FXOpen-Some Detailed Information about This Broker

Overview of FXOpen

FXOpen, established in the United Kingdom in 2005, is a well-established online trading platform offering a diverse range of financial instruments. With a robust regulatory status under the Financial Conduct Authority (FCA), it ensures adherence to industry standards, enhancing traders' confidence. FXOpen offers a diverse range of trading assets, spanning over 600 options across Forex, Precious Metals, Energies, Indices, Cryptocurrencies, Shares, and ETFs.

While providing competitive spreads, multiple account types, and a range of payment methods, traders should be mindful of its revoked status with the Financial Service Providers Register (FSPR) in New Zealand and user-reported exposure issues, emphasizing due diligence in platform engagement.

Is FXOpen legit or a scam？

FXOpen is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The FCA is a reputable regulatory authority known for ensuring the integrity and compliance of financial entities operating within its jurisdiction.

As FXOpen holds a regulated status, traders on the platform benefit from increased confidence in the platform's adherence to industry standards. The regulatory oversight by the FCA establishes a framework for fair and secure trading practices, providing a level of assurance to traders regarding the legitimacy of FXOpen's operations. Traders can expect the platform to follow regulatory guidelines, promoting transparency and accountability.

FXOpen's regulatory status with the Financial Service Providers Register (FSPR) in New Zealand has been revoked. The revocation implies that FXOpen no longer meets the regulatory requirements set by the FSPR.

FXOpen is identified as a “Suspicious Clone” by the Commonwealth of Australia Regulatory Authority. This designation suggests potential issues related to the platform's authenticity or attempts to replicate a legitimate entity, warranting suspicion from regulatory authorities.

Pros and Cons

Pros:

1. Regulated by FCA:

• FXOpen is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, providing traders with increased confidence in the platform's adherence to industry standards. FCA regulation establishes a framework for fair and secure trading practices.

2. Over 600 Trading Assets:

• FXOpen offers a diverse range of trading assets, spanning over 600 options across Forex, Precious Metals, Energies, Indices, Cryptocurrencies, Shares, and ETFs.

3. Various Account Types (ECN & STP):

• FXOpen offers two main account types - ECN (Electronic Communication Network) and STP (Straight Through Processing). ECN suits advanced traders seeking direct market access, while STP is suitable for a broader audience with a simpler fee structure.

4. Diverse Range of Trading Platforms:

• FXOpen provides a variety of trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TickTrader. These platforms offer powerful, secure, and user-friendly features.

5. Multiple Payment Methods:

• Traders on FXOpen can choose from various payment methods for deposits, including credit/debit cards, wire transfers, and TrueLayer instant bank transfers. This flexibility enhances accessibility and convenience for users globally.

6. Competitive Spreads and Commissions:

• FXOpen offers competitive spreads and commissions, providing cost-effective trading options for users. The platform's fee structure aims to enhance the overall trading experience.

7. Maximum Leverage of 1:30:

• FXOpen offers a maximum leverage of 1:30 for both ECN and STP accounts. This aligns with regulatory standards and provides traders with flexibility while emphasizing responsible trading practices.

Cons:

1. Revoked Regulatory Status with FSPR in New Zealand:

1. FXOpen's regulatory status with the Financial Service Providers Register (FSPR) in New Zealand has been revoked.

2. Identified as a “Suspicious Clone” by the Australian Regulatory Authority:

• FXOpen is designated as a “Suspicious Clone” by the Commonwealth of Australia Regulatory Authority. This classification suggests potential issues related to the platform's authenticity, triggering suspicion from regulatory authorities.

3. Exposure Issues Reported, Including Pyramid Scheme Complaints:

• Users have reported exposure issues, including allegations of a pyramid scheme, difficulties in fund withdrawals, and accusations of inducing further investments.

4. Legitimacy and reliability issues of Foxi:

• Traders have expressed issues about the legitimacy and reliability of Foxi, FXOpen's trading platform. These issues will impact user trust and confidence in the overall trading experience.

