FXOpen Broker Review

FXOpen Broker Review
Ines Matkovich
FXOpen is a regulated forex broker that offers ECN, crypto, STP, micro, demo and CFD accounts as well as several different types of auto trading. FXOpen is regulated in Nevis with a license number No. C 42235. Established in 2005, it has been a player in the forex industry for quite a long time and... Read more
FXOpen is a regulated forex broker that offers ECN, crypto, STP, micro, demo and CFD accounts as well as several different types of auto trading. FXOpen is regulated in Nevis with a license number No. C 42235. Established in 2005, it has been a player in the forex industry for quite a long time and has been offering not only the accounts listed above, but PAMM accounts as well. There is also a special cashback program that lasts for 90 days, and minimal trades of only 0.01 lot. Read our FXOpen review to find out more about this interesting broker and what it has to offer.
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  1. FXOpen is a regulated forex broker that offers ECN, crypto, STP, micro, demo and CFD accounts as well as several different types of auto trading. FXOpen is regulated in Nevis with a license number No. C 42235. Established in 2005, it has been a player in the forex industry for quite a long time and has been offering not only the accounts listed above, but PAMM accounts as well. There is also a special cashback program that lasts for 90 days, and minimal trades of only 0.01 lot.

    Read our FXOpen review to find out more about this interesting broker and what it has to offer.

  2. Conclusion:

    We make it our mission to not recommend anything but the best – which, according to industry experts, is FXMasterBot, a trading software that lets YOU choose the broker and also provides fast, reliable and FREE trading signals!

    Your capital is at risk
  3. FXOpen Special features

    As already stated in the introduction of FXOpen review, there are several accounts to choose from when trading with this regulated broker. Traders shouldn’t be concerned, as all information about FXOpen accounts is publicly displayed on the website and easy to find. Take your time to read more about the FXOpen features to find the account type that suits you best.

    FXOpen Micro Account

    • Minimum deposit $1
    • Minimum lot size 0.1 micro lot
    • 28 currency pairs, gold and silver
    • Floating spreads
    • No commissions

    FXOpen STP Account

    • Minimum deposit $10
    • Tight spreads
    • 50 currency spreads, gold and silver
    • Scalping and HFT
    • 0.01  minimum lot size
    • No commissions

    FXOpen ECN Account

    • Minimum deposit $100 USD
    • Raw spreads
    • Commissions – from 1.5 units per lot
    • Acess to interbank liquidity pool
    • 70+ currency pairs and CFDs
    • Scalping and HFT
    • Minimum lot size 0.01

    FXOpen Crypto Account

    • Minimum deposit $10
    • Commissions – 0.25% of transaction volume
    • 24 crypto pairs
    • Minimum lot – 0.01

    FXOpen PAMM Accounts

    FXOpen also offers you the opportunity to trade with PAMM (Percentage Allocation Master Module) that doesn’t require so much trading involvement from your side as traditional trading does. PAMM accounts allow you to follow trades and trading strategies from more experienced clients. PAMM accounts can be used only in this way, and never for traditional trading. Before you decide to use FXOpen PAMM accounts, make sure to think about your trading goals and how you want to execute your trades. There are three types of PAMM accounts available.

    PAMM ECN Account

    • Minimum deposit – varies on the offer
    • Minimum master’s capital $1000
    • Floating spreads from 0 pips
    • Market execution
    • Fees and charges apply

    PAMM Crypto Account

    • Account currency: mBTC, LTC, ETH, CNH, EUR, USD, RUB
    • Floating spreads
    • Leverage 1:3
    • Currency pairs with BTC, ETH, LTC, Dash

    PAMM STP Account

    • Minimum deposit varies
    • Minimum master’s account $200
    • Floating spreads
    • No commissions
    • Leverage up to 1:100

    FXOpen Demo Account

    FXOpen also offers a free demo account, but you will have to register in order to use it. The registration process is pretty straightforward. You can choose Demo ECN, Demo Crypto or Demo STP account. This is very helpful for traders as you can immediately check how trading with a certain real account looks like and you won’t have to assume anything. FXOpen demo account can be accessed via MT4 terminal, which means you will also get several customization opportunities. Make sure to read the guide about registering for the demo in case you experience any difficulties.

    FXOpen Bonus

    FXOpen also has 3 bonuses offered. Bear in mind how bonus is not free money but a special offer that comes with certain terms and conditions.

    FXOpen No Deposit Bonus for STP accounts

    It comes in the amount of $10. Traders must also verify the account via SMS. You can withdraw any profit you make after trading 2 minimum lots. You can’t withdraw the bonus itself.

