Fxopen account types

Yes, we allow the use of expert advisors on micro accounts with the following restrictions: to know what a pip is in 5 digit quote, take the exchange rate and count 5 digits backwards.

Huge forex bonuses

For instance, the EUR/USD is at 1.00615. Count 5 digits from the first: 1, 0, 0, 6, 1. The 1 is the 5th digit in the quote and it's at the 4th position after the decimal point, so a pip for the EUR/USD is 0.0001. The last digit in 5 decimal pricing is a ‘fractional’ pip. In our example is 8.1 ‘fractional’ pip is 0.1 of a pip. To calculate pip value you can use the following formula:

Fxopen account types

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Our spreads are not fixed and depend on the buy and sell orders that are currently available in the marketplace.

Margin call happens when a client's account equity falls below the required margin to maintain open positions. It’s done automatically. On market-maker accounts (micro accounts) margin call happens when margin level falls below 20% (i.E. Equity falls below 20% of margin for open positions). When margin level falls below 10% (i.E. Equity falls below 10% of margin for open positions) the losing position will be closed automatically by the broker (stop out).

Example 1:

The 0.1 lot trade opened with a margin requirement of $27 will be subject to a margin call when account equity falls to $5.4 or less. When the equity falls below $2.7 the order will be closed automatically by stop out.

On ECN accounts margin call happens when margin level falls below 100%. Losing orders are closed automatically by stop out at margin level of less than 50%.

Example 2:

The 1 lot trade opened on ECN account with a margin requirement of $300 will be subject to a margin call when the account equity falls to $300 or less. When the equity falls below $150 the order will be closed automatically by stop out.

Please note that if the order was closed by stop out, this will be shown in the metatrader trading terminal. Open the terminal window > account history tab and check the column comment. If the column is hidden, right-click in the tab and select comments.

Yes, we allow the use of expert advisors on micro accounts with the following restrictions:

Stop loss, take profit and pending orders can be set 10 pips or more away from the current price.

Your trades must be open for more than 1 minute.

For the latest information, please see our promotions.

Register an account with fxopen. Send a request to make your account SWAP-free to [email protected] . In the request, indicate your fxopen account number and attach a document confirming that you profess islam.

A position is kept open until:

A take profit order is triggered.

A stop loss order is triggered.

You close the order manually because you need more free assets for another position.

The broker closes a losing position by stop out.

After a deal is confirmed, a notification appears within a few seconds. You can check the transaction information in the journal and trade tabs of the terminal window in metatrader.

Pip value for ECN/STP accounts (5th decimal pricing)

Pip (percentage in point) is the smallest change in four decimal place currency quotes (as well as in two decimal place quotes for pairs containing JPY). The fifth digit after the decimal point in quotes for currency pairs (as well as the third one for pairs with JPY) shows the price change discreteness within the four (two) decimal place quotes, i.E. The minimum qoute change.

Quotes with 5 decimal places allow better transparency and better ability to catch better deals. For example, instead of 2 pips spread (1.5030 bid 1.5032 ask), a trader can get a 1.7 pip spread (1.50301 bid 1.50318 ask).

To know what a pip is in 5 digit quote, take the exchange rate and count 5 digits backwards. For instance, the EUR/USD is at 1.00615. Count 5 digits from the first: 1, 0, 0, 6, 1. The 1 is the 5th digit in the quote and it's at the 4th position after the decimal point, so a pip for the EUR/USD is 0.0001. The last digit in 5 decimal pricing is a ‘fractional’ pip. In our example is 8.1 ‘fractional’ pip is 0.1 of a pip. To calculate pip value you can use the following formula:

Example 1. 0.1 standard lot EUR/USD at the price 1.33391.

To convert EUR 0.07496 to USD you must multiply:

As you can see from the example 1 - ‘fractional’ pip value is $0.1 that means 1 pip value is $1.

Example 2. 0.1 standard lot USD/JPY at the price 84,058.

As you can see from the example 2 - ‘fractional’ pip value is $0.1 that means 1 pip value is $1.

Pip value calculation

A pip is calculated by the quote currency (the second one in the pair). To calculate pip value you can use the following formulas and examples:

10 AUD = 10*0.9778 = 9.778 USD

10 CHF = 10/0.9886 = 10.1153 USD

Pip value calculation for gold/silver

To calculate pip value for gold/silver you can use the following formula:

Example 5. 0.1 lot gold.

Example 6. 10 lots silver.

During a specific period of time (freeze time) before, during and after an economic event announcement (news) pending buy and sell stop orders cannot be placed, closed, deleted or modified. These restrictions apply to a single buy/sell stop pending order, as well as to opposite buy/sell stop pending orders. By opposite (or ‘corresponding’) stop orders we mean two stop orders (a buy stop and a sell stop) placed on the same currency pair, at the same time.

If you try to place, modify or close a buy/sell stop pending order during the freeze time, you will see an error message in your metatrader.

On the average, the freeze time period begins several tens of seconds before a news announcement, but its exact duration may vary depending on the nature and importance of the economic event.

Freeze time – defined by company the period of time before the event announcement. The company has the right, at its sole discretion, to define the value of the freeze time depending on the situation on the currencies market and on the character of the event.

For more information, please, see section 3.5 of the terms of business for market maker types of accounts: the company can refuse opening, modification and deletion of all pending orders including corresponding pending orders during the freeze time.

Stop loss orders - execution rules

As a rule, sell stops are filled on our bid, and buy stops are filled on our ask. This allows fxopen to fill client’s orders at the rate they requested in almost every case. In the rare cases when the market gaps over a requested stop loss rate, the position will be closed at the first available quote which is presented in the quotes flow instantly after the price gap. This is an important point for traders who are accustomed to being filled on sell stops when the offer reaches the requested order rate. For example, if a stop order is placed to sell USD/CHF at 1.4549, the trader will be filled when the bid reaches 1.4549 (i.E. The bid/offer is 1.4549/53).

Good till cancelled (GTC) orders - execution rules

A trade order placed for a specific amount of time to buy or sell a foreign currency, it will be pending until the time you set or until you cancel it.

