FXOpen Review 2020 - Legit ECN or Hiding CFD Broker? [Safetrading]
FXOpen is the CFD Forex broker registered in Saint Kitts and Nevis and regulated by the Financial Commission (FCA).
Forex is very popular now because people think it is a good source of money, but the thing is that not every broker is legit.
Safetrading is going to help you to choose a good broker!
And today in this FXOpen review we will talk about this broker, its features, spreads, accounts, FXOpen bonus, etc.
What Is FXOpen?
FXOpen started its activity in 2003 but as an educational platform for young traders.
And in 2005 they started to offer brokerage services.
By the way, FXOpen MT4 was one of the first brokers who started to use the ECN model.
Some sources say that you can trade only CFDs but I didn’t find this info on the website or in the Terms & Conditions.
Actually, the website of this broker is disastrous! To understand that they trade CFDs and commodities I used to search for 40 minutes.
By the way, I told you in this FXOpen review that I didn’t find any word about CFD trading in their Terms & Conditions, that is why be aware that you don’t own the asset if you trade CFD.
This broker is registered in Saint Kitts and Nevis, that is why in the case of a big argument, for example when you will not be able to withdraw money - not $100 but $100,000 for example, you will need to visit the country of registration.
How Does FXOpen MT4 Work?
As I told you in the FXOpen review before, this broker uses the ECN model.
You, as a trader, receive access to the interbank market where you are the first party, and your second party - liquidity supplier, can be a bank, financial organization, or another trader. You will not have a conflict of interest with FXOpen login and trading like you could have with Dealing Desks.
Don’t know what is the case, but the thing is that the ECN model is for currencies trading only, other assets you can “buy” or “sell” only in the form of CFDs.
Below we will talk about assets you can trade and accounts you can open during the FXOpen login process.
With this broker, you can trade currencies (more than 50 pairs), cryptocurrencies (Bitcoin, Litecoin, Monero, etc) but only in the form of CFDs!
As well, you can trade gold, silver, natural gas, indices but in the form of CFDs!
During FXOpen login you can choose between four main accounts: Micro Account, STP Account, ECN Account, and Crypto Account.
The minimum deposit here is $100 and the maximum transaction lot is 0.01. You can leverage up to 1:500 and trade currency pairs, commodities, indices, and CFDs.
This account offers you hedging, scalping, different news, phone support but doesn’t offer bonuses.
While FXOpen login the minimum deposit is $10 and the maximum transaction lot is 0.01. Here you can trade currency pairs, gold, and silver with the maximum leverage of 1:500.
This account offers everything from bonuses to scalping and hedging.
The minimum deposit here is $10 and the maximum transaction lot if 0.01. Here you can trade BTC, LTC, EOS, PPC, ETH, DASH, and EMC but only in the form of CFDs!
The maximum leverage is 1:3.
Among other features for users, I see the same ones as in the ECN account.
Here the minimum deposit is minimal, actually - $1. And there are some limitations for the maximum balance, so you can’t have more than $3,000. Here you can trade currencies, gold, and silver with the maximum leverage of 1:500.
Except for those features, users have different bonuses, hedging, and scalping. That’s it.
All the types of accounts have demo versions, so if you are a newcomer and want to test your strategy, you are welcome. And we advise you to start with this.
FXOpen Bonus Review
Above in the FXOpen review, I told you that in several types of accounts there is the FXOpen bonus. Let’s see which ones.
FXOpen No Deposit Bonus Review for STP accounts.
The amount of FXOpen bonus you can get is $10, actually, it is the deposit you need to make.
Welcome bonus for Micro accounts
Here I see the same as above - $1 is a Forex bonus in the size of a minimum deposit.
ForexCup Trading Contest Bonus
This Forex bonus is for STP accounts only. You need to join the ForexCup.com competition and make a profit. The amount of bonus depends on the profit you will make.
You can have cashback during the first 3 months after the registration.
With FXOpen UK you can make payments with the help of bank wire transfers, credit or debit cards, electronic payment systems, and prepaid cards.
The same thing is to withdrawals. The minimum FXOpen withdrawal is:
Bank Wire Transfers - $100;
Credit/Debit Cards - $10 or 8 EUR;
WebMoney - $1;
Perfect Money - $1;
QIWI Wallet - $1;
Yandex Money - 1 RUB;
FasaPay - $1;
Airtm - $2;
Paysafecard - 7 EUR.
Fees depend on the way of payments you use. All the fees you can see here.
Today we discussed one more broker - FXOpen UK, it’s regulations, features, payments, accounts, FXOpen bonus, etc.
I can’t say I like this broker. The most important information for users is very difficult to find.
The first thing you see when visiting the website is “Commissions from 1.5” but the most important thing is regulations! And it is written with small letters at the end of the page, you can’t find it in the company’s main information. Risks of trading CFDs are not mentioned as well.
If you will trade with this broker, remember everything I wrote above.
I hope this FXOpen review was useful to you. You can go through another broker and read, for example, HotForex or Pepperstone review.