	(100%=max)
(1) Safety of Funds when Trading at FxOpen	81.60 %
(2) Cost of Trading	64.30 %
(3) Trading-Options Available at FxOpen	74.10 %
(4) Trading Technology	100.00 %
FxOpen Total Rating	77.60 %

As you can see the broker gets a very good rating score as concerns the Safety of Money (81.60%) and Technology (100%), the rating score for Cost of Trading (64.30%) is not so good because of the high overnight rates (SWAPs).

The full FXOPEN.com Rating Calculations here: » FxOpen Full Rating Score

 

FXOPEN FULL REVIEW

INTRODUCTION TO FXOPEN

FxOpen is an ECN/STP Forex broker established in New Zeeland, the United Kingdom, and Australia:

□ FxOpen Headquarters: New Zeeland

□ FxOpen Regulation: FCA UK (No 579202) & FSP New Zeeland (No FSP192685)

□ FxOpen Foundation: 2005

□ FxOpen Account Segregation: YES {FxOpen provides segregated accounts for all account types}

□ Compensation in case of insolvency: YES {Only for the clients under the FCA UK}

 

FXOPEN ASSET INDEX

FxOpen offer a wide Forex asset index plus several assets via CFDs and crypto trading:

Forex Trading

• 70 Forex currency pairs – Forex majors, Forex crosses, and exotics
• Scalping and trading with Expert Advisors are allowed
• Trading leverage up to 30:1

CFD Trading

• Trading Precious Metals (Gold and Silver)
• Trading Energies (Brent, Crude Oil, and Natural Gas)
• Stocks
• 13 Stock Indices

Cryptocurrencies

• 43 crypto pairs in total
• Bitcoin, Litecoin, and Ethereum against the US Dollar, Euro, and the RUB
• Popular trading styles such as scalping and hedging are supported
• Trading with Expert Advisors is allowed
• Trading leverage up to 3:1

 

FXOPEN FOREX TRADING SPREADS

FxOpen offer the lowest spreads on the ECN account, but the STP account is also suitable for every Forex trading style (day, intraday, scalping, automated trading)

• STP Account Spreads

These are some typical spreads on the STP account where there are no trading commissions:

■ 1.5 pip trade spread on EURUSD

■ 1.8 pip trade spread on GBPUSD

■ 1.4 pip trade spread on USDJPY

• ECN Account Spreads

-The ECN accounts offer tighter spreads than above but by charging trade commissions

-Spreads start as low as 0.1 pip

-The minimum commissions for ECN accounts are $3.0 per full-traded standard lot ($100,000)

-The commission rate depends on the account equity and the monthly trading volume, therefore, the commission rate can decrease or increase from month to month depending on the traded volume in USD terms for the previous period and also the account balance

 

FXOPEN TRADING PLATFORMS & TECHNOLOGY

FxOpen offers the MetaTrader platform in two versions:

□ FxOpen Desktop Trading: MetaTrader-4, MetaTrader-5, and a WebTrader

□ FxOpen Mobile Trading: iPhone and Android

□ Automated Trading: YES

□ Social Trading: MyFxBook & ZuluTrade

□ Hedging/Scalping: YES

□ PAMM/MAM Accounts: YES

□ FIX/API: NO

□ FREE VPS: YES

 

FxOpen Trader's Tools (Calculators)

• Margin and Pip Value Calculator

Let's traders calculate margin and pip value before opening a trade. This is helpful in determining the right rate of trading leverage. The calculator uses real-time quotes and your account's equity and leverage in all calculations.

• Currency Exchange Rates

The Currency Rates Conversion tool allows traders to get the exact conversion rates when transferring between different base currencies. Traders can also find historical rates for any date. This is helpful as the broker offers multi-currency accounts. 

• Commission Calculator

Calculate instantly any ECN commissions, half-turn or round-turn for any currency pair or metal and any lot size.

 

FXOPEN TRADING ACCOUNTS

There are four (4) account types offered by FXOPEN.com, plus a Demo Account:

• ECN
• STP
• Micro
• Crypto

□ FxOpen Minimum Account: $10 for Micro Accounts | $100 for ECN Accounts

□ Funding Methods: Cards, Bank Wire, Skrill, Neteller, WebMoney, Perfectmoney, FasaPay, Yandex, QIWI, IntellectMoney

□ Account Base Currencies: USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, Gold, and mBTC

□ FxOpen Withdrawal Fees: YES

□ FxOpen Inactivity Fees: YES ($10 per month, reactivation - $50)

□ Customer Support Methods: Live Chat, Phone, Email

□ Web-Site Languages:

• English, Spanish, Arabic, Russian, Chinese, French, Deutsch, Indonesian, Malay, Português, Turkish

» FxOpen Accounts and Promotions

 

FXOPEN REVIEW -MAIN PROS & CONS

FXOPEN.COM REVIEW PROS √

FXOPEN.COM REVIEW CONS X

(√) Regulated Forex Broker (√) Many years in the market. FxOpen has handled more than 1 million trading accounts (√) Tight trading spreads when opening an ECN/STP account (√) Automated Trading and Scalping are allowed, plus there is a free VPS (√) ECN and STP account types (√) 70 Forex pairs on ECN accounts (√) 43 Cryptocurrency pairs (Trade Bitcoin, Litecoin, and Ethereum against the US Dollar, Euro, and the RUB) (√) Low minimum deposit requirements ($10 for Micro and $100 for ECN), and a good variety of funding methods

(x) The overnight rates are not very competitive (x) Withdrawal fees & Inactivity Fees

  

FXOPEN REVIEW –FINAL THOUGHTS

Founded in 2005 FxOpen is an ECN/STP Forex broker regulated by the FCA UK and FSP New Zeeland. The broker provides segregated client bank accounts. Compensation in case of insolvency is possible only for the clients under FCA UK.

The maximum trading leverage is 30:1 and the asset index includes 70 Forex pairs, 43 Crypto pairs, Gold, Silver, Oil, Natural Gas, Stocks, and 13 Indices. There are three trade platforms available (MetaTrader-4, MetaTrader-5, and a WebTrader) plus mobile apps and social signals from ZuluTrade and MyFxBook. Automated and scalping strategies are fully allowed and there is also free VPS hosting under a certain policy.

The minimum deposit is just $10 (Micro Account) and you can fund your account via Credit/Debit Card, Wire, and almost all important Electronic Wallets (Skrill, Neteller, etc.). For the ECN account type, the minimum deposit is just $100. There is also a small welcome bonus for the Micro and STP account types.

The trading spreads on ECN and STP accounts are tight but the overnight rates are not equally competitive.

FxOpen is a good and safe choice for trading Forex and that includes all types of trading styles and all levels of trading experience (beginners, advanced, and professional traders). Since 2005, FxOpen has handled more than 1 million trading accounts.

» FxOpen Online Forex Trading Services

 

◙ FXOPEN.com Review

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