FXOpen Review

By   5 October, 2013

Read detailed FXOpen review with general information, analysis and conclusion. The popular broker, FXOpen, was established as an offshore broker, but has recently received licenses in Australia and the United Kingdom. We have some issues with FXOpen’s ordinary accounts and part of its marketing practices, but the broker’s ECN offering seems solid.

Review Posted:5th of October 2013
Review Updated:-
Website:FXOpen Website
Alternative Names:FXOpen NZ Limited, FXOpen Investments Inc., FXOpen AU Pty Ltd
Headquarters:Level 3, 187 Queen Street, Cbd, Auckland, 1010
Country:New Zealand
Regulator:FXOpen NZ (none), FXOpen AU (ASIC)
Founded in: 2005
Platforms:MetaTrader 4
Instruments:49 currency pairs, gold and silver.
Website Languages: English, Hebrew, Malaysian, Russian, Japanese, Arabic, German, Farsi, Korean, Dutch, Portuguese, Chinese, Polish, Italian, Indonesian, Thai, French, Spanish, French, Spanish, Georgian
Account Currencies:USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD
Deposit and Withdrawal Methods:Wire Transfer, Credit/Debit Card, Many electronic payment systems
Accepting US Customers:No
E-mail:support@fxopen.com
Telephone:+64 9 801 0123
Micro Account: Platform: MetaTrader 4. Minimum Deposit: $1. Minimum Trade Size: 0.1 Micro lot. Maximum Leverage: 1:500. Spreads (EURUSD): Fixed 2 pips spread. Commissions: No.
Standard Account: Platform: MetaTrader 4. Minimum Deposit: $25. Minimum Trade Size: 0.1 lot. Maximum Leverage: 1:500. Spreads (EURUSD): Fixed 2 pips spread. Commissions: No.
STP Account: Platform: MetaTrader 4. Minimum Deposit: $100. Minimum Trade Size: 0.1 lot. Maximum Leverage: 1:500. Spreads (EURUSD): Floating. Commissions: No.
Standard Account: Platform: MetaTrader 4. Minimum Deposit: $1,000. Minimum Trade Size: 0.1 lot. Maximum Leverage: 1:500. Spreads (EURUSD): Floating from 0. Commissions: $2.5 per lot.

Analysis

According to several broker profiles on Forex websites, FXOpen was founded in Cairo in 2003 as a Forex education center. FXOpen’s website does not say anything explicitly about Egypt, only that “long before the brokerage was even contemplated, we founded FXOpen as an educational center of technical analysis [...].” Link to About FXOpen. FXOpen claims to have started its brokerage operations in 2005 and we see the first user reviews appearing on different forums in late 2007.

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