Forex trading has become a part of the daily lives of many traders who keep the market active and vibrant. Luckily, traders have a wide range of choice when it comes to Forex brokers. There are plenty of Forex services providers worldwide who try their best to top each other. Brokers represent traders’ business partners, and if they do not do their part of the deal, then traders can have a serious problem. One might get caught up in the scammer’s net very easily, and therefore traders are repeatedly advised and warned to check all background info on brokers. A solid research can save you from unreliable brokers and their schemes. FxOpen is one of the brokers who has proven to be worth traders’ time and money. What the broker has to offer and how it operates is explained below in the FxOpen review.
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FxOpen and the Story Behind It
This broker saw the light of the day 11 years ago when it was founded by a group of experienced traders who decided to create a Forex broker service based on their own experience. When traders turn brokers, the advantage is that the broker understands things from the trader’s perspective as well. This provides a basis for a harmonized broker-trader relationship. The company was opened in Auckland, New Zealand, but expanded to the major Forex centers such as the UK and Australia. The broker is proud of its fairly earned ASIC and FCA licenses which serve as a reassurance ticket that the company is in good hands. ASIC and the FCA make sure that traders are treated fairly in a safe trading environment and that their interests are protected, and especially, that investors’ funds do not disappear into thin air. ForexOpen has been licensed since its establishment in 2005 and in 2013 it gained its first FCA license.
Trading Platform
Easy navigation, convenient interface, relevant trading features and tools, as well as a smooth performance are the major characteristics of a good trading platform. All of this can be found on many platforms, but the mass-use of the MT4 makes all other platforms look old. The Meta Trader 4 phenomenon cannot be explained. The platform has been dominating the industry for years now, and no other version speaks to masses like this one. Of course, FxOpen also recognized the potential of the MT4 platform and did not look further. This is the only platform available with FxOpen, but it is available in both versions, downloadable and web-based. One-click trade executions, Forex robots, auto signals are just some of the great options of this platform. The corresponding FxOpen mobile app is also waiting for you if you decide to give this broker a chance. Mobile trading broke all user records and a broker without an appropriate mobile app would probably raise many eyebrows.
Account Types
This broker is an all-around broker who offers services ranging from CFD to ECN, including STP/DMA and Crypto (BitCoin, etc.) services. The ECN account offers very tight spreads starting from 0 pips and allows all trading techniques (scalping, hedging, news-trading, automated, etc.). If we consider other ECN accounts, the FxOpen ECN account seems very affordable at only $100 deposit requirement, but the commission imposed is not that low with $1.5 per lot. Inactive traders have to pay a maintenance fee of $10 per month, or deactivation fee of $50 if they want to close the account. This account enables access to over 70 tradable assets. For dealing desk and market making trades, traders can use the FxOpen Micro accounts which resemble cent accounts since the minimum deposit is only $1. Leverage is up to 1:500 and traders get access to 28 currency pairs, and gold and silver in addition. A demo account is available for all of the accounts including Crypto, ECN, and STP.
FxOpen Bonus
The FxOpen runs different promotion offers and bonuses to give back to their loyal traders who invest large sums in the market. Welcome bonuses are offered for the Micro $1 account and STP. The Micro account welcome bonus starts at $1, while $10 is added to your account if you register with an STP account. The Micro account bonus requires a trading volume of 1000 micro loots, while the STP no-deposit bonus requires a 2-lot trading volume to qualify for withdrawal. The broker is also known for the special ForexCup Trading contest which is available for all accounts, and the reward depends on the type of account and deposit amount.
Funding Options
You can deposit and withdraw your funds in a classical way via wire transfers, credit cards and e-wallets (OKPay, Paysafecard, YandexMoney, WebMoney, Qiwi, Neteller, Skrill, PerfectMoney, Payza, and FasaPay). It takes the broker one day to process withdrawals which means that you will not have to wait for too long for your money. The broker does not charge fees, except for bank transfers which can come with a fee up to $45.
Customer Support
The customer support offers all the traditional contact forms like e-mail, live chat, and phone, but they also have a so-called Customer Support Portal serving as a Help Desk. The broker is available in Russian, French, German, Spanish, and Arabic.