FXOpen Review

Posted in ASIC Licensed Australia Cryptocurrency Brokers, Cryptocurrency Brokers

August 23, 2019

As you browse on the internet in search of the right broker, you will find many that let you trade hundreds and thousands of different assets. A lot of the online brokers give you access to indices, commodities, energies, currency pairs, etc. when you sign up with them. However, you sometimes want to find a broker that understands currencies the best. These currencies can be forex pairs or cryptocurrencies. When you are specifically looking for such a broker, you have to consider FXOpen as one of your shortlisted options. Let’s get into this detailed review of FXOpen and find out why.

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FXOpen – An Online Broker for Currency Trading

As mentioned earlier, the first thing you will notice about FXOpen is that it focuses on currencies. When you are on its platform, you can trade cryptocurrencies and forex currencies. Even the many account types it has available are based on the type of currencies you want to trade. Right from the experience of this company you can expect some great service. It has been around for 15 years now and it has included some great features to its services over the course of time. The company takes pride in being one of the first brokers with micro accounts. You have to agree that the company has added all the features according to the need of time as it progressed.

According to the website of the company, this brokerage was started by people who themselves have spent many years in trading careers. These people understand the needs of the traders who want to trade currencies. You can approve of that by looking at the account features of FXOpen.

Trading Forex and Cryptocurrencies with FXOpen

Unlike most other brokers on the internet, FXOpen is fully focused on the trade of currencies. It explains in detail on its website what forex trading is all about and how you can start. The best thing about this broker is that it lets you trade fairly. From fairly it means that you are trading against real parties in the market. When you enter a trade, you are either purchasing the currencies or selling them to a bank or some other institution in the market. One of the things that make FXOpen unique is that you can trade no only the currencies on its platform but CFDs as well.

You might not have noticed but with most other online brokers, you are not trading real assets. Instead, you are only trading CFDs of those assets. That option is also available to you when you sign up with FXOpen, but not with all accounts. What you will love as a trader is that there are more than 70 currencies available for you to trade. You can choose the ones that help you minimize your risk or the exotic currency pairs that allow you to earn big profits on your trades.

Now, when it comes to trading cryptocurrencies, you won’t find many brokers that are as good as FXOpen. FXOpen is one of the very few online brokers that let you trade more than 43 different cryptocurrency pairs. You can trade these pairs with other famous currencies of the world. With other brokers, you are often limited to trading your digital coins with only USD, AUD or GBP. Things are quite different when you open an account with FXOpen. Some of the cryptocurrencies that are available for trading with FXOpen are Bitcoin, Ethereum, NameCoin, LiteCoin, EOS, Ripple, etc. What makes things even interesting is the fact that you can trade any of the cryptocurrencies with just 30% margin in your account.

You have to understand here that you need to open a crypto account in order to trade cryptocurrencies with FXOpen. Let’s get into the details of the different types of accounts available for traders with FXOpen.

Trading Accounts with FXOpen

You have four different choices to pick your account from. You will be able to trade forex with three of the accounts whereas the fourth account is meant for cryptocurrencies. It is for this reason you can call FXOpen the best online broker for those who want to trade cryptocurrencies. The account that focuses on cryptocurrencies is known as the Crypto account. Once you have opened this account, there are no other assets to distract you from trading cryptocurrencies. You have to know before opening this account that there will be commissions involved in it.

There are no spreads to affect your profitability in trades when you open the Crypto account. With this account, you just have to pay a commission on every trade you execute. You will only pay 0.25% commission on the trades you conduct. The commission will be based on the volume of your trade. You will have 43 different cryptocurrency pairs to choose from. Most importantly, the minimum lot size will be as small as 0.01. Starting this account is no big deal at all. All you have to do is deposit $10 in your account and you are ready to trade cryptocurrencies with real money.

In addition to the Crypto account, you have three additional account types. The best account for someone starting with their trading career is the micro account. In this account, you don’t have to deal with commissions but you will have to keep an eye on the spreads. You will have some other commodities that you can trade with these accounts. Mainly, you can only trade silver and gold with any of these accounts. Micro account is truly for those who are to trade for the first time because the minimum deposit you need in this account is just $1.