A critical loss level – stop out – is fixed to prevent trader losses in excess of the margin and available funds on the trading account. Upon reaching this level, broker automatically closes all loss-making positions at the current market price when margin level is lower than stop out level. Thus positive account balance is kept.

* only USD containing currency pairs can be used to calculate stop out prices for cross-rates since it is impossible to foresee exchange rates of two currency pairs at one and the same time in future.

Equity — is the account balance plus unrealized gains and minus unrealized losses.

Fxopen provides SWAP-free accounts for muslim clients. In islamic accounts, no SWAP fee will be charged or added when your open positions are rolled over the night or weekend. Otherwise, islamic accounts trading conditions are exactly the same as regular micro, ECN or STP accounts.

Starting february 2nd, 2015 traders will be charged an additional commission for overnight positions on micro, STP and ECN islamic accounts. The commission equals to SWAP.

Commission is charged on rollover and is displayed in the terminal section in MT4. For ECN account the rollover commission is added to the commission for opening a trade. Current swaps are available in MT4 in market watch → symbols → properties.

1 pip (point) is the smallest change in currency quotations, no matter in what direction a change occurs, up or down. For example, the exchange rate for EUR/USD has changed from 1.3614 to 1.3617, i.E. By 3 points. A pip is equal to 0.0001 for the nine major currency pairs. For pairs where the japanese yen (JPY) is the quote currency, 1 pip is equal to 0.01.

Margin is the amount of cash or other eligible collateral that fxopen requires a customer to deposit or maintain in the customer's account in connection with the customer's trading activity. Margin is usually 1-2% of the transaction amount; the remaining 98-99% is given by the dealer. This is the leverage in forex terms. For example, if you would like to buy $10,000 for JPY and your leverage is 1:10, you need to pay 1,000 JPY.

The system performs an automatic pre-deal check for margin availability, and will only execute the deal if the client has sufficient margin funds in his or her account. To calculate the margin it is required to open a trade, you can use the following formula:

Example 1. Leverage=1:200, volume=0.1, EUR/AUD:

EUR/USD (market price is 1.3843/45).

Long	short

Example 2. Leverage=1:200, volume=0.1, CHF/JPY:

USD/CHF (market price is 0.9883/0.9886).

Long	short

Example 3. Leverage=1:200, volume=0.1, USD/CHF.

Long	short

Example 4. Leverage=1:200, volume=0.1, NZD/USD:

NZD/USD (market price is 0.7502/0.7507).

Long	short

use the calculator in my fxopen!

Fxopen offers the following types of accounts: micro, ECN, STP, crypto and PAMM. For more information, please click here.

On the forex market open positions rollover is done in the form of SWAP. If your position stays open for the night or over the weekend there is a daily rollover interest rate that is either added or deducted to or from your account. It depends on the currency pair you trade and the transaction type (buy or sell). Opening a trade means that you borrow one currency to buy another. As we don’t know how long the trade will remain open, SWAP is added or deducted when the position is rolled over the night. We add/deduct SWAP to/from the account according to the difference between the interest rates of the currencies in the pair. If the interest rate of the currency that you buy is higher than the rate of the currency you borrow, SWAP is added to your account (positive SWAP). If the interest rate of the currency that you buy is lower than the rate of the currency you borrow, SWAP is deducted from your account (negative SWAP).

All positions (depending on account type) which are remaining open at 23:59:30 trading platform
time (server time) are subject to rollover.
The SWAP is calculated and added to or deducted from the customer’s account during the time period
between 23:59:00 and 00:05:00. The exact time will be selected by the company on its sole discretion.

To look up swap rates in the metatrader:

Right-click in the market watch window.

Select symbols.

Choose the currency pair in the pop up window.

Click properties on the right. You will see swap long and swap short.

Fxopen account types

1. What type of accounts do fxopen provide?

Fxopen UK offers clients ECN, STP and crypto accounts.

2. What instruments does fxopen offer for trading?

50 FX pairs, gold and silver, global indices, oil and natural gas are available for trading 24/5 from 10PM sunday to 10PM friday UK time. Crypro currencies including bitcoin, ethereum, litecoin, and dash currencies trade 24/7. GOLD and SILVER are not available for trading between 22:00 and 23:00 UK time due to daily rollover procedures carried out by our liquidity providers.

3. What are islamic accounts? Do you provide SWAP-free accounts?

Fxopen offers SWAP-free islamic accounts which are compliant with sharia laws for muslim traders. If you are not sure if your account is islamic or not, please, e-mail [email protected], give your account number and ask to make your account SWAP-free.

Instead of a SWAP, traders are charged an additional commission for overnight positions on STP and ECN islamic accounts. The commission equals to SWAP.

Commission is charged on rollover and is displayed in the terminal section in MT4. For ECN account the rollover commission is added to the commission for opening a trade.

You can look up fxopen swaps in the metatrader:

Right-click on the currency pair in the market watch window;

Select symbols;

Choose the pair again in the pop up window;

Click properties on the right. You will see "swap long" and "swap short".

4. Where can I look up swaps?

On the forex market open positions are rolled over in the form of a SWAP. If your position stays open for the night or over the weekend there is a daily rollover interest rate that is either added or deducted to or from your account. It depends on the currency pair you trade and the transaction type (buy or sell). Opening a trade means that you borrow one currency to buy another. As we don’t know how long the trade will remain open, SWAP is added or deducted when the position is rolled over the night. We add/deduct SWAP to/from the account according to the difference between the interest rates of the currencies in the pair. If the interest rate of the currency that you buy is higher than the rate of the currency you borrow, SWAP is added to your account (positive SWAP). If the interest rate of the currency that you buy is lower than the rate of the currency you borrow, SWAP is deducted from your account (negative SWAP).

Overnight from wednesday to thursday a triple SWAP is charged to cover the weekend as FX trades settle on a T+2 basis

To look up swap rates on the metatrader platform:

Right-click in the market watch window

Select symbols

Choose the currency pair in the pop up window

Click properties on the right. You will see swap long and swap short

5. Are your spreads fixed?

There are no fixed spreads as the spread is dependent on the liquidity of the market. It is possible for the market to have a negative spread where the bid price is higher than the ask price.

