FXOpen Review

FXOpen Review

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(24 votes, average: 3.88 out of 5)
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Company info:
Name FXOpen
Website fxopen.com
Foundation Year 2009
Regulation
Regulated by FSP (New Zealand), AFSL, FCA
Trading conditions:
Min. Deposit 1 $
Leverage 1:1, 10:1, 50:1, 100:1, 200:1
Trade Lot 0.01, 0.1, 1
Digits after the dot 4, 5
Spread type Fixed
Trading instruments Forex, Metals
Payment Methods:
Credit Card, Wire transfer, Skrill, Neteller, Payza, CashU, Perfect Money, WebMoney, Yandex.Money
Other Features:
Accept US traders
PAMM
MT5
Mobile Trading
Web-based trading
Affiliate program
VPS
ProfitF BONUS:
  • Ciarra Dawn

    I got no problem at all with FXOpen even after their license has been suspended by FSC. Their customer service is still excellent and their MT4 platform is still working well. They even provided me the 10 Lot Bonus in my standard account!

    Now I do not really care if any authority regulates them or not, since I had previously had problems with brokers who are well regulated in Europe and USA. I think I don’t have to point out who that brokers are as I don’t want traders to say that I am so much in favor with FXOpen while at the same time swearing the other brokers.

  • Suhaas Chitturi

    My friend suggested FXOpen to me and currently l manage an ECN account with them. I have used other brokers before; however, I tell you everything is standard. A click, my order is placed. I know when it comes to concerning big money, FXOpen is recommended but l do not appreciate the rumor that is hard to withdraw from FXOpen. in the meantime, l have it in mind to deposit my two account with big money and because of that l will try to withdraw at the end this month to see for myself before carrying out bigger amount.

  • Rustam Nazaroff

    As that, all our neighborhood brokers are just bucket shops I decided to switch to FXOpen. I have very excellent replies from my friends trading with different companies. I think that world tragedy will wipe out most of brokers and FXOpen looking very strong in the middle of others.

    Anyway, I start from $5000 and we will see how it will go so far 1 week no any problems. In addition, I want to thanks Russian supporter Nadya form FXOpen for helping me in funding. They impressed me with ECN choice and they able to make market depth software for Meta4 what is really amazing and I can visualize what kind of work it took, my respect to FXOpen.

  • David Driedger

    Let me be honest, I have found FXOpen on internet nearly 3 months ago and I deposited total of $15k amount with them. When I got profits and make the money 30k$ , I got pessimist with them.

    I googled for review of this broker, I all have read was that they are frauds. Then I really got scared. However, I requested a withdraw of $450, first time they ignored the request. They said that you must provide the WebMoney number that you have deposited from.

    I did correct the number, and Yes they paid me. They are really good, fast deposit, but slower withdraw. Nothing to be scared of, you are safe with FXOpen, trade with honest and you will get your money more honestly.

  • Andrew

    FXOpen has a very good conditions, tight spreads and good overall conditions. But the more I trade with them, the more I started to doubt about their real STP/ECN. They have some trading restrictions like max deal size at 60 lots (STP ac) and 10 dollars for STP, really? Besides it, there are sometimes platform freezing and only big slippages, all negative. Is a real make such tricks? I think no, so if you want to get real ECN, I can help you with the right choice, add me in skype vovkfx.

    • ProfitF

      What forex broker do you represent? ))

      • Andrew

        no one. i just wnat to help traders deal with good brokers, not scam))

FXOpen Review (Detailed info):

If you want leave your review about FxOpen, please use tab “Comments” (top of the page)

FXOpen – Forex broker. FxOpen is a well known forex broker that was established since 2005 and was one of the first forex brokerages to offer swap free and micro trading accounts. The company has grown by leaps and bounds and was recognized as the best forex broker in the Middle East and Asia in 2009. FxOpen is licensed by various financial watchdogs which include the ASIC in Australia, FCA in the UK and the Financial Commission in New Zealand. At FxOpen traders can choose from any of the three business models (ECN/STP/Market Maker) and from any of the four account types as well options to open a PAMM investor or money manager accounts. FXOpen broker offers Welcome Bonus $10 (STP accounts only)

FxOpen Business Model
FXOpen – Business Model

FXOpen Account Types

FxOpen offers four types of accounts to choose from based on the starting deposit balance. Depending on the account type that you choose, the trading conditions differ. Traders should note that scalping and news trading is not allows on the Micro account types.

