Broker Details
| Minimum Trade Size: | 0.01 |
|---|
| Maximum Leverage: | 500:1 |
|---|
| Minimum to Open Live: | $1 |
|---|
| Established: | 2005 |
| Address: | P.O. Box 590, Springates East, Government Road, Charlestown, Saint Kitts And Nevis |
| Contact: | sales@fxopen.com, +7-499-346-0960 |
| Regional offices: | |
| Regulators: | |
| Prohibited countries: |
| Trading platforms: | MT4, MT5, WebTrader |
| Web Trading: | Yes |
| Mobile Trading: | Yes |
| ECN: | Yes |
| Currencies: | (50+) |
| Cryptocurrencies: | (40+) Bitcoin, Litecoin, Ethereum |
| CFD: | (15+) Gold, Silver, Stock Indexes, Oil |
| EAs/Robots: | Yes |
| News Spike Trading: | Yes |
| Scalping: | Yes |
| PAMM: | Yes |
| ZuluTrade: | Yes |
| Deposit Methods: | Bank Wire, VISA, MasterCard, ePayments, FasaPay, IntellectMoney, JCB, Local Bank Transfers, Maestro, Neteller, PayToday, PerfectMoney, Poli, Qiwi, RBK Money, Skrill, UnionPay, WebMoney, Yandex Money |
| Withdrawal Methods: | Bank Wire, VISA, MasterCard, ePayments, JCB, Local Bank Transfers, Maestro |
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Traders Reviews
Is FXOpen good or bad?
Service use: Live
Length of use: over 1 Year
There's been talk a lot about the credibility of that company see you my personal experience with them to know that.
First of all, in terms of credibility.
So far, I haven't seen anything wrong with that company, so trading with them hasn't had any problems, and I'll give some examples of that.
As for the market movement, I've been watching the market movement, the Japanese movement, the pairs movement, comparing it to some other big companies, and I've never found any difference.
The movement of Japanese candles can vary in the timing of their closing and opening on different time frames but the price movement is fixed in such timing as other companies and this in terms of market and price movement
As far as the spread is concerned, I've found the spread on different pairs is very small, which is a good thing for this company.
Once Upon a time that company did not have a good reputation and had many problems have solved those problems now and no longer exist, the company improved their policy and changed it and one of those problems is the lot was very large but now it is very small to suit all traders
Among other problems that were present the company is trading large amounts and I think that problem is also solved now.
The company has its own platform now other than MetaTrader 4 and MetaTrader 5, which means that the company has three trading platforms
This is unlike the company's endeavors to bring new customers through the bonus, which is 10 US dollars for registration and began trading as it tries to maintain its current customers by making periodic contests almost one of the most famous of these competitions is the forex Cup competition, which reaches a total of 2000 US dollars, which are various competitions throughout the Year winners
However, the company is flawed by one thing, which is the bonus system, there are a lot of problems with it, for example, the company determined by the competition announcement about the forex cup competition, which is the publication of the announcement of the competition in other forums and in exchange for each publication a certain amount of cents and after I made those and I might say I'm less at a loss than other members, even if I saw a complaint from one of the members, he was supposed to be sent 200$, and I'm only sending him 50$, and that complaint is in the forum so far.
The disadvantages are also the lack of credibility in sending the bonus they reduced the value of the bonus and reduced competitions and also do not send the bonus where it became not enough for the member to pay the value of the internet package consumed in the work of posts and topics of the company and we hope the management in looking at this and
Other than multiple platforms, there are also many accounts such as STP and ECN and many withdrawal and deposit methods, both direct and indirect
And other people are good at dealing with trading and did not happen to me any problems with trading or withdrawals filing to the Warren's of good companies that will developing a large in the next period is what the company is trying to do now of the improvements and interest of the company
One of the most important features of the company
Account count and low spread easy withdrawal and deposit
One of the most important disadvantages of the company
Weak technical support and problems of the Arab section and bonus
Nov 23, 2020 - 5 Stars and i want to share my experience with all the new traders in the trading world , with my experince in FXOpen , i am a trader from 2011 until now , and i tried many company for trading , but i found the best one until now is FXOpen , so i am with them now , they are honest company , have many trust license in trading , and the contact with them so easly , and they have many options in trading and also many pairs currency , i did not met any problems with them until now , so if you are a new trader , or even old trader, come and join us for free in FXOpen , you will see the differnce by your own eyes,
My advice to every beginner trader First, choose the honest company that you will trade with, such as FXOpen After that, you can train in trading by opening a free account without any money and then you can start with real money by opening a real account Do not try to greed or compensation. Just analyze the market well before trading and after that start trading with FXOpen and enjoy the many discounts offered by the company as well as prizes and fun competitions that continue throughout the year at FXOpen
First of all, in terms of credibility.
