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FXOpen
Rating: Rated with 1.5 stars
Binary Option Programs Award
Min. Deposit
$1
Min. Investment
0.1 lot
Regulated Broker
No

FXOpen Broker Review

  1. Founded in 2005, FXOpen is a leading Forex broker with a solid reputation and competitive trading conditions. FXOpen was the first Forex broker to offer ECN trading over the MT4 terminal and since 2014, added cryptocurrencies to the broad range of instruments. Customers in South Africa and elsewhere can choose from a Micro, Crypto, STP, ECN and PAMM accounts with low deposits and narrow spreads, giving access to the MT4 desktop and mobile trading solutions, as well as auto-trading on the ZuluTrade and MyFXBook trading platforms. To find out more about trading with FXOpen, read our in-depth review below.

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    FXOpen Special Features

    Customers at FXOpen are offered a choice of trading account types designed to suit the personal goals and trading abilities of traders all over the globe. Whether a beginner to online trading in financial markets, or a seasoned trader with experience in Forex markets, FXOpen has the appropriate account package. Notably, even the Micro trading account is packed with outstanding features and benefits, making it exceptionally advantageous for inexperienced traders in South Africa and around the world.

    FXOpen Micro Account

    • Denominated in USD cents only
    • Based on ‘market maker’ business model
    • Requotes with no slippage
    • Instant execution
    • Minimum deposit 1 USD
    • Maximum balance $3,000
    • Maximum transaction size $1,000,000
    • Floating spreads
    • Quotes with five decimal places
    • Minimum transaction size 0.1 microlots
    • Maximum leverage 1:500
    • Margin call 20%
    • Stop out 10%
    • Bonuses
    • Islamic account
    • No demo account
    • Access to 28 currency pairs Plus gold and silver
    • Hedging permitted
    • Automated trading with Expert Advisors

     

    FXOpen Crypto Account

    • Account currencies, USD, GBP, EUR, RUB, JPY, mBTC, Litecoin, Ethereum and Dash
    • Operates as an ECN account
    • 43 currency pairs with BTC, LTC, EOS, PPC, ETH, DASH, EMC
    • Floating spreads
    • Minimum initial deposit $10
    • Unlimited maximum balance
    • Commission of 0.5% trade volume, round turn
    • Quotes with 5 decimal places
    • Market execution
    • No requotes, slippage occurs
    • 01 lots minimum transaction size
    • No limitations on maximum transaction size
    • Leverage up to 1:3
    • Margin call 30%
    • Stop out 15%
    • Demo account available
    • Scalping and hedging allowed
    • Islamic account not available
    • Phone dealing and news trading permitted
    • Market depth with level 2 quotes
    • Automated trading with expert advisors

     

    FXOpen STP Account

    • Account currencies USD, EUR, GBP, JPY, RUB, CHF, Gold
    • Initial deposit minimum $10
    • No limitations on account balance
    • No commission
    • Floating spread
    • Quotes with 5 decimal places
    • Leverage up to 1:500
    • Margin call 50%
    • Stop out 30%
    • Demo account
    • Bonuses
    • Market execution with no requotes
    • Slippage possible
    • Minimum transaction size 0.01 lots
    • No limitation on transaction size
    • 50 currency pairs, gold and silver
    • Hedging and scalping permitted
    • News trading and phone dealing allowed
    • Market depth with level two quotes
    • Automated trading with Expert Advisors

     

    FXOpen ECN Account

    • Account currency USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, Gold, mBTC
    • Market execution
    • Minimum initial deposit $100 or currency equivalent
    • 70+ tradeable instruments including currency pairs, gold, silver, CFDs, oil, natural gas
    • Floating spread from 0 pips
    • Leverage up to 1:500
    • Commission of $1.5 per standard lot ($100,000)
    • Minimum transaction size 0.01 lots
    • No limitations on transaction size
    • Hedging and scalping permitted
    • News trading and phone dealing permitted
    • Market depth with level two quotes
    • Automated trading with Expert Advisors
    • Margin call 100%
    • Stop out 50%
    • Demo account
    • Islamic account
    • Inactive account fee of $10 monthly, reactivation fee $50

    Tip: Consider IQ Option instead – the best regulated broker for South African traders with a minimum deposit of only $10!

