A Review on FX & Crypto Broker FXOpen!
FXOpen – Trading crypto in the Forex market has become a piece of cake as FXOpen brings you the solution to this seemingly intricate process. It offers a variety of trading assets, including cryptocurrencies like Bitcoin and LiteCoin.
The site uses top liquidity providers for liquidity aggregation and cushions you from risks while guaranteeing returns. This article offers the nitty-gritty of the FXOpen crypto Forex trading mechanisms and justifies the verdict why it’s the ideal platform for you.
FXOpen: What Is It?
FXOpen is a Forex trading broker offering services as a counter agent for traders. It’s headquartered in Perth, Australia, and was founded in 2003 as a financial education center.
It fast-tracked its growth to becoming a proficient Forex broker, now allowing trading for crypto. You can trade in the stock markets using the popular Bitcoin and the more stable Etherium and LiteCoins CFDs in exchange for fiat currency or vice versa.
Is FXOpen Open to Everyone?
FXOpen is open to everyone who wants to trade online in the Forex market. It’s an ideal Forex broker for all levels of expertise, including beginners and experts. Novices can use the demo accounts offering real-time gains using virtual money as they figure out their way around using the site.
Nonetheless, you need at least $1 to open a live account on FXOpen and an equivalent of Bitcoin, LiteCoin, or Ethereum. It’s a simple interface site with no intricate or confusing details and is available in numerous countries.
The site allows trading across web platforms, including TickTrader and Metatrader4/MetaTrader5. These platforms are accessible for crypto trading without requiring you to download them on your PC or Mac OS.
They offer one-click crypto trading with reliable data protection and are compatible with all operating systems and browsers. You, however, only need a reliable internet connection to start trading. The site also provides information on contract specifications if you’re willing to trade crypto.
Fees and Accounts
FXOpen allows all users to open accounts of five types, including micro accounts, STP Trading accounts, and ECN accounts for fiat currency. However, those willing to go with crypto can open the Crypto and Crypto 10 trading accounts.
The former offers leverage of 1:3 with 0.5 half turn commissions on every $10 deposit. Similarly, Crypto 10 trading accounts allow $10 deposits with a 0.25% half-turn commissions and leverages of 1:10. Keep in mind that FXOpen doesn’t change any account fees.
Note that FXOpen only charges fees for positions held longer than the trading day. Crypto accounts are subjected to swaps reaching 10%. That is a similar case to Islamic accounts, which gets a swap rate similar to the rates of particular currency pairs, including crypto. There are no deposit fees, but each withdrawal has a varied percentage rate of amounts withdrawn.
FXOpen Security and Protection
FXOpen is a secure platform with an SSL certificate and tough firewalls. Therefore, you don’t risk data theft or encounter malicious links that can compromise your online activity.
Most FXOpen reviews online also attest to the site’s top-notch defenses, with an approval rating of 8/10. Besides, it’s highly regulated in the countries of operation and operates under stringent regulations, and there’s no way your investments will go down the drain.
FXOpen is open for consultations and customer support 24/5 through email and telephone, but trading is available on end. Therefore, lodging complaints or information on accounts and deposits is available in a hand stretch.
The site offers a live chat in three universal languages, but an ideal way of reaching them is through their email, email@example.com. You can still submit a ticket through their contact support page if you have any complaints.
Requirements for Opening an FXOpen Account
Since FXOpen is a highly regulated site by financial bodies, using it in specific countries may require a pass on basic compliance checks. Although some requirements won’t be necessary, it’s good to have you’re a three-month utility bill or bank statement and a national ID number, passport, or driving license.
FXOpen Crypto Trading Pros
- Secure and regulated by financial authorities, hence, there’s no chance of losing your investments
- Lower commission charges and favorable leverages
- A demo account to wrap your head around Forex trading
FXOpen Crypto Trading Cons
- There are no available resources for beginners, but it may be easier to navigate its simple user interface
- Inactivity fees
FXOpen Frequently Asked Questions
Traders all around the globe place their faith in FXOpen since it is a respected broker. It is governed by the Financial Conduct Authority (FCA), and it is well-known for having cheap minimum deposits, rapid payment options, STP low min deposits, and other attractive features. It provides users with a diverse selection of trading alternatives in addition to a website that is dependable and risk-free.
In addition to this, it provides you with a wide range of resources, including as charts and graphs, analytical tools, news, and articles, which may assist you in keeping abreast of recent developments in the financial markets.
How do I open a FXOpen account?
You will need to go to the official FXOpen website and fill out the registration form in order to register a trading account with FXOpen. After you have finished registering for the site, you will be required to make a deposit in order to activate your account.
You will be allowed to begin trading on the platform as soon as the deposit has been successfully completed. You may also sign up for a demo account in order to get used to the trading interface before you really begin trading.
How to trade FXOpen?
To begin trading with FXOpen, you must first sign in to your account and choose the kind of instrument you want to trade before you can get started. After that, you may choose the sort of order you want to place, the amount of money you want to invest, the level of leverage you want to employ, and any other factors you desire.
After you have submitted your order, the market will carry out the deal that you have requested, and you will be able to track its development. You may also utilize the analytical tools provided by the platform to assist you in coming to better trading selections.
What is the minimum deposit for FXOpen?
The Micro account at FX Open requires a minimum deposit of $1, while the STP account requires a deposit of $10, and the ECN account requires a deposit of $100. You have the option of depositing money in a variety of currencies, including USD, EUR, JPY, GBP, RUB, AUD, CHF, and SGD, among others.
How long does FXOpen withdrawal take?
Requests for withdrawals that are submitted before 12:00 (GMT) are typically handled the same business day they are received. Requests for withdrawals that are submitted on weekends or after 12:00 (GMT) on weekdays will not be handled until the next business day.
Withdrawals made via bank wire transfer typically arrive in your account within one to three business days, while withdrawals made by card typically take between two and five business days to reach their destination.
Is FXOpen a regulated broker?
Yes, FXOpen is a regulated broker. FX Open EU is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) and holds a cross border license, which authorizes the company to provide investment services in certain countries.
FX Open UK is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom under the FRN: 579202. In the United Kingdom, FX Open UK is known as FRN: 579202.
Trading crypto is the contemporary way of making profits on the Forex market. However, choosing the best broker like FXOpen will guarantee you the best returns on investment. Hopefully, this review article will help you start with crypto trading on the Forex markets.