Overview of FXOpen platform
FXOpen seems a little different than other forex platforms in the world. This group was founded by professional traders with an initial development orientation as a center of education, training related to finance and forex investment. However, with the development of the foreign exchange market and the growing demand of investors, the group expanded its brokerage service in 2005 and has now become a well-known forex broker on world.
FXOpen currently consists of 3 main entities, which are 3 subsidiaries are licensed by the world's leading reputable forex regulators and provide brokerage services to global investors. 3 subsidiaries are also 3 forex floors operating under the brand name FXOpen, with headquarters in 3 different areas:
- FXOpen UK Ltd is a company authorized and regulated by the FCA – UK Financial Control Authority, license number 579202. Having obtained the license of FCA, FXOpen will be participating in the Financial Services Compensation Program with up to 85,000 GBP for investor compensation.
- FXOpen AU Pty Ltd is licensed by ASIC – Australian Securities and Investments Commission, license number 412871.
- FXOpen Markets Ltd is based in Nevis, the company is a member of the Financial Commission (The Financial Commission) and is involved in the Compensation Fund for investors with an amount of up to 20,000 Euro.
Managed by reputable agencies, the investor's account will be separate from the forex's account and be guaranteed maximum safety. In terms of legality, you can feel secure when opening a trading account at this exchange.
With a team of founders who are longtime traders, they understand the needs of investors, so FXOpen tries to provide the most necessary and optimal services to its customers. Besides forex trading, CFDs on MT4, this forex also works with Myfxbook and ZuluTrade to provide a copy trading platform, while allowing investors to participate in the PAMM system to benefit from the Professional trader.
Besides, at FXOpen, investors will receive the best quotes from the largest liquidity providers in the industry such as Barclays Capital, Bank of America, JP Morgan, CITI, UBS, GOLDMAN …
Since its establishment, this forex floor has won many awards, including Best ECN broker 2012 by Masterforex-V International Trading Academy, The best MT4 ECN trading platform at the 9th International Shanghai Money Fair or Best forex broker in Australia 2011 of the World Finance Magazine …
With a transparent and reputable legal record and what FXOpen has achieved, this forex floor is worth our attention.
Trading products
FXOpen offers a quite diverse product portfolio, including forex, metals, indices, energy, stocks and cryptocurrencies.
- Forex: 50 currency pairs, including the main currency pair, cross currency pair and exotic currency pairs – are pairs combined from one major currency and one currency of a small or emerging economy such as USD / TRY, EUR / TRY, USD / SEK …
- Metal: gold and silver are 2 metals traded at this forex.
- Index: including 13 well-known stock indices in the world such as UK100, SPX500, US Tech 100, JP225, AUS200 …
- Energy: investors are allowed to trade crude oil (Brent, WTI) and natural gas.
- Share: FXOpen only offers US stocks, including 227 stocks listed on the US Stock Exchange. Some famous stocks such as Facebook, Apple, Amazon, Google, Tesla, Microsoft, eBay …
- Cryptocurrencies: is the property is very popular in the market. FXOpen offers 13 types of coins, which are both quoted in fiat currencies (USD, EUR, GBP, RUB, JPY, CNH) and cross-quoted with Bitcoin. Cryptocurrencies are traded 24/7.
Trading Account
FXOpen provides investors with 4 types of trading accounts, of which 3 types of forex trading accounts and CFDs are Micro, STP, ECN and 1 type of account only for Crypto cryptocurrency trading.
- Micro account: this account is especially for new customers, who have little capital, want to have the opportunity to experience trading on the floor with the amount from only $ 1. However, this account is applied quotes and order execution MM (Market Maker) so the trading conditions are more limited than the other 3 types of accounts. If the balance on this account exceeds $ 3,000, it will automatically be transferred to STP account.
- STP account: This account is also suitable for new investors, small and little capital. The trading conditions are better than Micro accounts.
- ECN account: is the account with the best trading conditions, for professional traders, to trade with larger volumes. This account is offered best quotes compared to other types but in return subject to commission.
- Crypto account: exclusively for investors trading cryptocurrency.
Compare trading conditions on 4 types of accounts
At FXOpen, investors can also participate in the system PAMM – Fund management account. With this system, investors can contribute capital to a fund management account, the owner of this account is a professional trader who will directly buy and sell activities in the market. Profits will be distributed to investors according to the percentage of capital contribution, the fund management account holder will receive a commission on profits. With the PAMM system, investors have the opportunity to seek profits in this market without having to make transactions themselves, the skills necessary to succeed is to choose a good, reputable fund management account. and rational allocation of capital.
Trading platform
FXOpen provides investors with both platforms of MetaTrader, MT4 and MT5 software. In addition, this forex platform also supports investors to copy trading through the platform of ZuluTrade and Myfxbook.
