FX Open Review

MIN. DEPOSIT $1
Up to 500;1
Up to 10% BONUS
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FX Open
Up to 10%
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Overview

Company Information The people behind the company are proud that their firm is now old and with the famous name related to quality services. 2005 is the year of establishment… more

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Details

Broker FX Open
Website URL https://www.fxopen.com/
Founded 2005
Headquarters New Zealand
Support Number +64-9-801-0123 (NZ); +49-693-329-6294 (Germany)
Support Email sales@fxopen.com
Support Types Phone, Live Chat, E-mail
Languages English, Arabic, Chinese, Farsi, German, Indonesian, Malay, Portuguese, Russian, Spanish, Thai
Minimum 1st Deposit $1
Minimum Trade Amount 0.01 lots
Bonus Up to 10%
Payout Up to 500;1
Free Demo Account Yes
Regulated Yes
Regulation Financial Conduct Authority (FCA)
Account Types ECN, STP, Micro, Crypto, Islamic
Deposit Methods Bank Wire, Local Transfer, China UnionPay, Visa, MasterCard, Visa Electron, Maestro, Discover, JCB, WebMoney, Neteller, Skrill, Perfect Money, Qiwi, Payza, Sorex Pay, Yandex Money, FasaPay, Intellect Money, OkPay, Bitcoin, Litecoin, Namecoin, RBK Money, Prepaid Cards
Withdrawal Methods Bank Wire, Local Transfer, Visa Classic, Visa Electron, MasterCard, EuroCard, OkPay, Redeem Codes, Yandex Money, WebMoney, Neteller, Skrill, Perfect Money, Payza, FasaPay, Bitcoin, Litecoin, Namecoin
Types of Assets Forex, Indices, CFDs, Metals
Account Currency USD, EUR, GBP, AUD, CHF, JPY, RUB, CAD, CNY
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

Full Review

  1. Company Information

The people behind the company are proud that their firm is now old and with the famous name related to quality services. 2005 is the year of establishment of the trader. Then during the years, the brokers show their development skills. In 2006, they introduced swap-free Sharia-compliant accounts. 2009 is the year when Best Forex Broker and Best Middle East and Asia agent goes to the company. With each year, the company introduces new and better services like 0 pips spread on ECN, new platforms, plugins and safety features. All of this marks the company’s past, but it also shows the direction their way will go. As the enterprise operates in multiple markets, there are several companies registered for each region. There is a corporation registered in the Caribbean sea – Nevis, one in Australia, Wales, and New Zealand.

The clients have different options when picking trading accounts. They can choose from STP, EXN, Micro and of course demo. The company uses Myfxbook and Zulutrade systems for automation. Also, home-developed PAMM system is available for the clients. An interesting aspect of the company’s profile is the SWAP-free accounts for Islamic traders.

The company is proud of the significant liquidity it has. The businesses that provide that are Bank of America, Deutsche Bank, Morgan Stanley, JPMorgan, SG Paris and other of the biggest financial institutions in the world.

 

2.Trading Information

The trading instruments offered with that company are several. They have over 70 currency pairs. The spread for all of them start from 0 pips and have 100% margin call. The stop order maximum slippage for all of these starts from 200 and goes up to 7000.

Other instruments to trade are metals like gold and silver for which the company warns that there may be high spreads between 00:00 and 01:00

The next trading instruments are CFDs, Oil, and Natural Gas. The margin call for all of them is 100%, and the stop out is 50%. The company offers additional information on the trading time for each instrument and the currency in which it can be traded. They explain the margin for them, and they start at 1.0% and go up to 4%. The minimum volume for all is 0.1 and the size of one lot start with 1 and can reach 10 000 for US natural Gas.

Each customer can open an account in a different currency. The courses are USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, Gold.

For inactive accounts, the company predicts fees if the customer wants to renew them. There are $50 fee and $10 additional for each month of inactivity. In the very same time, they allow free new registrations. For the account to stay active, the customer should visit it once every two months.

