FX Open is a trading solutions provider that opens its clients to numerous avenues for trading.
As an overview, let’s analyze the brokerage’s overall brokerage service performance by listing down its benefits and limitations.
Good things from FX Open:
- Low trading capital requirement ($1)
- Top-tier financial regulators
- Tight spreads
- Notable trading software
- Multi-lingual 24/5 client support
- Swap-free account offering
Limitations of FX Open’s services:
- Costly withdrawal fees
- Lack of protection from negative balances
- Services not accessible by U.S.-based traders
FX Open Background & Safety
As there’s no such thing as overnight success, the credibility and integrity of a brokerage are built on its years of providing optimum trading condition and client satisfaction. FX Open, an emerging financial firm , has embellished its forex brokerage prowess over one and a half decades. Here’s the development and accomplishments of the firm throughout its tenure.
In 2006, FX Open commenced the offering of Islamic accounts. Its PAMM tech was launched in 2009 with the Falcon Award given the same year. Through its affiliation with the FX Open Client Support System, the firm expanded to take more companies under its wing in 2010.
It went on to be awarded as the Best Islamic Forex Broker and Best ECN Forex Broker the following year. FX Open opened its services to the cryptocurrency market in 2014.
FX Open is a member of the Hong Kong Financial Commission and undergoes regulation from the FCA and the ASIC.
Back in 2005, FX Open Markets Limited was established with the goal of providing a forex trading education hub complete with courses that delve comprehensively in al things trading. The company evolved into a serious financial institution, and had become one of the most well-known brokerages that deal with Forex trading.
FX Open Features and Fees
FX Open has over 70 financial CFD instruments. The asset markets for commodities, Forex, Indices, Shares, Cryptocurrencies, and Commodities.
FX Open provides traders with four different types of trading accounts: ECN, STP, Micro, and Crypto.
With financial instruments, the ECN account has the largest basket of tradable assets.
The Micro account is deemed most conducive for beginners given the low account minimum. However, it has fewer financial products.
The Micro account is solely run on USD unlike the other live accounts being offered.
Commission-free trading for the STP and Micro accounts; these are accessible through the MetaTrader trading platform.
The commission charges through an ECN account depends on the platform.
Lastly, the Crypto Trading account charges 0.5 percent for a half-turn and the Crypto 10 trading account charges 0.25 percent for a half-turn. It features floating spreads.
FXOpen lets its clients fund their live accounts through different methods. It accepts wire deposits namely Swift Transfer and SEPA, bank transfers, cards specifically, Visa, Mastercard, JCB, UnionPay, electronic payment (WebMoney, Perfect Money, Qiwi Wallet, EPay), and prepaid cards (WebMoney, Perfect Money, Qiwi Wallet, EPay), and prepaid cards (WebMoney, Perfect (AstroPay, FxOpen Prepaid Cards).
Save for a couple of exceptions, withdrawals may be made through the same channels. Withdrawal and deposit transactions are just charged with consideration to the account type the trader had chosen to open.
The Trading Software and Other helpful Tools that FX Open Offers
Across all accounts, industry favorite, MetaTrader 4 software is being provided. The MT4 is considered to be conducive for beginners who are poised to chart their career in trading. Instant execution/market execution and automated trading, alongside 50 indicators are only a few of the myriad of offerings the account has in store for its users.
The ECN Account avails its users the MT5 platform among its potent features are Four modes of execution for manual trading, multiple timeframes
80 + technical indicators and the TickTrader platform. This trading software may be either used as a desktop application and a web application. The following functions are available through TickTrader:
- Competent pricing
- Strategy backtester
- One-click trading
- Aside from the trading software its offers, FX Open also offers MyFXBook AutoTrade, ZuluTrade, VPS service, and PAMM.
Recommendations: Why You Should Open an Account With FX Open Today!
FX Open boasts of impressive trading tools among these are the software the company makes available to its clients, the different classifications of live trading accounts, and the over-all cutting-edge trading technology it has under its belt. These configure to foster trades free of commissions and are wholly beneficial to both novice traders and veteran traders alike.