FXOpen Review

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Regulation: not regulated
Broker type: ECN, Market Maker
Headquarter: Republic of Panama
Established: 2005
Broker Reviewed: FXOpen.com

FXOpen is one of a handful forex brokers that able to provide MT4 and true ECN account (with Depth Of Market display). The company was founded on 2005 and based on Mauritius. They’ve been quite popular lately that a lot of traders are considering to move their account to FXOpen.

Here are the facts about FXOpen:

1. Spread

There are several types of accounts in FXOpen. In both Micro and Standard account, they play as the Market Maker (MM) and provide fixed spread between 2-4 pips for major currency pairs. Not much to say here. This is the “standard of the industry” for brokers that apply fixed spread.

The ECN account, however, can give you as low as 0 pip spread (trading term applied). More importantly, they also provide Depth of Market display which a true ECN account should have. Note that there are several STP brokers out there that trying to convey themselves as ECN brokers but unable to provide the DOM data.

2. Leverage

Depend on the account size and type, you can get up to 1:500 leverage.

3. Commission

For accounts with fixed spread, no commission is charged as they gain profits from the difference between bid and ask price. As for the ECN account, you’ll get the best quote, thus a small trading fee is applied.

4. Minimum Deposit

Minimum deposit is $1 for Micro Account, $25 for Standard Account, and $1,000 for ECN Account.  They accept funding via multiple means such as bank wire, AlertPay, c-gold, cashU, Liberty Reserve, PerfectMoney,  and WebMoney. However, they don’t receive credit card funding.

5. Expert Advisor (Forex Robot) and other Strategies (scalping, hedging, etc)

FXOpen is one of a handful of MT4 brokers that allow forex robot and custom technical indicators in MT4 platform. Furthermore, they also allow hedging, scalping, and trailing stop, which give traders more options in devising their trading strategies.

Interesting in auto-trading but don’t particularly interested in the current EAs? You can open a FASS (Standard or ECN) account in FXOpen. In these account, you can choose strategies from a large list and make it run on autopilot based on your preferences.

6. Bonuses and Other Features

FXOpen offers varied amount of welcome bonuses for fixed-spread account and a special welcome bonus if you transfer your fund from another broker account.

If you’re confident on your skill, you can open a PAMM account. Basically, you’ll become a manager of that account and are able to attract any investor to invest in that particular account. You can share profits with your investor at the end of the month according to a specific term. FXOpen will make it easy to do this.

7. Trading Platform

Using the most popular and reliable MT4 platform. You can also access the MT4 via PDA and SmartPhone.

8. Support

24/5 support via various means such as email, live chat, skype, and direct calls. They also have multiple regional coordination offices throughout the world: Mauritius, Cairo, Paris, Kuala Lumpur, Jakarta, Almaty, and Moscow.

9. Citizenship

Accept US citizen and various other countries citizen.

10. Currency Pairs

Offer 28 currency pairs as well as gold and silver.