Introduction to FxOpen
FxOpen is a well-established forex broker that has been in the market since 2005. The company offers a broad range of trading instruments including Forex, Cryptocurrencies, Commodities, Indices, and Stocks. FxOpen is regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia, which adds a layer of safety and credibility to its operations. However, like any other broker, FxOpen has its strengths and weaknesses, which we will explore in this review.
Trading Platforms
MetaTrader 4 and MetaTrader 5
FxOpen offers its clients the choice of two popular trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms are renowned for their robust functionality, user-friendly interface, and extensive customizability. They also support automated trading through the use of Expert Advisors (EAs). However, some users have reported occasional lags and glitches on these platforms, which can potentially impact trading activities.
WebTrader
For those who prefer web-based trading, FxOpen offers the WebTrader platform. This platform is accessible from any web browser and does not require any software installation. It offers a simplified trading experience with basic charting tools and indicators. However, it lacks the advanced features and customizability offered by the MT4 and MT5 platforms.
Account Types
FxOpen offers a variety of account types to cater to different trading needs and preferences. These include the Micro, Standard, and ECN accounts. The Micro account is suitable for beginners with low minimum deposit requirements and smaller contract sizes. The Standard account offers more flexibility in terms of trading instruments and leverage. The ECN account, on the other hand, is designed for experienced traders and offers the best trading conditions with tight spreads and fast execution. However, the high minimum deposit for the ECN account can be a barrier for some traders.
Customer Service
FxOpen’s customer service is available 24/5 via live chat, email, and phone. The support team is generally responsive and helpful in resolving issues. However, some clients have reported difficulties in communicating with the support team due to language barriers.
Fees and Commissions
FxOpen charges competitive spreads and commissions on its trades. However, the broker also charges a fee for inactivity, which can add up if you don’t trade regularly. Furthermore, withdrawal fees apply to certain payment methods, which is something to keep in mind when choosing a withdrawal option.
Conclusion
In conclusion, FxOpen is a credible broker that offers a wide range of trading instruments and platforms. It is regulated by reputable authorities, which adds to its credibility. However, the broker’s occasional platform glitches, high minimum deposit for ECN accounts, and potential language barriers in customer service are areas that could be improved. As always, it is advisable for prospective traders to do their own research and consider their individual trading needs and preferences before choosing a broker.
failed to meet my expectations and provide suitable services as a broker.
I had a terrible experience with FxOpen. The customer service was unresponsive and unhelpful, and I experienced multiple issues with their platform crashing. I also found their fees to be excessively high compared to other brokers. Overall, I would not recommend FxOpen to anyone looking to trade in the forex market.
As a beginner in investing, I have faced various disappointments with FxOpen as my broker. Firstly, their customer service is not very responsive, making it difficult to get quick assistance when needed. Secondly, I have found their trading platform to be quite complex and confusing, making it challenging for me as a beginner to navigate and make informed decisions. Additionally, the fees and commissions charged by FxOpen are higher than other brokers, which has eaten into my potential profits. Overall, my experience with FxOpen has been frustrating and I am considering switching to a different broker that better suits my needs as a beginner investor.