Company Overview
A well-known online broker in forex and CFD in Cyprus, FXOpen is the global online brokerage that has been engaged in trading since 2003. FXOpen caters to the needs of both retail and institutional traders by providing optimal trading conditions, powerful platforms, and various types of accounts. The broker is proud of its focus on technological advancement, making its ECN trading model available to traders for superior pricing and execution.
The pros and cons are as follows:
Pros:
- Fees and trading conditions are competitive and one of the best in the market
- FXOpen offers true ECN brokerage features
- VIP Discounts Available
Cons
- Not suitable for beginners
- Limited Forex Pairs
- Lack of Educational Resources
Security
FXOpen is regulated by reputed authorities like:
- Cyprus Securities and Exchange Commission (CySEC), and
- Australian Securities and Investments Commission (ASIC).
The client funds are maintained in a segregated account and thus safety of funds is completely guaranteed. FXOpen uses strong encryption technologies and negative balance protection for retail traders.
Instruments
Among the different tradable commodities are the following:
- Over 50 pairs of currency (major, minor and exotic currency pairs)
- Gold, silver, crude oil, and natural gas
- CFDs on global indices like S&P 500, NASDAQ, and FTSE 100
- Trade Bitcoin, Ethereum, Litecoin, and other cryptocurrencies
- CFDs on global equities from almost all major exchanges.
| Available tools | Forex, Commodities, Indices, Shares, Cryptocurrencies |
|---|---|
| Cryptocurrencies | ETH, BTC, LTC, DASH, NEO, EOS, IOTA |
| CFD | Forex: 51 Metals: 2 Indices: 9 Energy: 3 Stocks: 100 ETFs: 53 |
Account Types
ECN
| Minimum deposit | 0 |
|---|---|
| Commission | 0.0 |
| Available tools | 0 |
| Leverage, min | 1:1 |
| Leverage, max | 1:500 |
| Margin call level | 100 |
| Stop-out level | 50 |
Fees and Commissions
On account of transparency, FXOpen charges no hidden fees:
- Trade Fee: The spread for ECN accounts start from 0.0 pips with a fee on each side of the lot in the range of $2.5–3.5. The other accounts type quite significantly have higher spreads but are commission-free.
- Non-tradeable Fees: Inactivity fees from the clock tick at 90 days from the last transaction. Withdrawals attract varying fees according to payment method.
Trading Platforms
| Available tools | Forex, Commodities, Indices, Shares, Cryptocurrencies |
|---|---|
| Cryptocurrencies | ETH, BTC, LTC, DASH, NEO, EOS, IOTA |
| CFD | Forex: 51 Metals: 2 Indices: 9 Energy: 3 Stocks: 100 ETFs: 53 |
Brokerage supports a host of trading platforms, such as:
- MetaTrader 4 (MT4): for Forex trading, which is well known for automated trading features
- MetaTrader 5 (MT5): is a more advanced form of the MT4 Platform, with such tools as market depth and multi-asset trading
- TickTrader: a platform that is proprietary to FXOpen, brings all forex, stock, and cryptocurrencies together under a single platform
These platforms are made available on desktop, web, and mobile devices, with a view to making trading smooth for the trader.
Customer Support
FXOpen offers customer service in many languages:
- Using Live Chat: Offering live chat to get instant help on the website
- E-mail Support: Responds to your e-mail within 24 hours for serious inquiries
- Using Global Phone support: Local/Regional numbers anywhere in the world waiting to talk to clients
Services are made available 24/5 in line with trading times on the market.
Opening Your Account
With FXOpen account, it's quick and easy:
- One fills out the online application form with personal details.
- They will need verification documents, which include things like proof of address and identity.
- Funding the account is possible through several options-all made available.
Deposits and Withdrawals
There are various payment methods for deposits and withdrawals supported by FXOpen:
- Payment Methods: Bank transfers, Debit/Credit Card, Skrill, Neteller, etc., as well as Cryptocurrency deposits.
- Time Required: Deposits are generally instant. There is a delay in withdrawal processing, which may take one to three business days.
- Charges: They do not have charges on deposits, but what fees come with withdrawal depends on the method of withdrawal.
FAQ
Is FXOpen a regulated broker?
Yes, several major financial regulators, including CySEC and ASIC, enforce firm control over FXOpen, guaranteeing a completely secure and transparent trading environment.
Which trading platforms does FXOpen offer?
FXOpen presents an array of well-established trading platforms: MetaTrader 4, MetaTrader 5 and its own creation of the TickTrader platform.
What is the minimum deposit to open an account?
Different account types have minimum deposits for new accounts. Micro accounts are as minimum as $1 to open while ECN accounts are only $100.
What leverage levels do they offer?
FXOpen offers leverage up to 1:500 across the different account types and under the regulations for different jurisdictions.