To ensure we offer traders accurate and current information, our forex broker reviews also undergo rigorous editing and fact-checking. Our forex broker ratings are the result of a blend of quantitative https://traderoom.info/ data and qualitative insights gathered during the testing process. This approach allows us to identify the best forex brokers for a variety of trading styles, skill levels, and financial parameters.

FXOpen Forex broker description

This is because a slightly different variants of the MetaTrader 4 platform is used for these types of accounts. You now also have the ability to use the MetaTrader 5 platform, which has a number of upgrades in comparison with the previous MetaTrader version. Currently, there https://traderoom.info/fxopen-overview/ are four main different types of accounts you can sign up for through the FXOpen offering. There are floating spreads and there is no commission on any of the trades you make. You can place a trade of as low as £1, with the minimum lot size being set at a 0.1 micro lot.

FXOpen commissions and fees summary

You can open an account with a broker and connect it to the Tradingview platform. This is a good offer because the platform has many trading tools for professional traders. FXOpen were one of the first online brokers and remain one of the most established today. They are a regulated ECN broker offering some of the best possible trading conditions with low spreads, fast trade execution and competitive commissions. The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish fiat and crypto-currency trading information.

Demo Account Review

In the Market Pulse section of the website, FXOpen offers articles covering trading strategies, technical indicators, and chart patterns. I liked these articles’ practical and actionable themes, which go into a good level of depth. This material is geared mainly towards active traders with at least some experience. Multiple daily updates include headline news, technical forecasts, and economic data.

Where is FXOpen based?

Banks like Swissquote, other brokers, and proprietary market makers are also among the liquidity providers. The industry-leading TradingView charts feature 11 time frames, 11 chart types, and over 100 technical indicators. Various drawing tools, from trend lines to Fibonacci retracements, are also available. Market orders, limit orders, stop-loss orders, and trailing stop-loss orders are available. Traders also have the option to apply time-in-force conditions such as Good-Til-Canceled (GTC).

1. There are a few different promotions on offer through FXOpen for clients to avail of.
2. I have been a customer for many years and can recommend this broker to 100%.
3. This is probably one of my top features about this broker for beginners.
4. Traders commonly use this user-friendly tool, which includes advanced charts and social features, to share strategies with like-minded individuals regardless of their experience level.
5. Many thanks for your comprehensive review Ian, we’re delighted you’re so pleased with everything at FXOpen UK.

What is an FXOpen ECN Account?

If you have traded with FXOpen we would really like to know about your experience – please submit your own review. Note that the FXOpen UK entity is unable to provide PAMM accounts. Other fees to be aware of include swap charges on positions held overnight.

You can choose the account type which is better suited to your trading style, investment, risk and portfolio. There is a very wide selection of 70+ FX currency pairs including majors such as the EURUSD & GBPUSD, minors and exotics. If you plan on trading forex using strategies that require the lowest spreads at all times, XM Group have spreads from just 0.0 pips on major currency pairs. Multiple order and execution types are supported including market, pending, limit, stop loss, take profit, trailing stop, etc.

I have my own VPS that cost around $30 per month and is great for remotely running trading robots on multiple platforms at the same time. FXOpen also provide mirror trading via the popular social trading website Myfxbook.com. You can set your account to automatically copy the trading signals of other traders listed on Myfxbook. When a trade is placed on the providers account, the MT4 terminal will send a signal to your account to duplicate the trade. MT4 includes many other features such as a news calendar, real time quotes, history centre, one click trading and much more.

I appreciate that it is fully customisable and easy enough to use for beginners whilst having enough complex tools for the more advanced traders. Trading on FXOpen is made easier because traders can gain insight by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions free of charge to hone their skills.

FXOpen has entities regulated by the top-tier FCA, CySEC, and ASIC and one offshore entity that is unregulated. Read on to learn about the ultra-low costs in forex trading and cutting-edge platforms I experienced at this broker. Today, the broker offers services to over 1 million traders worldwide including Canada, Germany, Vietnam and Nigeria.