Welcome to our FXOpen review 2020. Here we’ll show you why this online broker gives you a great way to trade on the value of top cryptocurrencies. Our FXOpen review will reveal how the brand’s clever use of CFDs allows you to enjoy crypto trading without actually having to buy the cryptocurrencies.
You’ll get to understand whether the FXOpen Bitcoin and Litecoin trading service is legal and safe in your country of residence. Plus we’ll reveal what kinds of software platforms and trading apps the online broker has for your crypto trades. So be sure to read the whole of our FXOpen review 2020 to discover the truth about this brand.
Pros & Cons of FXOpen
- User-friendly CFD trades on Bitcoin, Litecoin and more
- Open for customers in the UK, AU, NZ and Canada
- Responsive customer service team available 24/5
- Acclaimed forex broker in business since 2005
- No trading services for US residents
FXOpen has been successfully used by well over 10,000 traders since it started operations in 2005. Your trading will be based upon real-time quotes from some big names in the finance industry. These include the likes of Barclays Capital, Bank of America, Morgan Stanley, JP Morgan and Standard Chartered.
Using such liquidity providers gives you a good indication of how reputable this broker is, and our FXOpen review 2020 was pleased to see that the brand complies with all of the relevant trading terms and conditions.
So what’s it like to actually use the FXOpen service? If you have managed to master using crypto mining software, then you’ll find it a breeze to use the FXOpen trading platform. This is because the brand gives you direct access to using the Meta Trader 4 terminal. As a result, you’ll find it easy to manage your investments, plus the One Click Trading and Level 2 MT4 plug-ins mean that you can execute a trade with a single click.
The overall impression of the FXOpen website was very positive. Our FXOpen review discovered that the site is packed with helpful information, but it never feels too difficult to navigate around. Plus with the MetaTrader 4 app available on iOS and Android, you’ll find it simple to trade on the go.
How To Trade
It’s very easy to get started on the FXOpen financial trading platform. The first thing that you’ll need to do is to sign up to the brand. This requires you to input your email, mobile number and create a password. You’ll have to supply some further information, but the whole registration process shouldn’t take longer than a handful of minutes.
Once your account is verified, you can simply log onto the My FXOpen personal area. Here you will see the option to add funds to your account. Just fill in the form with your payment amount, currency and trading account number. You may see a gateway to your payment provider where you will have to approve the deposit.
After the money is in your account, you can start crypto trading. The brand’s MetaTrader 4 software gives you an easy way to see the crypto and forex pairings, and you can make an opening deposit of a minimum of $100 for the ECN account or $10 for the STP account. It’s never been easier to trade on the value of cryptocurrencies.
Our FXOpen review 2020 found that this brand gives you a range of safe ways to fund your account. These include bank wire transfers, credit cards, debit cards, prepaid cards and electronic payment systems.
You should be able to make bank transfer deposits with currencies such as USD, EUR, GBP, AUD, CHF, JPY and RUB. It shouldn’t take longer than three banking days for the money to land in your account, and you can deposit from a minimum of $25. Looking for faster deposits? Then use a Visa card or MasterCard and the money will turn up instantly in your account. Bear in mind that you can only make card deposits in USD, EUR and RUB.
But what about withdrawals? Our FXOpen review discovered that most customers will either withdraw via bank transfer or by card. Bank transfer withdrawals can be made from a minimum of $100 at a time, and the money should reach you within three working days. Card withdrawals shouldn’t take longer than 24 hours and you can withdraw from a minimum of $10 at a time with this payment method.
Most online brokers will include some kind of charge on the trades that you make on their platforms. Our FXOpen review discovered that your crypto CFD trades will have a commission rate of 0.5% per side. This commission rate is lowered for trading commodities with ranges between 0.005% and 0.0018% for oil and gas.
The FXOpen forex service sees commission rates of $3.50 if you have an account of less than $1,000. This commission rate will be reduced to $1.50 for account balances higher than $250,000. However, we should note that if you have a straight-through processing (STP) account, the commission will be included within the spread.
Our FXOpen review 2020 was glad to see that brand has been allowing you to fund your accounts with no commission fees with most payment methods since March 2020. However, you might be faced with some fees when making withdrawals. These vary according to what kind of payment method you use to make your withdrawals.
We can’t have a decent FXOpen review 2020 without taking a close look at the brand’s customer support options. After all, you never know when you’re going to need some help from an online broker. But we were glad to see that FXOpen makes it simple to get in touch with the customer support team 24 hours a day, five days a week.
You’ll see the live chat icon in the bottom right of the website. This gives you a range of live chat options including the likes of Skype, Facebook Messenger, WhatsApp, Viber and more. As well as this, you’ll find an email address that goes straight to the customer support team.
Our FXOpen review also found a variety of customer support telephone numbers. However, these were based in countries like New Zealand, Russia, Germany and France, and so they might not be quite so useful for some customers
It’s always a good idea to look into how an online broker is licensed. Such information will reveal a lot about how trustworthy the trader is. So we were pleased to discover that FXOpen is a member of the Financial Commission and is regulated in all of its territories of operation. These can be seen in licenses such as from the Australian Securities and Investment Commission and the Financial Conduct Authority.
You should also know that FXOpen uses the latest encryption technologies to secure your personal data. Our FXOpen review found that the brand is protected by Cisco security products and this includes all industry-standard SSL and TLS protocols.
We should also remind you that FXOpen uses Tier-1 banks for holding your deposits in secure and segregated accounts. This means that only the strongest and healthiest banks will be keeping your money safe.
Reputation and Customer Feedback
FXOpen has won numerous awards in its fifteen years of trading. These have seen the broker given accolades like Best ECN Broker, Best ECN Forex Broker, Best South-East Asia Forex Broker and even Best Islamic Forex Broker. Plus with other awards given to FXOpen like Best Trading Platform, it’s easy to see why this broker has earned such a positive reputation.
Our FXOpen review 2020 has revealed that this broker is a good option for your crypto trading. The fact that you cannot actually buy cryptocurrencies might disappoint some people, but the brand’s CFD model is one that is growing increasingly popular across many online brokers. The key thing to remember is that FXOpen makes it easy and quick to trade on the market fluctuations of the world’s leading cryptocurrencies.
You’ll be perfectly secure when you sign up to FXOpen. The brand has all of the relevant licensing and encryption in place, and we were impressed with the range of customer service facilities on offer. Hopefully, the brand will open up to US customers in the future. But if you are based in the UK, New Zealand, Australia or Canada, you’ll enjoy crypto trading at this online broker site.