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Do you want to know which is the better broker between FXMarket and FXOpen ?
In the table below, you can compare the features of FXMarket , FXOpen side by side to determine the best fit for your needs.
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of fxmarket, fxopen lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
General Information & Regulation
Founded in 2002, FXMarket is an international professional stock index broker with headquarters in London, UK and offices in the US, Canada, Hong Kong, Malaysia, and St.Vincent, providing one-stop trading services including precious metals, commodities, stock indices, Hong Kong and U.S. stocks, bonds, and digital currencies. FXMarket (QIMI FX MARKET LTD) is an important part of FXMarket Group's globalization strategy in East and Southeast Asia. As a sub-brand of the Group, the QIMI stock index since its inception is the focus on the layout of the Asia-Pacific region and customer development to explore the various needs of Chinese customers around the world. The FX Market platform currently holds an authorized representative license from ASIC (license number: 001282243) and a general financial license from NFA (license number: 0527475), as well as being regulated offshore by the St. Vincent's Financial Conduct Authority.
Market Instruments
FXMarket offers financial instruments including index futures, stock CFDs, metals, commodities, and digital currencies.
Minimum Deposit
FXMarket has three types of accounts: the Standard (minimum deposit of $100), the VIP (minimum deposit of $5,000), and the ECN (minimum deposit of $20,000). The initial deposit of $100 is quite affordable for most regular traders.
FXMarket Leverage
Forex leverage is available from 1:50 to 1:1000 for standard accounts, 1:50 to 1:400 for VIP accounts, and 1:50 to 1:200 for ECN accounts.
FXMarket Spreads
FXMarket claims that spread on EURUSD amounts to 1 pip on its platform, but other fees like commissions are not fully disclosed.
Trading Platforms
FXMarket offers traders the most popular MT4 trading platform available today, as well as MT4 PC, MT4 Mobile, MT4 Web, and My FXBook automated trading. FXMarket MT4 forex trading accounts, linked to a variety of world-class Forex trading platforms, allow you to trade forex anytime, anywhere, whenever the market is open. All FXMarket trading platforms support real-time bi-directional links to MT4, and all MT4 trading platforms are updated simultaneously, meaning that you can place, close, pending and modify all orders in real-time, whether from your computer via client-side, browser, or cell phone, or iPad.
Deposit & Withdrawal
FXMarket supports a variety of deposit methods for traders. Traders can pay via domestic banks, international bank transfers, WeChat, Alipay, Cloudflare, online credit cards, and savings cards. The currencies available for internet banking transfers are USDT and RMB, and bank wire transfers (international SWIFT) are available in USD, EUR, GBP, and JPY. The single transaction limit for WeChat/Alipay/Cloud Flash Pay is US$100 - US$2,000. With regard to withdrawals, the deposit platform does not charge any fees (excluding international wire transfers and wallet payments). There are three free withdrawal opportunities per month for a single account for those who submit RMB withdrawal requests via the China UnionPay channel.
Registered in | Cyprus |
Regulated by | CYSEC |
Year(s) of establishment | 5-10 years |
Trading instruments | Currency pairs, indices, commodities, metals, energy, cryptocurrencies, stocks |
Minimum Initial Deposit | $300 |
Maximum Leverage | 1:30 |
Minimum spread | 0.0 pips onwards |
Trading platform | MT4, MT5, own platform TickTrader |
Deposit and withdrawal method | Bank Wire Transfer, Credit Card |
Customer Service | Email/phone number/address/live chat |
Fraud Complaints Exposure | No for now |
General information and regulations of FXOpen
FXOpen is a trading name of FXOpen EU Ltd. FXOpen EU Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 194/13. FXOpen offers retail and professional trading available markets including forex instruments, indices, commodities, shares through popular MT4 & MT5 trading platform.
In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on.
At the end of the article, we will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.
Market instruments
Currency pairs, indices, commodities, metals, energy, cryptocurrencies, stocks.....FXOpen allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on FXOpen.
Spreads and commissions for trading with FXOpen
The spreads and commissions depend on instruments and accounts. Only ECN account has a commission of 1.5 USD, and its spreads level is also lower.
Account Types for FXOpen
Demo Account: FXOpen provides a demo account that allows you to try out the financial markets without the risk of losing money.
Live Account: FXOpen offers a total of 2 account types: Beginner, Trader, Expert and VIP. The minimum deposit to open both accounts is 300 USD o EUR. Their major differences consist in the business model, spreads, commissions and the access to the markets. The ECN account has a commission of 1.5 USD and a wider range of market access.
Trading platforms offered by FXOpen
As for the trading platform, FXOpen provides its clients with many options. There are public platforms such as MT5 and MT4 that have served many clients worldwide, also FXOpen's own platform TickTrader. If you didn't want to spend time familiarizing yourself with a new platform, you could choose MT5 and MT4. But FXOpen's own platform provides better compatibility with businesses, as they are specially developed and customized platforms. The choice is yours.
Leverage offered by FXOpen
The maximum leverage offered by FXOpen is only 1:30, which may seem too low to you. In reality, those leverage of up to 1:500 or even 1:1000 are all from unregulated or offshore regulated brokers, and as we know, offshore regulation is much less strict regulation. For brokers that are formally regulated by the major regulatory bodies, they can only offer leverage of 1:30 or 1:50 at best, which is sufficient for the novice Forex trader. Lower leverage reduces the potential gains on trades, but more importantly, it reduces much of the risk. We recommend that you always keep your account risk at 2% or less.
Deposit and withdrawal methods and fees
In terms of deposit and withdrawal, like many good brokers, FXOpen provides a detailed form with important information about currency, payment method, minimum amount, arrival date, fees, etc. The feasible payment methods are
We noted that for withdrawals with bank transfer, there is a commission of 30 USD/15 GBP/15 USD.
Educational resources
A series of educational resources is available at FXOpen, such as margin and pip value calculator, economic calendar, market news, market pulse, basic knowledge, etcetera.
Customer support of FXOpen
Below are the details about the customer service.
Language(s): English, French, German, Italian, Spanish, Turkish, Chinese, Portuguese, Russian, etcetera.
Service Hours: 9am-8pm (Eastern European Time)
Email: support@fxopen.eu
Phone Number: +357 25024000
Address: 38 Spyrou Kyprianou Street, CCS BLDG - Office N101, 4154 Limassol, Cyprus
Social media: Facebook, Instagram, LinkedIn, YouTube, twitter, telegram
Users exposures on WikiFX
We have not received any reports of fraudulent activity at this time. However, this does not necessarily mean that this broker is safe and you should remain vigilant to prevent being scammed.
Advantages and disadvantages of FXOpen
Advantages:
Well regulated
MT4, MT5
Sufficient information
Educational resources
Many instruments available
Demo account
Negative balance protection
Disadvantages:
Deposit and withdrawal fees
No copy trading
Frequent asked questions about FXOpen
Is this broker well regulated?
Yes, it is currently effectively regulated by CYSEC in Cyprus.
How much leverage does this broker offer?
The maximum leverage of FXOpen is 1:30. Please note that this leverage may only be available for some accounts and products. Please consult our articles or the dealer's website for specific information.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive fxmarket and fxopen are, we first considered common fees for standard accounts. On fxmarket, the average spread for the EUR/USD currency pair is -- pips, while on fxopen the spread is --.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
fxmarket is regulated by ASIC,NFA. fxopen is regulated by CYSEC.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
fxmarket provides trading platform including Standard account,VIP account,ECN account and trading variety including --. fxopen provides trading platform including STP,ECN and trading variety including --.