Initially, FXOpen was founded as an educational center for technical analysis of financial markets in 2003. Its futures brokerage service was only launched in 2005 but immediately became a preferred choice for traders because it offers forex and CFD trading services with low capital, transparent trading conditions, and superior customer support.
FXOpen is under the umbrella of the company FXOpen Markets Limited. This broker has been registered in Nevis with license number C 42235. Apart from that, FXOpen also has licenses from several other regulators.
The most interesting thing about FXOpen is the ECN account it offers. Traders who have ECN accounts will get price quotes directly from liquidity providers. Because of this facility, the FXOpen ECN account is a favorite among traders.
Thanks to its achievements, FXOpen has succeeded in winning various global awards. This broker has received a good response because it offers a trading platform system that is different from brokers that were popular in the early 2005 era. At that time, FXOpen appeared with the MetaTrader platform, as well as various free bonus and education programs which were very effective in attracting the attention of retail traders.
In 2006, FXOpen was the first broker to offer micro accounts and swap-free accounts. After that, he continued to pioneer a number of new and high-tech services, including the first Crypto account that could facilitate trading on 24 Cryptocurrency pairs, including Bitcoin, Litecoin, and Ethereum.
|Website||Click here for the official site of FXOpen|
|Company||FXOpen Markets Limited|
|Regulators||FXOpen Markets Limited is registered in Nevis (No. C 42235), FXOpen UK is regulated by the UK FCA (No. 579202), FXOpen AU Pty Ltd is regulated by Australia's ASIC (AFSL 412871-ABN 61 143 678 719)|
|Customer service||email, telephone, and live chat on the FXOpen website|
|Website language||English, Portuguese, Spanish, Mandarin, Arabic, French, German, Malay, Bahasa Indonesia, etc.|
|Deposits and withdrawals||Bank Wire, Credit Card, E-Payment (Webmoney, Neteller, Skrill, Perfect Money, Fasapay), and Cryptocurrency (Bitcoin, Namecoin, Litecoin, Ethereum, Tether).|
|Trading platforms||MT4 and MT5 for PC, Web, and Mobile.|
|Trading instruments||Accommodates 50 currency pairs, Gold and Silver|
|Spreads||Floating Spread starts from 0 pips|
|Minimum initial deposit||USD1 (Micro account), USD10 (STP and Crypto accounts), or USD100 (ECN account)|
|Leverage||Up to 1:3 (Crypto accounts), or up to 1:500 (Micro, STP, ECN)|
|Minimum lots||0.01 (micro lot)|
|Account types||Micro, STP, ECN and Crypto|
|Swap-free account||Available for Micro, STP, and ECN accounts.|
- ForexCup Trading Contests
FXOpen offers weekly and monthly trading contests on demo accounts via the ForexCup.com website. Traders can join free competitions to hone their trading skills. For traders who want a bigger challenge, trading contests are also available on Real accounts.
- Cashback Program
Traders can get the benefits of the FXOpen Cashback Program for the first 90 days after registering as a new client. For existing clients, this program is available for 90 days from joining. The minimum cashback is USD 5 and the maximum value is USD 1,000. To get FXOpen Cashback, you only need to register using the following link.
- Free VPS
Free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS for free for 1 month if they maintain an equity of USD5,000 at the end of the month or a trading volume of USD 10,000,000 (per calendar month). The advantages of FXOpen Forex VPS are accessibility, flexibility, and excellent speed.
- ECN account from FXOpen broker Gets Direct Price Quotes From Featured Companies
Traders who join an ECN account from FXOpen will get direct price quotes from superior liquidity providers. These include Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account is among traders' favorites.
- Mirror Trading Facility
Traders at the FXOpen broker can carry out Mirror Trading by connecting their account directly to the Myfxbook AutoTrade network, or carry out Copy Trading via ZuluTrade. These two services allow anyone to copy the transactions of more experienced traders, making it possible to replicate their trading results.
- Deposit Withdrawal activities are relatively smooth without major complaints.
Based on experience and information after more than 10 years of operation by FXOpen, there have been no major complaints regarding payments (deposits or withdrawals). However, there are minor complaints such as slow servers, requotes, lag, and the like.
- Registration at FXOpen is Easy.
The registration system at FXOpen is easy. Namely, simply fill out the form in the Register menu on the FXOpen website. However, as usual, you will be asked to verify documents first if you are going to make a deposit payment or withdraw funds.
Recommendations and Suggestions
- FXOpen is a broker that originates from an educational center, so the features offered really meet traders' needs. For traders who want to experience trading on an ECN account, FXOpen provides it with a minimum deposit of only 100 USD. Liquidity providers in FXOpen ECN accounts are elite banks such as JP Morgan, Deutsche Bank AG, Barclays, and the like, making this more than 10-year-old broker a reference for traders.
- In terms of customer service, FXOpen has a Customer Service team that is very responsive and alert in answering client questions. The promotions provided are not too excessive, including cashback and free VPS for traders who meet the minimum balance value. This multi-regulated broker is also a pioneer in terms of micro and Swap-Free accounts, making it very suitable for traders who want to trade according to Sharia.
- The deposit and withdrawal process at FXOpen is relatively standard, but you need to pay attention to complaints about slow trading execution and requotes. It is recommended to try a demo account first and pay attention to the trading execution speed.