Overview of FXOpen
FXOpen, established in 2005 in Hong Kong, offers various trading assets including Forex, Indices, Commodities, and Cryptocurrencies. The platform provides multiple account types like ECN, STP, Crypto, and Micro, with a minimum deposit starting from $1 and maximum leverage up to 1:1000. FXOpen boasts competitive spreads, starting from 0 pips, and supports various trading platforms including MT4, MT5, TickTrader, and TradingView.
While offering a range of educational resources like Economic Calendar and Market Analysis, FXOpen operates without regulatory oversight. Traders can contact customer support via email, a ticket system, or phone for assistance.
Is FXOpen legit or a scam？
FXOpen operates without regulation, prompting issue about transparency and oversight. Unregulated exchanges lack the legal protections and scrutiny provided by regulatory authorities, heightening the risks of fraud, market manipulation, and security breaches.
The absence of proper regulation poses challenges for users seeking recourse and dispute resolution. Moreover, the lack of regulatory oversight contributes to a less transparent trading environment, complicating users' ability to evaluate the exchange's legitimacy and reliability. Traders should be vigilant and consider these factors when navigating the potential risks associated with an unregulated trading platform like FXOpen.
Pros and Cons
Pros:
Competitive Spreads: FXOpen offers competitive spreads, providing traders with potentially lower trading costs.
Multiple Trading Platforms: The availability of multiple trading platforms, such as MetaTrader 4 and MetaTrader 5, allows users to choose the one that best suits their preferences and trading styles.
Educational Resources Available: FXOpen provides educational resources, including an Economic Calendar, Market News, and Market Analysis, supporting traders in making informed decisions.
Various Account Options: The platform offers a variety of account types, such as ECN, STP, Crypto, and Micro.
Cons:
Not Regulated: FXOpen lacks regulatory oversight, potentially raising issues about transparency and user protection.
Fees for Some Withdrawal Methods: Certain withdrawal methods will incur fees, impacting the overall cost of fund transfers for clients.
Not 24/7 Customer Support: The customer support service is not available 24/7, which poses challenges for users in different time zones or those requiring immediate assistance outside regular working hours.
Market Instruments
FXOpen offers a range of trading assets spanning Global Markets, providing users with access to a broad spectrum of financial instruments. The platform serves forex enthusiasts, allowing trading across various currency pairs in the Forex market, offering potential opportunities for traders with different currency preferences.
In addition, FXOpen extends its asset selection to include various Indices, providing exposure to the performance of specific market segments. Traders can also engage in the dynamic commodities market, participating in the trading of raw materials and resources under the category of Commodities. Furthermore, the platform facilitates trading in individual company stocks through Shares, enabling users to capitalize on market movements in specific corporations.
FXOpen's asset offerings extend to ETFs (Exchange-Traded Funds), allowing traders to invest in a diversified portfolio of assets. Lastly, users can explore the burgeoning world of digital assets by trading a variety of Cryptocurrencies, tapping into the volatile yet potentially lucrative cryptocurrency market. This range of trading assets empowers users to tailor their investment strategies based on their risk tolerance and market interests.
Account Types
FXOpen offers a wide range of account types:
ECN Account:
The ECN account type operates on an Electronic Communication Network (ECN) business model, offering market execution and floating spreads starting from 0 pips. With a minimum deposit starting from $100, this account is suitable for experienced traders seeking direct access to interbank liquidity and a wide range of instruments, including FX Spot CFDs, Cryptocurrency CFDs, Shares CFDs, Index CFDs, Spot Metals CFDs, and Commodity CFDs. The ECN account supports high leverage of up to 1:1000, making it ideal for those who understand and can manage the associated risks.
STP Account:
The STP account, operating with a Straight Through Processing (STP) model, features floating spreads and a minimum deposit starting from $10. This account is suitable for traders looking for competitive spreads without commissions. With a leverage of up to 1:500, the STP account serves a broader audience, offering access to 50 currency pairs, gold, and silver. It is well-suited for traders who prefer market execution and desire a more straightforward trading approach.
CRYPTO Account:
The CRYPTO account is for cryptocurrency enthusiasts, featuring floating spreads and a minimum deposit starting from $10. With a commission of 0.5% of the trade volume round turn, this account type is tailored for those specifically interested in trading cryptocurrency CFDs. The CRYPTO account supports 43 pairs with various cryptocurrencies, making it suitable for traders looking to capitalize on the volatility of the crypto market.
MICRO Account:
The MICRO account operates on a Market Maker (MM) model and features instant execution with floating spreads. With a minimal deposit starting from $1, this account type is suitable for novice traders looking to explore the financial markets with a low entry point. The MICRO account has a maximum balance limitation of $3,000 and supports leverage up to 1:500. While it is a good starting point, it is important for users to understand the limitations and risks associated with market maker models.
Please note that the table includes placeholders for specific information that wasn't provided in the original context, marked with “*”.
How to Open an Account？
Step 1: Choose Your Country of Residence
Step 2: Complete the Online Application
Step 3: Receive Username and Password, Start Trading
Upon successful completion of the application, FXOpen will provide you with a username and password. Utilize these credentials to log in to the MyFXOpen client portal. From there, you can deposit funds into your account and commence trading across forex, indices, commodities, and cryptocurrencies.
Leverage
FXOpen provides varying maximum leverage options across its account types. For the ECN account, traders can access leverage up to 1:1000, offering considerable flexibility in position management. The STP account also provides competitive leverage of up to 1:500. Conversely, the CRYPTO account offers more conservative leverage of 1:3, reflecting the unique characteristics of cryptocurrency trading. Additionally, the MICRO account provides leverage up to 1:500, suitable for traders with smaller capital sizes.
