FxOpen Review
FXOPEN GENERAL INFORMATION
■ Foundation: FxOpen was founded in 2005
■ Headquarters: FxOpen is headquartered in New Zealand
■ 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)
■ Website 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: MetaTrader-4, MetaTrader-5, TickTrader
■ 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-
■ Promotions: Trading Contests and a No-Deposit Bonus of up to 100 USD
■ PAMM Accounts: –YES
■ Free VPS: –YES
🔗 Website: FxOpen Website
💱 TRADING ASSETS
■ 66 Forex Pairs for ECN and PAMM Accounts
■ Global Indices
■ Global Shares
■ Exchange Trading Funds (ETFs)
■ Precious Metals & Energy Trading (XAUUSD, XAGUSD, XBRUSD, XTIUSD, and XNGUSD)
■ Cryptocurrency Trading (BTCUSD, LTCUSD, XRPUSD, DSHUSD, ETHUSD, BCHUSD, and EOSUSD)
SPREADS, TRADE COMMISSIONS & TRADE LEVERAGE
FXOPEN TRADING SPREADS & COMMISSIONS ■ FxOpen Typical Spread on EURUSD is 2 pips ■ Zero (0) spreads on 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 30:1
TRADING PLATFORMS & MOBILE
FXOPEN TRADING PLATFORMS FxOpen is offering: ■ TickTrader -TickTrader combines Forex, stocks, commodities, indices, and cryptocurrencies into one individual trading account. ■ MetaTrader-4 & MetaTrader-5 -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
SMALL BONUSES & CONTESTS
■ 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 |
CONTACT INFORMATION
■ FxOpen Headquarters: 🏢 Auckland, New Zealand, 187 Queen Street, Cbd ☏ Phone:+64 9 801 0123 ■ FxOpen Phone Support: ■ FxOpen E-mail Support:
⚖️ 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, Hedging, Scalping, and a Free VPS √ 66 Forex pairs √ Trading Education and many Trading Contests √ No-Deposit Bonus (100 USD) |
X Limited Number of Crypto Pairs X Expensive spreads on Non-ECN accounts X Minimum Deposit $1,000 for ECN trading |
🏁 FxOpen Review Conclusions
Founded in 2005 and based in New Zealand, FxOpen is a multi-featured Forex broker offering a bit of everything. The most attractive account type for Forex traders is the ECN account, as it offers spreads starting from zero and low trade commissions. The ECN account asset list includes 66 Forex pairs plus gold and silver. There is also trading in stocks, indices, energies, and cryptocurrencies. However, the FxOpen crypto asset list is outdated — who wants to trade Dash and EOS when Solana or Cardano are not available?
The minimum deposit for an ECN account is $1,000. There are also account types with lower minimum deposits, starting from $1 for micro accounts. However, the fixed spreads on these accounts are very high, making them unsuitable for most trading styles (good only for getting to know the broker). As for trading platforms, FxOpen offers the popular MT4 and MT5 platforms, along with TickTrader, which combines five of the most popular financial asset classes — Forex, stocks, commodities, indices, and cryptocurrencies — into a single trading account. Regarding trading conditions, order execution on the ECN account is fair, and slippage is low.
There are many deposit methods available, and account currencies include USD, EUR, GBP, AUD, CHF, JPY, RUB, and SGD. Educational sections are available, and customers receive daily market analysis. In terms of trading promotions, there is a no-deposit bonus of up to $100 and occasional trading contests. A free VPS is also available for automated trading. PAMM accounts are also supported.
- Overall, opening an ECN account with FxOpen offers a good, technologically efficient opportunity for Forex trading. The broker is not suitable for crypto traders.
🔗 Website: FxOpen Website
■ FxOpen Review
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