Bass The Lord Productions

FXOpen Review 2024: Read Before You Trade

fxopen broker review

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. FXOpen’s leverage levels are capped by asset according to each branch’s local regulations. FXOpen, with its comprehensive regulation by ASIC, MiFID, and the UK’s FCA, exhibits a trustworthy profile. According to ForexBrokers.com, with a Trust Score of 80, FXOpen is considered ‘Trusted’, ensuring a reliable trading environment. However, clients are not accepted from Afghanistan, Central African Republic, Iran, Iraq, Libya, North Korea, Palestine, Syria, USA, Western Sahara and Yemen.

fxopen broker review

Licenses and Regulatory Compliance

For cryptocurrency CFD accounts, the commission is 0.5% per side. – This resource provides a comprehensive understanding of the forex market, the world’s largest financial market for currency trading. It covers fundamental forex principles, such as currency pairs trading, currency fluctuations, leverage, and key terms like pips, lots, and spreads. This expense is noteworthy mainly for overseas traders who may deposit or withdraw funds using different types of monetary units apart from their trading accounts’ primary denomination.

Just wanted PAMM or MAM investment account

If you want lots of trading tools, BlackBull Markets have an excellent selection. GO Markets provide Autochartist and Trading Central which are fantastic for trading signals. I like how the web version of MetaTrader allows you to trade directly from your web browser without needing to install or run any additional software. The MetaTrader 4 web trader has the familiar interface of the desktop MetaTrader 4 terminal and supports all modern web-browsers and operating systems including Windows, Mac OS and Linux. FXOpen UK clients have protection from the Financial Services Compensation Scheme (FSCS). This is a compensation fund to protect eligible clients for up to £50,000 in the event FXOpen UK cannot return money due to bankruptcy or something else.

Company information

ASIC is amongst the most respected regulators due to strict regulations that give protection to traders through its policies that companies such as FXOpen must comply with. I would feel completely secure with my funds by using an ASIC regulated broker. FXOpen clients receive real-time quotes from the industry’s largest liquidity providers. The list of LPs includes Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST, GOLDMAN & LavaFX. These are top quality liquidity providers which help ensure you get excellent pricing from FXOpen at all time.

How do I withdraw money from FXOpen?

  1. However, clients are not accepted from Afghanistan, Central African Republic, Iran, Iraq, Libya, North Korea, Palestine, Syria, USA, Western Sahara and Yemen.
  2. Reliable customer support is another area of strength at this broker, and I received a personal touch and great follow-through during my work in writing this review.
  3. Reliable platforms, competitive pricing, regulatory compliance, and responsive support.
  4. We also recommend using risk management tools like stop-loss orders to minimize losses.
  5. FXOpen claimed to be one of the first to offer ECN trading via MetaTrader 4 (MT4).
  6. Founded in 2005, the company is registered in Nevis as a company, but not regulated by the Financial Services Regulatory Commission.

After doing some digging I found out that there is a long list of terms and conditions in order to be eligible for this compensation fund. FXOpen is also a member of the Investor Compensation Fund, which protects client funds up to 20,000 EUR, which is on par with CySEC regulated entities. Overall, FXOpen has a clean reputation for maintaining a safe and secure trading environment. The mobile version also retains the vast and powerful charting capabilities, with many more indicators also available to implement than any other industry trading platform, third-party or otherwise. The broker also manages to incorporate PAMM account, and social trading options through the likes of ZuluTrade.

fxopen broker review

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. MetaTrader 4 & 5 are available to install on your iOS or Android devices. I find the trading apps useful especially if you would like full control over your account and to trade the markets on the go from anywhere at any time. The mobile versions contain many of the same features as the desktop platforms including placing orders, managing orders, interactive charts, account overview, push notifications, etc.

So far I’ve had a wonderful trading experience with fxopen, especially with the tick trader and low spread. Commission is ok, but $10 withdrawwal fee is just too outrageous…I shouldnt pay for commission, swap, and then pay $10 to withdraw my funds. FXOpen’s minimum deposit for Micro accounts is as little as $1, making it possible for traders of all levels to begin trading. It emphasizes disciplined trading, constant learning, emotional control, and the benefits of starting with a demo account for risk-free practice. The VPS is free to all users who maintain a balance of $5000 in their trading accounts. This is one of the most useful tools for high-volume algorithmic traders, and I regularly use a VPS to execute automated forex strategies.

It does not disclose the average spread for EUR/USD for standard accounts, and its inactivity fee could detract from its appeal for casual traders. Nevertheless, the availability of active trader discounts is a positive note for high-volume traders. There is 24-hour support available on the broker, which is ideal. This means that no matter what time https://traderoom.info/fxopen-overview/ it may be, you can pick up the phone and give the team a ring or send them an email or use the website’s live chat function. However, the quality of the customer support is pretty good, with the team being knowledgeable about most topics at hand. There is also a forum where you can interact with fellow traders on any issues you may be having.

The document plainly outlines important data relating to areas such as fees, margin and negative balance protection. Some features and services may vary depending on where you reside. No longer provide practical deposits/withdrawals through bank accounts or debit cards for EU or UK. Only extremely complicated shitcoin transfers with huge conversion fees. FXOpen have a good selection of deposit and withdrawal methods including online payment processors for fast and convenient transactions.

Live spreads of different financial instruments are detailed in the Markets section. Traders can see the live bid and ask prices along with the size of the spread, across all the different asset classes. The Terms and Conditions legal document is provided in the footer of the website.

They use top liquidity providers over an ECN to aggregate the liquidity together and hedge the risks of client’s exposure. FXOpen have one of the largest selections of Cryptos for you to trade including Bitcoin and Ethereum. If you want to trade cryptos, then I would also consider Vantage as another option. As with all brokers, trustworthiness is one of the elements which is of paramount importance to traders.

They have satisfied and continue to maintain execution quality standards. I can say from experience that I have always received good execution on my trades, even when scalping during hours of low liquidity. FXOpen https://traderoom.info/ also charge an inactivity fee of 10 USD per month after 90 days of inactivity. Furthermore, there is a reactivation fee of 50 USD for traders who wish to begin trading again once an account is deemed inactive.