The low minimum deposit and unlimited demo account will serve beginners, while the VPS service and support for EAs will appeal to serious forex traders. The ECN account, in particular, stood out during our tests for its tight spreads and low commissions. We could trade the EUR/USD from 0.2 pips with a commission of $3.50 per lot, xcritical scammers though this reduces based on your trading volume, coming in as low as $1.50, which will appeal to serious forex traders. With ECN accounts, forex commissions are charged based on the account balance. Nonetheless, traders with an account balance less than $1000 will pay a $3.50 commission charge per lot traded. This reduces to $1.50 per lot for those with an account balance of $250,000 or more.
It offers a wide variety of accounts, in-depth market range, competitive spreads, and multiple high-quality platforms. Traders with moderate to advanced experience levels will enjoy working with FXOpen, which is one of the fastest-growing brokers in the industry. Founded in 2005, FXOpen offers, as you may have guessed from its name, Forex and CFD brokerage services. Clients can benefit from FXOpen’s technology, wide range of trading accounts, and competitive trade conditions. Regulated by the FCA, my funds are safe in segregated accounts.
I have never had any issues when it comes to trading or funding with them, plus the regulation gives me comfort that my funds are safe. FXOpen is a well-established forex broker that has been offering online trading to over 1 million clients across the globe all the way back to 2005. They are an ECN broker that has tight spreads, reliable execution speeds, and competitive commissions. FXOpen can cater to both retail and institutional traders with services including retail trading accounts and PAMM accounts. FXOpen uses some of the biggest liquidity providers, including Barclays Capital, Bank of America, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST and GOLDMAN.
Low spreads and High Liquidity Broker
FXOpen were one of the first trading brokers that I opened an account with, remaining one of the most established and well-known brokers today. I feel secure knowing that they have regulation from some of the most respected authorities. They incorporate advanced price aggregating technology that helps to ensure their ECN environment offers you some of the best possible trading conditions including low spreads, fast trade execution speeds.
Popular Forex Guides
TickTrader platform offers a complete solution for trading that combines Forex and cryptocurrency in one seamless interface, equipped with advanced charting tools, level 2 pricing, and one-click trades. To ensure we offer traders accurate and xcritical information, our forex broker reviews also undergo rigorous editing and fact-checking. The experience of forex trading with FXOpen using Metatrader 4 is satisfactory, I only started using the platform in early 2024.
How do I open an account with FXOpen?
- On the negative side, the offshore entity, FXOpen Markets Limited, is unregulated so traders here will not get the same level of legal protection.
- The minimum deposit for a Micro Account is $1, making it accessible to traders with small funds.
- FXOpen can cater to both retail and institutional traders with services including retail trading accounts and PAMM accounts.
- The withdrawal fee and reactivation charge are also drawbacks compared to many alternatives.
You can trade with minimal xcritical scam hassle on user-friendly platforms and apps, with a decent amount of markets for you to choose from. Overall, I found them to be on par with competitors such as HYCM. To evaluate brokers, we test the accounts, trading tools and services provided. Over 100 data points are considered, from minimum deposits and trading fees to the platforms and apps available. Our broker ratings are also informed by the experience of our researchers during the evaluation process.
Currency Conversion Fees
✅Fill out the electronic registration form with your personal information, including your full name, email address, and country of residence, ensuring everything is correct and xcritical. Traders can gain direct access to the market without dealing desk intervention by opting for an STP Account. Yes, they are a member of The Financial Commission, which provides a compensation fund to safeguard clients, with reimbursement of up to €20,000 per client in certain circumstances. This means that customer funds are separated from operational finances, thus ensuring they will not be appropriated for other purposes and remain secure even in the eventuality of company insolvency.
There is no dealing desk as your order is matched against an opposite order from another ECN participant and therefore there is no conflict of interest with FXOpen. This account has no limitations on trading styles allowing for scalping, news trading, automated high frequency trading (HFT), expert advisors and hedging. I like how the web version of MetaTrader allows you to trade directly from your web browser without needing to install or run any additional software. The MetaTrader 4 web trader has the familiar interface of the desktop MetaTrader 4 terminal and supports all modern web-browsers and operating systems including Windows, Mac OS and Linux. I have no issues with them since I opened my account more than two years ago.
Nonetheless, a low minimum deposit requirement and access to educational content is ideal for novice traders. FXOpen aggregate liquidity from multiple participants which can give you institutional liquidity and instantaneous order execution. This can help to reduce spreads and slippage whilst providing plenty of liquidity at all times. I find that trading on an ECN model is usually popular amongst the more experienced traders and those who use a scalping strategy. BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs.