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Initially opened back in 2003, since then FXOpen has been a growing financial trading education service based out in Egypt. However, it later expanded its operations in 2005. They also became the first broker in the world to offer clients ECN trading via the MT4 trading platform.
FXOpen is considered as being one of the most innovative brokers who is continually keeping up to date with their clients’ needs.
FXOpen is one of the few forex trading brokerages which has managed to set the pace for introducing new technologies to the trading industry. Proof in point is that they were also the first brokerage to offer Bitcoin Trading. All that innovation has meant that they have now become one of the leading brokerages in the world with a huge clientele.
How reliable is FXOpen? Or is it a scam?
FXOpen, as mentioned above, started off as a Financial trading education center before they became a fully stocked brokerage. The brokerage was established in 2003, by a group of Egyptian traders who wanted to offer something better.
However, it officially became a brokerage in 2005, when they launched their trading services which primarily focused on providing traders with a level and fair trading environment. Since 2005 FXOpen has managed to introduce many innovations which have benefited their traders but also changed the industry for the better.
One of those innovations is the introduction of ECN trading with MetaTrader 4. This has helped traders gain access to significant interbank rates which in turn lowered overall trading costs. FXOpen through its innovative approach has made it easier for traders to access the forex market by mainly lowering the requirements.
So, forex traders can deposit the least amount of money and get started. The broker also sought out oversight of its operations to ensure that they were fulfilling all legal obligations of traders hence protecting their interests. FXOpen today is regulated by the Australian Securities & Investments Commission (ASIC), as well as the FCA in the UK.
Since the company is fully regulated in both territories, traders can be assured of the fact that they can be trusted. Plus, both of these regulatory bodies are considered the strictest in the world. Even though FXOpen continues to grow, they still pride themselves on their guiding principles which ensure that traders interests are always their top priority.
Trading Platforms Supported
Traders can access the broker’s full range of services by using any one of the various supported version of the MetaTrader platform. Since MT4 is one of the most popular trading platforms and adopted by some of the leading traders, it is fully supported by FXOpen.
It is estimated that over 90% of online retail traders use MetaTrader 4. Perhaps its popularity can be directly attributed to the fact that it is a versatile platform offering an array of trading tools.
In an effort to meet the growing and ever-evolving needs of traders the MetaTrader 4 platform comes in 5 versions. These versions include MT4 iOS Mobile, MT4 STP/Micro, MT4 WebTrader, MT4 ECN, and MT4 Android Mobile.
FXOpen also as their own proprietary FXOpen Mobiel Trader which has been designed primarily for Android devices. Those who want to use an auto trader can use the ZuluTrade trading platform.
Also, traders looking to engage in some social trading can use Myfxbook AutoTrade platform. The platform allows newbie traders to quickly capitalize on the trades and the experience of more seasoned traders which in turn shortens the learning curve and yields better profitability.
Types of Accounts
FXOpen currently offers five different account types. Each account caters to a different kind of trader and a slightly different level of experience. However, whether you are a novice trader have attained guru status, you’ll find an account that works with your style of trading.
The ECN Trading Account
- A Deposit of Min of $100 Required
- Benefit from excellent spreads & execution
- No access to dealing desk
- The account allows for all styles of trading
The Crypto Trading Account
- A Min Deposit of just $10
- Meant to trade Cryptocurrencies
- Offers low Spreads with a Competitive commission Rate
The STP Account
- A Deposit of $10 minimum
- All ECN Trading benefits but with affordable account creation requirements
The Micro Trading Account
- A Deposit of $1minimum
- Meant mainly for novice traders
- Has Market Maker Execution
- Great Floating Spreads
The CFD Account
- Can be used by all ECN Account holders
- Meant for CFD trading
- Low spreads Rates
- Requires just 1% Margin
Additionally, FXOpen also provides traders with a high-quality demo account which can be used to practice. The account does not bear any liability or risk to the trader since they are using virtual money.
High Commission & Spreads
The commissions and spreads tend to be applied mainly depending on the kind of trading account that a trader is using. The ECN account has a minimum spread of just 0 pips. When it comes to commission rates these start from just $15 for an ECN account to 0.25% of the volume traded via the Crypto account.
The customer service provided by FXOpen tends to be working 24 hours a day and 5 days a week. They can be contacted via email, phone or live chat. Localized telephone support is also available in a number of countries like:
- New Zealand
Apart from being a well-established broker, it is also one that offers clients many benefits. It provides a wide range of facilities and various products from which to choose.
FXOpen tends to be highly regulated which is why they are able to provide traders with the peace of mind that their money is safe with the company.
- Very affordable account creating requirements
- Regulated by the FCA and ASIC
- Localized customer and telephone support
- Choose from an array of trading platforms
- Offers Social Trading
- Tight Spreads offered
- The Withdrawal Fees is high
- Not much in the way of Educational Material for newbie traders
- No localized telephone support for traders in Asia
- The support department is only contactable from 7AM to 4 pm Monday – Friday