FXOpen has come a long way, first started as the educational center and ending up becoming a major forex broker firm. The company entered the forex market in 2005 and has been around for 13 years so far. The brokerage also obtained regulation from UK’s FCA and Australian ASIC. Their head office is located in New Zealand.
Deposits and Withdrawals
The minimum initial deposit requested to start with Micro Trading Account is as low as 1 USD. Alternatively, the broker offers a demo account. STP and Crypto trading accounts are available from 10 USD. ECN account is offered with the minimum deposit of 100 USD. The company also offers 10 USD welcome bonus on STP account. As for methods of payment, you can deposit with major credit/debit cards, bank wire transfers, various electronic payment methods (Skrill, Neteller, WebMoney, Qiwi, Yandex, FasaPay and others). Even cryptocurrencies are accepted here (Bitcoin, Ethereum, Litecoin). Withdrawal options are linked to the method of payment which you had used initially. As for commissions they are really high here, there is a deposit commission of 2.29 % on VISA/MasterCard cards. If you wish to withdraw your funds via Skrill it will have 2.29 % + 0.22 USD fee. Wire transfer will have 45 USD or 30 Euro withdrawal fees. Wire transfer usually takes 1-3 business days to reach your account. Credit/debit card withdrawals take up to 24 hours.
The company has designed 4 different account types for its customers. Micro account is designed for novice traders with a minimum lot size of 0.1 micro lot. STP account allows scalping and hedging strategies, the minimum lot size is 0.01 lot. ECN account is the most popular, the commission is 1.5 units per lot here, but it offers a wider range of tradable assets. Finally, for cryptocurrency traders, there is Crypto account which offers over 43 crypto pairs. As for the trading platforms, the firm has provided its traders with different versions of MT4. It offers the expanded version of MT4 for ECN and Crypto accounts. The firm’s ECN MT4 allows for instant order execution. Also, there is a version of MT4 developed for Micro and STP accounts which offers already-made scripts and expert advisors as well as customized chart settings.
The range of trading assets differs depending on the account type you choose. Micro account offers 28 currency pairs, plus Gold and Silver. STP account offers 50 currency pairs with Gold and Silver also available. ECN account type offers more than 70 currency pairs including CFDs. Cryptocurrency trading is offered on Crypto account and includes Bitcoin, Ethereum, Litecoin, EOS, and Dash. Spreads are floating, starting from 0.0 pips, as mentioned on their webpage.
To sum up, FXOpen seems like a perfect choice for a novice trader due to their tempting low initial deposit requirement. You will be able to start your financial journey here with as low as 10 USD for STP account and start learning forex basics. However, their high withdrawal commission cannot be described as tempting at all.
Broker FXOpen Website URL http://www.fxopen.com/ Founded 2005 Headquarters Seychelles Support Number +230 403 43 00 Trading Platform Meta Trader 4 Minimum 1st Deposit $10 Minimum Account Size from 1 USD Minimum Trade Amount 0.01 Bonus Welcome bonus Leverage from 1:1 to 1:500 Spread from 0 points Free Demo Account Open Demo Regulation FSPR, ASIC Number of Assets 300+ US Traders Allowed Hours Yes Mini Account 1 PAMM Yes *** Auto Trading Yes Trusted Managment Yes Affiliate Program: Yes Expert advisors: Yes Free Education: Yes Daily Analysis: Yes Other Instruments metals, stocks, Bitcoin Decimals 5 Overall Score 0.0