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.
FXOpen’s fast executation speed and feature list makes it the best forex broker today and receives our highest recommendations.
In a nutshell
– 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
– No deposit via credit card available
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.