27 C
Singapore
HomeCrypto BrokersFX-Open Review

FX-Open Review

Trading crypto in the Forex market has become a piece of cake as FX-Open 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 FX-Open crypto Forex trading mechanisms and justifies the verdict why it’s the ideal platform for you.

FX-Open: What Is It?

FX-Open 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 FX-Open Open to Everyone?

FX-Open 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 FX-Open https://www.fxopen.com/en/forex-crypto-account/ 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

FX-Open 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 FX-Open doesn’t change any account fees.

Note that FX-Open 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.

FX-Open Security and Protection

FX-Open 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 FX-Open 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.

Client Support

FX-Open 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, sales@fxopen.com. You can still submit a ticket through their contact support page if you have any complaints.

Requirements for Opening an FX-Open Account

Since FX-Open 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.

FX-Open 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

FX-Open Crypto Trading Cons

  • There are no available resources for beginners, but it may be easier to navigate its simple user interface
  • Inactivity fees

Conclusion

Trading crypto is the contemporary way of making profits on the Forex market. However, choosing the best broker like FX-Open will guarantee you the best returns on investment. Hopefully, this review article will help you start with crypto trading on the Forex markets.

Previous articleTraders Trust Review

Latest Articles

Explore More

%d bloggers like this: