Registration, financial regulation
The main company FXOpen Ltd is registered as a tax resident of New Zealand, official representatives operate as subsidiaries, for example, FXOpen Markets Limited, FXOpen AUPtyLtd, FXOpen Company and others. Regulation of dealing services from ASIC, FCA, FSA, but in general the regulatory policy is not transparent, on the website on this topic a minimum of information. There is a certificate of high-quality execution of orders (VerifyMyTrade) and the International Financial Commission (The Financial Commission).
Warranties and insurance
This broker does not have segregated trading accounts; it FXOpen forex does not participate in the European insurance system. The company does not offer guarantee coverage from its resources but has an agreement with The Financial Commission on participation in a deposit compensation program of up to € 20,000. The compensation mechanism is discussed privately with each client.
FXOpen offers all types of assets: currencies, CFD contracts, stocks, metals, 43 cryptocurrency pairs, including exotic EOS, Monero, NEO, IOTA, Dash, etc. There are no restrictions on access to assets. Margin requirements are minimal.
- A minimum deposit of $ 1;
- The minimum transaction volume is 0.1 lot, the maximum − without restrictions;
- Spreads from 0 pips (for FXOpen ECN account), instead of commissions − an extended spread;
- Deposit and mutual settlements are supported in USD, RUB, EUR, AUD, CHF, GBP, JPY, BTC, LTC, etc.
- FXOpen leverage − from 1:1 to 1:500.
- Margin call level <20%, stop out <10%, Swap on crypto accounts 10%.
- The minimum deposit for ECN is $100, for PAMM accounts $200.
The company was among the first brokers to offer ECN-accounts in the standard FXOpen MetaTrader, as well as swap-free «Islamic» accounts. And today, the conditions for working with FXOpen MT4 ECN are very loyal, and for cryptocurrencies − the most favorable among OTC brokers.
For all FXOpen account, there are no restrictions on trading methods, transaction copying services (FXOpen VPS ) and all types of automated trading are available.
The unique service (for FXOpen mt4) of PAMM trust accounts provides the opportunity to generate additional income for professional investors and is also available for crypto currencies. The company’s customers receive FXOpen server only high-quality liquidity of suppliers with a good reputation.
FXOpen trading available platforms are MetaTrader 4 (5), FXOpen WebTrader, the author’s development of FXOpen Trade for Android tablets, there is no special application for mobile trading, the standard MT4(5) Mobile is used, and you can also receive trading signals from ZuluTrade and analytics from MyFXbook.
Deposit and withdrawal
The company offers all available methods of deposit replenishment and FXOpen withdrawal of funds: bank transfers, credit/debit cards (Visa / MasterCard), ePayments, almost all electronic payment systems, including mobile Alipay, WeChat Pay and ChinaUnion Pay. Payments are allowed in the crypto currency Bitcoin, Litecoin, Ethrereum, Tether, Emercoin, as well as using the branded debit card FXOpen ePayments prepaid MasterCard.
Customers are offered multi-factor authentication through a special Google Authentificator application and SMS confirmation of actions. FXOpen PAMM account uses specific terms and requires special attention from the support service.
Despite the consistently high FXOpen rating, before starting a partnership, we strongly recommend that you carefully read the individual sections of the «Client Agreement» for ECN accounts, such as «Illegal Trading». FXOpen has the right to close the trader’s transactions and cancel the result on them if the company believes that they were, for example, open at an «incorrect» price or during a period of technical problems. The company does not guarantee the execution of orders and is not held liable for «any claims, damage, losses, expenses, lost profit», etc.
We invite potential customers to draw conclusions on their own.
Unlike companies founded solely for commercial purposes, FXOpen was founded as a training centre, and today educational activities bring the company decent profit, customer trust and a positive reputation. The broker works as an active sponsor of sports and educational projects (see FXOpen e sports, etc.).
Multilingual customer support (including exotic languages): phone, e-mail, online chat, call back, office, forum, ticket system. Trading signals and recommendations can be received by e-mail or as SMS.
The company’s website maintains an active FXOpen forex forum and blog, activity on social networks is weak. The trading analytics service FXOpen Analytics is running; for the PAMM service, import of trading history from Myfxbook has been implemented; news service and FXOpen economic calendar.
Bonuses & Promos & Partnership
Advertising is usually aggressive, the broker is interested in each client.
The broker offers an FXOpen welcome bonus for beginners with a minimum replenishment of a deposit of $1, a no deposit bonus for STP accounts, constantly holds contests in training accounts, where participants receive real prizes and money as a prize.
An active affiliate program and a special cashback are working: within 90 days, a trader can receive a refund from his transactions, including unprofitable ones.
Аnd look how well that turned out?
FXOpen broker reviews showed that today this company is a strong technical broker and at the same time one of the most friendly concerning customers. A rather complicated verification of the trading account is used. The service and rating of PAMM accounts from FXOpen are beyond competition. Non-trading risks are minimal, the company operates fairly openly, although the regulatory policy is not transparent. The disadvantage is a weak guarantee and deposit insurance system.
Overall assessment from the point of view of the prospective client: 84 marks out of 100
You are free in your final choice and let it be the right one!