FxOpen Review – Is FXOpen a good broker?

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  • Country: Nevis, UK
  • Regulation: FCA
  • Products: forex and crypto-currencies
  • Broker Type: ECN, STP, market maker
  • Minimum deposit:  25 USD FXOpen.com, 300 FXOpen.co.uk
  • Deposit methods: transfer, card, Skrill, WebMoney and more
  • Minimum EURUSD spread : 0 pips
  • Commission : from 0.5% volume; $ 18 x million
  • Scalping: yes, less micro account
  • Platform: MetaTrader 4 and 5

What is FxOpen?

FxOpen is one of the longest standing forex ECN brokers on the market.

This broker is registered in Charlestown, Nevis.

It also has an independent subsidiary in the United Kingdom regulated by the FCA.

The account opening conditions are different depending on each of the subsidiaries.

FxOpen minimum deposit

For example, at Nevis’ FxOpen.com , you can open an account from $ 1, while at FxOpen.co.uk the minimum is $ 300.

It will depend on where we feel more comfortable we can open an account in one broker or another.

Click here and open an account from 5 USD with one of the best brokers on the market

Risk warning!

If we prefer the greater security of an FCA-regulated broker we open an account at the headquarters of the United Kingdom.

If we prefer more leverage and offers, we will have to choose the FXOpen.com option.

FXOPen.com bonuses and promotions

For example, among the offers that FXOpen.com usually offers we have:

  • $ 10 deposit bonus
  • $ 1 bonus for micro accounts
  • Forex tournaments

The broker sporadically changes these offers and introduces some new ones.

Open FxOpen account

The account opening with FxOpen is quite simple since we will only have to enter our personal data and wait for the confirmation email to be sent to us.

Once we confirm we can enter the broker’s platform and to validate our account and proceed to trade we can do it after sending copies of our proof of residence documents (invoices or bank statements) and identity (DNI, driving license or passport) .

The minimum deposit for Europe will be $ 300.

At FXOpen.com it’s $ 25.

Funds can be added via wire transfer, card, Skrill, Neteller, WebMoney, and many more.

The attention to the customer will be using 24/5 chat, phone and email.

FxOpen Bonds

FxOpen offers some bonuses, among which:

  • $ 10 no deposit bonus for STP accounts .
  • Welcome bonus for micro account.
  • FxOpen Cup trading tournament bonus. With which you can participate in one of the many trading tournaments offered by this broker and win prizes with it.

FxOpen accounts and commissions

The following data is for FxOpen.com:

FxOpenMicroSTPECNCrypto
KindMMSTPECNECN
Minimum depositone1001,000 USD10
SpreadVariableVariable from 0Variable from 0Variable
Commissionnotnot15 USd x million0.25% of volume
RequoteYesNoNoNo
Minimum size0.0010.010.1 lots0.01
Leverage500: 1500: 1500: 1500: 1
ScalpingNoYesYesYes
Expert AdvisorsYesYesYesYes
Trading newsNoYesYesYes
Market depthNoYesYesYes

Types of accounts

The accounts that FxOpen offers are: demo without limitations, Micro, ECN, STP, integration with Myfxbook and with Zulutrade.

Discover which are the best brokers on the market

Likewise, there is a PAMM service offer, with which traders can invest capital in those strategies offered by different independent managers that they consider most appropriate.

The FxOpen platform is MetaTrader 4, the most famous Forex and CFDs platform in the world.

It has also included Metatrader 5.

The maximum leverage for traders residing in Europe by ESMA regulations is as follows:

productsNew leverage
Main Forex pairs30: 1 or 3.33% margin
Main indices, gold and minor Forex pairs20: 1 or 5% margin
Lower indices, commodities and exotic Forex pairs10: 1 or 10% margin
Actions5: 1 or 20% margin
Cryptocurrencies2: 1 or 50% margin

However, in early 2019 on the UK website you can still see maximum leverage of 500: 1.

Leverage on FxOpen.com is up to 500: 1, and it can be used by international clients.

PAMM accounts

FxOpen offers us a ranking of the best PAMM accounts and of those who follow them, which can also be more efficient than others, since choosing a good portfolio of PAMM accounts is also an art. He who has good analytical skills can choose a series of PAMM accounts and distribute capital and risk more efficiently than others.

PAMM accounts can be opened from 1,000 USD and it is quite easy to do so. Then you have to make a profit for a period and start offering them to potential interested traders. The problem is that this type of service is not legal in Spain, at least for independent traders. So those who perform this type of service are at risk of being discovered someday. We do not know how the situation is in this regard in South America.

However, we maintain a cautious position with the PAMM service of brokers in general. We advise not to get carried away by the spectacular results that some providers offer, and to study well the possible strategies. Likewise, it would not be wrong to diversify a little or not spend too much money until you see that a strategy may or may not be good. It is always better to be cautious.

Automated trading at FxOpen

FxOpen is one of the largest providers of the famous ZuluTrade and Myfxbook social trading platforms, where traders can offer their signals for others to copy and thus earn both. If the strategy turns out to be good, of course.

Unlike with PAMM accounts, this is legal in Spain, so anyone who has a good forex strategy can try it in the services mentioned, and if it goes well, perhaps make a name for yourself in the signal offering industry.

FxOpen reviews

One of the sites with the most opinions about FxOpen is Forexfactory .

The same occurs in Trade2Win , where we can see several threads, although as in the previous case, they are threads from a few years ago.

One of the last references I find is on reddit, in 2018, about FxOpen’s offer of Ethereum, but without finding anything significant in terms of opinions.

In Elitetrader , the international forum in English, we can find a thread from 2018, in which it is commented that FxOpen was warning of a possible scam by a “clone” on the network.

In the babypips forum , they have a thread where they are posting updates about the broker. We can visit it to see what is happening.

Risk warning

This broker was one of the first to offer ECN service to minority ECN forex clients.

It is a broker that has been in the market for ten years and has decided to open a subsidiary registered in the United Kingdom, with the guarantee that this gives us for possible problems in case of opening an account there, without meaning that the affiliate of Nevis is bad in itself, although it does not give as much confidence to traders in Europe and other more advanced regions.

As for the ECN accounts, they are among the best in the forex retail market, with some of the lowest spreads in the entire sector.

The same is the case with forex commissions, which with 1.5 USD per lot is one of the lowest in the world, even more than that of brokers like Tickmill , which have it at 2. However, in my opinion Tickmill offers better trading services.

The cryptocurrency commission is also on par with global exchange houses, at around 0.25%, which is not bad. This is a significant drop from a couple of years ago when it was 0.50%, double.

An improvement it has had in recent years has also been to offer Spanish translation at its UK office.

One thing that is quite confusing is the fact that it is not well known what leverage they offer from the FCA regulated office – whether it is 30: 1 or 500: 1. On the web it says 500, but it conflicts with the regulations.

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