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)

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 30:1

■ 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)

SPREADS, COMMISSIONS & LEVERAGE

TRADING PLATFORM & MOBILE

NEW ACCOUNT INFORMATION

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

CONTACT INFORMATION

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 platform, plus some mobile apps. The execution of orders is nice while the slippage is low. The trading leverage is at 30:1. 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. Overall FxOpen is a reliable and technologically-efficient Forex broker that may cover the needs of advanced ECN Forex traders.

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