FXOpen Verified Reviews from Actual Traders

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. The website displays a list of all the PAMM accounts available to follow which can be filtered according to your own preferences such as gain, drawdown and trading days.

How Do I Open An Account With FXOpen?

MT4 is a great trading platform for beginners, the minimum deposit is just $1, there is an easy-to-open demo account, plus a copy trading service so you can learn from pro traders. To evaluate brokers, we test the accounts, trading tools and services provided. Over 100 data points are considered, from minimum deposits and trading fees to the platforms and apps available. Our broker ratings are also informed by the experience of our researchers during the evaluation process. FXOpen were one of the first online brokers and remain one of the most established today. They are a regulated ECN broker offering some of the best possible trading conditions with low spreads, fast trade execution and competitive commissions.

Support

If you trade with the offshore branch, we recommend employing risk management tools such as stop loss orders, as high leverage can lead to significant losses in volatile markets. The breadth of stocks and commodities is particularly narrow. Clients of the Australian and offshore branches will be charged both deposit and withdrawal fees, though you can avoid these by using certain payment methods such as an FXOpen prepaid card.

1. When we used an FXOpen STP account we were offered tight spreads.
2. FXOpen also provide mirror trading via the popular social trading website Myfxbook.com.
3. If you have traded with FXOpen we would really like to know about your experience – please submit your own review.
4. FXOpen were one of the first online brokers that I had an account with many years ago and remain one of the most popular until this day.
5. On Myfxbook’s servers, there are MT4 terminals that can exchange signals via expert advisors.
6. FXOpen is forex and CFD broker offering 600+ instruments using the MetaTrader 4 (MT4), MetaTrader 5 (MT5), TradingView, and TickTrader platforms.

One-Click Trading and Level2 Plugin

To add or withdraw funds you just need to login to the FXOpen personal area and choose your desired funding method, amount and account. You are then redirected to the payment gateway selected to complete the transaction. The FXOpen group has 3 related companies that are regulated in multiple jurisdictions.

FXOpen were one of the first online brokers that I had an account with many years xcritical ago and remain one of the most popular until this day. They are a regulated ECN broker offering you some of the best possible trading conditions with low spreads, fast trade execution speeds and competitive commissions. You can get access to user-friendly trading platforms for web, desktop and mobile devices. They enable you to trade hundreds of instruments across multiple asset classes and have a range of convenient account funding options for you to choose from.

Myfxbook has a solid reputation for providing independent and reliable analytics, signals, strategies, trader’s competitions, and account performance charts. In your account, Myfxbook AutoTrade allows you to replicate the methods of the most successful and experienced traders. On Myfxbook’s servers, there are xcritical scammers MT4 terminals that can exchange signals via expert advisors. When a trade is opened in a provider’s account, the terminal sends a signal to all followers’ accounts, instructing them to do the same. Myfxbook AutoTrade is built in such a manner that trade replication is error-free and smooth.

FXOpen also provide mirror trading via the popular social trading website Myfxbook.com. You can set your account to automatically copy the trading signals of other traders listed on Myfxbook. When a trade is placed on the providers account, the MT4 terminal will send a signal to your account to duplicate the trade.

PAMM Accounts

This is one of my favorite charting platforms with a huge array of graph types, drawing tools and technical indicators. I also find the forex heatmaps and economic calendar useful for keeping abreast of market updates. I think the industry-leading MT4 platform is ideal for beginners, with a range of customizable features and analysis tools.

For cryptocurrency CFD accounts, the commission is 0.5% per side. FXOpen was set up in 2005 by a group of experienced traders. FXOpen also offer PAMM (Percentage Allocation Master Module) accounts which enables clients (followers) to follow strategies of other traders (masters). The master trades their own funds through the PAMM whilst the PAMM technology allows the trading activity to be replicated on the follower’s accounts. Funds are allocated to a PAMM and are segregated so that they cannot be used for any purpose other than the PAMM.

FXOpen vs Other Brokers

When transferring funds between FXOpen accounts with various base currencies, the Currency Rates and Conversion Calculator can assist you in obtaining accurate conversion rates. Compare FXOpen with the top 3 similar brokers that accept traders from your location. The minimum withdrawal for bank wire transfer is 50 GBP, USD, or EUR, and for all other methods, the minimum is 10. There is no maximum withdrawal limit for bank transfers, but for card withdrawals, the limit is set at 15,000 GBP, USD, or EUR. Withdrawal times for bank wire transfers typically take one to three business days, whilst card payments can take between two to five working days. Besides these, useful features include an economic calendar and the ‘Market Pulse’ fxcritical where traders can go to check news and discuss trending topics.

If you are a MetaTrader user then you may want to consider Pepperstone instead. The broker uses a true electronic communication network (ECN) model via the popular MT4 & MT5 platforms. An ECN is a bridge that gives you access to the interbank market through liquidity providers (LPs). With an ECN model, the counterparty to your trade is another market participant which could be a bank, fund or another trader.

These can be used to assist with money management and market analysis. I appreciate that these tools are offering precise calculations of things such as pip value, margin, swaps, and commissions. This can help you to save time and plan your trading, estimate potential profits/risk and optimise your lot sizes. It would be great if they could implement some more market analysis tools in the future. That being said, you will find plenty in the MetaTrader platforms.

There are some third-party solutions that will enable support for Renko charting in MT4. You can load any of the 50+ built in technical indicators for analysing charts and finding potential trade opportunities. You can download additional indicators or create your own custom indicators in the MetaEditor. Chart templates can be saved for you to get easy access to them at a later date. I really appreciate this gesture since most brokers don’t provide this service. ‘m using FxOpen live in hybrid mode (EA and human) for more than a year.