FXOpen is an established online trading broker founded by a group of traders in 2005. Since then they have grown to become one of the leading brokers across the globe with over 1 million accounts opened in more than 100 countries. They have ECN liquidity which ensures you get tight spreads and fast trade execution speeds. There are low commission fees across multiple instruments and markets including CFDs on Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals & Energies. FXOpen is a suitable ECN and STP broker for both beginners and experienced investors.
How Do I Open An Account With FXOpen?
There are a few different promotions on offer through FXOpen for clients to avail of. For those opening up an STP account, there is a £10 no deposit bonuses. For those signing up for a Micro account, https://traderoom.info/ there is a welcome bonus worth £1. Finally, there is a ForexCup trading contest bonus for those who use an STP account. For UK customers, the likes of Skrill is an option in this regard.
What happens if I get a margin call at FXOpen?
- If a VPS is important for your trading, you can get access to a free VPS from other brokers, including Switch Markets.
- Our commission rate varies depending on account equity and monthly trading volume, so the more a client trades, the lower their commission.
- Overall, FXOpen is a long-standing and well-respected forex broker that has a complete offering for retail forex traders across the globe.
- Despite lacking direct integration with FXOpen‘s platforms, many traders often turn to TradingView for comprehensive research before placing trades on those provided by FXOpen.
The app is well-designed and intuitive and has advanced features often lacking among broker apps, such as alerts, one-click trading, and Level 2 market data. The app features TradingView charts with a full range of indicators, chart types, and available time frames. Standard market and pending order types (market, limit, stop loss) are available.
FXOpen Trading Conditions
FXOpen is giving away $1 when you make a deposit.The bonus is paid only once … Trade Forex and get cashback from FXOpen regardless of the results of your trades.The minimum cashback that you can get is $5, while the maximum is … However, it is essential to note that some countries are specifically excluded from FXOpen’s services due to legal or regulatory criteria. Yes, their Social Trading feature enables beginners to mimic the tactics of established traders.
Similar to numerous brokers, they charge a fee when exchanging money from one type of currency into another. Active traders can benefit from a fee system that incentivizes their activity by reducing expenses. Commissions are applied to trades within ECN and Crypto accounts at rates determined by account balance and trading volume.
$10 withdrawal fee is too outrageous.
You can trade on major global indices, FX, commodities, ETFs, shares and cryptocurrency. Although trading with significant leverage can increase profit prospects, it can also increase losses. UK investors, for example, will trade under the FXOpen UK subsidiary, with oversight from the Financial Conduct Authority (FCA). European traders will be registered under the FXOpen EU entity with regulation from the Cyprus Securities and Exchange Commission (CySEC). For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker.
In Australia, FxOpen is also licensed and regulated by the Australian Securities & Investments Commission (ASIC). FxOpen state that they comply with the strict regulatory standards of these regulating authorities. I am quite let down by the educational resources available from FXOpen, which only provides a couple of pages explaining the basic concepts of CFD trading. Other highlights for me are the one-click/double-click trading mode, custom alerts and slippage control for stop orders and market orders.
Withdrawal times vary according to the withdrawal method used but all requests should be processed within 5 days. While not as fast as some forex brokers, these speeds are in line with most of the industry. While deposits are usually processed within one hour, our bank transfer withdrawals usually take 1–3 days to be credited and card withdrawals can take up to 5 days.
Myfxbook AutoTrade is built in such a manner that trade replication is error-free and smooth. Some payment methods have their own minimum deposit requirements, though these vary by location. For example, deposits made via bank wire transfer must be a minimum of $300 or equivalent currency for European clients, and $25 for Asia-Pacific clients. Individuals investing via the ECN profile will trade on the raw price from banks and liquidity providers, and with this, pay a small commission fee.
In our tests for the Trust category, we also evaluate factors relating to stability and transparency. Here, we focus on how long the broker has been in business, the size of the company, and how transparent they are in terms of information being readily available. Check the timezone in your area and published market opening times.
To change the language of the MT4 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface is not highly intuitive, but the MT4 app offers an above-average range of features. TickTrader, FXOpen’s proprietary platform, allows traders to access multiple asset classes from a single log-in, including forex, stocks, commodities, indices, and cryptocurrencies.
FXOpen offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, TickTrader, and WebTrader. Withdrawal times at FXOpen vary by method, with bank transfer withdrawals being handled between 1-3 days and card withdrawals taking up to 5 days, which is consistent with industry standards. To conduct transactions in currencies other than the account’s base currency, the broker applies fees for currency conversion.
Australian clients fare slightly better with the addition of Skrill. However, clients of the offshore branch have much more choice with crypto payments and a selection of digital payment methods also available. Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team.
Traders can use FXOpen VPS without any fees for 1 month if they can maintain an equity of USD 5,000 at the end of the month or trade with a trading volume of USD 10,000,000 per month. The advantages of VPS on FXOpen are excellent https://traderoom.info/fxopen-overview/ accessibility, flexibility, and speed. No, FXOpen has no regulatory license to operate in the U.S.; hence there are no FXOpen U.S clients. The broker is, however, regulated by other authorities such as the CySEC, ASIC, and FCA.