While leverage enhances potential gains, traders should implement appropriate risk management strategies due to the inherent risks associated with leveraged trading.
Spreads & Commissions
FXOpen offers competitive spreads across its various account types. The ECN account features floating spreads starting from 0 pips, providing traders with a transparent and potentially cost-effective pricing structure. In contrast, both the STP and CRYPTO accounts also have floating spreads, ensuring flexibility in trading, while the MICRO account offers floating spreads from 0 pips.
When it comes to commissions, the ECN account imposes a commission starting from $15 per 1 million round turn. The STP account, on the other hand, does not charge commissions, making it suitable for traders who prefer fee-free trading. The CRYPTO account introduces a commission of 0.5% of the trade volume round turn, a distinctive feature reflecting the nature of cryptocurrency trading. The MICRO account also does not have commissions, making it an attractive option for traders looking to avoid additional transaction costs.
Trading Platform
FXOpen offers a selection of widely-used trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), TickTrader, and TradingView. These platforms are renowned for their comprehensive features and user-friendly interfaces.
MT4 and MT5 are popular choices among traders due to their advanced charting capabilities, customizable indicators, and automated trading functionalities through Expert Advisors (EAs). They provide access to a wide range of financial instruments and offer a better trading experience across various devices.
TickTrader is another platform offered by FXOpen, known for its fast execution and user-friendly interface. It provides access to a wide range of trading instruments and offers advanced trading tools to enhance the trading experience.
TradingView is a web-based platform that allows traders to analyze markets, access real-time data, and execute trades directly from the platform. It offers customizable charts, technical analysis tools, and social networking features, making it suitable for traders who prefer a more social and collaborative trading environment.
Deposit & Withdrawal
FXOpen facilitates client transactions with a variety of funding options, ensuring convenient and efficient deposit and withdrawal processes.
Deposits:
Clients can make deposits in multiple currencies, including USD, IDR, EUR, GBP, and THB. FXOpen accepts FasaPay, Advcash, and Paypaid as funding methods. FasaPay deposits in USD and IDR are free of commissions, with minimum amounts set at 1 USD or 10,000 IDR and maximum amounts varying from 25,000 USD to 75,000 USD. Advcash deposits in EUR, GBP, and USD incur a 0.5% commission, with minimum and maximum amounts ranging from 3 to 1,000,000.
Withdrawals:
For withdrawals, FXOpen supports Paypaid, FasaPay, and Advcash in various currencies. Paypaid withdrawals in THB incur a 2% commission, with a minimum withdrawal amount of 10 THB and a maximum of 10,000,000 THB. FasaPay withdrawals in USD and IDR involve a 0.5% commission, with minimum amounts set at 1 USD or 10,000 IDR and maximum amounts ranging from 25,000 USD to 250,000,000 IDR. Advcash withdrawals in USD and EUR also have a 0.5% commission, with minimum and maximum amounts ranging from 1 to 1,000,000.
Customer Support
FXOpen provides customer support through various channels. For general inquiries and support, clients can utilize the Customer Support Portal, allowing them to submit tickets and receive assistance across different departments. Users can log in using their email and MyFXOpen password, ensuring secure communication. Additionally, clients can reach out via email at sales@fxopen.com, particularly if they are not yet FXOpen clients. The support team is available for phone inquiries in New Zealand at +64-9-801-0123 during specific hours. Live chat is accessible 24/5 for general information, while ticket-related queries are attended to from 7 to 16 (GMT) on weekdays.
Educational Resources
FXOpen offers a range of educational resources to empower traders with information and insights. The Economic Calendar is a valuable tool for staying abreast of upcoming economic events that can impact the financial markets. Market News provides timely updates on global financial developments, helping traders make informed decisions.
Market Analysis offers in-depth assessments of various instruments, aiding traders in understanding market trends. Market Pulse delivers quick market snapshots, while the Forex Forum fosters a community where traders can exchange ideas. The Help Centre serves as a comprehensive support hub, providing assistance on various aspects of trading. These resources collectively contribute to a well-rounded educational environment for traders at different levels.
Conclusion
In conclusion, FXOpen offers a various platform for a range of traders with competitive spreads, various trading platforms, and educational resources. The availability of different account options allows users to tailor their trading experience.
However, the absence of regulatory oversight raises concerns about user protection. Fees for specific withdrawal methods and the non-24/7 customer support further present challenges. Traders should weigh the advantages against these drawbacks, considering their preferences and risk tolerance. While the platform provides valuable resources, potential users should carefully assess whether the benefits align with their individual trading priorities.
FAQs
Q: What trading platforms does FXOpen offer？
A: FXOpen provides MetaTrader 4, MetaTrader 5, TickTrader, and TradingView.
Q: What is the minimum deposit required to open an account with FXOpen？
A: The minimum deposit varies based on the account type, starting from $1 for the Micro account.
Q: Are there fees for withdrawals at FXOpen？
A: Yes, some withdrawal methods will incur fees; it's advisable to check the latest information on the official website.
Q: Is FXOpen regulated？
A: No, FXOpen lacks regulatory oversight.
Q: Does FXOpen offer educational resources for traders？
A: Yes, FXOpen provides an Economic Calendar, Market News, Market Analysis, and a Forex Forum as educational resources.
Q: What customer support options are available at FXOpen？
A: FXOpen offers customer support via email, a ticket system, and phone during specified hours.
2024-03-14 10:27
2023-02-28 13:55
