FXOpen Review Is Fxopen.com A Legit Forex Broker

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Options Broker 2020!
    Ideal for beginners!
    Free Demo Account + Free Trading Education!
    Get a Sign-up Bonus:

  • BINOMO
    BINOMO

    2nd place in the ranking!

FXOpen Review

FXOpen

Leverage: 1:30

Regulation: FCA

Min. Deposit: 1 US$

HQ: UK

Platforms: MT4, MT5

Found in: 2005

FXOpen Licenses:

  • FXOpen Ltd – authorized by FCA (UK) registration no. 579202

Top 3 Forex Brokers

Alpari Review

FXTM Review

FP Markets Review

  • Our Review
  • FXOpen User Reviews
  • FXOpen News

While choosing a broker always make sure to check its offering in detail, along with the license broker operate through. Hereby we assist in choice by reviewing brokers and FXOpen Review for consideration.

What is FXOpen?

The FXOpen firm was founded as an educational center offering courses in the field of technical analyses and financial markets, yet in 2005 became a brokerage company with an aim to satisfy the growing need for fair and transparent trading conditions. Therefore, the broker committed to continuous development, while constantly adding-on additional markets and expand their offerings even more.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Options Broker 2020!
    Ideal for beginners!
    Free Demo Account + Free Trading Education!
    Get a Sign-up Bonus:

  • BINOMO
    BINOMO

    2nd place in the ranking!

FXOpen was the first Forex broker to offer its clients ECN trading via the Meta Trader4 terminal, along with the FXOpen’s unique proprietary price aggregating technology which you can benefit from the industry’s most competitive spreads and low trading commissions. The ECN Model gives traders access to the Interbank market, clients receive real-time quotes from the industry’s largest liquidity providers.

Apart from the general offering to trade Forex, the company continued to set the pace with its latest technologies and in 2020 offered Bitcoin trading. What is more interesting, Forex Competitions are held regularly by the broker that assists in learning, as well offers opportunity to gain valuable prizes.

Currently, the broker is a trusted partner to more than 1,000,000 customers from around 100 countries, their services and the technology, as well the working environment recognized many times. Overall, as FXOpen maintains its mission to provide clients with professional services in trading, analytics, and excellent customer support, the support remains always on hand to any questions you may have.

Nevertheless, to get offering clearer you should check and take into consideration the most important information that broker’s offering consists of. For that reason in this review we cover:

Is FXOpen safe or a scam?

FXOpen Markets Limited is a company duly registered in Nevis, however, since 2020 within the FXOpen Group of Companies a London-based company – FXOpen UK received the Financial Conduct Authority (FCA) license with registration number 579202. In fact, launch of the London office and the www.fxopen.co.uk website brought huge company expansion among the EU countries and even further.

Since FCA licenses are among the most respected worldwide, trader’s assurance and peace of mind that funds are safety and secure at FXOpen, provided by numerous ways and general safe guidelines how brokerage operate. Moreover, client funds are held in fully segregated bank accounts in the UK and protected up to £50,000 by the FSCS.

FXOpen Trading Platforms

According to the statistical data over 90% of all transactions on the retail Forex market are conducted via Metatrader4. As the most popular choice, along with its powerful tools the FXOpen chooses MT4 as their mainstay and actually was the first broker to introduce direct access to Interbank liquidity and ECN trading via MT4. However, the company moved even further and enhanced the technology by the Liquidity Aggregator that ensures error-free order execution and best prices.

The standard version of MT4 diverse from the FXOpen one, as the trader needs a different modification for each account. Hence, there is available version of STP and Micro accounts, and a separated one for ECN accounts and Crypto Trading.

Generally, the platform is available in different versions which are suitable for any device or accessible as a WebTrader through the browser.

Automated Forex Trading, also known as algorithmic trading, is the use of Expert Advisors (EA’s) or trading robots to place orders automatically without the manual interaction of the trader that allows trading systems to run autonomously and continuously. FXOpen offers Forex auto trading via Myfxbook and ZuluTrade. FXOpen also offers its own PAMM technology allowing to benefit from the strategies of experienced traders with a proven track record.

  • FXOPen PAMM service offers to join the funds of experienced traders to become a Master and earn from Forex followers for the benefit of both, while followers may choose from vast of strategies to follow. Currently, there are over 200 active PAMM accounts, the minimum capital to start is only 200$ with no limitation of open trades or strategies.

FXOpen Trading Fees

FXOpen’s clients can choose from a variety of trading accounts (STP, Micro, ECN, Crypto and free unlimited demo accounts) and enhance their trading capabilities with automated trading systems.

The Islamic traders are also welcomed, to take advantage of Forex trading without violating Sharia law by offering them SWAP free accounts.

The Micro Account allows access to trade 28 currency pairs and on non-commission basis, while the STP account offers tight spreads, no commission and as low as 10$ deposit to start. Moreover, Crypto trading available through 24 currency pairs BTC, LTC, NMC, PPC, ETH, DASH, EMC, with commissions of transaction volume 0.25% through the first deposit of 10$. However, some differences between the accounts may occur for UK residents.

