FXOpen Review (Detailed info):
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FXOpen – Forex broker. FxOpen is a well known forex broker that was established since 2005 and was one of the first forex brokerages to offer swap free and micro trading accounts. The company has grown by leaps and bounds and was recognized as the best forex broker in the Middle East and Asia in 2009. FxOpen is licensed by various financial watchdogs which include the ASIC in Australia, FCA in the UK and the Financial Commission in New Zealand. At FxOpen traders can choose from any of the three business models (ECN/STP/Market Maker) and from any of the four account types as well options to open a PAMM investor or money manager accounts. FXOpen broker offers Welcome Bonus $10 (STP accounts only)
FXOpen Account Types
FxOpen offers four types of accounts to choose from based on the starting deposit balance. Depending on the account type that you choose, the trading conditions differ. Traders should note that scalping and news trading is not allows on the Micro account types.
FXOpen Account types are as follows
|Execution Type||ECN||STP||ECN||Market Maker|
|Spreads||Floating (0 pips)||Floating (0 pips)||Floating||Floating|
|Commission/lot||$15||No||0.5% of trade vol.||No|
|Min. Trade size||0.01 lot||0.01 lot||0.01 lot||0.01 lot|
|Leverage||1:500||1:500||1:1 – 1:3||1:500|
|Instruments||50 forex, CFD’s, indices, gold & silver||50 forex, gold & silver||13 forex, with BTC, LTC, NMC||28 forex, gold & silver|
FxOpen PAMM Accounts
For customers who prefer to invest in a money manager rather than trade themselves, the FxOpen’s PAMM account is the most ideal under these conditions. By opening an FXOpen PAMM account, customers can quickly choose from the various PAMM accounts based on factors such as account growth or returns and drawdown and age of the account. PAMM accounts come in two types, ECN or STP execution. Note that when you choose a PAMM account there are other fees involved which varies from one PAMM account to another.
FxOpen – PAMM Accounts
For traders who wish to open a PAMM master account, here is a brief summary of the PAMM account opening conditions.
|PAMM ECN||PAMM STP|
|Base Currency||USD, AUD, EUR, CHF, GBP, JPY, RUB||EUR, USD, RUB|
|Minimum Capital||$1000 or equivalent||$200|
|Spread||Floating, from 0 pips||Floating, from 0 pips|
|Leverage||Up to 1:100||Up to 1:100|
|Instruments||50 Fx pairs, Gold/Silver, CFD’s, Oil & Natural Gas||50 Fx pairs, Gold and Silver|
FXOpen Trading Conditions
FxOpen offers trading in ECN, STP or Market Maker model. The trading conditions are generally similar with a few exceptions. Trading with FxOpen, all account types can be used for hedging but Micro accounts cannot be used for scalping or news trading. Islamic or Swap free accounts are available on all account types. Traders interested in trading crypto currencies can use the FxOpen Crypto accounts as well, which includes BitCoin and LiteCoin among other crypto currencies. In terms of spreads, FxOpen generally offers tight floating spreads and depending on market liquidity, the spreads can be as low as zero.
FXOpen Trading Platforms
FxOpen offers trading on the MT4 platform which can be downloaded to Windows, Apple or Linux based operating systems. Depending on the account type that you choose, ECN/STP or Micro, you can trade on the MT4 platform with ease. The FxOpen trading platform comes with over 50+ built in technical indicators as well as offers you the ability to run automated trading strategies or Expert Advisors. The FxOpen trading platform can also be used on mobile smart phone devices with dedicated apps free to download. Trading platform can also be accessed directly from a browser as well.
For traders interested in auto trading and third party providers, they can connect their FxOpen account to auto copy trading websites such as Zulutrade.com and MyFxbook.com
FxOpen – Webtrader
FXOpen Deposits and withdrawals
Customers can deposit their funds to FxOpen using a lot of options. The deposit options include bank WIRE transfers, credit/debit cards and e-Wallet payment options such as Webmoney, Neteller, Skrill, Payza, Perfect Money and QIWI Wallet. Cyrpto currency enthusiasts can also deposit using Bitcoin, LiteCoin or NameCoin.
Depending on the deposit option you choose, the minimum transfer amount starts from $25 for Bank WIRE’s while Credit/Debit and e-Wallet cards can be used to deposit from as little as $1. Traders should note that there will be additional fees as charged by your bank or Credit/Debit or e-Wallet provider which will be incurred. The withdrawal options are the same as for deposit, however Bank wire withdrawals require a minimum of $100 while Credit/Debit card withdrawals can be from as little as $10
Support available via:
- Customer Support Portal
- email –email@example.com
- SKYPE – aafxtrading
New Zealand +64-9-801-0123 ** Spain +34-931-768-529 Russia +7-499-346-0960 ** Germany +49-693-329-6294 Russia +7-499-346-0381 ** France +33-979-998-040 Russia *8-800-555-9494 ** Bahrain +9-731-619-8806
Now, everything seems OK with FxOpen broker however “ProfitF team” will keep monitoring this broker and update this review if any changes take place.