FXOpen Review

FXOpen is forex broker that has been in the business since 2005 with its headquarters in New Zealand. Experience in the trade has made it expand to other territories and gaining more clients in this.

Trading Accounts        

For one to be able to execute trades with FXOpen, he or she will need to sign up for a valid account. FXOpen offers various account types with different specifications to meets each client’s respective needs. The accounts are the micro account, the STP account the crypto account and the ECN account

The Micro Account

This is an account type specially made for traders who do not want to stake much into their trade executions. Its features are as follows:

1. Floating spreads.
2. No commissions are charged at all.
3. Minimum lot size is 0.1 micro lot.
4. Minimum deposit of $1
5. Allows hedging.
6. Instant mode of execution.

The STP Account

This trading account will give the trader the benefits of a real ECN market. Its features include:

1. Minimum deposit of $10.
2. Base currencies used are the United States dollar, the Great Britain pound and the Japanese yen among others.
3. No commissions are charged at all in this account type.
4. Leverage of up to 1:500.
5. Allows for scalping and hedging.

 The Crypto Account

The crypto account will allow you to execute trades using cryptocurrency units. Its features are:

1. Uses the Great Britain pound, the United States dollar, the Japanese yen and also the bitcoin, ethereum, litecoin, and dash.
2. Floating spreads.
3. Commissions at 0.5% half turn.
4. Minimum deposit of $10.
5. Leverage at 1:3.

The ECN Account

The ECN account is a special account type that will let you connect to other participants of the forex market that is the banks, financial advisors and other brokers.

The features of the ECN account are:

1. It uses the United States dollar, the Australian dollar, the euro, and the Great Britain pound among other currencies as its base currencies.
2. Minimum deposit is 100 units of your respective currency unit.
3. A commission is charged at $1.5 per standard lot of $100000.
4. Market type of execution.
5. Leverage of up to 1:500.
6. Allows for scalping and hedging.

About The Company and Security Of Funds.

The company was established in New Zealand in 2005 and the over a decade stay in the forex business has granted it the expertise and necessary skills to wade through this business. With its resiliency, FXOpen has managed to become a global brand with a presence in many countries worldwide and still it is expanding. Its expansion has forced it to adapt to changes and now has integrated various languages into its website for use by its many clients of different cultures.

With its many clients, it was a necessity that FXOpen to have the best workforce that will provide the necessary assistance to this client base. And in their resilient nature, they have invested in the best and qualified staff that is dedicated to serving and answering individual customer queries. Occasionally this personnel will offer advisory services to the clients on the execution of trades in a bid to improve their overall experience in dealing with FXOpen.

The company has licenses from the various countries it operates from and has been granted by the relevant regulatory bodies in these regions. These regulatory bodies demand some measures to be upheld and among them is the safety of clients' funds entrusted to them. In keeping up with this regulation, FXOpen has put up the following measures for the safety of clients’ monies
.

1. Use of segregated bank accounts to separate clients' funds from the company's operating funds to prevent mix-ups.
2. Using the services of credible and legitimate banks to bank these clients’ funds.
3. It is a member of a compensatory scheme that will come to pay up clients monies in case of liquidation.
4. Among the regulatory bodies that have given FXOpen a clean pass to operate include the following:
5. A license to operate in the united kingdom by its regulatory body, the financial conduct authority (FCA).
6. A license to operate in Australia by the Australian securities and investments commission (ASIC).

Trading Conditions

Minimum Initial Deposit

The minimum initial deposit is at $1 which is affordable. This is for the micro account.

Leverages

Leverages can go up to 1:500

Margin Call

The margin call is at 100%

Trading Platforms

FXOpen in a bid to have its many clients to have a hassle free trading experience, it has invested in some of the best trading platforms with superb features that will make trade execution worthwhile. FXOpen has the Meta trader4 and the Meta trader5 trading platforms.

The Meta Trader4 Trading Platform

This advanced trading platform comes with the following features.

1. Allows for manual trading.
2. Allows for automated trading.
3. Has advanced trading and charting tools at your disposal.
4. Has 50+ charting tools and indicators.
5. Supports all types of execution in markets, instant, and execution upon request.
6. Has its mobile, web and desktop versions.
7. The Meta Trader5 Platform

The Meta trader5 platform is a platform that has exploited the advancements in technology to come up with awesome features for its platform. Its features are:

1. Trading flexibility.
2. Allows for mobile and web trading.
3. It has an awesome e collection of analysis tools.
4. Has the MetaTrader market where you can find superb trading robots and indicators.
5. Has trading signals.
6. Allows for algorithmic trading.

Promotions

FXOpen runs promotions on its website in a move to improve its customer relations. The following are the promotion currently running on their website.

1. The no deposit bonus for STP accounts.
2. The welcome bonus after paying the minimum deposit for the micro account.
3. The forexcup trading contest bonus.

Withdrawals And Deposits

There are many modes available through which you can fund your account as well as withdraw them. These modes include bank wire transfers, local bank transfers, credit and debit cards, prepaid card and cryptocurrencies. You will incur some fees when transacting with all of these mods.

BRIEFLY ABOUT FXOpen

This is a very credible trader that know what to craft for its clients located all around the world. FXOpen customer comments and reviews show it to be very popular among its clients and are a recommendable trader for anyone seeking to join the trade.