FXOpen UK Video Review

FXOpen, first established in 2003 as a financial trading education center in Egypt, expanded its operations as a forex brokerage firm in 2005. The firm also became the first broker to ever offer its clients the benefits ECN trading through the MetaTrader 4 trading platform. As an innovative broker that is receptive to the trading needs of its clients, FXOpen has set the pace in the online forex trading industry for adopting new technologies and market innovations. Hence, it is not surprising to find FXOpen also being one of the first forex brokers to offer its clients Bitcoin Trading. Today, they have become one of the leading online brokers in the world with a large following of loyal clientele.

FXOpen Reliability – Is FXOpen a Scam?

FXOpen unlike other forex brokerage firms in the industry has its beginning as a financial trading educational center. It was initially established by a group of traders in Egypt in 2003. It began its journey as a forex broker in 2005 with the launch of its trading services with a primary focus to provide traders with a fair and transparent trading environment. Over the years, FXOpen has continued to introduce innovations to benefit their traders. The introduction of the ECN MT4 trading platform helped its traders to gain access to interbank rates hence tremendously lowering their trading costs.

FXOpen also makes access to the forex market easier to the average trader by lowering their trading requirements as well as minimum deposit requirement. In addition, the broker also actively sought regulatory oversight for its operations to ensure that the legal rights of its traders are well protected. Today apart from being regulated by the Australian Securities & Investments Commission (ASIC), FXOpen is also regulated by the UK’s Financial Conduct Authority (FCA). As a regulated broker under the FCA, traders at FXOpen can rest assured that their money with be safe with this broker.

As FXOpen continues to grow its operations, its guiding principles will always ensure that its traders well being is its primary concern.

Trading Platforms

For trading access, FXOpen has provided its traders with different versions of the MetaTrader 4 platform. The MetaTrader 4 trading platform is the most popular trading platform adopted by forex brokers and traders all over the world. In fact, more than 90% of all retail forex transactions are conducted on the MetaTrader 4 trading platform. Its popularity could largely be attributed to the versatility of the trading platform as well as the wide array of trading tools that the platform comes integrated with. To meet the trading needs of different categories of traders, the MT4 platform comes in 5 different versions, namely MT4 ECN, MT4 STP/Micro, MT4 WebTrader, MT4 Android Mobile and MT4 iOS Mobile.

FXOpen also has a proprietary FXOpen Mobile Trader that is designed specifically for Android powered devices. For autotrading, traders at FXOpen also have access to ZuluTrade trading platform. And for those who wish to engage in social trading, FXOpen is connected to the Myfxbook AutoTrade platform. The Myfxbook AutoTrade platform allows novice traders to capitalize on the experience of more seasoned traders hence shortening the learning curve.

Account Types

FXOpen has designated 5 different types of trading accounts to cater for the differing level of trading experiences among its traders. Regardless of whether the trader is a novice or seasoned trader, there is an account that will meet their trading style and risk appetite.

ECN Trading Account

Minimum Deposit of $100

Best spreads and execution

No dealing desk

All trading styles are allowed

Crypto Trading Account

Minimum Deposit of $10

Designed for Crypto currency trading

Low Spreads and Competitive commission

STP Trading Account

Minimum Deposit of $10

ECN Trading benefits with affordable account opening requirements

Micro Trading Account

Minimum Deposit of $1

Designed for novice traders

Market Maker Execution

Floating Spreads

CFD Trading Account

Available to all ECN Account holders

Designed specifically for CFD trading

Low spreads

1% Margin Requirement

In addition, FXOpen has also provided their traders with a demo trading account which they can use for practice purposes without having to risk any real money.

Commission & Spreads

The spreads and commissions that are applicable at FXOpen are dependent on the type of trading account. For the ECN account, the minimum spread starts from as low as 0 pips. As for the commission rates, they starts from $15 for the ECN account and 0.25% of volume traded for the Crypto account.

Customer Support

Customer support at FXOpen is available 24/5 and is accessible through email, live chat or telephone. For localized telephone support, they are available for the following countries:

France
Germany
New Zealand
Russia
Spain

Pros

Affordable account opening requirements
FCA & ASIC Regulated
Localized telephone support
Multiple choices of trading platforms
Social Trading Available
Tight Spreads

Cons

High Withdrawal Fees
Lack of Educational Materials
No localized telephone for Asian traders
Support Departments only available from 7am to 4pm Monday to Friday

Conclusion

As a well established broker, FXOpen has much to offer to its clients. Apart from having a wide range of facilities and products to choose from, FXOpen is also regulated hence able to offer traders the peace of mind that their money is safe with this broker.

FXOpen UK Video Review

FXOpen Reliability – Is FXOpen a Scam?

Trading Platforms

Account Types

ECN Trading Account

Crypto Trading Account

STP Trading Account

Micro Trading Account

CFD Trading Account

Commission & Spreads

Customer Support

Pros

Cons

Conclusion

Page Not Found

More News