    FXOpen Welcome Bonus

    Available for micro accounts after the minimum deposit is made. The total amount of this bonus is $1. You can withdraw all profits from trading this bonus after you reach 100 micro lots traded.

    FXOpen ForexCup Trading Contest Bonus

    Terms and conditions depend on the current active promotion. It is available only for STP accounts.

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  6. FXOpen Trading software

    FXOpen offers trading on Metatrader4 platform. There are 3 types of MT4 platform available: traditional downloadable platform, WebTrader and mobile trading (MT4 and MT5).

    Metatrader is probably the most popular forex online trading platform, and no wonder so many brokers choose to use it. FXOpen traders can also use some additional tools when trading on Metatrader: margin and pip value calculator, currency exchange rates, and commission calculator.

    FXOpen Auto Trading

    FXOpen also allows you to try automated trading with MyFXbook auto trade, ZuluTrade and VPS.

    MyFXbook

    • Several strategies available
    • Demo mode available
    • Strategy simulator
    • Past performance analysis
    • High level of control

    ZuluTrade

    • You can have several accounts from one place
    • Customizable portfolio
    • ZuluGuard protected trades
    • Free signals
    • Real time trading
    • 30-day demo account

    VPS

    • Available for crypto, ECN and STP account holders
    • High flexibility
    • Amazing accessibility
  7. If you want to trade with an Automated Trading Robot, we recommended using FX Master Bot

  8. FXOpen Support information

    FXOpen review noticed how there is somewhat different approach around customer support involved in this case. In the upper right corner of the platform, traders will find an interesting box that contains several categories:

    • Forum
    • Blog
    • Live chat
    • Contact
    • Help center

    Traders who want to read articles should visit Blog section, and if you want to talk to your peers, make sure to check out the Forum. Live chat gives you instant access to the customer support agent, while contact section offers more traditional means of communication with the broker.

    Help center will be very useful for traders who wish to find an answer on their own as there is a great knowledge database with useful practical guides regarding different opportunities the platform offers. You can also submit a ticket, which is also a way of contacting customer support and find a troubleshooting solution. FXOpen really opens an interesting approach towards building up every type of assistance the trader needs in a single place. The website is available in English, Chinese, Russian, Arabic and Spanish. Please bear in mind that most articles are available in English, and you should definitely read them in original form to avoid any confusion.

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  10. FXOpen Payment Methods

    Banking system with FXOpen is very detailed. Everything is well explained in a special section of their website.

    They support bank wire transfers that have minimum deposit limit of $25. These deposits are processed within 3 days.

    Local transfer is a method available in Malaysia, China, Indonesia, and Thailand. There are no limitations, and the transfer takes as long as traditional bank wire.

    Netbanx is a payment method available only to Chinese traders. Minimum deposit is CNY10.

    Credit cards – MasterCard, Visa, Visa Electron, Maestro, Discover, JCB and others.

    E Wallets – Skrill, Neteller, WebMoney, QIWI, PerfectMoney, SorexPay, YandexMoney, FasaPay, IntellectMoney, RBK Money.

    Prepaid cards are available as well.

    Cryptocurrencies can be used for depositing in case of Bitcoin, Litecoin, Ethereum, Tether, and Emercoin.

    Minimum withdrawals are as follows:

    • Bank wire – $100
    • Credit card – $10
    • Bitcoin – 0.01BTC
    • Litecoin – 0.1 LTC
    • eWallets – from $1

    FXOpen also charges some fees that won’t make many traders happy.

    Bank Wire Fees – Depending on the currency of transfer: 45 USD, 1500 RUB, 30 EUR, 25 GBP, 30 CHF, 30 AUD, 3000 JPY for withdrawals; plus possible additional fees for depositing.

    Credit Cards: 2.29%+0.22 for deposits, and 2% (min 6.5 EUR or 7.5 USD) or 2.5% + RUB 50 for a withdrawal

    UnionPay: 3.5% + 2 CNY for deposit,  and 10 CNY (RMB) for a withdrawal

    Ewallets – fees may vary depending on the service provider

    Cryptos – usually involves a withdrawal fee only

    FXOpen is owned by FXOpen Markets Limited, registered in Nevis under the company No. C 42235.

  11. Conclusion:

    We make it our mission to not recommend anything but the best – which, according to industry experts, is FXMasterBot, a trading software that lets YOU choose the broker and also provides fast, reliable and FREE trading signals!

    • Choice of reputable brokers
    • Free forex & crypto signals
    • Advanced trade settings

    Try a simpler
    way of trading
    with FXMasterBot

  12. Your capital is at risk
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