FXOpen Account types are as follows

  ECN STP Crypto Micro
Execution Type ECN STP ECN Market Maker
Min. Deposit $100 $10 $10 $1
Spreads Floating (0 pips) Floating (0 pips) Floating Floating
Commission/lot $15 No 0.5% of trade vol. No
Min. Trade size 0.01 lot 0.01 lot 0.01 lot 0.01 lot
Leverage 1:500 1:500 1:1 – 1:3 1:500
Margin Call 100% 50% 30% 20%
Stop Out 50% 30% 15% 10%
Islamic Accounts Yes Yes Yes Yes
Instruments 50 forex, CFD’s, indices, gold & silver 50 forex, gold & silver 13 forex, with BTC, LTC, NMC 28 forex, gold & silver
Scalping Yes Yes Yes No
News Trading Yes Yes Yes No

 

FxOpen PAMM Accounts

For customers who prefer to invest in a money manager rather than trade themselves, the FxOpen’s PAMM account is the most ideal under these conditions. By opening an FXOpen PAMM account, customers can quickly choose from the various PAMM accounts based on factors such as account growth or returns and drawdown and age of the account. PAMM accounts come in two types, ECN or STP execution. Note that when you choose a PAMM account there are other fees involved which varies from one PAMM account to another.

FxOpen – PAMM Accounts

FxOpen – PAMM Accounts

For traders who wish to open a PAMM master account, here is a brief summary of the PAMM account opening conditions.

  PAMM ECN PAMM STP
Base Currency USD, AUD, EUR, CHF, GBP, JPY, RUB EUR, USD, RUB
Minimum Capital $1000 or equivalent $200
Spread Floating, from 0 pips Floating, from 0 pips
Commission From $1,5 No
Leverage Up to 1:100 Up to 1:100
Margin Call 100% 50%
Stop Out 50% 30%
Instruments 50 Fx pairs, Gold/Silver, CFD’s, Oil & Natural Gas 50 Fx pairs, Gold and Silver
Islamic Accounts Yes Yes
Scalping Yes Yes
Hedging Yes Yes
News Trading Yes Yes

 

FXOpen Trading Conditions

FxOpen offers trading in ECN, STP or Market Maker model. The trading conditions are generally similar with a few exceptions. Trading with FxOpen, all account types can be used for hedging but Micro accounts cannot be used for scalping or news trading. Islamic or Swap free accounts are available on all account types. Traders interested in trading crypto currencies can use the FxOpen Crypto accounts as well, which includes BitCoin and LiteCoin among other crypto currencies. In terms of spreads, FxOpen generally offers tight floating spreads and depending on market liquidity, the spreads can be as low as zero.

FXOpen Trading Platforms

FxOpen offers trading on the MT4 platform which can be downloaded to Windows, Apple or Linux based operating systems. Depending on the account type that you choose, ECN/STP or Micro, you can trade on the MT4 platform with ease. The FxOpen trading platform comes with over 50+ built in technical indicators as well as offers you the ability to run automated trading strategies or Expert Advisors. The FxOpen trading platform can also be used on mobile smart phone devices with dedicated apps free to download. Trading platform can also be accessed directly from a browser as well.

For traders interested in auto trading and third party providers, they can connect their FxOpen account to auto copy trading websites such as Zulutrade.com and MyFxbook.com

3-FxOpen-Webtrader

FxOpen – Webtrader

FXOpen Deposits and withdrawals

Customers can deposit their funds to FxOpen using a lot of options. The deposit options include bank WIRE transfers, credit/debit cards and e-Wallet payment options such as Webmoney, Neteller, Skrill, Payza, Perfect Money and QIWI Wallet. Cyrpto currency enthusiasts can also deposit using Bitcoin, LiteCoin or NameCoin.

Depending on the deposit option you choose, the minimum transfer amount starts from $25 for Bank WIRE’s while Credit/Debit and e-Wallet cards can be used to deposit from as little as $1. Traders should note that there will be additional fees as charged by your bank or Credit/Debit or e-Wallet provider which will be incurred. The withdrawal options are the same as for deposit, however Bank wire withdrawals require a minimum of $100 while Credit/Debit card withdrawals can be from as little as $10

FXOpen support

Support available via:

  • Customer Support Portal
  • LiveChat
  • email –sales@fxopen.com
  • SKYPE – aafxtrading
  • Phones:
    New Zealand +64-9-801-0123 ** Spain +34-931-768-529
    Russia +7-499-346-0960 ** Germany +49-693-329-6294
    Russia +7-499-346-0381 ** France +33-979-998-040
    Russia *8-800-555-9494 ** Bahrain +9-731-619-8806

Now, everything seems OK with FxOpen broker however “ProfitF team” will keep monitoring this broker and update this review if any changes take place.

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