FXOpen Review
If automated trading is your thing, then FXOpen might just be the broker for you.
Not only does it support the all important MetaTrader 4 platform, it also has one of the quickest (if not the best) execution speed of all the MT 4 brokers we’ve tested.
I’ve used FAP Turbo, Mega Droid, Forex Hacked(still do) and many more forex robots on FX Open and they have always performed just as well on live as they did on demo. We all know how differently things usually are demo to live on other brokers. Not here…
FXOpen comes with fixed spreads of 2 to 4 pips for the major currency pairs. You only need a bare minimum of $1 for a micro account and $25 for a standard account, though FXOpen recommends that you start with $300-$500. Beginners can open a free demo account and start practising within 15 secs of filling up a simple application form.
One of the great things about FXOpen is that they have partners all over the world in such far flung places as Italy, Malaysia, Brazil, Indonesia, Iran, Philippines, etc. Their support is pretty comprehensive with different phone numbers for the USA, Egypt, UK, France, Switzerland and Hong Kong.
A drawback of FXOpen is that you can’t deposit money into your account through your credit card. Instead, you are offered 7 options: Wire transfer from your bank account, local deposit, Western Union, Liberty Reserve, E-Bullion, CashU, WebMoney, or E-gold. There’s good feedback from existing customers though about the fast speed of cash withdrawal compared to other brokers.
The platform is straightforward to use and comes with all the expected features such as stop loss, limit orders, trailing stop loss and take profit levels. It also comes with a nice little one-time bonus of $100 once you accumulate 10 standard lots for the first time.
Good news too for Islamic traders is that no swap trading is available in FXOpen.
Everything considered, FXOpen has everything a forex trader could ask for. If you are using an automated forex trading robot, this will be the broker for you.
Verdict
FXOpen’s fast executation speed and feature list makes it the best forex broker today and receives our highest recommendations.
In a nutshell
Pros:
– Fast execution speed
– Fixed spreads
– MT 4 supported
– ECN Account Support
– Scalping Allowed
– Automated Trading Allowed
– Low minimum deposit
– No swap trading available
– Well supported by world-wide partners
– Multiple options for deposit and withdrawal
– Good bonuses and frequent competitions
– FX Open has a live and very active forum with active moderators (How many brokers offer that?)
– You can open multiple accounts under you main account and transfer funds between them
Cons:
– No deposit via credit card available
Conclusion
I have been with FX Open for just over 3 years now and have not had any significant issues that have resulted in money or time lost. They are a broker that will not go back on their word like other brokers. Saying “Oh ya we support such and such EAs…” then a few weeks down the road things are looking great and then a flick of the switch goes off and your EA is no longer profitable. Brokers can and will manipulate automated trading and I have witnessed this at even some of the larger brokers out there, but yet to see it happen at FX Open.
They have stayed true to me, and I remain true to them.
Cani i have another forex id.if orevious was not working.
does not provide instant funding and their finance team take so long to funding…
Admin,
Any answer on the questions posted by Regiross, Abdulrahman and JK?
This info would be great!
Thx
FX Open does not allow trade lots of 0.01? Instead 0.1 lots. So if you use forexhacked on FXOPEN what Booster setting can you use to profit.
I have had an account with FXOpen for a while. So far I am impressed with them. I have used both the ECN and micro accounts. I have actually seen spreads on my ECN account that were 0.0pips. Yeah…ZERO. It is very rare, but I have seen it at least twice. I have seen the spread as low as 0.1pips several times also. These are on the EURUSD that I have been watching. Now, that said, it is usually somewhere between 1.0-2.0 pips. It literally just depends on what is going on in the markets and how active they are.
For funding, I recommend either moneybookers (did a same day account funding) or bank wire transfer….just depends on the amount being transfered.
I admit that it is a bit annoying that they are having so much website trouble. But, it is worth it to have such good accounts to work with. I will continue doing business with them as long as I am able.
Hello!
I can notenter for several days fxopen website . What happens if vaalakinek just below the $ 3,000 balance and unable to obtain the balance? Margin call and lose? This reliable broker? Permanent maintenance of the website!
Found this…
Dear Clients
Due to a malicious DDOS attack against our websites, the MYFXOpen Area may be unavailable or produce an error when attempting to log in.
Our IT department is working hard on a solution and we hope to restore full functionality in the MYFXOpen Area as soon as possible.
MT4 trading is unaffected by this outage.
With FX Open, I reviewed their various accounts and if I open a mini acct, initially my margin is 500:1 up to $3000 but once the account balance goes over $3,000 it drops to 5:1. With this low margin over $3K can Forex Hacked or other EAs operate efficently or will the account blow up?
Hi,
I’m new in forex, and I ask what’s ECN Account Support. tnks 4 reply.
Are you using their ECN MT4?
I opened an accoount with FXOpen and decided to fund account via AlertPay. Never again will I go this route.
I wired to AlertPay $2,000.00 only $1.985.00 showed up in my account. After taking out their $20.00 fee my balance was $1,965.00
I then decided to send the $1,965.00 to my FXOpen account using AlertPay, only $1888,77 ended up in my trading account. After a number of emails and phone calls to Alertpay and FXOpen as to why the further $78.00 deduction, I was told by AlertPAy that they charge an extra fee to sending money to high risk companies like FXOpen. I paid ended up paying a total of $113.00 just to get send $2,000.00. I will have to find another way to fund my account i the future.