6. Orders execution rules

Stop loss orders - execution rules
as a rule, sell stops are filled on our bid, and buy stops are filled on our ask. This allows fxopen to fill client’s orders at the rate they requested in almost every case. In the rare cases when the market gaps over a requested stop loss rate, the position will be closed at the first available quote which is presented in the quotes flow instantly after the price gap. This is an important point for traders who are accustomed to being filled on sell stops when the offer reaches the requested order rate. For example, if a stop order is placed to sell USD/CHF at 1.45490, the trader will be filled when the bid reaches 1.45490 (i.E. The bid/offer is 1.45490/530).

Good till cancelled (GTC) orders - execution rules
A trade order placed for a specific amount of time to buy or sell a foreign currency, it will be pending until the time you set or until you cancel it.

7. What is margin?

Margin - the amount of cash or other eligible collateral that fxopen requires a customer to deposit or maintain in the customer's account in connection with the customer's trading activity. Margin is usually 1-2% of the transaction amount; the remaining 98-99% is given by the dealer. This is the leverage in forex terms. For example, if you would like to buy $10,000 for JPY and your leverage is 1:10, you need to pay 1,000 JPY.

Example 1 . Leverage=1:200, volume=0.1, EUR/AUD:

EUR/USD (market price is 1.38430/450).

Long	short

Example 2 . Leverage=1:200, volume=0.1, CHF/JPY:

USD/CHF (market price is 0.98830/0.98860).

Long	short

Example 3 . Leverage=1:200, volume=0.1, USD/CHF.

Long	short

Example 4 . Leverage=1:200, volume=0.1, NZD/USD:

NZD/USD (market price is 0.75020/0.75070).

Long	short

8. Can I get margin call if I have no free margin?

You will receive a margin call if your margin level falls below 100%

You will automatically be stopped out of an open position if your margin level falls below 50%

Your margin level % = equity/margin

Please, note that if the order was closed by stop out, you can find the information about it in trading terminal metatrader 4. Open the window terminal, the tab account history and check the column comment. If you cannot find this column in the tab account history right click in the tab and choose comments.

9. Stop out calculation

A critical loss level - stop out - is fixed to prevent trader losses in excess of the margin and available funds on the trading account. Upon reaching this level, broker automatically closes all loss-making positions at the current market price when margin level is lower than stop out level. Thus positive account balance is kept.

Trade forex and
global markets
from one account
spreads from 0.0 pips

ECN trading, no dealing desk

Fxopen UK advantages

PEACE OF MIND

Fxopen UK is authorised and regulated by the FCA (579202) in the UK, with retail client funds fully protected up to £85,000 by the FSCS.

WE WANT YOU TO BE A SUCCESSFUL TRADER

We don’t make money on client losses, so there’s no conflict of interest.

MAKE YOUR MONEY GO FURTHER

Enjoy low cost forex trading with spreads from 0.0 pips and commission from $1.50 per lot.

ULTRA-FAST EXECUTION

Your trade is executed instantly through our wide range of liquidity providers streaming real-time prices.

YOUR CHOICE OF TRADING STRATEGY

High frequency trading, all types of expert advisors (EA’s) and scalping are all welcomed forms of forex trading.

200 + MARKETS OFFERED

Trade global FX, indices, equities and commodities via cfds through the highly customisable MT4 or MT5 trading platforms

ECN technology

ECN model - all trades executed in interbank market.

No dealing desk (NDD). No conflict of interest. No trade restrictions.

We want our traders to be profitable. We do not trade against you.

Main conditions on fxopen UK trading accounts

Minimum deposit:

Account currency:

Business model:

Maximum balance:

Spread:

Commission (per 1 lot):

Quotes format:

Execution:

Requotes/slippage:

Minimum transaction size:

Maximum transaction size:

Minimum increment:

Leverage:

Margin call:

Stop out:

Demo accounts:

Instruments:

Hedging:

Expert advisors:

Scalping:

News trading:

Phone dealing:

Market depth with level 2 quotes:

Trading time:

$300, £300 or €300

USD, GBP, EUR

No limit

Floating, from 0 pips

From $1.50

0.12345

Market

No / yes

0.01 lot

Not limited*

0.01 lot

Up to 1:30

100%

Currencies cryptocurrency cfds* metal cfds energy cfds index cfds share cfds *only available for trading by professional clients

22:00 sun – 22:00 fri (UK time)

$300, £300 or €300

USD, GBP, EUR

No limit

Floating

0.12345

Market

No / yes

0.01 lot

Not limited*

0.01 lot

Up to 1:30

100%

Currencies
metal cfds

22:00 sun – 22:00 fri (UK time)

Open a live account and select your account type

Or try a free DEMO ACCOUNT to learn how to trade!

Trade with the world's most popular trading platform metatrader 4

- used by millions of traders around the world.
- design, build and use your favorite trading systems.
- highly customisable, with a range of apps that can improve its charting, interface and functionality.
- fxopen UK clients can use MT4 to trade forex, indices, equities and commodities via cfds
- compatible with all operating systems.
- fast, reliable, secure.

MT4 desktop

An application that is downloaded onto your computer and has the full range and functionality of the MT4 trading platform.

MT4 webtrader

Access via a web browser with no need to download the desktop platform.

MT4 iphone

Trade on your ios smartphone and tablet from anywhere that hosts an internet connection.

MT4 android

Trade on your android smartphone and tablet from anywhere that hosts an internet connection.

Metatrader 5 trading platform

- compatible with all operating systems. Trade on metatrader 5 today.
- choice of accounts: in MT5 you have the choice of two order accounting systems (netting and hedging)
- fundamental analysis tools are available in MT5: the economic calendar and financial news keep you up to date with market developments
- algorithmic trading allows you to trade the markets using trading robots (expert advisors) without your direct involvement in every trade

2005-2020 © fxopen UK all rights reserved.
Fxopen UK is a trading name of fxopen ltd a company registered in england and wales under company number 07273392 and is authorised and regulated by the financial conduct authority under FCA firm reference number 579202.

RISK WARNING: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

What is a forex broker?

After the 1970s, when the united states dropped the bretton woods agreement regarding the USD convertibility in gold, the foreign exchange market grew dramatically. First available only to institutional players due to the high transaction costs and difficulty to access, it all changed when the internet and online trading appeared. Forex brokers made it possible for the retail trader to join the largest financial market in the world – foreign exchange.

A forex broker, therefore, is nothing but an intermediary link between the trader and the market. It offers market quotes via its various liquidity providers, and its trading platform reflects the best possible conditions it has to offer to its customers. For this, it charges a fee or a commission, and its interests align with those of the trader.

Types of forex brokers

A forex trading broker is organized as either a dealing desk (also called market makers) or a non-dealing desk. In the first case, the forex broker literally creates a market by mirroring the quotation from the interbank market and deals the prices to its clients. In the second case, the foreign exchange broker routes its clients orders to the liquidity provider, and from the liquidity pool the best quote is offered to its retail clients.

Brokers organized like non-dealing houses often offer ECN (electronic communication network) or STP (straight-through protocol) execution. However, different types of brokers exist, as many of them mix dealing with non-dealing conditions, becoming a hybrid forex broker in the end.

But the most impressive thing about the current forex brokers is that they ceased to be just a forex brokerage house. Nowadays, the forex brokerage accounts give access not only to the currency market, but also to various other financial markets around the world (e.G. Commodities – oil, gold, silver; indices – dow jones, S&P500; various other cfds).

More importantly, traders have access to all these markets from the same trading account. As a result, traders benefit from further diversification options for their positions and more trading opportunities.

How to start trading with a forex broker

The internet makes it simple for traders to open an account and start trading.

All brokers have an online presence and a website with all the info necessary regarding the types of the trading accounts, the trading conditions, and the steps to take for opening a forex brokerage account.

The process of opening a forex brokerage account is straightforward. The application is done online where the trader provides personal details and infomation about their trading experience, provides documents to prove their ID and address, and then chooses the type of the trading account they want.

How forex brokers make money

The financial instruments offered by the forex broker (e.G., currency pairs, commodities, cryptocurrencies, indices, etc.), form the forex dashboard. Each instrument has two prices – the bid and ask price.

The difference between the two prices is called the spread, and it represents one of the ways the forex broker makes money. It is a fee charged for providing access to the market, and it can either be fixed or variable, depending on the type of the trading account.

For instance, ECN and STP accounts have variable spreads, because the two accounts reflect the actual market conditions. Out there in the interbank market the conditions differ throughout the trading day, from moments with little or no activity to moments of very high market volatility.

As such, the spreads differ too. For example, during an important economic release like the non-farm payrolls (NFP) in the united states, spreads widen on a variable spreads account, and tighten with the decrease in volatility.

A forex broker having access to multiple liquidity providers can offer better spreads to its clients, whereas a foreign exchange broker with a single liquidity provider will have wider spreads.

Traders can only use the ask price when buying and the bid price when selling. Thus, by opening and closing a position, they pay the spread charged by the forex broker as a fee.

Depending on the type of trading account, commissions also exist. In some cases, there’s a commission for each trade, directly related to the volume traded – the higher the volume, the bigger the commission. In some other cases, there’s no commission charged to the trading account, but typically that type of an account offers wider spreads.

Some other ways for forex brokers to make money exist, but these two are the most representative ones – spreads and/or commissions.

Find out what fxopen UK is offering

Fxopen UK is a true ECN broker where trades are matched with the best available price on the ECN. With tight variable spreads, low commissions and a NDD model, we want all our clients to be profitable traders so there is no conflict of interest. With FCA regulation and FSCS protection of £85,000, fxopen UK is the ideal choice for traders.

Fxopen review and tutorial 2021

Fxopen is a highly regulated FX & CFD broker offering multiple trading platforms.

Trade major, minor & emerging forex pairs with 1:30 leverage.

Trade on dozens of cryptocurrency coins with 1:2 leverage.

Fxopen is an ECN forex broker offering a range of CFD instruments using the metatrader 4 (MT4) and metatrader 5 (MT5) trading platforms. This review will cover account types, fees, minimum deposits, and more. Find out if you should sign up with fxopen.

Fxopen details

Fxopen started as an educational centre offering courses within financial markets. Then in 2005, a group of traders turned the company into a global brokerage with offices in the UK, russia, new zealand, and australia. Today, the broker’s thousands of traders can be found everywhere from canada and germany to vietnam and nigeria.

The fxopen group operates under FX markets limited, a company registered in charlestown, nevis. Fxopen UK is authorised and regulated by the financial conduct authority (FCA). Fxopen australia is regulated by the australian securities and investments commission (ASIC).

Trading platforms

Metatrader 4

Fxopen was the first broker to offer ECN and STP trading via metatrader 4 (MT4), an award-winning platform that boasts instant trade execution at competitive prices.

MT4 is ideal for both beginners and experts and offers a range of customisable features, including:

50+ built-in indicators & graphical objects for technical analysis

Three types of orders (market, limit, and stop)

Intuitive charting package

Automated trading (eas)

Rich historical data

One-click trading

Trading signals

MT4 is available for download on windows pcs and can be accessed from the platforms page on the broker’s website.

Fxopen also offers the web-based version of MT4 – a great option for those with apple mac pcs, where a direct download is not available. The webtrader terminal has all the same features of the desktop version and is compatible with all major desktop browsers.

Metatrader 5

Fxopen also offers the metatrader 5 (MT5) platform, offering all the features of MT4 with several additional benefits:

80+ built-in indicators & graphical objects for technical analysis

21 timeframes to track price movements

Multi-currency strategy tester

Netting & hedging allowed

Economic calendar

Note, cryptocurrency trading is not available on MT5.

MT5 is available for download on windows pcs and can be accessed from the broker’s website.

Ticktrader

For non-UK customers, fxopen also offers ticktrader, a brand new trading platform offering much of the same features as metatrader and more. Using one trading account – ticktrader ECN, the platform is suitable for both beginners and experts.

Advanced technical analysis tools (30+ indicators)

Customisable user-friendly interface

One/double click trading mode

Detailed charting system

Trading alert system

Strategy back tester

Level 2 pricing

fxopen ticktrader platform

A web-based version of ticktrader is also available. Supporting all the major browsers and operating systems, the ticktrader web terminal offers easy and quick access to trading without the need for a download and without compromising on any features. Users can access the web terminal from the fxopen website.

Markets

Fxopen offers four key markets:

Currencies – trade over 50 major, minor, and exotic currency pairs.

Indices – trade nine global indices including the FTSE 100 and S&P 500.

Commodities – trade on energy and metals such as gold, silver, and crude oil.

Cryptocurrencies – trade over 40 crypto cfds including bitcoin, ethereum, and ripple.

Spreads & commissions

For major forex pairs including EUR/USD and GBP/USD, spreads average around 0.2 pips, whilst for EUR/GBP, spreads are around 0.5 pips. Spreads for the FTSE 100 start from 0.8 pips while for gold and silver, spreads start from 0.27 and 1.2 respectively. Crude oil spreads average around 4 points.

With ECN accounts, forex commissions are charged based on the account balance and start from $3.50 for accounts lower than $1,000 and reduce to $1.50 for account balances over $250,000. Discounted rates for high volume traders are available. Similarly, for cfds indices and commodities, commissions start from $5 for lower account balances and reduce to $3.50 for higher balances. Crude oil and natural gas are charged at either 0.005%, 0.0025%, or 0.0018% per side, depending on the account balance. For cryptocurrency CFD accounts the commission is 0.5% per side.

With STP accounts, the commission is included in the spread.

Other fees to be aware of include swap charges on positions held overnight. Fxopen provides instructions on how to look up a swap fee on their website.

Leverage

Leverage is available from 1:2 for cryptocurrency trading and 1:30 for forex investing. Leverage for indices is set at 1:20 and for commodities, maximum leverage is 1:10, apart from gold which is available at 1:20. Professional clients can access leverage up to 1:500. Speak to the support team to change leverage levels.

Useful margin and pip value calculators are available on the broker’s website.

Mobile apps

Fxopen offers all of its trading platforms (MT4, MT5, and ticktrader) as mobile apps, compatible with ios and android smartphone and tablet devices. The mobile apps provide the same features as the desktop versions as well as added features including push notifications. The apps can be downloaded from the user’s app store or play store.

Fxopen mobile trading

Payment methods

Deposit

Fxopen offers several deposit options in USD, EUR, or GBP. Whilst some options are free, there are some fees to be aware of:

Bank wire transfer – free

Credit/debit cards – free

Webmoney – 3.5%

Trustly – free

Neteller – 1%

Skrill – 2%

Minimum deposits range from 10 GBP, USD, or EUR for cards and go up to 300 for wire transfer. For webmoney, trustly, neteller, and skrill, minimum deposits in the chosen currency are 50.

There is no maximum deposit limit for wire transfer. For cards, the limit is 15,000 (GBP, USD, or EUR) and for e-wallets, maximum deposits are either 10,000 or 20,000.

Note that fxopen also permits virtual prepaid cards for new clients. Local deposits are also available for malaysia and indonesia. Details of these can be found in the help centre.

Withdrawal

Withdrawal methods and fees are as follows:

Bank wire transfer – free for GBP, 30 USD, or 15 EUR

Credit/debit cards – free

Webmoney – 3.5%

Neteller – 1%

Skrill – 2%

Withdrawal times for bank wire transfer usually take 1 – 3 business days, whilst cards take 2 – 5 business days. The minimum withdrawal for bank wire transfer is 50 GBP, USD, or EUR, and for all other methods, the minimum is 10. There is no maximum withdrawal limit for bank transfers, but for card withdrawals, the limit is set at 15,000 GBP, USD, or EUR. All other methods are either 10,000 or 20,000.

Demo account

Fxopen offers a demo account in any of the three account options and with MT4, MT5, and ticktrader platforms. The demo account can be opened from the main page and gives users up to $1,000,000 in virtual funds. The demo server will remain accessible as long as you log in each month. You can then upgrade to a live real-money account when you’re ready.

Bonuses & promotions

For non-UK customers, fxopen offers a $10 no deposit bonus (NDB) for the ECN ticktrader account and the STP PAMM accounts. There is also a $1 welcome bonus for micro accounts and a forexcup trading contest bonus, subject to demo contest terms and conditions. See the broker’s website for the latest promotional codes.

There are currently no bonuses or promotions for traders located in the UK.

Regulation & reputation

Fxopen UK ltd is authorised and regulated by the financial conduct authority (FCA) in the united kingdom. Fxopen australia is regulated by the australian securities and investments commission (ASIC). The broker receives a decent trust rating in customer reviews.

Fxopen also offers negative balance protection for its retail customers.

Additional features

Fxopen offers several additional features, suited to both beginner and expert traders:

Market news

FIX API trading

Customer forum

Economic calendar

VPS (virtual private server) available

Help centre with support options and knowledge base

Myfxbook and zulutrade social and copy trading (non-UK only)

Account types

There are three account types available for UK customers: STP, ECN, and crypto. Tradeable instruments with the STP account are forex, gold, and silver. With the ECN account, you can trade forex, gold, silver, indices, and energy. With the crypto account, you can trade cryptocurrencies.

The minimum deposit across all three accounts is 300 GBP, USD, or EUR, which is fairly high compared to the likes of XM trading and IC markets. There are no commissions with the STP account, however, a commission is charged from $1.50 per lot in the ECN account and 0.5% half-turn in the crypto account. Leverage goes up to 1:30 in the STP and ECN accounts and remains at 1:2 for the crypto account. The minimum transaction size across all three is 0.01 lots.

Fxopen also offers PRO versions of the STP, ECN, and crypto accounts, with higher leverage of 1:500 and lower commission rates. Details of this can be found in the pro tab at the top of the broker’s website.

Note that the fxopen UK entity is unable to provide PAMM accounts.

Benefits

If you look at fxopen vs the likes of FXTM and fxpro, traders benefit from:

MT4, MT5, & ticktrader platforms

Positive customer reviews in 2021

Regulated in the UK & australia

Decent cryptocurrency offering

True ECN model

Drawbacks

Disadvantages of choosing fxopen include:

High minimum deposit for UK customers

More suited to experienced traders

Limited educational tools

Limited range of cfds

Trading hours

Trading hours for forex, indices, and commodities run from 22:00 on sunday to 22:00 on friday (UK time). All crypto instruments are tradable 24 hours a day, 7 days a week.

Check the timezone in your area.

Customer support

There are several ways traders can contact fxopen customer support:

Email – support@fxopen.Co.Uk

Help centre – submit a ticket after registration

Customer support telephone – +44 (0) 203 519 1224 (8am – 6pm GMT)

Trading desk telephone – +44 (0) 203 519 1224 (10pm sunday – 10pm friday GMT)

Live chat including whatsapp & facebook messenger – located in the bottom right-hand corner of the website

The support team can help with ewallet and bitcoin deposits, withdrawal problems, and proof of address queries.

User security

Both the MT4 and MT5 platforms follow industry-standard security requirements, including 128-bit secure sockets layer (SSL) encryption and two-step verification upon login. All client funds are fully segregated at barclays bank plc or lloyds bank plc in london.

Fxopen verdict

Fxopen is a good ECN broker providing a competitive trading environment with multiple platforms for active traders. Although education resources are fairly limited, the low spreads and commissions, as well as a strong track record make it an attractive option, particularly for high volume traders.

Accepted countries

Fxopen accepts traders from australia, thailand, canada, united kingdom, south africa, singapore, hong kong, india, france, germany, norway, sweden, italy, denmark, united arab emirates, saudi arabia, kuwait, luxembourg, qatar and most other countries.

Traders can not use fxopen from belgium, japan, united states.

Is fxopen regulated?

Yes, the brokerage holds licenses with the FCA in the UK and the ASIC in australia. These are two of the most respected agencies and a strong indicator that fxopen is trustworthy.

Is fxopen a good broker for beginners?

Although fxopen is aimed at both beginners and expert traders, there are limited resources available for beginners to learn how to trade. Fxopen also requires a minimum starting capital of £300 which is relatively high.

What leverage is available at fxopen?

Leverage is available up to 1:30 for forex, indices, and commodities, while leverage rates up to 1:2 are available for cryptocurrencies.

What markets are available on fxopen?

You can trade on 50+ FX markets, nine global indices, five commodities, and 40+ cryptocurrencies at fxopen.

How do I open an account with fxopen?

From the broker’s website, you can choose to either open a live account or a demo account from the top right-hand corner. You will need to select which account type you wish to trade and verify your identity and proof of address.

Fxopen review – an ultimate broker review

This article will cover extensive details on the fxopen review. Established in 2003, fxopen first started its journey as an educational center offering courses on financial market trading. This education program covered technical analysis, risk management, fundamental analysis, etc. Its education program ran as a success since they’ve got enormously positive reviews from the traders/clients subscribed to the training program.

After 2 years of the successful education campaign, in 2005 they’ve decided to step in the global market as a financial broker. Fxopen markets limited is operated under fxopen AU pty ltd, an australia based company registered in nevis.

They aimed to be one of the top competitors around the market and planned to start with something new or unique that no broker has ever brought for their clients.

Fxopen boosted its opening performance by offering micro accounts and swap-free accounts for the first time in the forex industry. As a result, traders with smaller capitals started to fall for the micro accounts and long-term traders hailed fxopen for offering swap-free trading facilities.

A swap-free account is also known as a sharia-compliant account that lets traders hold their open trade positions as long as they want without paying any overnight fee to the brokers.

Fxopen offers very competitive trading fees compared to other top brokers around the market. Let’s have a look at fxopen review’s this aspect:

Trading fees: the cost of trading varies depending on the type of account you use. If you’re using the ECN account, you’ll be charged $30 to $100 per $1m traded which equates to 0.3 to 1 pip based on the nature of the traded instruments. Fxopen offers VIP ECN account service through its australian entity which requires at least 25,000 AUD as initial deposit. If you’re a VIP ECN account holder, you’ll be charged only $18 per 1 million units traded and $36 per round trip. This is a fixed amount charged per transaction and completely irrespective of trading volumes. There are no commissions charged for micro accounts. For the STP account, the commission is embedded within the prevailing spreads.

Deposit and withdrawal fees: fxopen doesn’t charge any fee for the deposit made to its live trading account. But it charges for withdrawals and the amount of the fee depends on the withdrawal methods. For withdrawals through bank wire transfer and SEPA transfer, it costs around $45 per transaction. If you are using credit/debit cards & china unionpay, it costs 2% to 3.5% of your total withdrawal amount plus 3.5 EUR as a fixed charge. For withdrawals via electronic payment systems like webmoney, QIWI wallet, yandex money, neteller, perfect money, fasapay, and skrill, a 0.8% to 1% fee is applied to the total withdrawal amount. However, the broker does not charge any deposit/withdrawal fees for the transactions made using fxopen prepaid cards.

Account opening: fxopen review

For opening an account and start trading with fxopen, you need to follow the 7 simple steps as mentioned below:

Access the register: visit the official website of fxopen at fxopen and register for my fxopen account. A number of trading accounts can be opened under each my fxopen account.

Access to your personal client section: once you’re done with the registration process, you’ll be provided a username and password through your registered email. Access to your my fxopen client area using the given login information

Account selection: fxopen offers four different kinds of trading account for its clients. Select the type of account according to your needs. We recommend you to have a brief study over the individual account types and pick the one that suits you most.

Read and accept the legal terms and conditions: take your time to thoroughly read this section and accept it if you see the terms are fair enough.

Fill in the account opening form and submit: here you’re required to fill all the necessary information about yourself like, name, email address, phone number, local address, etc.

Account verification: you need to verify your account information in order to get full access to your trading account features. Just submit a scanned copy of your passport, national ID or driving license and a valid utility bill (not older than 3 months) to prove your identity and address of your residence. Once the verification is done successfully, you’ll be notified through your registered e-mail and you’ll be free to deposit & withdraw money from your account.

Fund your account and start trading: after you’re done with all the above steps, log in to your account, fund your account through your preferred transaction method and start trading in the market.

Trading account types & commissions: fxopen review

Fxopen offers various types of trading accounts with different commission systems in order to suit the requirements of clients with different size of capitals and strategies.

ECN: fxopen launched ECN trading in 2009. ECN is a unique electronic communication network, links different market participants of like banks, centralized exchanges, brokers, financial institutes, and private investors. This account is coordinated by fxopen’s advanced price aggregating technology that accumulates the best prices, real market spreads, and instant order executions. There is no dealing desk at the middle and all kinds of trading styles like scalping, news-trading, automated HFT, and expert advisors are allowed for ECN traders. The commission for trading through ECN starts from 1.5 USD per standard lot.

Crypto account: crypto account was launched in 2014 by the broker. This account is specially designed for the cryptocurrency tradings. Some of the strongest cryptos like bitcoin, litecoin, ethereum can be traded against USD, EUR or RUB through this account. The average commission 1% for each round and 0.5% per half-round traded.

STP account: fxopen had been providing STP account facilities to its clients since 2013. This account features almost all the facilities provided by the ECN account but with a low deposit which is as low as $10. The commissions of STP account trading are included in the spreads. It offers leverages up to 1:500 (for accounts under 25,000 USD) and the minimum size of the trade is allowed as 0.01 lot. The main purpose of the STP account is to provide an ECN trading environment for traders with small and medium investments.

Micro trading account: this account is suitable for traders with small capitals, especially for the newbie traders. It allows minimum deposit which is as low as $1 and allows small transactions with micro-lot (0.01) tradings. It supports multiple indicators, strategies, and expert advisors with minimal risk involved.

Demo account: fxopen also offers demo trading accounts for the traders who are interested to learn about the broker service and keen to experience the thrill of trading in the live markets. An individual can open multiple demo accounts which enable traders to experiment numbers of trading strategies and evaluate the trading performance using separate accounts. Opening a demo account with fxopen is as simple as opening an email account. Moreover, for demo accounts, you’re not required to go through any sorts of account verifications.

Deposit and withdrawal

As an fxopen client, you’ll enjoy a wide range of deposit and withdrawal options which allows you to choose your favorite transaction methods while investing and making withdrawals from your account.

Transaction methods

Webmoney

Neteller

Skrill

QIWI wallet

Perfect money

Yandex money

Fasapay

Intellectmoney

Bank wire transfer

SEPA transfer

Skrill rapid transfer

Paytoday

Alfa-click

China union pay

Credit/debit cards

Fxopen prepaid cards

Paysafecard

Local bank transfers (for asia, africa, and latin america)

Limit: the minimum deposit limit in your fxopen account is as low as $25 and there is no maximum deposit limit. This means you are free to deposit any amount you wish starting from $10.

On the other hand, the minimum withdrawal amount is limited to $100 and you’re free to withdraw as much as you want within your account balance.

According to the terms of fxopen, the method of deposit and withdrawal should be the same. If you wish to have more clarification regarding this matter, you can still chat with their customer service and we recommend you to do it before you go in for your first deposit.

It takes up to three business days for processing payments through debit/credit cards and wire transfers. However, for electronic payments, it takes only one business day.

Fxopen trading platforms

Metatrader 4: the most popular forex trading platform in the market. More than 90% of transactions on the retail forex market are executed via metatrader 4. In 2009 fxopen offered its clients direct access to interbank liquidity and ECN trading facilities through the metatrader 4 terminal. Since then fxopen has been continuously working to extend the capacity of standard forex MT4 terminals. Moreover, this platform is supplemented by fxopen’s own innovative solution – liquidity aggregator. In these modern days of trading, fxopen ECN ensures instant and error-free order execution at the best prices with more than 10 banks and other liquidity providers in the background.

Metatrader 5: metatrader 5 is well-known as a multi-asset trading platform. It has been developed by metaquotes software corp and is now one of the most popular free terminals used for online trading. MT5 offers a familiar user interface of MT4 enriched with many new functions.

Webtrader: fxopen has made online trading more accessible to more traders around the world. You can use your fxopen trading ID and password through the web browsers to get access to your trading panel from anywhere of the world. Furthermore, this platform doesn’t require to download and install any extra software to your device.

Mobile trading: fxopen also offers mobile versions of both MT4 & MT5 that support iphone, tab, and android devices. This feature enables traders to access the market and execute trades from anywhere they want.

Zulu trade: it is a social trading platform that enables traders to follow and copy the trades from other market professionals. If you’re not ready to trade yourself in the market, you can still operate your trading activities by copying profitable traders through the zulu trade platform. Zulutrade runs a trader’s rating with detailed information about the provider’s past performance and reviews from other signal followers. This rating helps traders to subscribe for the best possible signal providers available in the market. Although, zulutrade leaves full control over your capital and trading in your hands. Moreover, you can customize the risk management and set a suitable number of lots, to be opened when a signal is received in your account. Besides, you can close all open positions and opt-out of a strategy or a provider at any time you want.

Other than offering multiple trading platforms, this broker also provides a number of trading lools like one click trading, margin & pip value calculator, conversion rates, and commission calculator. These features assist you to make the best possible decisions over risk management while trading in the market.

Fxopen markets and products

From currency pairs to indices, fxopen offers a wide range of financial products to its clients. Let’s have a look:

Currencies: fxopen includes all kinds of forex currency pairs like majors, minors, exotic, and cross-currency pairs. Major currency pairs like EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD and EUR/GBP are represented with tighter spreads than other currency pairs.

Cryptoassets: as an fxopen client you’ll get full access to the cryptocurrency market including major instruments such as bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), etc. These products can be exchanged against the US dollar, EURO, and other major currencies in the market.

