Learn more about FXOpen
FXOpen originally operated as a financial markets education facility. The business was then transformed into a multinational brokerage firm with locations in the UK, Russia, New Zealand, and Australia in 2005 by a group of traders. Today, there are thousands of broker-traders everywhere, from Vietnam and Nigeria to Canada and Germany.
Ideal for beginners and experts alike, MT4 offers a range of customizable features, including:
- There are over 50 built-in indicators and graphic objects for technical analysis.
- Three types of orders (market, limit, and stop)
- Intuitive charting packages
- Automated trading (EAs)
- a wealth of historical data
- One-click trading
- Trading signals
On a Windows computer, MT4 can be downloaded from the Platforms portion of the broker’s website.
FXOpen also offers the MetaTrader 5 (MT5) platform, with several additional benefits:
- There are over 80 built-in indicators and graphic objects for technical analysis.
- 21 timeframes for tracking price movements
- Multicurrency strategy tester
- Economic calendar
Please note that cryptocurrency trading is not available on MT5.
The company now provides TickTrader, a new trading platform with many of MetaTrader’s features and more, for clients outside the UK. TickTrader is also accessible online.
There are four key markets:
- Currency trading consists of over 50 major, minor, and exotic currency pairs.
- Indices: Buy and sell global indices.
- Energy and metals such as gold are traded as commodities.
- Cryptocurrencies – Trade over 40 cryptocurrency CFDs.
Spreads and commissions
The average spread for main currency pairs is about 0.2 pips, whereas the spread for EUR/GBP is about 0.5 pips. Spreads for gold and silver begin at 0.27 and 1.2 pips, respectively, while spreads for the FTSE 100 begin at 0.8 pips. Spreads on crude oil are typically 4 pips.
According to account balance, fees for Forex ECN accounts range from $3.50 for accounts under $1,000 to $1.50 for balances over $250,000. Large merchants are eligible for discounts. Similar costs start at $5 for smaller account balances and drop to $3.50 for CFDs on indices and commodities. Depending on the account balance, crude oil and natural gas are paid at a rate of 0.005 percent, 0.0025 percent, or 0.0018 percent on each side. For cryptocurrency CFD accounts, the commission is 0.5 percent on each side.
The spread for STP accounts includes the commission.
Leverage is available at a 1:2:1 ratio for cryptocurrency trading and a 1:30:1 ratio for forex trading. Except for gold, which is accessible at 1:20, the maximum leverage for commodities is 1:10 and the leverage for indices is set at 1:20. Access to leverage for professionals is up to 1:500.
The broker provides mobile apps for iOS and Android smartphones and tablets that are compatible with all of its trading platforms (MT4, MT5, and TickTrader). The desktop version’s functionality is duplicated in the mobile apps, along with extra features like push notifications. Users can download apps from their app store or the Google Play Store.
Trading account replenishment methods
FXOpen offers several options to fund your account in USD, EUR, or GBP. Some options are free, and some have fees to be aware of:
- Bank transfer is free.
- Credit/Debit Cards-Free
Minimum deposits range from £10, USD, or Euro for cards, and go up to £300 for wire transfers. For Webmoney, Trustly, Neteller, and Skrill, the minimum deposit in the selected currency is 50.
The withdrawal methods are as follows:
- Bank transfer: no charge
- Credit/debit cards-free of charge
Bank transfers typically take 1-3 business days to process, whereas card withdrawals take 2–5 business days. The minimum withdrawal amount is 10 for all other methods, and it is 50 GBP, USD, or EUR for bank transfers.
The broker provides a demo account with the MT4, MT5, and TickTrader platforms in addition to one of three account types. From the home page, customers can open a demo account and get up to $1,000,000 in fictitious money. As long as you log in once a month, the sample server will continue to be accessible.
Regulation and reputation
The Financial Conduct Authority (FCA) in the United Kingdom has granted FXOpen UK Ltd. authorization and oversight. The Australian Securities and Investments Commission oversees FXOpen Australia (ASIC).
STP, ECN, and Crypto are the three account types that are available to UK consumers. The STP account allows for trading with currency, gold, and silver. You can trade forex, gold, silver, indices, and energy with an ECN account. You can trade cryptocurrency using a crypto account.
There are several ways traders can contact FXOpen customer support:
- Support phone
- Live Chat
The support team can help with e-wallet and bitcoin deposits, withdrawal issues, and address verification requests.
Traders can not use FXOpen from Belgium, Japan, or the USA.
FXOpen is a reliable ECN broker that offers aggressive traders a competitive multi-platform trading environment. Despite having few educational materials, low spreads and commissions, as well as a proven track record, make it an appealing choice, particularly for large traders.