Broker Type: ECN, STP
Min. Deposit: 1 US$
HQ: Charlestown, Nevis. UK.
Found in: 2005
The FXOpen company founded as an educational center offering courses in the field of technical analyses and financial markets, in 2005 became a brokerage company with an aim to satisfy the growing need for fair and transparent trading conditions. The company committed to continuous development, while constantly adding-on additional markets and expand their offerings.
FXOpen was the first Forex broker to offer its clients ECN trading via the Meta Trader 4 terminal. Through the FXOpen’s unique proprietary price aggregating technology clients can benefit from the industry’s most competitive spreads and low trading commissions. The ECN Model gives traders an access to the Interbank market, clients receive real-time quotes from the industry’s largest liquidity providers. The list of FXOpen’s LPs includes Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST, GOLDMAN and LavaFX.
The company chose as a mission to provide clients with professional services in trading, analytics, and excellent customer support. Customer support at FXOpen is available 24/5 and is accessible through email, live chat or telephone lines that are also available in Russia, France, Germany and New Zealand.
Apart from the general offering to trade Forex, the company continued to set the pace with its latest technologies and in 2014 offered its retail and b2b clients Bitcoin trading.
Currently, the broker is a trusted partner to more than 1,000,000 customers from around 100 countries, their services and the technology, as well the working environment recognized many times. Here are a few of their awards:
FXOpen Markets Limited is a company duly registered in Nevis. In 2013 within the FXOpen Group of Companies a London-based company – FXOpen UK, that receives the Financial Conduct Authority (FCA) license with registration number 579202. The launch of the London office and the www.fxopen.co.uk website brought huge company expansion among the EU countries.
Client’s assurance and peace of mind that funds are safe and secure at FXOpen UK, provided while client funds are held in fully segregated bank accounts in the UK and protected up to £50,000 by the FSCS.
According to the statistical data over 90% of all transactions on the retail Forex market are conducted via Metatrader4. As the most popular choice, as well the powerful tool the FXOpen chooses MT4 as their mainstay and actually was the first broker to introduce direct access to Interbank liquidity and ECN trading via MT4. However, the company enhanced the technology by the Liquidity Aggregator that ensures error-free order execution and best prices.
The standard version of MT4 diverse at FXOPen, since the trader needs a different modification for each account. Hence, there is available version of STP and Micro accounts, and a separated one for ECN accounts.
Generally, the platform is available in different versions which are suitable for any device or like WebTrader through the browser. The MT4 allows automated trading via EAs, features 50+ built-in indicators and analytical tools, MQL to add-in useful scripts or experts, and a variety of executions that suits any trading style.
Automated Forex Trading, also known as algorithmic trading, is the use of Expert Advisors (EA’s) or trading robots to place orders automatically without the manual interaction of the trader that allows trading systems to run autonomously and continuously. FXOpen offers Forex autotrading via Myfxbook and ZuluTrade.
FXOpen’s clients can choose from a variety of trading accounts (STP, Micro, ECN, Crypto and free unlimited demo accounts) and enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. FXOpen also offers its own PAMM technology allowing to benefit from the strategies of experienced traders with a proven track record of successful trading, and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. The Islamic traders are also welcomed, to take an advantage of Forex trading without violating Sharia law by offering them SWAP free accounts.
The Micro Account can be opened with 1$ only with access to trade 28 currency pairs and on non-commission basis. The STP account offered by tight spreads, no commission and as low as 10$ deposit to start. The ECN account is the most popular choice, requires 100$ deposit, spreads are raw and commissions from 1.5 per unit. Crypto trade available through 24 currency pairs BTC, LTC, NMC, PPC, ETH, DASH, EMC, with commissions of transaction volume 0.25% through the first deposit of 10$. However, some differences between the accounts may occur for the UK residents.
The payment methods acceptable by broker covering the most common options. Clients can perform deposits or withdraw fund through debit/credit cards, UnionPay, bank transfers, local bank transfers or local deposit (available in Malaysia, China, Indonesia, Thailand), as well local bank transfers supported too in Latin America region, major e-wallets WebMoney, Neteller, Skrill and minor Qiwi wallet, Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money. In addition the hustle-free funding option available too, the Prepaid Cards worth of 25$ up to 10,000$ can be ordered from FXOpen’s official resellers, and FXOpen Pre-paid Codes allows to transfer funds between FXOpen eWallets with no commission. And the last, payments can be processed via PaySafeCard or a newly established cryptocurrencies payment (the broker accepts Bitcoin, Litecoin, Ethereum, Tether, Emercoin).
Though, client’s should be aware of the funding fees which company takes according to the various payment methods and regions.
FXOpen makes access to the forex market easier to the trader benefit by lowering their deposit, trading requirements, as well with a wide range of offerings. The broker also keeps regulatory supervision for their operations, which ensures that the traders’ legal rights are well protected.
However, ECN trading is a good choice for experienced traders and those who prefer scalping as their major trading strategy. The ECN Model uses Market Execution, means that order will be filled in the interbank market but the execution price may differ from the price you requested upon placing the order. As well, the company does not provide educational materials.
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