FXOpen Review 2024 Pros, Cons & Safety Ratings

It is known for being user-friendly, fully customisable, and having a range of built-in trading tools to assist traders with their market analysis. The MetaTrader 5 platform is similar to the MetaTrader 4 platform, with some additional features for the more advanced traders. The platforms can be downloaded and used to trade on desktop, web, and mobile devices. This is probably one of my top features about this broker for beginners. However, if you are new to trading, then you might want to take a look at ActivTrades as they provide comprehensive market analysis and one on one training. FXOpen have a few useful trading tools that can help to improve trading efficiency.

A solid partner with great customer service

Thank you for taking the time to leave a review, we appreciate your feedback and are delighted you’re having a great experience. This virtual combining of the Master’s and Follower’s money enables all PAMM players to have the same trading circumstances. Followers gain from a Forex PAMM account because they may profit from Forex trading without having to do extensive market research, trade, or monitor positions themselves.

1. There are 9 timeframes, over 30 indicators and graphical objects, plus thousands more available from the MetaTrader Market.
2. These penalties are levied on accounts that have not executed trades during a specific timeframe.
3. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry.
4. Different regulators provide different levels of protection—for example, FXOpen clients in the United Kingdom benefit from the oversight of the FCA.
5. Developed by MetaQuotes in 2005, MT4 has since been the leading trading platform and will usually be sufficient enough for most traders, regardless of your experience level.

FXOpen Main Features

This is one of the best financial services regulators in the world today. It also has licenses in many global markets, including in Australia and New Zealand. With FXOpen, you have access to the industry-standard MetaTrader 4 platform.

Opening account, verification and bank transfers

These types of awards showcase when a platform fulfills what it promises. Some of the awards FXOpen has won include being voted as the Best Islamic Broker, the Best ECN Forex Broker and Best South-East Asia Forex Broker. One of the more popular aspects of the  platform is the automated currency trading.

Great client support service

While the quality of the existing content is good, I rate the available educational materials as relatively meagre compared to the industry average. In my view, for serious traders, the ECN model offered by FXOpen is clearly preferable to the market maker model (where the broker is the counterparty to your trades). Liquidity is aggregated from different trading venues such as https://traderoom.info/fxopen-overview/ Integral, Hotspot, Currenex, TrueFX, and LMAX Exchange. Banks like Swissquote, other brokers, and proprietary market makers are also among the liquidity providers. TradingView Desktop allows traders to set up and restore a multi-monitor workspace without any of the limitations of using browsers. Trading via the TradingView desktop platform is also faster than using a browser.

It is important to note that between 74-89% of retail investors lose money when trading CFDs. These products may not be suitable for everyone, and it is crucial that you fully comprehend the risks involved. Prior to making any decisions, carefully assess your financial situation and determine whether you can afford the potential risk of losing your money. Besides access to the cutting edge trading terminals, FXOpen also gives clients the option to auto trade via Myfxbook AutoTrade and Zulutrade.

The support team is always helpful, promptly responding to queries and resolving issues. The company fulfills its brokerage service obligations in full. The variety of trading accounts gives us the opportunity to have a better choice and alternatives for managing invested funds. There is a very useful and convenient way to make internal transfers using an independent wallet. The variety of trading terminals is also very pleasant for working in the market.

However, I found them to be lacking in stocks when compared to competitors. For example, TMGM have a superb selection of more than 15,000 global stocks for you to trade, putting them amongst our best stock brokers. ZuluTrade is an automatic trading platform where you can get signals from other forex traders that you can copy to your trading account.

Your feedback motivates us to continue providing exceptional service to all our customers. Quality trading is something everyone needs.The FXOpen company provides everything a trader needs with very high quality. Free control of trading account settings provides excellent flexibility to the trading process.

Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points.

This account has no limitations on trading styles allowing for scalping, news trading, automated high frequency trading (HFT), expert advisors and hedging. Precious metals based on gold and silver can be traded as can energies based on crude oil (WTI, Brent) and natural gas. These instruments are often considered safe havens and used to diversfy portfolios.

Unfortunately, new traders who wish to access some online training material from FxOpen will be disappointed as there are no comprehensive training resources available. There are just a few articles introducing forex and how to trade forex. Market news and analysis columns exist on the website but they are not updated. So, any new trader looking for training will have to source his training from another place. The same applies to traders who trade by following market news, expert analysis and signals.

This gives traders access to the Interbank market where the counterparty to client trades is a liquidity provider such as a bank, fund, or another trader. There is no intervention from FXOpen, no dealing desk, and no requotes. With its ECN model of order execution, narrow spreads, and https://traderoom.info/ low commissions, FXOpen is suitable for day traders and scalpers. The available platforms and tools also make it a good choice for algorithmic traders. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.

The low starting deposit and free demo account also make it easy to get started with the brokerage. FXOpen is a reputable ECN and STP broker catering to forex traders of all experience levels. FXOpen’s customer support is satisfactory, providing service 24/5. We reached a knowledgeable assistant via live chat within minutes each time we tested this function. In accordance with local rules at its regulated branches, FXOpen does not offer any welcome bonuses. This is standard practice at EU, UK and Australian-regulated forex brokers.

Traders commonly use this user-friendly tool, which includes advanced charts and social features, to share strategies with like-minded individuals regardless of their experience level. Notably reliable and stable, this feature-rich platform aids novice and seasoned traders seeking precision in their trade-related activities while ensuring maximum efficiency. Yes, They provide two-factor authentication (2FA) for customer accounts, adding extra protection against illegal access. Overall, FXOpen is considered low-risk, with an overall Trust Score of 89 out of 100. They are also licensed by two Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). They offer four retail accounts, namely Micro, STP, ECN, and Crypto.