FXOpen Spread

As for the FXOpen trading costs or spread, due to its execution technology, you will enjoy variable spreads which are defined by the trading account and instrument you choose. In case you trade through ECN account spreads are floating and starting from 0 pips, while STP execution spreads are slightly different, see comparison table below, as well compare FXOpen fees to another popular broker FXTM.

Asset/ Pair FXOpen Spread
EUR/USD 0.4
Gold 13 cents
BTC/USD 11

FXOpen Leverage

Being a UK based regulated broker FXOpen therefore, follows strict guidelines set by the European authority Financial Conduct Authority and general ESMA rules. Eventually, recent update from the European regulator set a limitation towards maximum offered leverage levels, as ESMA recognized a potential risk in case very high leverage is used. Therefore, clients of ICM Capital may use leverage up to 1:30 for Forex products, 1:5 for CFDs and 1:10 for Commodities.

FXOpen Methods of Payment

The payment methods acceptable by broker covering the most common options including debit/credit cards, UnionPay, bank transfers, local bank transfers or local deposit (available in Malaysia, China, Indonesia, Thailand), as well local bank transfers supported too in Latin America region, major e-wallets WebMoney, Neteller, Skrill and minor Qiwi wallet, Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money. And the last, payments can be processed via PaySafeCard or a newly established cryptocurrencies payment (the broker accepts Bitcoin, Litecoin, Ethereum, Tether, Emercoin).

FXOpen minimum deposit

The minimum deposits are set according to the trading account you choose and starting from the only 1$, which is indeed fantastic for the traders of any size and experience level.

In addition, the hustle-free funding option available by the Prepaid Card worth of 25$ up to 10,000$ that can be ordered from FXOpen’s official resellers, and FXOpen Pre-paid Codes allows transferring funds between FXOpen eWallets with no commission.

FXOpen withdrawal fee

Though, take into consideration that some of the payment methods may incur transfer fees, which FXOpen charges according to the various payment conditions and regions respectively.

Conclusion on FXOpen

FXOpen makes access to the forex market easier while you can benefit by lower deposits or trading requirements, as well with a wide range of attractive offerings. The broker also keeps regulatory supervision for their operations, which ensures that the traders’ legal rights are well protected and secured.

However, ECN trading is a good choice for experienced traders and those who prefer technical or programmed trading as a major strategy. The ECN Model uses Market Execution, means that order will be filled in the interbank market but the execution price may differ from the price you requested upon placing the order. As well, the company does not provide educational materials, yet comprehensive investment opportunities either through own trading strategy or by following of PAMM account may be interesting for both beginning and professional traders.

Nevertheless, it is always good to know your personal opinion about FXOpen , which you may share in the comment area below.

No review found.

FXOpen launches access to ECN trading through the latest version of MT5 and participating in growing demand with many new functions, yet with a familiar user interface. While MT5 or MetaTrader5 is a new generation of the market leading and widely popular MT4 platform developed by the MetaQuotes company. Together with its known powerful capabilities MT5 allows multi-asset.

FXOpen.com Review Visit site

FXOpen.com is the Nevis branch of FXOpen.

The Australian branch is at FXOpen.com.au. The UK branch is at FXOpen.co.uk

Also known as:
fxmalay.com, fxislamic.com, fxind.com, fxfrench.com, philippinesforex.com, fxorient.com, forexarabian.com, forex-leader.com, payufx.com

About FXOpen.com

FXOpen is a forex broker. FX Open offers the Mobile, MT4, MT5 and web trading platforms. FXOpen.com offers over 50 currency pairs, CFD, bitcoin and other cryptocurrencies for your personal investment and trading options.

  • Information
  • Live Discussion
  • Video
  • 13 Widgets
  • More .

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $1
Established: 2005
Address: P.O. Box 590, Springates East, Government Road, Charlestown, Saint Kitts And Nevis
Contact: [email protected], +7-499-346-0960
Regional offices:
Regulators:
Prohibited countries:

Yes

Yes

Yes

Trading platforms: MT4, MT5, WebTrader
Web Trading:
Mobile Trading:
ECN:
Currencies: (50+)
Cryptocurrencies: (40+) Bitcoin, Litecoin, Ethereum
CFD: (15+) Gold, Silver, Stock Indexes, Oil

Yes

Yes

Yes

Yes

Yes

EAs/Robots:
News Spike Trading:
Scalping:
PAMM:
ZuluTrade:
Deposit Methods: Bank Wire, VISA, MasterCard, ePayments, FasaPay, IntellectMoney, JCB, Local Bank Transfers, Maestro, Neteller, PayToday, PerfectMoney, Poli, Qiwi, RBK Money, Skrill, UnionPay, WebMoney, Yandex Money
Withdrawal Methods: Bank Wire, VISA, MasterCard, ePayments, JCB, Local Bank Transfers, Maestro

