FXOPEN REVIEW

FxOpen is an ECN/STP Forex Broker offering MT4, MT5, PAMM Accounts and more than 70 currency pairs.FxOpen Review

 

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 FORMULA) (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 HeadquartersNew 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 500:1

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 previous period and also the account balance

 

FXOPEN TRADING PLATFORMS & TECHNOLOGY

FxOpen offer PAMM AccountsFxOpen 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 AccountsYES

FIX/API: NO

FREE VPSYES

 

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

(√) Tights 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

FxOpen Liquidity Providers and Order Execution ModelFounded 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 500:1 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 a 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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Forex Cash Bonuses

□ 100% JUSTFOREX BONUS (UP TO $20,000, WITHDRAWABLE)

JustForex offers 90 Forex pairs and 39 cryptocurrency pairs.

BONUS DETAILS:

-1- JUSTFOREX offer a 100% Welcome Bonus up to 20,000 USD
-2- The minimum deposit to claim the bonus promotion is $100
-3- Deposits made using any available payment method participate in the promotion
-4- You can withdraw the bonus and the profits of the bonus, after meeting volume requirements: < Lots > = < Bonus > / 4

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100% JUSTFOREX WELCOME BONUS


□ 100% LQDFX BONUS  (UP TO $20,000, WITHDRAWABLE)

The 100% LQDFX cash Bonus applies to all deposits above $250, in all account types, and it is instantly credited.

BONUS DETAILS:

-1-. The maximum cumulative amount that can be earned is 20,000 USD/EUR per trading account.
-2-. The 100% Bonus Value is calculated as $5 USD per round turn lot traded. (100,000 units round turn) traded on FX & Gold products
-3- Positions open for less than three minutes are not eligible to qualify towards the volume requirement.
-4- The 100% Bonus can be withdrawn
-5- Minimum deposit amount to qualify for the 100% bonus is $250 per deposit

□ START HERE:

100% LQDFX WELCOME BONUS


□ $50 FBS NO-DEPOSIT (FREE) BONUS

BONUS DETAILS:

-1- Trade and multiply your profit with a maximum leverage of 1:500
-2- Profit received on the bonus funds is withdrawable after 2 lots are traded, and profit reaches $25 or more
-3- Maximum profit made with the Bonus account is $500

□ START HERE:

$50 FBS (FREE) NO-DEPOSIT BONUS

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