     

    FXOpen PAMM Account (Percent Allocation Money management)

    Customers in South Africa and elsewhere, who prefer to limit their personal involvement in trading, can open one of three PAMM accounts with FXOpen. Notably, traders can attach money to an experienced ‘Master’ trader appointed by FXOpen, who then manages the money of several customers as well as his own, to generate trading profits on their behalf as well as himself. Notably, the money managers receive a pre-determined percentage of the profits generated as their fee, motivating them to perform well.

    FXOpen PAMM ECN Account

    • $1,000 minimum capital invested by the Master
    • Minimum deposit for a follower, determined by the offer parameters
    • Account currency USD, EUR, GBP, AUD, CHF, JPY, RUB
    • $1.5 half turn dependent on equity and trading volume
    • Floating spread from 0 pips
    • Market execution
    • Instruments include 50 currency pairs, gold, silver, CFDs, oil, gas
    • Minimum transaction size 0.01 lots
    • No limit on open trades
    • Margin call 100%
    • Stop-out 50%
    • Islamic account
    • Scalping and hedging permitted
    • Market depth with level 2 quotes
    • News trading permitted

     

    PAMM Crypto Account

    • Minimum Capital of $200 required from the Master to create account; $1,000 to create offers
    • Followers minimum deposit depends on offer parameters
    • Trade currency pairs with BTC, ETH, LTC, Dash
    • Floating spread
    • Commission is 0.5% of the transaction volume (half turn)
    • Account currency mBTC, LTC, CNH, ETH, EUR, USD, RUB
    • Market execution
    • Maximum leverage 1:3
    • Margin call 30%
    • Stop out 15%
    • Swap cost is 10% per annum
    • Minimum transaction size 0.01 lots
    • Trading time 24/7
    • Scalping, hedging and News trading allowed
    • Unlimited open trades

     

    FXOpen PAMM STP Account

    • Minimum Master’s capital $200
    • Followers minimum deposit depends on offer parameters
    • Account currencies EUR, USD, RUB
    • Floating spreads from 0 pips
    • Market execution
    • Minimum transaction size 0.01 lots
    • No commission
    • Leverage up to 1:100
    • Trade on 50 currency pairs, gold and silver
    • Margin call 50%
    • Stop out 30%
    • Scalping, news trading and hedging permitted
    • Trading with Expert advisors possible

     

    FXOpen Demo Account

    Customers at FXOpen can open an STP, ECN or Crypto demo account through the MT4 trading platform, after registering a live trading account. We recommend Demo accounts as a risk-free way to gain trading experience and experiment with trading across Forex and crypto markets. With a demo account, clients at FXOpen learn about the trading platform features, and begin trading confidently when they place real money trades.

    FXOpen Bonus

    Customers at FXOpen are offered voluntary bonuses and promotions across various account types. The offers are also available to customers in South Africa.

    No Deposit Bonus for STP Accounts

    By registering an FXOpen STP account and verifying the account using SMS, traders get a $10 bonus. Notably the bonus is for boosting trading capital and not for withdrawal. The bonus terms and conditions state that only after two lots have been traded, can the clients withdraw profits from the STP account.

    FXOpen Welcome Bonus for Micro Account

    New customers get $1 as a bonus when they open a Micro account. The bonus can be withdrawn once 100 micro lots have been traded.

    FXOpen Forex Cup Trading Contest for STP Accounts

    The contest terms and conditions change with every contest running at FXOpen. The aim is to enter the contest and make a profit according to the contest rules. Notably, the bonus received cannot be withdrawn but can be transferred to another trading account with FXOpen.

    90-Day Cash Back Program at FXOpen

    Customers can get a refund of up to $1,000 on trades made over 90 days at FXOpen through the cashback program. The amount of cashback is determined by the total margin used on all client’s trading accounts and is applicable to all types of live trading account. The minimum cashback is $5, and the maximum is $1,000.

