Warning! FXOpen is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
FXopen’s website does not carry itself as a modern, stylish broker. In fact, the broker site doesn’t feel like anything else we’ve reviewed before. But first impression can be deceiving. Is FXopen more than meets the eye?
There are two subsidiaries using the FXOpen brand name.
FXOpen Markets Limited (fxopen.com) is registered in Nevis and is a member of the Financial Commission (FINACOM PLC LTD). This regulatory body is an independent organization, meaning that it is not registered within any jurisdiction as an EDR (External Dispute Resolution) body. Nevertheless, FinaCom ensures that both traders and brokers conflicts of interest are resolved in a professional and unbiased manner. Clients trading under brokers regulated by FinaCom are eligible for the Commission’s Compensation Fund of up to €20,000.
FXOpen Ltd (fxopen.co.uk) is registered in England and Wales and is regulated by the FCA. The FCA strives to enforce strict industry standards, requires detailed reports from the company, and generally oversees that FXOpen Ltd’s activities are within the boundaries of the law. FXOpen Ltd is a member of the Investors Compensation Fund allowing for client compensations of up to €85 000 if the broker cannot meet its obligations to the trader.
As an entity outside ESMA controlled zones FXopen rightfully offers a maximum leverage of 1:500. In Europe and the UK the spread has been limited to 1:30 as decreed by Esma. The spread for EUR/USD lingers on 0.3-0.5 pips.
Fxopen.com has a bunch of assets for trade: FX pairs, Gold, Silver, CFDs, Oil, Natural gas and Crypto currencies. The big one missing is indices. However, there is an extensive array of cryptocurrency trading opportunities.
Fxopen.co.uk offers as trading assets: Forex pairs, Cryptocurrencies, Gold, Silver, Enegry, Oil and CFD’s on Indices.
The services of fxopen.com are offered in the following languages: Arabic, English, Chinese, French, Dutch, Czech, Indonesian, Malay, Persian, Polish, Portuguese, Russian, Spanish, Hebrew, Turkish.
Fxopen.co.uk has translated the website in: Chinese, German, Russian and Spanish.
The presence of MT4 and MT5 is no surprise. ZuluTrade, on the other hand is a welcome addition.
Fxopen.co.uk comes only with the MT4 platform.
ZuluTrade is a standalone platform that uses signals from expert traders to manage your account and bring you lucrative strategies. ZuluTrade allows for multiple account management from one workplace, real time free signal deliveries and many more features that will aid you in your game of trade. The trader is, however, left to control his/her own funds, decides his/her own level of risk, and can set the maximum lot range.
The leverage is limited to 1:500, while the average EUR/USD spread is 0.3-0.5 pips.
The bigger chunk of retail online trading is done via MT4. This is no coincidence. The platform’s staple Expert Advisors, VPS, great chart management, one click trading customizable indicators are back. Add to that an assortment of tools that FXopen has added and what you get is precision trading at its finest.
Myfxbook allows for tracking, comparing, sharing and analyzing services in a matter of minutes. It is available to use for free with your MT4 account.
FXopen allows for PAMM (Percentage Allocation Money Management) accounts to be utilized. The essence of this is that inexperienced traders, or those without the time, can allocate a sum of their money to a qualified trader of their choice. From there on, these adept traders will trade with their and your money with the sole purpose of generating as much profit as possible.
Other tools include One Click Trading and Level2 Plugin, Calculator for Margin and Pip Value, Commission Calculator and more.
Seeing that fxopen.co.uk is regulated by FCA, the inclusion of PAMM has been forbidden. However, fxopen.co.uk comes equiped with all the aforementioned tools, and is integrated with Myfxbook.
The leverage is limited to 1:500 and 1:30 in the EU/UK (by ESMA), while the average EUR/USD spread is 0.3-0.5 pips. ECN account holder will be commissioned by $1,5 (per side) per standard lot: with the fee applied the spread changes from 0.3 pips to an actual 0.6 pips spread for ECN account holders.
The other commission scheme involves a deduction 0.5% of the total trade volume for Crypto account users.
MT4 is available on Apple and Android devices, as a standalone desktop trader or a web based one. The web version is without trading bots.
MT5 is an improvement in every way to MT4. With its increased time frames, more pending order types, the inclusion of an economic calendar, and so much more, MT5 should slowly be taking over as the number 1 trading terminal. The platform comes with all its predecessor’s features: EAs, VPS, One Click Trading, Level2 Plugin, the possibility for PAMM and Myfxbook.
The leverage reaches a limit of 1:500, while spread fluctuates between 0.3-0.5 pips.
