FXOpen is yet other handy forex trading platforms that offer ECN and MT4 account options. The company is based in Mauritius, and it was established in 2005. A lot of traders are now moving to FXOpen due to the popularity of this platform.
Pros and Cons
Pros:
• True display of DOM and ECN account. A trader will get best possible ask and bid price.
• Execution is very fast.
• Multiple accounts can be maintained for the multiple usage.
Cons:
• No credit card is accepted for deposit.
• It is not a regulated platform.
Facts sheet
1. Spread: The FXOpen provides several types of accounts. In micro and standard account, a fixed level of spread is provided, which is between 2-4 pips. We can’t criticize this, and this is what prevailing in the industry. In ECN account, a trader can easily communicate with other clients. A market place is provided to all participants where they can compete with each other. They can provide various options to attract customers. All the trading takes place in a real time which gives the opportunity to trade and execute strategies at the right time.
2. Leverage: Although it is dependent on the type of account, the leverage is limited up to 500:1.
3. Commission: The account which has fixed spreads won’t come under the commission system. However, in the ECN account, a small portion of a fee is charged.
4. Minimum Deposit: For the micro account, the minimum account limit is $1and for the standard account it is $25. Deposit and withdrawal can be made from various sources like wire transfer, cashU, WebMoney, and PerfectMoeny.
5. Bonuses: A varied amount of bonuses is provided, which included welcome bonus on fixed spreads.
6. Trading Platform: FXOpen is using a very reliable trading platform which is Meta Trader 4. This is also accessible through smart phones.
7. Support: Support is available 24/5 through various communication channels like Skype, live chat, and direct calls.
8. Citizenship: No restriction on citizenship.
9. Currency pairs: The platform trades with over 28 currency pairs.
Conclusion
As per my review, I am very happy with FXOpen. The customer service is great, spread is very good, and execution is very fast. Some people doubt about this platform as it is not regulated. However, those who are working with it never found any bad issue. Without regulation, it is offering best possible services.
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