    FXOpen Trading Software

    Customers at FXOpen are offered access to the entire range of MT4 trading solutions. The MT4 is a download software for desktop trading and it is also available as a WebTrader from all internet connected devices through the browser. FXOpen MT4 mobile trading apps for Android and iOS devices, can be sourced free from Google Play and the Apple app store. The main features of the MT4 are as follows:

    • Orders placed manually from price charts
    • Multiple order types including market, pending, stop-loss and take-profit
    • Three types of execution
    • 50+ built in indicators and graphic tools for analytics
    • Advanced charting package
    • MQL programming language
    • Automated trading with Expert Advisors
    • Built in multi-lingual support

     

    FXOpen Automated Trading

    Customers at FXOpen can use Expert Advisors on the MT4 platform to send trade entry and exit orders to the market for automated execution. For clients seeking a much easier way to engage in automated trading, FXOpen offers MyFXBook and ZuluTrade.

    MyFXBook

    MyFXBook is a trade mirroring service for auto trading. The features of the MyFXBook include several trading strategies, a strategy simulator, past performance analysis, high level of control and a demo mode.

    ZuluTrade

    With ZuluTrade, clients get access to an automatic trading platform, using signals from professional traders to manage trades in clients’ accounts. ZuluTrade allows customers to have several accounts from a single workplace and monitor open positions in real time. Moreover, customers can have a portfolio with different providers, and have all their trades protected by ZuluGuard.

    VPS

    Using the VPS service allows traders to log in to the MT4 platform from anywhere in the world. Customers have flexibility as the Expert Advisors continue with automated trading, when the power/internet is switched off. Importantly, trades are executed at high speed as the VPS is cross connected to FXOpen servers.

    FXOpen Customer Support

    Customers have a very broad choice of innovative, support channels to choose from at FXOpen 24/5. In the top right-hand corner of the home page, clients can select the FXOpen Forum, the Blog, the Help Center, Contacts or the Live Chat help line. Importantly, the Contacts page gives an email address, three toll free phone numbers for customers in the Russian Federation as well as phone numbers for New Zealand, France and Germany. Access to the live chat helpline is also available from the contact page as well as from the interface, together with the customer support panel, where clients submit a ticket.

    Interestingly, the Forum is subdivided into different topic categories, with discussions for traders from the same country. Bearing in mind that FXOpen is available in 15 languages, the multi-lingual forum can be a very helpful source of assistance. For access to a knowledge base in several languages, customers can check out the Help Center where the Help desk offers extensive support through several methods.

    FXOpen Payment Methods

    Customers are presented with a diverse choice of funding methods at FXOpen. They include local and international bank wire transfers, credit/debit cards, electronic payment systems, pre-paid cards and cryptocurrencies. Customers in South Africa can expect to see a number of locally available payment methods at the time of registering a new account with FXOpen.

    Notably, bank wire transfers take several days to arrive in customers’ accounts whilst electronic payment methods are usually added instantly. Withdrawals by bank wire transfer take from 1 to 3 days to be processed, and a minimum of $100 can be requested. On the other hand, withdrawals to credit cards have different limits depending on the card used by the customer. Processing takes just 24 hours and the minimum withdrawal amount is around $10. Similarly, withdrawals to electronic payment systems are processed within 24 hours and the minimum withdrawal amount is very low.

    To find out the exact details for each payment method, customers need to go to the withdrawals page on the FXOpen website. Fees for withdrawing and depositing to trading accounts are clearly set out on the fees page. Notably, the fees vary so widely between payment methods and currencies, Subsequently, they must be studied very carefully by customers, before choosing a payment method.

    FXOpen is owned by FXOpen Markets Ltd registered in Nevis under number C42235. The company is a member of The Financial Commission, an independent self-regulatory organization, with a qualified dispute resolution committee, for all aspects of the Forex industry. FXOpen is not licensed and regulated by any governmental agency such as the FCA in the UK.

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