FXOpen began life in 2003 as an educational center for financial markets and technical analysis and began offering brokerage services in 2005. They are regulated in Australia by ASIC and in Britain by FSC as well as having another entity based in Nevis that is a member of an independent conflict resolution organization based in Hong Kong, The Financial Commission. On this predominantly MetaTrader-based platform, FXOpen allows traders to use a large range of social copy trading techniques, various trade types, account types and fund their account with cryptocurrencies. In this FXOpen review, we will run through the most relevant account setup information, fees, deposit/withdrawal methods, trading tools and more.
- Demo: to try out the platform before signing up or test strategies.
- STP: Straight Through Processing, broker’s commission is included in the spread.
- ECN: Electronic Communication Network, users don’t trade with a broker, so there’s no conflict of interest and users receive real market spreads from 0 pips
- PAMM: are available for each account type when you don’t have the time or energy to run your own account
- Micro: $1 US initial deposit minimum makes this account suited to those with limited funds or who want to test out trading strategies
- Crypto: trade on the volatile market with cryptocurrency CFDs using an ECN based account
To trade with any of the above accounts, users first need to setup an FXOpen eWallet, verify it and download the Meta Trader 4 or 5 software. Set up and verification are simple, a government issued ID and a proof of address document are all that’s required.
Note: US residents are not accepted
Cryptocurrency funded accounts are only supported by the Nevis based FXOpen site and we will therefore focus primarily on this account type.
Depositing is simple and possible in many currencies and via numerous methods for trader convenience such as Neteller, bank transfers, Skrill, credit card and more. Even several cryptocurrencies are supported, including: Bitcoin, Ethereum, Litecoin, Tether, and Emercoin.
Multicurrency accounts are also supported, simply deposit in a new currency to open another ‘pocket’ in your FXOpen eWallet. Most accounts require a minimum first deposit of 100 USD in order to activate a verified account.
Trading with cryptocurrencies is even more convenient as there are few restrictions placed on them including, no deposit maximums, 0.001 BTC deposit minimum, instant processing times and no deposit or withdrawal fees charged by FXOpen. In contrast, bank transfers require a minimum deposit of $25 (or equivalent) and no maximum, however processing times are 1-3 days. Credit cards (Union pay, Mastercard, Visa, and many other popular credit cards) are also instantly processed, have a $1 minimum deposit, no maximums and deposit commission fees of 2.29%.
Cryptocurrency withdrawals are processed within 24 hours, must be a minimum of 0.01 BTC, have no maximums and a commission fee of 0.001 BTC. When compared to the 45 USD (or equivalent) banktrasnfer fee, the minimum bank transfer withdrawal of 100 USD and a processing time of 1 and 3 days, cryptocurrencies are an attractive option. Credit cards also attract fees of 2 – 3.5% depending on card type and currency, and Mastercard/Visa cards have a maximum withdrawal limit of 2000 USD/ 60 000 RUB.
Tools and Specifics
FXOpen allows traders access to a wide range of markets including dozens of currency trading pairs, over 10 index CFDs, gold, silver, oil and natural gas. Using a crypto account also gives users access to dozens of cryptocurrency trading pairs, can be funded with both fiat and cryptocurrencies and traded 24/7.
In terms of trading tools, FXOpen allows mirror trading using their Myfxbook AutoTrade program and via ZuluTrade. In order to ensure secure, global and constant trading abilities FXOpen also offers users access to their VPS (Virtual Private Server). This service is available for free when trading volumes are high enough ($10 000 000 US) or equity is large enough ($5000 US) at the end of the month.
A few tools are available for traders including a margin and pip calculator, ECN commission calculator and a one-click trading and level 2 plugin for accessing more market information, and conducting certain types of trades such as Stop Loss or Take Profit as fast as possible.
These tools are available of course on top of the Meta Trader 4 and 5 trading terminals which already come with a range of graphing abilities and user-friendly tools. The Meta Trader 4 web terminal can also be accessed by FXOpen users so there is no need to download software if you don’t want to. Meta Trader 4 or 5 android and iOS apps allow for on the go access to many of the same tools and charting options that are available on the desktop versions.
There is a reasonably in-depth range of market analysis available to traders on FXOpen and their own market news posts provide good resources to traders although apart from that traders are provided limited research resources.
FXOpen supports a floating spread method for most account types and other fees vary depending on your chosen account type.
For ECN accounts, spreads start from 0.0 Pips and commissions to open/close a position depend on account equity and trade volume. For example, if you have an equity level of 1000-5000 USD and trade one lot (100 000 of the base currency), then the round turn commission would be 5 units of the base currency. If this currency is different to the currency with which you have funded your account with then it will be automatically converted. Swaps are also charged and from Wednesday night to Thursday, triple swaps are charged.
Crypto accounts are a bit simpler, spreads are floating and commission are charged at a flat 0.5% per half turn however you are charged 1% upfront for a full turn. Swaps are also 10% per annum.
FXOpen Review Summary
An early adopter of cryptocurrency based CFDs and cryptocurrency accounts, FXOpen has an established range of cryptocurrency instruments. The competitive spreads offered on ECN accounts and mirror trading capabilities make this platform quite attractive. It would, of course, be preferable if all account types and tools were available on the regulated Australian and UK based platforms, for example, cryptocurrencies are not accepted by the Australian or UK sites. However as previously noted in this FXOpen review, the Nevis based FXOpen site is a member of the Hong Kong-based Financial Commission to assist users in dispute resolution. All in all the wide range of cryptocurrency instruments and low minimum deposits give FXOpen an edge over other brokers in the industry, if you would like to sign up then you can do so here.
Disclaimer: Buy For Bitcoin does not provide any warranties towards the accuracy of the statements in the above FXOpen review. Any content on this site should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to perform your own research of the platform. Trading and investing in cryptocurrencies involves considerable risk of loss and is not suitable for every investor.