FXOpen is a retail Forex broker that allows small traders to access the market, despite their financial situation directly. It focuses on complete inclusion by providing trading accounts that traders can acquire for only a $1 deposit. It was founded originally as an educational center offering courses in technical analyses as well as financial markets. To go according to the flow of progress, FXOpen started to provide its brokerage services in the year 2005 and is continually growing into a successful Forex company within the retail trading market.
The Trading Platform of FXOpen
For traders who are looking for accessible trading, FXOpen is the best Forex broker they can use. It comes with three different trading platforms, including MetaTrader 4, MetaTrader5, and Web Trader. MT4 and MT5, on the other hand, comes with a corresponding mobile application that is available for both Android and iOS smartphone users. But if you want to migrate from a traditional desktop app into the web, the Web Trader is ideal for you.
MT4 is among the most popular trading platforms there is for Forex brokers. There are over 70% brokers that provide MT4 to their clients, and about 90% of trading transactions in the Forex market are done using MetaTrader 4. A newer version of this platform is the MT5, which comes with new functions that favor every Forex trader.
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FXOpen primarily provides a spectrum of investment accounts, including CFDs, Crypto trading accounts, Micro contracts, STP, Demo accounts, and ECN accounts. STP requires £100 as a minimum deposit, while demo accounts allow beginners to learn how to trade before trading for real.
Aside from these, FXOpen provides more than 52 currency pairs, and it offers nearly a dozen CFD instruments. When it comes to cryptocurrency pairs, there are 43 pairs that traders can use. Traders can also access several trading instruments at FXOpen, such as stocks, indices, commodities, options, and equities.
Leverage is the ability to utilize something small to control a more significant value. In FXOpen, the leverage on ECN and STP is up to 1:500. For crypto, expect the leverage of 1:3 and 1:500 for Micro.
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FXOpen provides several pricing options when it comes to commission and fees. The price depends on the trader’s account type, such as STP, ECN, and Micro, but its pricing, in general, falls into the industry average.
The spreads are often tight, with a starting of 0 pips. With an ECN account, the fees collected range from 0.3 to 1.0 pips every 1 Million, but the prices also change according to the volume traded in the prior month.
On STP accounts, spreads most commonly depends on different factors, which includes market liquidity. In this case, the fees are fixed.
The Payment Method Of FXOpen
All the traders of FXOpen can choose from a wide selection of payment options. They can deposit or withdraw through Credit/Debit Cards, Bank Wire Transfer, Neteller, SkrillMoneyBookers, WebMoney, SEPA, and Payza.
Bonus & Promotions
To make trading better, FXOpen provides different bonuses and promotions that traders can easily acquire by registering an FXOpeneWallet and opening a real trading account. Traders can get the chance to get real money bonuses and the opportunity to payout profit, such as the following:
- No deposit bonus for traders with STP accounts
- Welcome Bonus for traders who meet the minimum deposit
- ForexCup Trading Contest Bonus with the amount depending on the terms of the contest
The Forex broker also features a cashback program that allows traders to get an additional refund for any kind of like loss-making. The cashback will be included in your Commission account that automatically opens without even doing anything.
Pros And Cons Of FXOpen
The best advantage of this Forex broker is its excellent customer support that provides live chat 24 hours every weekday. It also comes with a demo account that allows beginners to learn the platform first before trading for real. FCA, as well as other regulatory bodies, secure your funds, and it requires a low minimum deposit to start an account.
In terms of cons, FXOpen has limited withdrawal and deposit options. For now, it is also limited to particular countries that exclude the US.
Safety & Security Of Using FXOpen
To ensure that your funds are in the safe hands, FXOpen is strictly regulated by the top-tiered FCA, which is covered by FRN:589202 UK. All the funds of its clients are also stored in separate accounts from operational funds. The funds of traders, despite their nationalities, are protected by the amount of £50,00 from FSCS at the same time. It is to allow its clients to access their finances when unexpected events happen.
FXOpen operates in countries like the United Kingdom, Australia, Nevis, Saint Kitts, and it has representatives in other countries.
FXOpen stands among the most dependable brokers today. It provides several account types that suit different traders, and it is still one of the favorites because of its low minimum deposit and withdrawals.