Servicing since 2005, FXOpen is among the fastest-growing forex brokers offering STP, Micro, and ECN trading accounts via the MetaTrader trading platforms. Aside from forex, FXOpen is also offering cryptocurrency trading.
Discover the advantages of trading with FXOpen by reading this forex broker review in full.
FXOpen Background & Profile
FXOpen Markets Limited is a brokerage firm that was established in 2005 by a group of traders. It first served as an educational center for forex trading, offering courses in the field of technical analyses and financial markets. Not long enough, the firm transformed into a full-fledged financial firm and is now known as one of the more popular forex brokers in the industry.
FXOpen became the first broker in 2006 to offer Micro and swap-free accounts. The broker introduced its PAMM technology in 2009 and received the Falcon Award for The Best Trading Platform. In 2010, it expanded its reach to more firms by launching its partnership program together with FXOpen Client Support System.
FXOpen continued its excellent service in the succeeding year, earning special distinctions including Best Islamic Forex Broker 2011, and Best ECN Forex Broker. In 2014, FXOpen introduced its cryptocurrency trading services. The following years became more fruitful for FXOpen as it continued innovating its trading technology and services.
Despite no being regulated by the Financial Services Regulatory Commission, FXOpen is under the supervision of a financial institution, being a member of the Financial Commission in Hong Kong. The Financial Commission is a self-regulatory organization and an external dispute resolution body. Basically, this institution has the same function as a regulatory body.
FXOpen Markets Limited is a company registered in Nevis.
FXOpen Features and Fees
FXOpen offers a couple of precious metals and forex trading using different market executions. Besides these, the firm launched its crypto accounts in 2014 to welcome crypto traders in the crib and experience FXOpen trading services and advantages.
FXOpen developed a set of trading accounts to cater to traders from all skill levels and backgrounds. Depending on the execution type that traders prefer for forex trading, here are the account types FXOpen offers:
Micro – featuring floating spreads this account type has no commission fees. It has 28 currency pairs on its listings which you can access by depositing for as low as $1 minimum initial deposit. The minimum trade size is 0.1 micro lot using this account featuring the MT4 trading platform.
STP – this account type is also a zero-commission account. The initial deposit requirement is $10 for this account in which you will be given access to tight spreads, 50 currency pairs, and 0.01 micro lot as the minimum trade size. The STP account is powered by the MT4 platform and includes scalping and HFT.
ECN – with raw spreads, you can use this account type to trade with 1.5 units per lot commission scheme. It also gives traders access to an interbank liquidity pool as well as up to 70 currency pairs including CFDs. The account also has 0.1 lot as minimum trade size to go along with a $100 initial deposit. Scalping and HFT are also features of this account plus platform options in MT4, MT5, and TickTrader.
Crypto – this account type is for crypto traders who will be asked for a $10 initial deposit. Traders are given access to tight spreads and 43 crypto pairs. It has 0.25% (of transaction volume) commissions, 0.01 lot minimum trade size, and the MT4 platform.
FXOpen also offers a demo account for traders who want to test their trading strategies without financial risks.
FXOpen provides various means to fund your trading account. It offers bank wire transfer (Swift Transfer, SEPA transfer), local bank transfers (Instant Bank Transfers, Local Deposit, Paypaid, Alfa-Click), credit and debit cards (Visa, Mastercard, JCB, UnionPay) electronic payment (WebMoney, Perfect Money, Qiwi Wallet, EPay), and prepaid cards (AstroPay, FxOpen Prepaid Cards).
Withdrawals can be made in the same methods except for some. Withdrawal and deposit transaction fees apply, depending on the method used.
FXOpen Trading Platforms & Tools
FXOpen features three trading platforms for its client traders. It offers TickTrader, MetaTrader 4, and MetaTrader 5.
Using TickTrader, the user can trade in different asset classes including forex, stocks, commodities, indices, and cryptocurrencies using one trading account. The multi-asset platform facilitates margin trading and deliverable trading. The platform is equipped with comprehensive functionality and trading tools including Tick Trading terminals, on-click trading, level 2 pricing, trading alert system, and strategy back tester.
TickTrader is in Web Terminal, Desktop Terminal, and Mobile Terminal versions.
FXOpen’s MT4 comes with a handful of features including manual and automated trading, charting tools, analytics, and MQL. MT4 versions include MT4 for ECN and MT4 for Micro and STP accounts.
MT5 is also available in FXOpen which features 4 execution models, all order types, over 80 technical indicators and 21 timeframes, economic calendar, financial news, algorithmic trading, MetaTrader Market, Virtual hosting, and trading signals.
MT5 versions include MT5 Desktop, MT5 iPhone, and MT5 Android.
FXOpen displays a competitive trading arsenal – trading platform options, trading account types, and innovative trading technology, among others. Novice and expert traders will both benefit from the broker’s offered features and services.
However, the broker needs to display a more reputable regulatory certification.