5. Withdrawal Difficulties and Fraud Accusations Reported:

• Some users have reported difficulties in withdrawing funds from FXOpen, coupled with accusations of fraud. These issues raise questions about the platform's operational transparency and security measures.

Market Instruments

FXOpen offers traders access to a diverse array of asset types, spanning multiple financial markets. Here is a brief overview of the main asset types available on FXOpen:

1. Forex (FX):

• Currency trading is a cornerstone of FXOpen, providing access to major, minor, and exotic currency pairs. Traders can engage in the dynamic and liquid foreign exchange markets, where the value of one currency is exchanged for another.

2. Commodities:

• FXOpen enables traders to participate in the commodities market, including precious metals like gold and silver, as well as energy resources like crude oil. These tangible assets offer unique trading opportunities influenced by global economic factors.

3. Energies:

• Traders can explore the energy sector, specifically trading instruments related to oil and gas. The energy market is influenced by geopolitical events, supply and demand dynamics, and global economic trends.

4. Indices:

• FXOpen provides access to a variety of global and regional indices. These indices represent the performance of a group of stocks from a particular region or sector, allowing traders to speculate on broader market trends.

5. Shares:

• The platform offers the opportunity to trade shares of individual companies. Traders can invest in and speculate on the price movements of well-known companies, reflecting their performance in the stock market.

6. Crypto:

• FXOpen embraces the cryptocurrency market, allowing traders to engage with digital assets like Bitcoin and other popular cryptocurrencies. Cryptocurrencies offer a decentralized and highly volatile alternative for traders seeking unique opportunities.

FXOpen provides a comprehensive selection of financial instruments to suit different trading styles. Traders can navigate these markets to build diversified portfolios and capitalize on opportunities across multiple sectors.

Account Types

FXOpen offers two main types of accounts: the ECN (Electronic Communication Network) account and the STP (Straight Through Processing) account.

The ECN account is ideal for more advanced and experienced traders seeking direct access to the interbank market.

This account type operates on a commission-based model, where traders encounter lower spreads and faster execution speeds. With a minimum deposit requirement and the availability of a demo account, the ECN account is suitable for traders who prioritize tight spreads, have a good understanding of market dynamics, and are comfortable with a commission-based structure. The ECN account suits those who prefer a transparent pricing model and are actively engaged in more frequent and sizable trades.

On the other hand, the STP account is suitable for a broader range of traders, including those who are new to the market or prefer a simpler fee structure.

STP accounts operate on a spread-only basis without additional commissions. This type of account is characterized by floating spreads, providing traders with a straightforward cost structure. With a similar minimum deposit requirement and the availability of a demo account, the STP account is well-suited for traders who are still refining their strategies, appreciate simplicity in fee calculations, and engage in moderate trading volumes.

Ultimately, the choice between an ECN and STP account depends on the trader's experience level, trading style, and preferences. ECN accounts are tailored for more experienced and active traders, while STP accounts provide a user-friendly option for a wider audience, including those who are relatively new to the world of online trading.

How to Open an Account？

Opening an account with FXOpen is a straightforward process. Here are the concrete steps you can follow:

1. Visit the Official FXOpen Website:

1. Use your web browser to navigate to the official FXOpen website.

2. Locate the “Register” Button:

• Look for the registration button on the homepage. This button is typically labeled as “Register”.

3. Fill Out the Registration Form:

• Click on the registration button, and you will be directed to a registration form.

• Provide accurate personal information, including your full name, contact details, and address.

• Create a secure password for your account.

4. Select Your Preferred Account Type:

• FXOpen offers different account types such as ECN and STP.

• Choose the account type that aligns with your trading preferences, experience level, and needs.

After completing these steps, you should have a registered and verified FXOpen trading account, ready to explore the available features and start your trading journey. It's essential to carefully read and understand the terms and conditions provided by FXOpen and be aware of the risks associated with trading.

Leverage

FXOpen offers a maximum leverage of up to 1:30 for both ECN and STP accounts. Leverage is a tool that allows traders to control a larger position size with a relatively smaller amount of capital. While higher leverage can amplify potential profits, it also increases the risk of significant losses. FXOpen's maximum leverage of 1:30 aligns with regulatory standards and aims to strike a balance between providing trading flexibility and protecting traders from excessive risk.