With the commission the spread for ECN accounts changes to 0.6-0.8 pips. Crypto account clients will be burdened with 0.5% of the total trade volume.
MT5 is available on Apple/Android devices, as a standalone desktop trader or as a browser terminal (no EAs)
FXOPEN MINIMUM DEPOSIT
FXopen allows for minimum deposit of just $1, and $25 if funding via Wire Transfer.
Fxopen.co.uk’s minimum deposit is $300.
Bear with this for there are a lot of deposit methods: Credit/Debit card, China Union Pay, SEPA, Alfa Click, Local Bank Transfers, Wire Transfer, Local Deposit, Rapid Transfer,SorexPay, IntellectMoney, Neteller, Paytoday, Skrill, QIWI,FasaPay, Yandex, RBK Money, Perfect Money, IntellectMoney, ePayments, Bitcoin, Litecoin, Emercoin, Ethereum, Tether, paysafe card.
The methods for depositing are limited at fxopen.co.uk when compared to the one above: Bank Transfer, MasterCard, Visa, Visa Debit, Visa Electron, Maestro, Laser, WebMoney, Neteller and Skrill.
Deposited sums will be converted into one of the following: USD, EUR, GBP, AUD, CHF, JPY, RUB, BRL, PEN, THB, CNY, SGD, CAD, IDR.
At fxopen.co.uk, the base currencies are limited to: USD, EUR, GBP, CHF, AUD, CAD.
Bank Transfers and Local Transfers processes funds for about 1-3 days. Local Bank Transfers and Paytoday deposits are processed instantly. The same applies to Credit/Debit cards, China Union Pay and ePayments, paysafecard, and eWallets.
Unfortunately, payment methods are charged with a fee: Wire and Local Transfers depend on the bank in operation; 2.29% for Local Bank Transfers; 2% from Rapid Transfer; 4% from Paytoday; Credit/Debit card are charged with 2.29%; China Union Pay with 3.5%; ePayments and WebMoney with 1%; Skrill with 2.29%; RBK- 3.9%; QIWI- 6%; Yandex Money-7%; Neteller- 3%; 5% for Perfect Money; SorexPay with 2.5%; IntellectMoney by 3%; and paysafecard by 8.25%.
Fxopen.co.uk has slightly different commissions on deposits: Bank Tarnsfer depend on the bank; Neteller, Skrill and WebMoney are taxed with 1%; Credit/Debit Cards are free of charge.
FXOPEN WITHDRAWAL TIME AND LIMITS
Withdrawal methods are slightly different from the funding ones: Credit/Debit card, Local Bank Transfers, Wire Transfer,Web Money, Neteller, Paytoday, Skrill, QIWI, FasaPay, Yandex, RBK Money, Perfect Money, IntellectMoney, ePayments, Bitcoin, Litecoin, Emercoin, Ethereum, Tether, paysafe card.
The withdrawal methods at fxopen.co.uk are: Bank Transfer, MasterCard, Visa, Visa Debit, Visa Electron, Maestro, Laser, WebMoney, Neteller and Skrill.
All Wire transfer types can take up to 3 days to process. Credit and/or Debit cards and eWallet withdrawals are usually handled in 24 hours. Note that the processing by the broker and the amount of time it takes for the money to arrive to your account are two different things.
The withdrawal fee for Wire Transfer is $45. For Credit/Debit Cards it’s 2.5%; China Union Pay it’s 0.5%; ePayments its 0.75%. For Skrill and Yandex it’s 1%; Web Money-0.8%; QIWI-1%; FasaPay-0.5%; YandexMoney-1%; Perfect Money- 0.5%; ePayments-0.75%. All services are eligible for payment system taxes.
Commissions at fxopen.co.uk are as follows: Bank Transfer is burdened with $30; Neteller, Skrill and WebMoney are feed by 1% of the total withdrawal sum; Credit/Debit Cards are free of charge.
The minimum amount you can withdrawal is $100 for Bank Transfer. Credit Cards and ePyament have a minimum of $10. While Yandex, WebMoney, Skrill, QIWI, Perfect Money and FasaPay have a minimum withdrawal requirement of $1. For paysafe it’s $7, for paytoday it’s 10 THB, and for Neteller it’s $2.
In spite of offering fertile ground for trading with a high leverage, outstanding platforms and diverse payment methods, one must not ignore the fact of FXOpen’s off shore regulation. It immediately creates feelings of uncertainty when a broker is regulated entirely by 1 offshore firm, and not a very common one. So be warned!
Fxopen.co.uk ,on the other hand, is considered by us as an average broker by far. There is just not enough here to impress us; clearly the focus was on the much more ambitious fxopen.com.