Menu

FXOpen Review: Is FXopen.com A Scam, High-handed Broker?

FXOpen Review: Is FXopen.com A Scam, High-handed Broker?

Share This!

Estimated reading time: 6 minutes

FXOpen first started as a financial trading educational center in Egypt before expanding to a fully-fledged Forex broker later on. Since 2005, the company has been focusing on how to create a fair and transparent environment for its clients.

Driven by purpose to attain its mission, FXOpen has achieved remarkable milestones throughout the years as the broker keeps innovating and implementing new technologies for the benefit of its users.

For instance, the introduction of the popular ECN MT4 platform was a godsend to FXOpen customers because for the first time, retail traders could access inter-bank rates directly, thus lowering their trading costs significantly.

Today, FXOpen offers margin-based trading services which allow customers to trade foreign currencies, metals and even CFDs.

This broker follows in the spirit of FCA rules and regulations under license number FRN: 579202 in the UK.

Nevertheless, it’s important to realize that FXOpen is run under the umbrella company, FXOpen Markets Limited — which is a company registered in Nevis with the reference no C 422235.

Besides, this broker also has some of its operation going on in Australia under the brand name FXOpen AU Pty Ltd.

The activities of this company are regulated by the Australian Securities and Investment Commission better known as ASIC.

This is one proof that this broker has attained all licensing and regulatory requirement, and is prepared to take its client activities on their platform very seriously.

Some of the things that FCA-approved brokers are supposed to do include segregating client funds, thus funds are always held in a separate account from that of the broker.

If you’re trading with this broker from the UK, regardless of whether or not you are a citizen of this country, funding your account with this broker will always come with an insurance of £50,000. This is to caution customers from incurring losses, just in case the company happens to go under.

Features that you will enjoy when you choose to open an account here

If you’re thinking of opening an account with this broker, you’re in the right path because this broker operates the popular, award-winning MT4 platform.

MT4 is now ideal for most traders because it is highly customizable, advanced in technology, easily integrated with EA, plus it offers fast execution in the market.

What is more, FXOpen offers the popular MT4 WebTrader which allows traders to login even if they have not downloaded the software on their PC.

This is a browser-based function, and is very convenient for those who trade on the go.

Besides, this broker also has MT4 mobile app for those who love mobile trading.

They have MT4 mobile app for Android, iOS and tablets in general. You can trade anywhere there is an internet connection.

The good news is that MT4 mobile app is a fully-fledged MT4 platform which consists of all features normally seen and used on its desktop version.fx open web trader

What account types do they offer?

FXOpen offers various accounts for clients with different needs. The broker has classified his accounts into the following categories:

  • ECN

With this account, you have direct access to the market which is moved by the banks, centralized exchanges, companies, open brokers and other players.

The benefits of ECN manifest in terms of best execution, spreads and pricing. In such a trading environment, no dealing desk will be involved, hence broker won’t trade against you. No conflict of interest whatsoever.

The main features of this account as offered by FXOpen are low spreads from 0 pip, a minimum investment of $100, minimum lot size of 0.01 and 1.5USD commission per lot traded.

fx open ecn

  • Crypto

This account is tailored for those who want to trade Bitcoin, Litecoin,and Peercoin.

Crypto-currency has shown its great potential as an investment instrument, thanks to the high volatility and dramatic price moves that are often associated with this market.

Minimum deposit for a Crypto account at FXOpen is $10 only. Commission is 0.25% half-turn.

Minimum transaction size is 0.01 lot and there is no upper limit. Scalping, hedging, phone dealing, news trading are all allowed. This is the same case as ECN account trading environment.

  • STP

With this FXOpen account, you get to enjoy all the benefits of an ECN account but with a minimum deposit of $10 only.

Like ECN account, this account offers a wide range of tradable financial instruments

The account does not restrict the use of automated trading, EAs, or strategies such as scalping, hedging etc.

The minimum lot size that you can trade is 0.01. Finally, this account does not charge commissions, and there is no maximum balance requirement.

  • Micro

This account lets you trade with as little as $1 because it has low margin requirements since the denomination is in US cents.

Basically, this account offers the same conditions as STP. But they are more geared toward novice or expert traders looking to test their strategies before trading in an ECN environment.

There are no commissions with this account, plus the smallest transaction that can be traded is 0.1 microlots. All strategies are allowed.

  • CFD

This account is for those who would love indices, trade oil, natural gas and metal. These investment instruments are traded on the ECN trading environment just the same way Forex is traded.

This also means that anyone trading Contracts For Difference should be able to enjoy the same benefits that a Forex trader using an ECN account is enjoying.

  • Demo

You can learn how to trade by implementing what you learn on a demo account. FXOpen allows you to trade with virtual money, thus losses are not involved. FXOpen offers demo trading for all account types.

Spread and commission

Commissions vary depending with the account type which you hold. However, FXOpen offers floating spreads for all account types.

Customer support

FXOpen runs a 24/5 customer support which can be accessed via live chat, email or telephone. However, those who want to utilize localized telephone services must be in the following countries:

France, New Zealand, Germany, Russia and Spain.

What we like about FXOpen

This broker offers a variety of products which we feel are unique in their own rights.

We love the fact that FXOpen has a product for everyone. You can trade with low account requirements based on what you can afford.

Secondly, this company is regulated by both FCA & ASIC.

Thirdly, there’s a wide range of trading platforms, plus social trading from services like Zulu Trade is available.

Finally, we love the fact that tight spreads are the hallmark of this broker. FXOpen did a good job here.

Cons of trading with FXOpen

US traders are not accepted, plus the broker has not implemented localized telephone services for Asian users. Basically, these customers have been locked out from such a good opportunity.

Our Best Advice for you

The truth is that this broker is already established, and is willing to work with as many clients as possible.

FXOpen prides itself in offering useful facilities as well as products which users find extremely helpful. Although this platform does not offer educational material (because they assume you will be opening a live account after getting some training elsewhere), it does not mean that beginner support is poor.

Also, this broker is giving its users the peace of mind that comes with knowing that it’s regulated, and hence their money is in safe hands.

Summary
Review Date
Product Name
FXOpen Broker
Author Rating
41star1star1star1stargray

If You'd Like to Get Notified When This Blog is Updated, Subscribe Below...

Leave a Reply

Your email address will not be published. Required fields are marked *

Binary Option Scams, Warnings, Reviews & Updates...

99.9% Tested & Trusted Binary Options Signal Services

Signup today for free and be the first
to receive this exclusive information!

Popular Articles

Follow Us

Valforex.com cannot be held liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Both Forex and Binary options involve high-risk and are not suitable for all investors. Either Forex or Binary options may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity… Read More

Show Buttons
Hide Buttons

Avoid Forex Scams!!!

​Don’t Fall Into the Dirty Hands Of Forex Scammers! Get Free Reports on Forex Products and Services that Really Work.