In this Broker Review, ForexInfoBook team presents factual information about FXOpen broker regulations, trading conditions and advantages of trading with them.
- Financial Conduct Authority in the United Kingdom. FCA Reference number 579202
- Australian Securities and Investments Commission and operated with Australian Financial Services License Number : 412871
- FXOpen is also regulated by agencies in other countries.
The stringent regulatory oversight provided the ASIC and the FCA, traders at FXOpen can concentrate on their trading without having to worry about the reliability of their broker.
Click here to read more about why FCA (UK) regulated brokers is the best choice for Forex traders
Click here to read more about why ASIC (Australia) regulated brokers is a very popular choice for Forex traders
Negative Balance Protection
As per FXOpen’s ECN/STP client agreement the Customer shall not be liable for trade execution which result in a negative Balance . Company makes an adjustment of the full amount of negative Balance from own resources.
FXOpen offers a various trading with STP, Micro, ECN execution types. FXOpen provides real-time quotes from some of the major liquidity providers which include Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST, GOLDMAN and LavaFX.
FXOpen was one of the vert first Forex brokers to offer ECN trading on the MetaTrader 4 platform and they understand the trading requirements of retail traders very well.
Competitive Spreads and Low Commissions
FXOpen uses their unique proprietary price aggregating technology which allows them to provide very competitive spreads. Click here for checking the live FXOpen ECN spreads.
FXOpen offers very low trading commissions accounts starting from $2.5 per lot and can get as low as $1.5 depending on trading volumes. The commission rate depends on the account equity and the monthly trading volume. The commission rate can therefore decrease or increase from month to month depending on the traded volume of previous period and also the account balance from time to time.
The maximum leverage varies depending on your categorization (Retail Client or Professional Client) and the regulation under which the traders opens the account.
Accounts opened with FXOpen (regulated by ASIC) can have maximum leverage of up to 1:500.
Leverage on UK regulated accounts will be restricted to a max of 1:30 by the ESMA regulations.
Ease of Operations
- Non-Expiring demo accounts
- Simple account opening process
- Minimum deposits as low as $100
- Wide range of payment options for deposits/withdrawals: multiple credit cards, bank wire transfer, local bank transfer and major e-payment methods. Click here to check full range of payment options available with FXOpen.
- FXOpen has a dedicated support department operating 24/5. Support is provided via live chat, email and phone.
- FXOpen also has excellent support for social trading and educational material for Forex traders to improve their trading skills.
- FXOpen offers Islamic (Swap-Free) accounts
We strongly recommend Forex traders to choose FXOpen ECN accounts.