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.
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