If you are looking for a MetaTrader broker has a wide global potential and it has very experienced employees then FX Open can be the best choice. Their customers are assured of financial success and the company has experienced continued growth since it was created. This broker was started in Cairo, Egypt in 2003 as an educational center that was meant to provide training in Forex and the technical analysis of stocks. They then started their own agency in 2005 and were soon ranked in the forefront of the entire world’s Retail Forex industry. It boasts of being the broker to feature the first MT4 ECN trading platform that came with PAMM accounts. This broker offers Forex, CFDs and the new popular cryptocurrencies. They have a diverse range of social copy-trading signals for all its clients. In 2013 after they launched an STP account, this broker reached $100 billion in the volume traded each month. FXOpen is a member of Financial Commision, an EDR organization so, in case of trade disputes, this can come as a good resource for its traders.
FXOpen predominantly operates the MetaTrader platform. It offers a number of platforms such as the MetaQuotes Software Corporation, MT4, and MT 5 platforms. The MetaTrader4 is available for desktop, web, and mobile but MetaTrader5 is a desktop software. Its website is very attractive in terms of the colors used and it is very impressive in terms of the comprehensive information and the news streaming on the site. Part of the information is the Electronic Communication Network(ECN) training for any interested traders.
The two platforms come with several technical indicators for the charting module. It also offers an opportunity to backtest an automated strategy. Due to the off-exchange nature of spot foreign exchange markets, the historical charts vary from one broker to the next.
Its MT4 platform offers several social copy-trading platforms such as ZuluTrade and MyFxBook. FXOpen requires for its trades to have an MT4 account to sync their account data and any other third-party services. This platform offers its own trade signals market and just like ZuluTrade, it vets its signal providers using a stringent process that uses live accounts.
There are mobile app versions of the platform available for Android and iOS devices. These versions have scored highly from users. FXOpen also has its Tick Trader app for Android developed by the same developers as those who developed PAMM. It was previously used only for streaming prices but it is being reviewed for more.
FXOpen has the options of creating an STP, ECN, Micro, PAMM as well as the Crypto trading accounts. The PAMM accounts are a new feature that was perpetrated by the need for a new investing tool. Percentage Allocation Management Module accounts are good for those who want to manage their funds as professional money managers. This broker offers investment for all its account investors where they are provided with access to 50 currency pairs and about 24 CFDs. There is also a provision for the popular cryptocurrencies in both the MetaTrader4 and MetaTrader5 platforms.
The cryptocurrency account is able to speculate the price of bitcoins for its traders. However, it is only available from FXOpen’s entity in Nevis but not entities in UK or Australia.
Spreads, Leverage, and commission
Depending on which account you choose, FxOpen offers different prices for its fees and commissions. The rough estimates of the average spread for the EUR/USD were between 0.5 and 0.8 pips over the course several hours. These statistics were gotten from data of a third party. Just like other brokers where the spreads vary, the floating spreads can widen mostly during news events and points of volatility. In overall, FXOpen offers quite a competitive pricing mostly on its ECN account. This is a very good choice for beginner traders and even experienced ones to create their trading accounts. This is when you compare to the MetaTrader offerings of forex brokers.
Withdrawal and Deposits
Bank wire transfers are acceptable for sending money for both deposits and withdrawals. It can be done electronically from one bank to another. The minimum withdrawal is 100USD but there is no limitation on the maximum withdrawal. The payments are processed in 1 to 3 business days.
The minimum amount you can deposit is $25 and no upward limits. Once you have deposited the cash, you are free to start trading immediately.
There is a live chat provision where you can talk to the FXOpen representatives directly about any other entity. The staff is quite professional and quite prompt to answer the questions. However, the live chat is not always available. However, in these occasions, they can ask for a message which is turned into a support ticket. The results are sent via email. Connecting via phone is only available during local business hours and on other days it is forwarded to voice mail.
- It has very competitive spreads. Especially on the ECN account, the spreads are quite tight which is very impressive
- There is a provision to trade on cryptocurrencies on the Nevis entity. This is very popular right now and an added advantage for any broker
- It has a very small minimum deposit of $25. This means that any trader can afford to begin trading on this platform
- This broker is regulated in both UK and Australia. This means the traders are protected against online frauds
- The Micro account provides fewer forex shares unlike the other accounts
- There is lack of a proprietary trading platform.
FXOpen broker has a very competitive spread in its ECN account which is very attractive to traders. The cryptocurrency account provision, PAMM accounts and the ability to do social copy-trading is what helps it maintain an edge over the other MT4 brokers.
It has a wide range of Forex and CFDs and also offers a low minimum deposit in all its accounts. This is a good alternative to the brokers offering a very high minimum deposit.