General Information & Regulation
FXOpen is a global brokerage with offices in the UK, Russia, New Zealand, and Australia. Today, the brokers thousands of traders can be found everywhere from Canada and Germany to Vietnam and Nigeria. The FXOpen group operates under FX Markets Limited, a company registered in Charlestown, Nevis. FXOpen is an ECN forex broker offering a range of CFD instruments using the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. FXOpen was regulated by the Financial Conduct Authority (FCA) with the regulatory license number of 579202 at this stage.
Market Instruments
FXOpen offers four key markets:
· Currencies
· Indices
· Commodities
· Cryptocurrencies
Spreads & Commissions
For major forex pairs including EUR/USD and GBP/USD, spreads average around 0.2 pips, whilst for EUR/GBP, spreads are around 0.5 pips. Spreads for the FTSE 100 start from 0.8 pips while for gold and silver, spreads start from 0.27 and 1.2 respectively. Crude oil spreads average around 4 points. With ECN accounts, forex commissions are charged based on the account balance and start from $3.50 for accounts lower than $1,000 and reduce to $1.50 for account balances over $250,000. Discounted rates for high volume traders are available. Similarly, for CFDs indices and commodities, commissions start from $5 for lower account balances and reduce to $3.50 for higher balances. Crude oil and natural gas are charged at either 0.005%, 0.0025%, or 0.0018% per side, depending on the account balance. For cryptocurrency CFD accounts the commission is 0.5% per side.
With STP accounts, the commission is included in the spread.
Other fees to be aware of include swap charges on positions held overnight. FXOpen provides instructions on how to look up a swap fee on their website.
Leverage
Leverage is available from 1:2 for cryptocurrency trading and 1:30 for forex investing. Leverage for indices is set at 1:20 and for commodities, maximum leverage is 1:10, apart from gold which is available at 1:20. Professional clients can access leverage up to 1:500. Speak to the support team to change leverage levels.
Trading Platform
FXOpen offers three trading platform
· Meta Trader 4
· Meta Trader 5
· Tick Trader
Trading Hours
Trading hours for forex, indices, and commodities run from 22:00 on Sunday to 22:00 on Friday (UK time). All crypto instruments are tradable 24 hours a day, 7 days a week
Deposit & Withdrawal
Deposit
FXOpen offers several deposit options in USD, EUR, or GBP. Whilst some options are free, there are some fees to be aware of:
· Bank wire transfer – Free
· Credit/debit cards – Free
· Webmoney – 3.5%
· Trustly – Free
· Neteller – 1%
· Skrill – 2%
Minimum deposits range from 10 GBP, USD, or EUR for cards and go up to 300 for wire transfer. For Webmoney, Trustly, Neteller, and Skrill, minimum deposits in the chosen currency are 50.
Withdrawal
Withdrawal methods and fees are as follows:
· Bank wire transfer – Free for GBP, 30 USD, or 15 EUR
· Credit/debit cards – Free
· Webmoney – 3.5%
· Neteller – 1%
· Skrill – 2%
Withdrawal times for bank wire transfer usually take 1 – 3 business days, whilst cards take 2 – 5 business days. The minimum withdrawal for bank wire transfer is 50 GBP, USD, or EUR, and for all other methods, the minimum is 10.
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