Traders should approach the use of leverage with caution and consider their risk tolerance, trading strategy, and market conditions. The maximum leverage of 1:30 is designed to encourage responsible trading practices and risk management, ensuring that traders have the flexibility to engage in the markets while minimizing the potential for large, unintended losses.

Spreads & Commissions

FXOpen provides competitive spreads and commissions across its different account types. The spread is the difference between the buying and selling prices, and it plays a crucial role in determining the overall cost of trading.

In the ECN account, traders benefit from floating spreads starting from 0 pips. This account type is designed for more advanced traders who prioritize tight spreads and direct market access. The commission per lot in the ECN account starts from $1.50, offering a transparent fee structure.

On the other hand, the STP account also offers floating spreads. The absence of a commission per lot in the STP account implies that the trading costs are incorporated into the spreads. This makes the STP account suitable for traders who prefer a fee structure that simplifies the cost calculation, especially for those with smaller budgets.

The ECN account, with lower spreads and a commission per lot, is more suitable for experienced traders aiming for cost-effective and direct market access. In contrast, the STP account provides a straightforward fee structure, making it accessible to traders who prioritize simplicity and have smaller initial investment capacities.

Trading Platform

FXOpen offers a diverse range of trading platforms. These platforms are characterized by their powerful, secure, and user-friendly features, providing flexibility and accessibility. Here is an overview of the key trading platforms available at FXOpen:

1. TickTrader:

1. Features: TickTrader stands out as a technologically advanced multi-asset trading platform designed for demanding traders. It is accessible on desktop, web browsers, iOS, and Android devices.

2. Compatibility: The platform is compatible with Windows, web browsers, and mobile applications available on Google Play and the App Store.

2. TradingView:

• Features: TradingView is a robust charting platform with powerful analytical tools and a social network for traders. It is accessible on desktop and web browsers, fostering a community of traders.

• Compatibility: TradingView operates on MacOS, Windows, Linux, and through various web platforms.

3. MetaTrader 4 (MT4):

• Features: MetaTrader 4, a widely favored platform, especially among FX traders, provides a user-friendly interface. It is available on desktop, web browsers, and Android devices.

• Compatibility: MT4 is supported on Windows, web browsers, and mobile devices.

4. MetaTrader 5 (MT5):

• Features: MetaTrader 5, the multi-asset successor to MT4, introduces additional benefits while retaining a familiar user interface. It supports various asset classes and is available on desktop, web browsers, and Android devices.

• Compatibility: MT5 operates on Windows, web browsers, and mobile devices.

FXOpen provides a diverse range of platforms, allowing traders to choose the one that aligns best with their preferences, trading strategies, and device choices. The availability of these platforms across multiple devices enhances flexibility, enabling traders to execute trades conveniently from any location.

Deposit & Withdrawal

FXOpen facilitates convenient and flexible deposit and withdrawal methods.

Traders can fund their FXOpen accounts through various methods. Wire transfer, or bank transfer, is available in multiple currencies, including USD, GBP, AUD, CHF, and EUR, with no commission or fees.

The minimum deposit for wire transfers is set at 300 units in the respective currency, ensuring accessibility for a range of traders. Credit and debit card deposits through Visa and MasterCard are accepted in USD, GBP, and EUR, with no fees and a minimum deposit requirement of 10 units.

For instant bank transfers through TrueLayer, only GBP is accepted, and the process is fee-free with a minimum deposit of 50 GBP.

Withdrawals from FXOpen are designed to be straightforward.

Bank transfers support currencies such as GBP, USD, EUR, CHF, and AUD, with no commission fees and a minimum withdrawal amount as low as 30 units in the respective currency.

Credit and debit card withdrawals through Visa, Visa Electron, and MasterCard are available in GBP, USD, and EUR, free of charge, with a minimum withdrawal requirement of 10 units.

TrueLayer instant bank transfers, limited to GBP, also incur no fees and have a minimum withdrawal amount of 50 GBP. The withdrawal limits, whether through bank transfers or cards, provide flexibility for traders to manage their funds effectively.