MT4 software
Is the most commonly used trading platform today. MT4 gives users the best trading experience. Some basic features on MT4:
- 3 types of price charts and 9 time frames
- 4 basic types of pending orders (Buy Limit, Sell Limit, Buy Stop and Sell Stop)
- More than 50 technical indicators and drawing tools
- Provide EAs and enable testing strategies
- Used on computers, mobile applications and on the web
MT5 software
Born after, developed on the basis of MT4 and added a number of new features, maximum support for advanced transactions:
- 21 time frames
- 6 types of pending orders (in addition to Buy Stop Limit and Sell Stop Limit)
- More than 80 indicators and drawing tools
- Provides economic Calendar directly on the platform
- At FXOpen, MT5 is only used on computers and mobile apps, no web version.
Both MT4 and MT5 are owned by MetaTrader, so investors who trade on these two software will be able to use services from MQL5 Community such as trading forex signals, exchanging EAs, indicators, freelancer services …
MT4 software on the computer
ZuluTrader and Myfxbook
These are the two famous auto / copy trading platforms in the market. Thousands of carefully selected professional traders allow investors to copy trades from them for profit without having to manually place orders anymore. One advantage for both platforms is that investors can adjust their trading conditions to suit their needs and capital before making a copy.
In addition, FXOpen offers investors a number of trading tools such as:
- One Click Trading and Level 2 Plugin: is a tool to help place orders with the best price with just one click and 5 levels of market depth will let investors know the current liquidity of all traded products. This tool is integrated directly on MT4 software through the plugin.
- Margin calculator, commission and pip value; currency conversion rate: 2 tools are used directly in the personal account management area.
Leverage, commission and spread
1: 500 is the highest leverage ratio used on all 4 types of accounts, however, for each different product type the maximum leverage will be different. 1: 500 is only applicable for forex and metal trading, indices are traded at a maximum rate of 1: 100, stocks and cryptocurrencies are 1: 3.
Commission fees are applied on ECN and Crypto accounts.
- ECN account: commission is calculated on forex trading, depending on equity on the account and trading volume per month. The bigger the capital and the trading volume, the smaller the commission is, with a minimum fee of $ 30 / $ 1 million per transaction (opening and closing), maximum of $ 100 / $ 1 million of transaction.
- Crypto account: commission is 1% / per trading volume.
In addition, FXOpen also charges a dormant fee (does not make any transactions including deposits and withdrawals within 3 months) $ 10 / month. This inactive account will be disabled when the balance returns to zero and the investor will have to pay an additional $ 50 for the activation fee at this account.
FXOpen applies floating spread on all types of accounts and trading products. The average spread of EUR / USD pair on Micro account is quite high, 2 pips.
The average spread (pips) of some major forex pairs on STP and ECN accounts
Forms of deposit and withdrawal
FXOpen offers a variety of deposit and withdrawal methods, such as wire transfer, Visa / Master cards, e-wallets like Neteller, Skrill, Webmoney, PerfectMoney, fasapay, etc. and deposits from various currencies.
Deposit and withdrawal conditions of some forms
- The promotions
Currently, FXOpen is having 2 promotions, including Deposit bonus program and Transaction refund program.
- Bonus program (Bonus): This program is being applied on STP and Micro accounts.
+ STP account: immediately reward new customers $ 10 to the trading account without recharging. This bonus cannot be withdrawn, the investor only withdraws profit when trading at least 2 lots.
+ Micro account: new customers are rewarded immediately $ 1 into a trading account without deposit. For this account, bonuses are available for withdrawal provided that there is at least 100 microlots.
- Cashback transaction program (Cashback): this program applies to new FXOpen customers on all types of accounts. Investor will receive a refund of up to 150% of the standard trading fee ($ 15) and depends on the total margin used. The minimum cashback applied on each account is $ 5, maximum of $ 1,000 and maximum of $ 100 per transaction.
In addition, FXOpen also holds many contests with attractive prizes to attract more investors to the floor.
Summary of pros and cons
Advantages
- Licensed by reputable forex management
- Diverse transaction products
- Diverse accounts, many choices
- Low minimum deposit
- Good trading platform, support copy transactions
- No commission on Micro and STP accounts
- Low spread on ECN accounts
- Many forms of deposit and withdrawal
- Many promotions and contests attractive
- Livechat operates 24/5, enthusiastic support staff
Defect
- Low maximum leverage ratio
- Spread on Micro and STP accounts is high
- Deposit, withdraw money cost
- Website does not support Vietnamese
As a long-standing and reputable forex broker in the industry, FXOpen is currently trusted by many investors around the world. The conditions and trading platform of this exchange are quite suitable for the needs of most Vietnamese traders. If you are still wondering about the floor, FXOpen will be a worthy name for you to pay attention.
You have just read the article: “Review of the latest FXOpen platform 2020”
Author: Tin Nguyen
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