The company allows Crypto trading as well which includes Bitcoin, Litecoin, Peercoin and Namecoin, which can be used for investing.

 

3.Trading Platforms

The most popular and widely used platforms are offered by the company for anyone to be able to participate.

MetaTrader 4 is the first they offer. It is the most popular platform with over 90% of the transactions in the world being made that way.

MetaTrader 4 for ECN is an addition and improvement upon traditional MetaTrader 4. It allows liquidity and proves itself as a better, less error allowing and faster platform. The technology is supplemented by technology which the trader developed itself called Liquidity Aggregator.

 

Another variation of MetaTrader4 is the one for STP and Micro accounts.

Of course, being the 21-century FXOpen offer mobile trading platforms as well. They have MetaTrader 4 for iPhone and Android.

Another aspect of the technologies the company has to offer are the trading tools they have. These platforms ease the trading even more. The first one is the “One Click Trading and Level 2 Plugin”. This platform is very useful for volatile markets as it allows to place a stop loss and take profit levels and it goes up to 5 levels of market depth.

The next technology is the Margin and Pip Value Calculator. The name clearly suggests what this tool does, but it is good to add that it uses real account’s information and quotes.

Commission Calculator – used for precise and accurate ECN calculations.

 

4.Security and Customer Service

Safety and security are important for the company, and they take that very seriously. That is why they use SSL encryption to protect the website and the customers from harmful influences. On top of that, they claim they do not sell personal information to third parties and all the personal data collected from them is used only by them or their partners to provide the customer with more opportunities and better offers.

Each customer can get support in several languages – English, Russian, Spanish, German, French, and Arabic. The methods to contact the company are by phone, email, using their ticket system, their live chat, help center or their forum. All these channels should deliver as much useful information as possible so the client can benefit the most.

 

5.Deposits & Withdraws

 

To ease the clients, the company takes advantage of several different ways of money transfers and deposit making. The first is Bank Wire Transfers. These take 1-3 business days and support eight of the most used currencies. The minimum deposit is $25, and there are no limitations for maximum. The local transfer is a similar method which can be utilized only in Malaysia, China, Indonesia, and Thailand. However, it only supports USD, EUR, and the local currencies.

The bank transfer is the other method for deposit making. The platforms are three – Local Transfers for Latin America where transfers take one business day and the currencies supports goes to BRL, MXN, PEN, YUY, and CLP. The next is Netbanx, which works in Asia and supports only CNY. The processing of the transactions is instant, and the minimum deposit is ten maximum is 49 000 CNY.

Local Bank Transfers is also immediate and supports USD, AUD, CAD, EUR, GBP, CHF, and JPY. The minimum is $1, and the max is $5000 or AUD 10 000 if the transfers are via POLi.

Debit or Credit Cards – China Union Pay, Visa, Visa Electron, Maestro, Discover, and JCB. These allow transfers in USD, EUR, GBP, CHF, JPY, AUD, CAD, RUB and CNY. The transfers are instant the minimum is $1.

The best method that can be used is electronic payment systems. These are WebMoney, Neteller, Skrill, QIWI Wallet, Perfect Money, Payza, Sorex Pay and Yandex Money, FasaPay, IntellectMoney, Bitcoin, Litecoin, Namecoin, RBK Money, DixiPay.

The last method for making a deposit is Prepaid Card, which is instant and supports the only USD.

The used methods for Withdrawal are less in number. They are Bank Wire Transfers, Credit/Debit Cards and Electronic Payment Systems, where Namecoin is additional.

The fees for every method are mentioned and easy to see on the website of FXOpen.

 

  1. Deposit Bonus and Loyalty Programs

Welcome, bonus for STP accounts. It is $10 and to get it; the client should register and verify with a mobile phone. This bonus is not withdrawable.

Micro Welcome Bonus is only for micro accounts and is $1. The bonus the company pays in eWallet.

ForexCup Trading Contest Bonus is the last bonus system which applies to standard, micro and STP accounts. It rewards people who increase the amount of money in their accounts by a certain margin which is preliminary fixed.

 

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