FXOpen Broker Review | Forex Broker Review & Rating
FX Open is a Forex broker which started way back in 2003 in Cairo, Egypt. It began as an educational portal wherein focus was given to technical analysis. Two years after that, FX Open opened as a Forex broker in Mauritius with different brokerage services being offered. They were then given the license to operate and was then regulated by the Financial Services Commision of the Republic of Mauritius. After that period, FX Open has gained control over the Forex industry as it is the first broker that was able to introduce the capacity to do trading businesses with different micro accounts including the friendly accounts of the Islamic group. The momentum did not stop there for FX Open was still the first to initiate the MetaTrader 4 ECN partnered with the various PAMM accounts. Finally, in 2010, FX Open started a program which initiated partnership with different traders, with CRM as the first trader.
FX Open was able to succeed despite all the endeavors mainly because of its transparency to the traders. With education portal as their foundation, they FX Open was able to establish fair conditions between traders. This became the reason why they developed into a successful broker. Being a leading company that first introduced different brokerage services, it means that FX Open was focused in satisfying the needs of their traders. Today, FX Open is very proud of its more than 200,000 active accounts as well as its monthly income of more than $65 billion.
Education provided by FX Open
Going back to its roots, FX Open continues its education portal by means of educating its clients with the use of the FX Instructor portal. It is a portal where clients can choose a lot of topics in relation to foreign exchange and trading. With the help of the portal, different online courses are also offered, such as Trading with expert advisors, trading with probability studies, and more. Also, clients and investors are able to witness the live trading room with a monthly fee amounting to $24.95. In here, investors are able to see how a professional trader does the transactions relating to trading.
Different FX Open accounts
There are 5 different accounts that FX Open offers to its clients, and they are
- First and foremost is the Standard account. In this type of FX Open account, clients are given the freedom to deposit with no limits then a deposit of at least $25 is required. With the FX Open standard account, the clients receive spreads from 2 different pips. Furthermore, they can have their leverage adjusted from a very small 1:1 ratio to a striking 1:500, and also, a minimum of 0.1 standard lots is obliged for trading. A bonus of $100 is also given to the clients only after they reach more than 10 standard lots. Aside from that, an additional $25 is given as a welcome bonus after they make a deposit of $100.
- Second, the Micro account. This FX Open type of account is almost the same with the FX Open standard account in that clients receive spreads from 2 pips and that the leverage can also be adjusted from 1:1 to 1:500. Nonetheless, the minimum deposit is lowered down to $1 only, and a $3000 worth of maximum balance is set. Different with that of the standard account, $1 is given as a welcome bonus. Lastly, this type of FX Open account enables the investors to do some micro lot trades of as low as 0.1.
- Third is ECN account. The ECN type of FX Open account allows the clients to have spreads as little as 0 pips. Just the same with the FX Open standard account and FX Open micro account, the leverage stays at 1:1 to 1:500. But then, the initial deposit has to be at least $1000, but the maximum deposit is unlimited. 0.1 lots of minimum trading volume is also necessary. Last of all, this account imposes charges for commission.
- Fourth, the FASS Standard account. The FX Open FASS standard account enables the clients to have the freedom to select their own Forex strategies the leverage remains the same which is from 1:1 to 1:500 and the spreads are just the same, as low as 2 pips. An initial deposit of at least $25 is required, but the maximum balance has no limits. 0.1 standard lots is as well the minimum trading volume and a $100 bonus is also given after 10 standard lots is achieved. And also, a welcome bonus amounting to $25 is still given after a $100 deposit.
- And Fifth, the FASS ECN account. Basically, this type of FX Open account is a combination of FASS account and ECN account wherein portfolios can be managed by the traders and that they are able to select their own Forex strategies from a set of given list. The spreads received equal to 0 pips. For the deposit, a minimum of $1000 is required from the trader. Regarding the leverage, it is still the same with the other account types wherein it ranges from 1:1 to 1:500. What’s more is that a minimum of 0.1 standard lots is a must and that there are also commission charges for this type of FX Open account.
FX Open banking transactions
FX Open does not limit its traders with the deposit and withdrawal means. The different methods include the very usual credit and debit cards, wire transfers, local bank deposits, webmoney, china union, and many more.
FX Open as a whole
For a long time that FX Open has been in the Forex market, it was the first broker to ever introduce a true and highly in demand ECN trading platform. In relation to that, a metatrader 4 platform is being offered by FX Open especially for 2 of its account types, ECN and Market Maker. Note that ECNs are being used not just by ordinary Forex brokers but also by those belonging to a high class expert group. Also, FX Open is able to provide a unique service to its clients, and it is the capability to pay their commissions.
In general, FX Open is an in demand broker that can be recommended to all traders because of the mere fact that this broker has already established a name. The knowledge it has with regard to the Forex market is so wide that it can cater the needs of almost all traders. FX Open has already proven its competitiveness to the Forex market, and with that alone, traders are given the assurance that they are in safe hands.