Commodities: popular commodities like crude oil, natural gas, heating oil, sugar, gold, corn, wheat, soybeans, copper, silver, cotton, and cocoa all are traded through fxopen platforms.

Indices: in 2015, fxopen introduced indices & cfds to its clients. The broker offers a wide range of indices to its traders such as DAX (germany), FTSE 100, NASDAQ index, S&P 500 (US 500), ASX 200 (australia 200), nikkei 225 (japan 225), hang seng (hong kong HS50), IBEX 35, euro stoxx 50, etc.

Safety and security

Fxopen is regulated by the financial conduct authority, FCA, UK (FRN: 579202) and the australian security and investment commission, ASIC (AFSL #AFSL 412871 – ABN 61 143 678 719). Fxopen keeps its client’s funds in a segregated bank account provided by tier-1 banks.

This broker is also required to comply with the anti-money laundering and countering financing of terrorism legislation (AML/CTF laws). It has already developed an internal anti-money laundering and counter-terrorism policy (hereinafter – AML policy) based on the risk assessment and determined to achieve the objectives of the AML/CFT laws.

Fxopen education & market research

Fxopen provides forex learning materials such as ebooks, videos, and useful webinars for its traders. As a client, you’ll get access to its trader’s forum where you’re allowed to access all the educational tools and can take part in discussions with other forum members to share trading knowledge, experience, and trading tips.

This broker also offers daily and weekly market reports, updates and possible trade ideas prepared by its own market research team. These reports with market insights are sent to clients through their registered emails by qualified market professionals. Besides, you’ll also be accompanied by a broker representative or personal manager in case if you have any special needs.

Trading contest and bonus: fxopen review

Fxopen holds a free educational demo trading contest on a regular basis. Anyone from any part of the world can register for the contest. Despite it is a demo trading contest, the prize for the winners is “real” money and the prize pool is as high as 4,000 USD.

You do not need to be a client with a real account in order to be qualified to enter the contest. However, existing clients are also welcomed to join the contest and enjoy the trading thrill without risking any money.

Besides trading contests, the broker also supports its clients by providing various trading promotions and bonuses which are updated each and every month. Currently, they are offering a $10 no-deposit bonus for opening an STP account. This bonus will automatically be credited to your account once you’re done with the account verification through SMS.

Customer service

The customer service department of the broker is open for 24/5 (monday to friday) from 7 to 16 GMT. You can contact them through live chat, email, and over the phone.

Fxopen customer service supports multiple languages including english, french, deutch, russian, thai, malay, bahasa, espanol, portuguese, farsi, turkish, and arabic.

If you’re an existing client, you’ll be issued a customer service ticket whenever you contact them for any issues. This ticket can be used as a future reference if your issue is not solved as you want.

FX open contacts

Head office: ebene heights no 34, cybercity ebene, mauritius.

Mailing adress: P.O. Box 590, springates east, government road, charlestown, nevis.

Phone contacts: +8-800-555-9494 (toll free), +7-499-346 (RU), +64-9-801-0123 (NZ), +49-693-329-6294 (GER), +33-979-998-040 (FR)

Fxopen also offers live chat facilities. All you need to do is just fill a simple contact form, submit it, and one of the broker agents will contact you immediately for answering your query.

Frequently asked questions

Yes. Fxopen is regulated by the financial conduct authority, FCA, UK (FRN: 579202) and the australian security and investment commission, ASIC (AFSL #AFSL 412871 – ABN 61 143 678 719).

Fxopen offers a wide range of financial assets for its clients. These products include currencies, cfds, indices, commodities, and cryptocurrencies.

The minimum deposit limit is $10. You can open both micro and STP accounts with fxopen using the minimum deposit amount.

Zulu trade is a social trading platform. Besides regular trading, zulu trade allows traders to copy trade from selected professional traders.
The trades are executed automatically but you can control the trade volume, risk management, and can take over full control of your trading activities at anytime you want.

Yes. Fxopen offers a cryptocurrency account, specially designed to trade all the major cryptocurrencies at a low cost including bitcoin, litecoin, ethereum, bitcoin cash, and many more. You can also access to crypto market using other accounts of this broker.

As an fxopen client, you’ll enjoy leverages up to 1:500. It allows traders to trade bigger volumes then usually they could with limited capitals.

Usually, it takes up to 3 business days for withdrawals through debit/credit cards and wire transfers. For electronic payments, it takes only one business day to process the payment.

Withdrawal costs vary depending on withdrawal methods. For withdrawals through bank wire transfer and SEPA transfer, it costs around $45 per transaction. If you are using credit/debit cards & china unionpay, it costs 2% to 3.5% of your total withdrawal amount plus 3.5 EUR as a fixed charge.
For withdrawals via electronic payment systems like webmoney, QIWI wallet, yandex money, neteller, perfect money, fasapay, and skrill, a 0.8% to 1% fee is applied to the total withdrawal amount. However, the broker does not charge any fee for the withdrawals made using fxopen prepaid cards.

Fxopen markets limited is owned by fxopen AU pty ltd, an australia based company registered in nevis.

Fxopen is a legitimate broker that offers multiple trading platforms, transaction options, and a wide range of trading assets for its clients. According to our in-depth review, fxopen is a good broker to trade with.

Bottom line

Fxopen offers an excellent selection of trading platforms, tools, incentives, and customer support. Besides, it provides great flexibility in deposit and withdrawal by offering multiple transaction methods. Competitive spreads, commissions and trading fees are some special advantages of this broker.

Since fxopen started as a financial broker, it has been upgrading its trading systems, organizational infrastructures, and customer-friendly features on a continuous basis.

This broker believes they are able to provide an ideal trading atmosphere for its clients and ready to claim themselves as one of the top financial brokers among other competitors.

So, let's see, what we have: fxopen account types call us new zealand | +64 9 801 0123 russia | +7 499 346 0381 1. Are your spreads fixed? Our spreads are not fixed and depend on the buy and sell orders that at fxopen account types