Unfortunately, FXOpen is not active in United Kingdom
Instead, we recommend the following top 3 alternatives:
Libertex
88/100
Libertex Review
-
Visit Provider
NordFX
85/100
NordFX Review
-
Visit Provider
Dukascopy
84/100
Dukascopy Review
-
Visit Provider

FXOpen Review 2020

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

Security, Usability, Look & Feel

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.

Payments

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.

Fees

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.

Customer Service

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

License & Security

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.

FXOpen Crypto

FXOpen Cryptocurrencies

We started our FXOpen review by taking a look at what kinds of cryptocurrencies you can trade at this online broker site. The first thing to realise is that you cannot actually buy and sell the actual cryptocurrencies at FXOpen. This might be a little different for anybody who has used cloud mining sites, but we think that it still gave you a decent way to find value in cryptos.

So how do you use the FXOpen crypto trading service? Our FXOpen review 2020 discovered that the broker lets you trade cryptocurrencies in the form of contracts for differences (CFDs). CFDs allow you to potentially profit from the price movement of a cryptocurrency without actually having to buy the asset.

In our FXOpen review, we found that this arrangement gave you a very easy way to trade on the value of leading cryptocurrencies like Bitcoin and Litecoin. Plus you may also find CFD trades for other cryptos like Namecoin and Peercoin.

The trades will be taken against forex currencies such as the US dollar, the euro or the Russian ruble. With a tight market spread and FXOpen’s ultra-low commission rates, it looks like this brand has given you a flexible and potentially lucrative way to benefit from the market fluctuations of top cryptocurrencies.

Jurisdictions & Limits

Our FXOpen review 2020 found that this brand has its origins in New Zealand, but has grown to become a multinational online broker in less than two decades. This means that it is open for business for a broad range of customers from around the world.

As a result, customers in the UK, Australia, Canada and of course New Zealand can freely use the brand’s financial trading services. However, we should let you know that FXOpen does not provide its services for residents of the USA.

Another interesting thing about FXOpen is the fact that it has different websites depending on what jurisdiction you are based in. For example, there is a separate FXOpen.co.uk site compared to the standard FXOpen.com website. This is much more than just a superficial difference as the UK website offered a broader service with more options for trading shares, forex pairings, and we even saw a few more cryptocurrencies like Ethereum and EOS featured in our FXOpen review.

Other Trading

All online brokers will give you a range of ways to invest in a variety of financial products. Alongside the above crypto trading service, FXOpen is perhaps best known for its forex brokerage service. This has been running since 2005 and it gives you a straightforward way to trade currencies via the MetaTrader 4 software. As a result, you’ll get an easy way to trade around 50 forex pairs including many minor and exotic forex pairing options.

Beyond the forex service, our FXOpen review 2020 found that the brand also features a range of investment options on commodities such as metals and energies. Sadly it looks like some customers at FXOpen won’t have the option to buy international shares. However, we should let you know that FXOpen will allow you to trade on the value of some of the world’s biggest indices.

All of this is based around the brand’s electronic communication network that bridges banks, exchanges, company brokers and investors. As a result, you should expect to get competitive prices, spreads and execution at FXOpen. What’s best is that there is no dealing desk involved, and the broker will not trade against you. Plus with many different trading styles found in our FXOpen review, it seems as though this broker has a lot to offer.

Overall Conclusion

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.

Move to Top
×
Your Bonus Code:
The bonus offer was already opened in an additional window. If not, you can open it also by clicking the following link:
Go to Provider
Close
Bitreviews.com recommended online Broker