If you want complete transparency in your trades, you should go with the ECN account. Yet again, you will have to pay in the form of commissions when you open this account. In terms of the minimum deposit, it is the most expensive account because you will need a minimum of $100. There is another account, called the STP account. If you are interested in trading currency pairs and basic metals while also enjoying a very small minimum deposit, you can go with this account. In summary, you can see that there is nothing difficult with opening any of these accounts because of the small minimum deposits.

FXOpen’s Trading Platforms

You can’t expect a broker to provide great services unless it gives you access to some good trading platform. The best trading platforms in the world are MetaTrader 4 and MetaTrader 5. MetaTrader 4 has remained the most favorite of brokers and traders worldwide. MetaTrader 5 is the improved form of MetaTrader 4. Everything you find in MT4 is there on MT5 as well. However, you get some additional features on the later version too. The automated trading feature is even better but you can say after using MT5 is that it is the more flexible platform out of the two.

Now, in addition to the desktop versions of the softwares, you also have the mobile versions. Today, you don’t have to stick to your desktop computer just to know what’s happening in the market. In today’s world, your trading platform will travel with you on your mobile device. The best thing is that there is automatic trading option on MT platforms. What that means is that you can set certain filters on the platform and the trades will be executed automatically according to the rules you have set.

You are going to love the fact that FXOpen brings some of the best plugins and add-ons to its trading platforms. These tools are there to help you know in detail about your trades before you execute them. These are simple tools like a calculator that tells you how many pips an asset’s value has gone up or down and converts that into monetary value. In addition to that, you have a commission calculator. Make sure you know how much money you will be paying to the broker before you enter into a trade. Perhaps place a call and inquire why you are being charged so much on certain trades.

Withdrawals and Deposits in Trader Accounts

When you open an account with a broker, you have to look at the options you have available for depositing funds in the account. Furthermore, you have to know how easy or difficult it will be for you to pull the funds out of your account. Believe or not, some brokers out there can make the withdrawal process difficult on purpose. However, big brokers like FXOpen will never play that trick on you. They have provided you with the safest and fastest ways of transferring money in your account and withdraw it out of your account. The options you have available for depositing the funds are also available for withdrawing those funds.

You can use bank wire transfer to send funds into your account. The minimum amount you will have to send through this method is $25. The local bank transfer option is also available. You can send your payments through credit and debit cards as well. With a card like China Union Pay, you can deposit an amount as small as just $1. In the electronic payment system options, you have some of the most well-known names such as WebMoney, Neteller, Skrill, Perfect Money, etc. These same options are available for you when you want to withdraw funds from your account.

Another way to fund your account is through prepaid cards. However, the best and most innovative method is the money transfer through cryptocurrencies. As mentioned earlier, FXOpen is one of the most unique brokers on the internet that focuses solely on currencies. You can’t transfer money into your account using cryptocurrencies with most other brokers. On the other hand, you can do that with FXOpen. The cryptocurrencies that you can use to fund your account include Ethereum, Bitcoin, Litecoin, Emercoin, and Tether. You can see that you have so many safe options available for funding your account and collecting the funds from it.

Yes, you have to keep in mind that there will be some fees involved when you deposit and withdraw the funds. A detailed table has been given on the website of the broker to help you with that. It is clear that FXOpen does not want to keep anything hidden from its traders so you will not have to worry about any surprises.

Customer Service from FXOpen

The last thing you have to know about a broker is the customer service. In many cases, it can be the first thing that should help you judge a broker. What you want to see in this section is how easy the broker has made it for its traders to get in touch with its representatives. In some cases, brokers make it difficult deliberately for you to contact them on the phone. What they are trying to do is to force you to use the email option. You will not face any such tactics when you have a trader account with FXOpen. The phone numbers for various countries are right there on the website.

You can contact the customer support representatives 24/5. What that means is that during the week, you can call the company whenever you want at any point in time. You also have an email address that you can use for sending your concerns and questions. Most importantly, you can use the online chat feature on the website to get in touch with a professional from the company on an instant basis.

Final Thoughts

When looking for online brokers, you will find many that claim to be the best. However, you don’t have to pay the price for the claims that a broker makes. What should matter to you the most are your requirements. For someone who is interested in trading forex currencies and cryptocurrencies, FXOpen is definitely better than most other brokers out there that have several asset classes for their traders to choose from. When your focus is cryptocurrency market and forex, you should choose the right account and sign up with FXOpen. Last but not least, make sure you check the “bonuses” section on the website to see if you qualify for a welcome bonus.