FXOpen Review – 16 years of experience
The finance industry is competitive. Its competitiveness first of all comes from the abundance of the financial businesses operating within it. Secondly, the demand for financial services is higher than ever. Today, much more people use banking, FinTech, and brokerage services than a few years ago. And the number of its users is expected to further rise. Essentially, the competitiveness leads to improvement in the quality of the services. Primarily because the companies want to stand out on the market and have as many customers as possible. However, due to advanced marketing campaigns and the intense use of false information on the internet, it has become relatively difficult to identify a reputable firm.
Professional reviews are the one way to assessing the performance of the companies. Of course, the reviews can be done by the users themselves, but due to its time-consuming nature, many of them trust the reviewer experts, like us. We regularly write and update reviews on Forex brokers in order to keep up with the market standards and the innovations in the industry. Today, we present you the review on FXOpen Forex broker, which is considered as one of the most experienced and reliable brokers on the market.
FXOpen initially launched in 2005. It has been 16 years of successful operations as a brokerage company for FXOpen retaining the great majority of their customer base till today. Once again emphasizing the competitiveness of the market, the age itself of the company is undoubtedly worth recognition. Since without extensive effort in this field it is impossible to maintain the market share and survive as a business.
The brokerage company is operating mainly in the Forex market. However, on certain account types, the broker is offering CFDs on shares, commodities, metals, and trading with cryptocurrencies, as well. The success of the brokerage firm, however, comes from the highly flexible trading environment that it provides to its customers. As well as the advanced, user-friendly and simplistic trading platforms with a great variety of options.
It is very important to mention the regulatory framework of the broker, as well. FXOpen is a brokerage brand that has four different firms opened within different jurisdictions worldwide. They have many branches in other locations, too. However, the primary offices are located in the United Kingdom, New Zealand, Australia, and Nevis. The FXOpen broker is regulated by ASIC, which is an Australian Securities and Investments Commission with a license number AFSL 412871, and by the Financial Conduct Authority with the FCA register number 579202.
There are four different account types available at FXOpen apart from PAMM accounts. A detailed review of the trading accounts is presented below.
FXOpen Micro Account
Micro Account is often called a Cent Account. It is a budget-friendly account type suitable for both novices and experienced traders. The newcomers to the Forex industry can try out trading on Micro account with minimized risk. On the other hand, experienced traders can use the account to test out new trading strategies. The minimum deposit for a Micro account starts at 1 USD and the balance can go maximum up to 3,000 USD. After the balance limit has been reached, the account leverage will decrease by 100x. The spreads for this account type are floating and the leverage can go up to 1:500. The minimum transaction size is 0.1 Micro lot (100 units of the base currency) with approx. 1 US Cent per 1 pip. whereas the maximum size of the transaction can go up to 1,000 Micro lots. The financial instruments available for trade on a Micro account are 28 currency pairs + gold and silver. Micro account traders can use hedging, phone dealing, and Expert Advisors (EAs) in their trading strategies. News trading and scalping are also allowed but with certain limitations.
FXOpen Crypto Account
The Crypto Account is solely dedicated to crypto enthusiasts. The traders on this account can trade CFDs on Bitcoin, Litecoin, or other cryptos against the USD, EUR, or Russian Ruble. There are no limitations to which trading strategy the traders can choose. They can go for scalping, hedging, or any type of Expert Advisors (EAs). The leverage on the Crypto account is 1:3. The account currency can be USD, EUR, GBP, RUB, JPY, ETC, Bitcoin (mBTC)*, Litecoin (LTC). The minimum deposit for a Crypto account starts at 10 USD or equivalent in other currencies. The spreads are floating and the commission applicable to trades is 0.5% half-turn. Within the portfolio of Crypto trading assets, there are 43 pairs with BTC, BCH, EOS, Ripple, Monero, LTC, etc. An Islamic account option is not available however on this account type, but there is a swap from 5% per annum. Furthermore, Crypto account holders are not eligible to participate within the bonus programs of the FXOpen broker.
FXOpen STP Account
STP account name means Straight Through Processing execution. In this account type, the commission applicable is inserted into the spread. The spreads are floating for this account type and depend on the buy and sell orders. The orders are executed on the real markets. The account currency on STP is available in USD, EUR, GBP, JPY, RUB, CHF, and Gold. The minimum deposit requirement applicable to this account type is 10 USD or equivalent in any other currency. The order execution type is market and the minimum transaction size is 0.01 lots. The leverage available on this account type is up to 1:500. The margin call is 50% and the stop out is at 30%. Both demo and Islamic accounts can be applied to FXOpen STP Account. The trading instruments portfolio of the STP account includes 50 currency pairs and gold and silver crosses. Furthermore, traders are eligible to receive a 10 USD bonus once opening an STP account. STP account allows its holders to use any trading strategy that they like.