Customer Support

FXOpen provides comprehensive customer support services.

Operating from 8 am to 6 pm (London Time), the support team can be reached via email at support@fxopen.co.uk or through the phone at +44 (0) 203 519 1224. For media-related inquiries, the marketing team is available at marketing@fxopen.co.uk, with a dedicated phone line at +44 (0) 203 514 2318.

Traders can also connect with the Trading Desk from 10 pm on Sunday to 10 pm on Friday (London Time) using the same phone number. The physical address of FXOpen UK is 80 Coleman Street, London, EC2R 5BJ, United Kingdom.

This multi-channel approach ensures that traders have various means to seek assistance, whether it's regarding general trading inquiries, media-related matters, or specific trading desk support.

Educational Resources

FXOpen offers a variety of educational resources to empower traders with knowledge and insights.

The Economic Calendar is a valuable tool that keeps traders informed about significant economic events and announcements, helping them anticipate potential market movements. This feature aids in making well-informed trading decisions based on the latest economic developments.

The News & Analysis section provides traders with daily updates and analytical content, offering perspectives on market trends, potential opportunities, and risk factors. This resource keeps traders abreast of the latest financial news, fostering a deeper understanding of the dynamics influencing global markets.

The Help Centre serves as a comprehensive knowledge base, offering guidance on various aspects of trading. Whether it's navigating the trading platform, understanding trading terms, or resolving common issues, the Help Centre provides practical information and solutions to enhance traders' overall experience.

These educational resources collectively contribute to a well-rounded support system for traders at different experience levels.

Exposure

FXOpen has faced exposure issues, with users expressing issues ranging from allegations of a pyramid scheme to difficulties in fund withdrawals, and accusations of inducing further investments.

Complaints highlight instances where users experienced challenges in withdrawing funds, faced requests for additional deposits, and encountered freezes on their accounts. Some users reported feeling misled and questioned the legitimacy of the platform, citing issues such as payment demands and account freezes. These exposure incidents contribute to a negative perception, potentially impacting traders' confidence and emphasizing the importance of due diligence when engaging with the platform.

Traders are advised to exercise caution and thoroughly assess the platform's credibility based on reported user experiences.

Conclusion

In conclusion, FXOpen, established in the United Kingdom in 2005, presents a comprehensive trading platform with notable strengths and considerations. One of its key advantages lies in its regulatory status under the Financial Conduct Authority (FCA), instilling confidence in traders through adherence to industry standards. FXOpen Offers a diverse array of over 600 trading assets, including Forex, Precious Metals, and Cryptocurrencies. The availability of various account types, such as ECN and STP, adds flexibility, accommodating both seasoned traders and those new to the market.

However, challenges, such as the revoked regulatory status with the Financial Service Providers Register (FSPR) in New Zealand and being labeled a “Suspicious Clone” by the Australian Regulatory Authority, have raised questions about the platform's legitimacy. User exposure reports, which include withdrawal difficulties and fraud accusations, emphasize potential risks.

While FXOpen provides competitive spreads, multiple payment methods, and a maximum leverage of 1:30, traders are advised to exercise caution, conduct thorough due diligence, and consider the reported disadvantages before engaging with the platform.

FAQs

Q: Is FXOpen regulated？

A: Yes, FXOpen is regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

Q: What are the available account types？

A: FXOpen offers two main account types: ECN (Electronic Communication Network) and STP (Straight Through Processing).

Q: Can I trade cryptocurrencies on FXOpen？

A: Yes, FXOpen provides access to a variety of cryptocurrencies, including Bitcoin.

Q: How do I contact customer support？

A: Customer support can be reached via email at support@fxopen.co.uk or by phone at +44 (0) 203 519 1224.

Q: What trading platforms are offered by FXOpen？

A: FXOpen offers platforms such as MetaTrader 4, MetaTrader 5, TickTrader, and TradingView.

Q: What is the minimum deposit required？

A: The minimum deposit varies by account type, starting at £300, $300, or €300.