Risk Warning: There is a substantial risk involved in Forex trading, which includes a possible complete loss of funds or heavy losses, and is therefore not suitable for everyone. Prospective clients are expected to make independent judgement as to whether forex trading is good for them with respect to their risk tolerance, financial condition, investment experience, and a host of other factors.
BRIEF HISTORY OF FXopen:
FXopen is a forex broker company registered under the company No. C42235 in Nevis and is a member of The Financial Commission. The company started out in 2003 in Cairo as an educational center, and mainly trained people in such areas involving technical analysis of stocks and Forex.
However, in 2005, FXOpen branched out and started their own trading agency headquartered in New Zealand, using their previous experience in the stock market to rise to the forefront of global Retail Forex Industry.
At the moment, FXopen offers trading options in its platform for cryptocurrencies like Bitcoin and we’ll as currency pairs.
FX Open like the other major players in the industry offer MT4 forex exchange platform, which is a very popular trading platform. The adaptability of FXopen platforms for both Windows and Mac computers allows traders the option of trading with any device of choice.
Also, FX Open offers its users the chance to trade on their Android and iOS mobile apps. This makes it easy to watch your trades closely and execute trades even on the move.
KEY FEATURES OF FXOpen:
Aside the above stated facts about FXopen, the broker also:
1) Allows scalping, which is a trading method used to drive the price of shares up.
2) Allows hedging, which is used to reduce client exposure to risk in the volatile forex market.
3) Offers STP
4) Has a low minimum deposit.
5) Offers Negative Balance Protection.
6) Safe order execution.
7) Speed of operations.
8) Consistent trading support through a wide variety of options and guides on the site and upon request through the contact section.
9) Offers PAMM service. PAMM means Percentage Allocation Management Module, which is a good option for professional money managers who love managing funds.
10) Continuous updates on the running currency pairs.
11) Allows Stop Losses (with trailing stops).
12) Limit Orders Negative Balance Protection.
WHAT YOU CAN TRADE ON FXopen:
FXopen offers the following forex pairs:-
– Major forex pairs.
– Minor forex pairs.
– Exotic forex pairs.
– Commodities like Metals and Energies.
TYPES OF ACCOUNT OFFERED BY FXOpen:
– Demo account or Practice Account.
– Micro account
– Mini account
– Standard account
– Electronic Communications Network account or ECN Account for short.
– Islamic account
BONUS AND PROMOTIONS:
FXOpen gives it’s users variety of promotions.
– A customer can receive up to $100 after they open a Real Money Account and trade at least 10 standard lots.
– There are bonuses offered when a user opens a Standard and Micro Account.
– There is the option of transferring money from a customers existing account with another broker to their FXOpen account and receive a welcome bonus in the process.
CUSTOMER SUPPORT SERVICE:
There is a lot of complaints from many users that the customer support of this broker is slow, sometimes unresponsive while some others say it is okay. The opinion is divided here.
That being said, FXOpen supports a variety wide of languages including English, Farsi, Arabic, Espanyol, Turkish, French, Portuguese, Deutsch, Russian, Malay, Thai, and Bahasa.
They also offer over three languages in their live chat and email support.
FXOpen FEES and COMMISSION :
1) FXOpen takes their fees from the spread and there is no Fixed Spread offered by the broker. A Spread is the sum or amount difference between the buying and selling price of any given instrument.
2) General Fees: FXOpen charges fees for inactivity.
3) Withdrawal fees: Varies depending on type of payment method.
4) Overnight Fees and Swap Rates:
– Rollover fee for a customers long positions on EUR/USD =$8.54.
– Rollover fee for a customers short positions on EUR/USD = $3.21.
5) Commissions: CFD shares attracts commissions.
METHOD OF FUNDING:
A user can fund his FXOpen Account through:-
– Credit cards
– Bank Transfer
Withdrawal is easy to do and process.
– Log on to the My FXOpen “personal area” and select “Withdraw Funds” option.
– Fill in details showing the withdrawal amount, currency, electronic wallet or account ID with the selected payment option.
– Input your FXOpen PIN code and click “Withdraw Funds”
When you receive an email to confirm the transaction, make the confirmation.
Note that the processing time depends on the payment option chosen, though most electronic payment systems are usually processed within 24 hours on business days.
Transfers involving Bank Wire takes 1-3 business days and you can always check your withdrawal status at the “Operation Summary” page in your “My FXOpen personal area”.
OPENING ACCOUNT WITH FXOpen:
Opening account with this broker is serious business as a a lot of safety guards and compliance methods are being followed. This is because, FXOpen is being regulated by the Financial Conduct Authority and ASiC, and to help every new client understand the risks involved in Forex trading.
Upon registration, you will be asked to provide the following details :
– Email address.
– National ID, a scanned colour copy of your passport or driving license.
– A Bank Statement (from the past three months with your residential address) or Utility Bill.
– You will be asked few basic compliance questions to know your trading experience.
Follow this link to register: https://my.fxopen.com/en/Registration
Until you scale through the compliance, you cannot make any trade on the platform.