FXOpen ECN Account
ECN is a special and unique concept of the digital communication network linking various members of the Forex market including centralized exchanges, banks, brokerage companies, enterprises, and private investors. The benefits of having an FXOpen ECN Account are numerous, but the main advantage is the best pricing and lowest spreads. There are two ECN TT accounts on the TickTrader platform – Gross ECN and Net ECN accounts. They differ according to the suitability of various trading strategies. The minimum deposit amount is 100 USD or equivalent. Account has several options for the base currency including USD, AUD, CHF, EUR, GBP, JPY RUB, SGD Gold, and mBTC. Spreads are floating and start from 0 pips. The commission is applicable to the trades from the amount of $1.5 per Standard lot ($100,000). The leverage can go up to 1:500. The margin call is at 100% and the stop out is at 50%. Both demo and Islamic account options are available with ECN account types. Moreover, this account comes with the most diverse trading instruments portfolio. The list of the financial instruments available for trade includes 50+ FX Spot CFDs, 35+ Cryptocurrency CFDs, 600+ Shares CFDs, Index CFDs, Spot Metals CFDs and Commodity CFDs. The promotions are also applicable in a way that offers discounts to commission levels. All trading strategies are welcomed at ECN account types, too.
FXOpen Trading Platforms
Trading platforms play a significant role in the enhanced trading experience. The platform should be satisfying all market standards, operate at a high speed, and be user-friendly and easily interactable. The traders find various platforms suitable for them and their trading strategy. Therefore, the variety in trading platforms is also crucial for a decent brokerage firm. While most of the brokers offer only MetaTraders for their traders, and to be honest it might just as well be enough, FXOpen Forex broker on the other hand provides multiple trading platforms for its customers.
The latest platform developed for a high-class trading experience is a TickTrader. The platform can be used to trade various financial instruments including Forex, stocks, stock indices, cryptocurrencies, and commodities. All of these assets can be traded and accessed from a single trading account. There is a special account designated to trade using this platform – TickTrader ECN. Furthermore, TickTrader allows both margin and deliverable trading. The traders have an option to either trade directly within the platform or through FIX, REST, or WebSocket API.
TickTrader can be used either as a Desktop Terminal or a mobile application with the Mobile Terminal. The WebTrader terminal is also available for TickTrader and can be directly accessed from any browser. Both IOS and Android devices support the TickTrader Mobile Terminal. The interface of TickTrader is easily customizable where traders can set up every single panel. Numerous tools are provided for technical analysis on the platform with various traditional indicators and an option to design a custom, personal indicator.
MetaTrader 4 and MetaTrader 5 are essentially the leading trading platforms. Most of the Forex traders and brokers will go for MetaTrader 4 as it was specifically designed and built to suit the needs of Forex traders. MetaTrader 5 can be used for everything else (though supports Forex as well) as it is the most popular terminal for multi-asset online trading. The interfaces of both software are very similar.
MetaTrader can be used for ECN and Crypto Accounts, whereas MetaTrader 5 supports only ECN account. STP and Micro account also implement MetaTrader 4 as their main trading platform, however, these account holders need to use a different modification of the software. FXOpen Opinion strongly supports the issue of simplified accessibility of the trading platforms. Therefore MetaTraders are also implemented in the WebTrader platform that the broker provides. WebTraders are safe and secure terminals directly accessed from the browsers without any need to download and install the software.
FXOpen employs two promotional programs for its customers: cashback programs and trading contests. The good news is that the programs do not limit eligibility and are open for both existing and new registering users. The rules for claiming the cashback amount and entering the trading contests are easy, however, we will briefly go through them.
The Cashback program is an amazing opportunity for the traders to get extra refunds on the traders that result in loss-making. The procedure for receiving the cashback is relatively easy. Every customer will have a designated Commission account opened automatically without further need for separate registrations. The cashback amount will be added to the commission account of the trader. The amount of cashback depends on the total margin that the client uses on the trading account. However, the clients should participate in the program within 90 days of registering the account. In the case of existing clients, they can request to join the program and since then they can use the promotion within 90 days. The minimum cashback amount is 5 USD and it can go maximum up to 1,000 USD. The maximum cashback amount per single trade is 100 USD. This promotion is applicable to any type of FXOpen rating accounts.
Forex contests are another way of rewarding the traders implemented by the broker. However, FXOpen trading contests are special as they apply to demo accounts, which means that traders do not deposit or credit any balance on the accounts. Free Forex trading encourages beginners or experienced traders to try out new strategies to make a safe transition to real trading accounts. The contests are held both weekly and monthly. There are real money cash prizes and free Forex bonuses in the prize pool of the contests.