Live discussion

Join live discussion of FXOpen.com on our forum

Video

Your company video here? Contact ad sales

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Consumer Reviews

Service use: Live

Length of use: 0-3 Months

Please give us your email or trading account number to look into this situation.
We are not scammers and take our obligations very seriously.
Over the 15 years of its existence, FXOpen has never committed fraud against its clients. Instead of blaming us maybe you should contact our trading or support team first to [email protected]

Best regards,
the FXOpen team

Length of use: 3-6 Months

Please give us your email or trading account number to look into this situation.
Provide us with any evidence concerning your review. We are not scammers and take our obligations very seriously.
Instead of blaming us maybe you should contact our support team first to ашпгку the things out to [email protected]

Best regards,
the FXOpen team

Service use: Live

Length of use: over 1 Year

Thank you for your comment. Please, contact us at [email protected]

Best regards,
FXOpen team

Service use: Live

Length of use: 0-3 Months

Please, send us your email or ewallet number. FXOpen has never committed fraud against its clients. Instead of blaming us in withdraw refusal, maybe you should contact our support team first.

Best regards,
FXOpen team

Service use: Live

Length of use: 0-3 Months

encounter 2 real situations with this broker.
1) generated an invoice for payment, however was rejected as the SWIFT code provided was accepted at my local counter party. Subsequent to that, I use my virtual credit card for funding. FXopen finance department then disputed that the credit name is different from the legal owner name. Submitted my bank statement showing the credit card number and name but was also rejected as FXopen wanted a copy of the front and back of credit card with signature on it. SERIOUSLY. AFTER EXPLANATION OF A DIGITAL CREDIT CARD.
2) Cancelled by dealer on AUD/CAD pair 11 Jul 19. Reason given was not enough liquidity over liquidity providers. Prices was tested during London/US trading hours and volume was in the upper quartile of daily trading range. No major news HOW IS IT THAT THERE IS LIQUIDITY BY LIQUIDITY PROVIDERS. FXOPEN INTEREST IS NOT WITH CLIENT BUT LIQUIDITY PROVIDERS??

For the above reasons, please stay away from credit card funding from this broker. Do not place any form of limit and stop trades as they do not honor their execution professionally.

FXOpen Review: Is Fxopen.com A Legit Forex Broker?

Fxopen.com Review: this is the name of a Forex broker that is located in Saint Kitts and Nevis. Is FXOpen a scam Forex broker?

We found that the broker mentions Australia and the United Kingdom as other locations. These two locations are regulated by the ASIC and the FCA. When we checked the FCA list of brokers, we found that the FXOpen broker is regulated by the Financial Commission Authority. This is an encouraging find.

HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.

Click HERE to start the recovery process

A minimum trade size of 0.01 is allowed for traders. We find that the broker was established in 2005 but it is banned in the USA. Trading robots, scalping and News spike trading is allowed. The offer of PAMM system is fishy as managed accounts are dangerous.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

FXOpen Trading Platform

We found that the FXOpen Forex broker offers traders the MetaTrader 4 and 5 trading platform. WebTrader is also allowed as well as a web-based platform. Trading EAs and robots are supported as well.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: 50+ forex currencies, 40+ cryptocurrencies, and CFDs on 15+ commodities.

We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages can reach up to 1:500 and although this may seem generous, they pose dangers to traders. High leverages can lead to huge loss of funds as well. Spreads on the EURUSD is said to begin at 0.4 pips.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on FXOpen

The means of making payments are: bank wire, Visa, MasterCard, ePayments, FasaPay, IntelectMoney, JCB, Local Bank Transfers, Maestro, Neteller, PayToday, PerfectMoney, Poli, Qiwi, RBK Money, Skrill, UnionPay, WebMoney, Yandex Money. Withdrawals are allowed via: Bank Wire, Visa, MasterCard, ePayments, JCB, Local Bank Transfers, and Maestro.

We find this encouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at $1 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is FXOpen Licensed?

Yes. The broker that is located in the UK is registered by the Financial Commission Authority (FCA). This gives the broker a high rating as regulated brokers tend to be careful with funds of clients. It is encouraging to find this and traders are advised to always consider trading with registered brokers.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To contact the broker or any of the customer care agents, interested traders are directed to call: +7 499 346 0960 or email: [email protected]

Conclusion

Since the broker belongs to a regulated company, we find it encouraging. It has an affordable minimum deposit requirement that is within the average we are used to. Several options trading platforms are opened to traders which is good.

Many means are allowed for traders to make deposits and withdrawals. Spreads are tight as we expect from good brokerages as well as generous leverages. We have explained that this can also be a disadvantage.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Binary Options Broker 2020!
    Ideal for beginners!
    Free Demo Account + Free Trading Education!
    Get a Sign-up Bonus:

  • BINOMO
    BINOMO

    2nd place in the ranking!

Like this post? Please share to your friends:
All About Binary Options Trading
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: