FXOpen Review and Tutorial 2021

FXOpen is an ECN forex broker presenting the scope of CFD instruments using the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. This survey will cover account types, charges, minimum deposits, and more. Find out in the event that you should join with FXOpen.

FXOpen Details 

FXOpen began as an instructive focus, offering courses within financial markets. Then, at that point in 2005, a gathering of traders transformed the organization into a global brokerage with workplaces in the UK, Russia, New Zealand, and Australia. Today, the broker’s numerous traders can be found wherever from Canada and Germany to Vietnam and Nigeria.

The FXOpen bunch works under FX Markets Limited, an organization enlisted in Charlestown, Nevis. FXOpen UK is approved and managed by the Financial Conduct Authority (FCA). FXOpen Australia is managed by the Australian Securities and Investments Commission (ASIC).

Trading Platforms

MetaTrader 4

FXOpen was the primary broker to offer ECN and STP trading through MetaTrader 4 (MT4), an award-winning platform that flaunts instant exchange execution at cutthroat prices.

MT4 is ideal for the two beginners and specialists and offers a scope of customizable highlights, including:

• 50+ built-in indicators and graphical articles for technical analysis
• Three kinds of orders (market, limit, and stop)
• Intuitive charting package
• Automated trading (EAs)
• Rich historical information
• One-click trading
• Trading signals

MT4 is accessible for download on Windows computers and can be gotten to from the Platforms page on the broker’s site.

FXOpen likewise offers the electronic form of MT4 – an extraordinary alternative for those with Apple Macintosh computers, where a direct download isn’t accessible. The WebTrader terminal has overall similar highlights of the work area form and is viable with all significant work area programs.

MetaTrader 5

FXOpen likewise offers the MetaTrader 5 (MT5) platform, offering every one of the highlights of MT4 with a few extra advantages:

• 80+ built-in indicators and graphical items for technical analysis
• 21 timeframes to follow price movements
• Multi-currency strategy tester
• Netting and hedging permitted
• Economic calendar

Note, cryptocurrency trading isn’t accessible on MT5.

MT5 is accessible for download on Windows computers and can be gotten to from the broker’s site.

TickTrader

For non-UK clients, FXOpen likewise offers TickTrader, a spic and span trading platform offering a large part of similar highlights as MetaTrader, and the sky is the limit from there. Using one trading account – TickTrader ECN is appropriate for the two beginners and specialists.

Key highlights include:

• Advanced technical analysis tools (30+ indicators)
• Customizable, user-friendly interface
• One/double click trading mode
• Detailed charting framework
• Trading alert framework
• Strategy back tester
• Level 2 pricing

A web-based form of TickTrader is likewise accessible. Supporting every one of the major browsers and operating frameworks, the TickTrader web terminal offers simple and fast admittance to trading without the requirement for a download and without thinking twice about any highlights. Clients can get to the web terminal from the FXOpen website.

Markets

FXOpen offers four key markets:

• Currencies – Trade more than 50 major, minor, and exotic currency pairs.
• Indices – Trade nine worldwide indices, including the FTSE 100 and S&P 500.
• Commodities – Trade on energy and metals like silver, gold, and crude oil.
• Cryptocurrencies – Trade more than 40 crypto CFDs, including Bitcoin, Ethereum, and Ripple.

Spreads and Commissions

For major forex pairs, including GBP/USD and EUR/USD, spreads average around 0.2 pips, while spreads are around 0.5 pips for EUR/GBP. Spreads for the FTSE 100 beginning from 0.8 pips, while for gold and silver, spreads start from 0.27 and 1.2 individually. Crude oil spreads average around 4 focuses.

With ECN accounts, forex commissions are set based on the account balance and begin from $3.50 for accounts lesser than $1,000 and diminish to $1.50 for account balances more than $250,000. Discounted rates for high-volume traders are accessible. Additionally, for CFDs indices and commodities, commissions start from $5 for lower account balances and for higher balances, lessen to $3.50. Natural gas and crude oil are charged at either 0.0025%, 0.005%, or 0.0018% per side, contingent upon the account balance. The commission is 0.5% per side for cryptocurrency CFD accounts.

With STP accounts, the commission is remembered for the spread.

Different expenses to know about incorporate swap charges on positions held for the time being. FXOpen gives guidelines on the most proficient method to look into a swap charge on their website.

Leverage

For cryptocurrency trading, leverage is accessible from 1:2, and for forex investing, 1:30. At 1:20, leverage for indices is set, and for commodities, the most extreme leverage is 1:10, aside from gold which is accessible at 1:20. Professional customers can get to leverage up to 1:500. Address the help group to change leverage levels.

Helpful margin and pip esteem mini-computers are accessible on the dealer’s website.

Mobile Apps

FXOpen offers the entirety of its trading platforms (MT4, MT5, and TickTrader) as mobile apps, compatible with iOS and Android smartphone and tablet gadgets. The mobile apps give similar highlights as the work area forms, just as added highlights, including pop-up messages. The apps can be downloaded from the Play Store or the user’s App Store.

Payment Methods

Deposit

FXOpen offers several deposit choices in EUR, USD, or GBP. While some choices are free of charge, there are some charges to be informed of:

• Bank wire transfer – Free
• Credit/debit cards – Free
• Webmoney – 3.5%
• Trustly – Free
• Neteller – 1%
• Skrill – 2%

Minimum deposits range from 10 GBP, USD, or EUR for cards and go up to 300 for wire transfer. For Webmoney, Trustly, Neteller, and Skrill, minimum deposits in the chosen currency are 50.

There is no greatest deposit restricted for wire transfer. The limit is 15,000 (USD, GBP, or EUR) for cards, and for e-wallets, the greatest deposits are 10,000 or 20,000.

Note that FXOpen likewise permits virtual prepaid cards for new clients. Neighborhood deposits are likewise available for Indonesia and Malaysia. Details of these can be available in the help center.

Withdrawal

Withdrawal methods and fees are as per the following:

• Bank wire transfer – Free for GBP, 30 USD, or 15 EUR
• Credit/debit cards – Free
• Webmoney – 3.5%
• Neteller – 1%
• Skrill – 2%

For bank wire transfer, withdrawal times for bank wire transfer normally take 1 – 3 business days, while cards take 2 – 5 business days. 50 GBP, USD, or EUR is the minimum withdrawal for bank wire transfer, and for any remaining methods, the minimum is 10. There is no most extreme withdrawal limit for bank transfers. However, the limit is set at 15,000 GBP, USD, or EUR for card withdrawals. Any remaining systems are either 10,000 or 20,000.

Demo Account

FXOpen presents a demo account in any of the three account alternatives and with TickTrader, MT4, and MT5 platforms. The demo account can be started from the principle page and provides users up to $1,000,000 in virtual funds. This demo server will remain accessible as long as you sign in each month. You would then be able to upgrade to a live real-money account when you’re ready.

Bonuses and Promotions

For non-UK customers, FXOpen proposes a $10 no deposit bonus (NDB) for the STP PAMM accounts and ECN TickTrader account. There is likewise a $1 welcome bonus for Micro accounts and a ForexCup Trading Contest bonus, subject to demo contest terms and conditions. See the broker’s site for the fresh promotional codes.

Currently, there are no promotions or bonuses for traders located in the UK.

Regulation and Reputation

FXOpen UK Ltd is authorized and regulated by the Monetary Conduct Authority (FCA) in the United Kingdom. By the Australian Securities and Investments Commission (ASIC), FXOpen Australia is regulated. The broker gets a decent trust rating in customer reviews.

For its retail customers, FXOpen likewise offers negative balance protection.

Additional Features

FXOpen presents several additional features suited to both beginner and expert traders:

• Market news
• FIX Programming interface trading
• Customer forum
• Economic calendar
• VPS (Virtual Private Server) is available
• Help center with support alternatives and knowledge base
• Myfxbook and Zulutrade social and copy trading (only non-UK)

Account Types

There are three account types accessible for UK customers: ECN, STP, and Crypto. Tradeable instruments with the STP account are silver, gold, and forex. With the ECN account, you can trade silver, gold, forex, energy, and indices. You can trade cryptocurrencies with the Crypto account.

The minimum deposit across each of the three accounts is 300 GBP, USD, or EUR, which is genuinely high compared to the versions of IC Markets and XM Trading. With the STP account, there is no commission. However, in the ECN account, a commission is charged from $1.50 per part and 0.5% half-turn in the Crypto account. In the STP and ECN accounts, leverage goes up to 1:30 and remains at 1:2 for the Crypto account. The minimum exchange size across every one of the three is 0.01 parcels.

FXOpen likewise offers Expert versions of the ECN, STP, and Crypto accounts, with lower commission rates and higher leverage of 1:500. Details of this can be available in the Ace tab at the top section of the broker’s site.

Note that the FXOpen UK entity cannot provide PAMM accounts. 

Benefits

In case you take a gander at FXOpen versus the likes of FXTM and FXPro, traders benefit from:

• MT4, MT5, and TickTrader platforms
• Positive customer reviews in 2021
• Regulated in the UK and Australia
• Decent cryptocurrency offering
• True ECN model

Drawbacks

Disadvantages of picking FXOpen include:

• The high minimum deposit for UK customers
• More suited to experienced traders
• Limited educational instruments
• Limited range of CFDs

Trading Hours

Trading hours for indices, forex, and commodities run from 22:00 on Sunday to 22:00 on Friday (UK time). All crypto instruments are tradable 24 hours every day, 7 days a week.

Check the timezone in your area.

Customer Support

There are several different ways traders can contact FXOpen customer support:

• Email – support@fxopen.co.uk
• Help center – present a ticket after registration
• Customer support telephone – +44 (0) 203 519 1224 (8am – 6pm GMT)
• Trading desk telephone – +44 (0) 203 519 1224 (10pm Sunday – 10pm Friday GMT)
• Live chat, including WhatsApp and Facebook Messenger – located in the bottom right-hand corner of the website

The support team can assist with e-wallet and Bitcoin deposits, withdrawal problems, and evidence of address queries.

User Security

Both the MT4 and MT5 platforms observe industry-standard security requirements, including 128-bit Secure Sockets Layer (SSL) encryption and two-step verification upon login. All client funds are completely segregated at Barclays Bank Plc or Lloyds Bank Plc in London.

FXOpen Verdict

FXOpen is a decent ECN broker furnishing a competitive trading environment with multiple platforms for active traders. Despite the fact that education resources are genuinely limited, the low spreads and commissions, just as a solid history, make it an attractive alternative, especially for high magnitude traders.

Accepted Countries

FXOpen accepts traders from Thailand, Canada, Australia, United Kingdom, South Africa, Singapore, France, Hong Kong, India, Germany, Norway, Sweden, Italy, Denmark, Kuwait, United Arab Emirates, Saudi Arabia, Luxembourg, Qatar, and most other countries.

Traders cannot use FXOpen from Belgium, Japan, and United States.

Alternatives to FXOpen

In case you are searching for alternatives to FXOpen, we have compiled a rundown of the main 5 brokers that are like FXOpen below. This rundown of brokers like FXOpen is arranged by comparability and just includes companies that accept traders from your area.

RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.

OctaFX – OctaFX offers multi-asset trading on a range of platforms and mobile arrangements.

ThinkMarkets – ThinkMarkets is multi-regulated forex and CFD broker

FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.

FBS – FBS is a top online broker offering MT4 and MT5 trading across a range of instruments.

FAQ

Is FXOpen regulated?

Positive, the brokerage has licenses with the ASIC in Australia and the FCA in the UK. These are two of the most renowned agencies and a solid marker that FXOpen is dependable.

Is FXOpen a decent broker for beginners?

Despite the fact that FXOpen is aimed at the two experts and beginners, there are limited resources for beginners to learn how to trade. FXOpen likewise requires a minimum beginning capital of £300, and it’s relatively high.

What leverage is available at FXOpen?

Leverage is accessible up to 1:30 for indices, forex, and commodities, while leverage rates up to 1:2 are available for cryptocurrencies.

What are markets available on FXOpen?

You can trade on 50+ FX markets, five commodities, nine global indices, and 40+ cryptocurrencies at FXOpen.

How would I open an account with FXOpen?

From the broker’s site, you can choose to either open a Live Account or a Demo Account from the upper right-hand corner. You should select which account type you wish to trade and verify your identity and proof of address.