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Forex Broker Review: FxOpen

FxOpen Review
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FXOPEN GENERAL INFORMATION

Found: FxOpen was found in 2005

Headquarters: FxOpen maintains headquarters in New Zeeland

US Residents: FxOpen forbids US traders –NO

Islamic Accounts: FxOpen provides Islamic Accounts –YES-

Regulated: FxOpen is regulated by FCA UK (579202) | FSP New Zealand (FSP192685)

Web-Site Languages: English, Chinese, Dutch, French, German, Arabic, Hebrew, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai and Turkish

Customer Support: 24/5 (Language Support: English, Arabic, Chinese, German, Indonesian, Malay and Russian)

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FXOPEN TRADING INFO SUMMARY

■ Broker Type: ECN / STP

■ CFD Trading: YES

Platforms: MetaTrader4, and Mobile Apps

Trading Time Zone: GMT+2

■ Demo Account: FxOpen provides a Demo –YES

■ Spread on EUR/USD: FxOpen offers a 2-pip fixed spread on EUR/USD for standard accounts and 0 pips for ECN Accounts

■ Leverage: Leverage at FxOpen up to 500:1

Scalping: is allowed at FxOpen –YES-

■ Bonus: FxOpen offers Bonus up to 100 USD

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TRADING ASSETS

■ 49 Forex Pairs for ECN and PAMM Accounts and 28 Forex Pairs for other Accounts

■ Commodity Trading (Gold & Silver)

This is the Trading Asset Index of ECN Accounts:

PAIR SPREAD MARGIN CALL
EURSEK 0 pips 100%
EURCAD 0 pips 100%
GBPJPY 0 pips 100%
GOLD 0 pips 100%
SGDJPY 0 pips 100%
EURNZD 0 pips 100%
AUDUSD 0 pips 100%
EURDKK 0 pips 100%
USDTRY 0 pips 100%
USDHKD 0 pips 100%
EURTRY 0 pips 100%
AUDCHF 0 pips 100%
GBPAUD 0 pips 100%
USDCHF 0 pips 100%
USDSGD 0 pips 100%
EURCHF 0 pips 100%
EURAUD 0 pips 100%
GBPCAD 0 pips 100%
USDPLN 0 pips 100%
USDRUB 0 pips 100%
AUDJPY 0 pips 100%
NZDJPY 0 pips 100%
HKDJPY 0 pips 100%
AUDNZD 0 pips 100%
USDSEK 0 pips 100%
CHFJPY 0 pips 100%
SILVER 0 pips 100%
EURNOK 0 pips 100%
EURJPY 0 pips 100%
NZDCHF 0 pips 100%
CADJPY 0 pips 100%
USDJPY 0 pips 100%
EURUSD 0 pips 100%
GBPSGD 0 pips 100%
GBPNZD 0 pips 100%
NOKJPY 0 pips 100%
NZDCAD 0 pips 100%
EURPLN 0 pips 100%
USDCAD 0 pips 100%
NZDSGD 0 pips 100%
USDNOK 0 pips 100%
EURGBP 0 pips 100%
AUDCAD 0 pips 100%
NZDUSD 0 pips 100%
GBPUSD 0 pips 100%
NOKSEK 0 pips 100%
EURHKD 0 pips 100%
GBPCHF 0 pips 100%
USDMXN 0 pips 100%
CADCHF 0 pips 100%
USDDKK 0 pips 100%

SPREADS, COMMISSIONS & LEVERAGE

FXOPEN TRADING SPREADS & COMMISSIONS

■ FxOpen Typical Spread on EURUSD is 2 pip

■ Zero (0) spreads For ECN Accounts (check commissions below)

-Trading Commissions $2.5 / $100,000 (1 Lot) for accounts smaller than 50 000 USD.
-Trading Commissions $1.8 / $100,000 (1 Lot) for accounts larger than 50 000 USD.

 

FXOPEN TRADING LEVERAGE

■ Leverage at FxOpen can be up to 500:1

TRADING PLATFORM & MOBILE

FXOPEN TRADING PLATFORMS

FxOpen is offering:

MetaTrader4

-Demo account is available at FxOpen.

-Automated Trading is supported

-Forex Scalping and Forex Hedging are both allowed at FxOpen

Trading Features include:

■ Free VPS under some conditions

■ Trading Analysis and Live News

■ Education

■ Economic Calendar

■ Trading Contests

FXOPEN MOBILE TRADING

FxOpen supports Android, iPhone and iPad mobile devices.

NEW ACCOUNT INFORMATION

The minimum deposit in FxOpen for Micro Account is 1 USD | Standard Account: $25 | ECN/STP Account: $1,000

FXOPEN FUND METHODS

FxOpen Main Deposit Methods:

■ Bank Wire Transfer

Credit / Debit Cards

■ MoneyBookers

■ Web Money

■ CashU

■ C-Gold

■ Allied Wallet

■ Western Union

FxOpen Main Withdrawal Methods:

■ Bank Wire Transfer

■ Credit / Debit Cards

■ MoneyBookers

■ Web Money

■ CashU

■ C-Gold

■ Allied Wallet

■ Western Union

BONUS & REBATES

FxOpen offers many promotions including Deposit Bonus and Contests

Promotion Type

Bonus

Accounts

Information

Welcome bonus

$25

Standard

Deposit at least $100 (first account)

10 lots Bonus

$100

Standard

After 10 lots of volume (closed)

1000 microlots Bonus

$100

Micro

After 1000 micro lots of trading volume (closed)

ForexCup Contests

Depends on the contest

Standard Micro

ForexCup demo trading contests

Forum Bonus

Depends on the thread

Standard Micro ECN

Post at FXOpen Forum.

(per post)

CONTACT INFORMATION

FxOpen Headquarters:

Auckland, New Zealand, 187 Queen Street, Cbd,
Phone:+64 9 801 0123

 

FxOpen Phone Support:

New Zealand: +64 9 801 0123

United Kingdom: +44 203 411 5650

Russia: +7 499 346 0381

Germany: +49 693 329 6294

Spain: +34 931 768 529

France: +33 979 998 040

China: +86 105 732 9373

Egypt: +20227358120

Malaysia: +60 32 782 0288

UAE: + 971 4 455 8680

Bahrain: +9 731 619 8806


■ FxOpen E-mail Support:

New customers: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

Existing customers: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

Payments: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

Trading desk: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

Complaints: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

Media: This e-mail address is being protected from spambots. You need JavaScript enabled to view it.

FXOPEN PROS AND CONS (According to competition)

FXOPEN REVIEW PROS & CONS

FXOPEN PROS

FXOPEN CONS

Zero Spreads for ECN Trading Accounts and Normal Commissions Charged (low rates compared with competition)

√ Many Trading Options (Account Types, Fund Methods etc)

√ PAMM Accounts

√ Automated Trading and Free VPS

√ Hedging & Scalping is Available

√ Trading Education and many Trading Contests

X Minimum Deposit $1,000 for ECN trading

X Low Deposit Bonus Policy (100 USD)

 

FxOpen Conclusions:

FxOpen is offering a good environment for trading Forex. The most interesting account type is ECN. As concerns the ECN account type the cost of trading is reasonable (zero spreads and low commissions). The ECN asset index contains 48 Forex pairs plus gold and silver trading. The minimum deposit amount for ECN trading is $1,000. There are more account types where the minimum deposit is lower (starts $1 for micro accounts). In these account types the spreads are fixed (2 pips on EURUSD) and the asset index is narrower (28 pairs). PAMM accounts are also supported. As concerns trading platforms, FxOpen provides the popular MT4 plus some mobile apps. The execution of orders is nice while the slippage is low. The trading leverage is at 500:1. There are a lot of deposit methods available while the account currencies for ECN trading include USD, EUR, GBP, AUD, CHF, JPY, RUB and SGD. In addition, there are some educational sections plus daily market analysis is provided to customers. The deposit bonus policy of FxOpen may be considered as low but there are many trading contests from time to time. In overall FxOpen is a reliable and a technological-efficient Forex broker which may cover the needs of advanced ECN Forex traders.

Visit FxOpen


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