So far, I haven't seen anything wrong with that company, so trading with them hasn't had any problems, and I'll give some examples of that.
As for the market movement, I've been watching the market movement, the Japanese movement, the pairs movement, comparing it to some other big companies, and I've never found any difference.
The movement of Japanese candles can vary in the timing of their closing and opening on different time frames but the price movement is fixed in such timing as other companies and this in terms of market and price movement
As far as the spread is concerned, I've found the spread on different pairs is very small, which is a good thing for this company.
Once Upon a time that company did not have a good reputation and had many problems have solved those problems now and no longer exist, the company improved their policy and changed it and one of those problems is the lot was very large but now it is very small to suit all traders
Among other problems that were present the company is trading large amounts and I think that problem is also solved now.
The company has its own platform now other than MetaTrader 4 and MetaTrader 5, which means that the company has three trading platforms
This is unlike the company's endeavors to bring new customers through the bonus, which is 10 US dollars for registration and began trading as it tries to maintain its current customers by making periodic contests almost one of the most famous of these competitions is the forex Cup competition, which reaches a total of 2000 US dollars, which are various competitions throughout the Year winners
However, the company is flawed by one thing, which is the bonus system, there are a lot of problems with it, for example, the company determined by the competition announcement about the forex cup competition, which is the publication of the announcement of the competition in other forums and in exchange for each publication a certain amount of cents and after I made those and I might say I'm less at a loss than other members, even if I saw a complaint from one of the members, he was supposed to be sent 200$, and I'm only sending him 50$, and that complaint is in the forum so far.
The disadvantages are also the lack of credibility in sending the bonus they reduced the value of the bonus and reduced competitions and also do not send the bonus where it became not enough for the member to pay the value of the internet package consumed in the work of posts and topics of the company and we hope the management in looking at this and
Other than multiple platforms, there are also many accounts such as STP and ECN and many withdrawal and deposit methods, both direct and indirect
And other people are good at dealing with trading and did not happen to me any problems with trading or withdrawals filing to the Warren's of good companies that will developing a large in the next period is what the company is trying to do now of the improvements and interest of the company
One of the most important features of the company
Account count and low spread easy withdrawal and deposit
One of the most important disadvantages of the company
Weak technical support and problems of the Arab section and bonus
Nov 23, 2020 - 5 Stars and i want to share my experience with all the new traders in the trading world , with my experince in FXOpen , i am a trader from 2011 until now , and i tried many company for trading , but i found the best one until now is FXOpen , so i am with them now , they are honest company , have many trust license in trading , and the contact with them so easly , and they have many options in trading and also many pairs currency , i did not met any problems with them until now , so if you are a new trader , or even old trader, come and join us for free in FXOpen , you will see the differnce by your own eyes,
My advice to every beginner trader First, choose the honest company that you will trade with, such as FXOpen After that, you can train in trading by opening a free account without any money and then you can start with real money by opening a real account Do not try to greed or compensation. Just analyze the market well before trading and after that start trading with FXOpen and enjoy the many discounts offered by the company as well as prizes and fun competitions that continue throughout the year at FXOpen
My Trade with FXOpen
Service use: Live
Length of use: over 1 Year
I've dealt with them over the past year and gained significant experience in the trading of their way and I see it's from a reputable company that respects the customer and maintains he has them
One of the most important features of this company is trading options and the diversity of accounts and contracts they have STP accounts and ECN accounts and they have many currency pairs that can be traded on them major currency pairs and secondary currency pairs also can through them also trading digital currencies and they work throughout the week i.e. you can trade digital currencies at any
As for their spread is very little either on the account of STP or ECN and for the account of ECN is almost no spread is in some currency pairs does not exceed four points and sometimes a point or two points and for the account of STP the spread starts from 10 points and even 24 points such as trading on the Japanese yen / US dollar the company's all on their own.
Features
The company is characterized by low spread, easy trading and the availability of several platforms that can be traded on such as MetaTrader 4 and MetaTrader 5 and they also have their own platform
Easy withdrawal and deposit and many methods of withdrawal and deposit, we mention the former escrill bank, WebMoney and benefit money, there is also the company's own document and also the withdrawal by credit card or bank transfer, all of which is considered one of the means of withdrawal and deposit with the company
Disadvantages
Mention some of the enemies that the company is not good at dealing large amounts of this I didn't see or notice it during the deliberative with them because trading with them no more than $ 200 and did not find any problems until now.
Their technical support service is very weak and they can rarely solve the problem because they do not have all the powers to solve the problems
The technical support service in Arabic is almost non-existent at work for only one hour and on Friday only
The bonus for the Arab section is not enough for the effort and fatigue of members to participate in competitions and write topics, etc.
There is always a manipulation of the terms of the competitions after they are over so that the members do not get their bonus
One of the worst flaws in the company is the insufficient bonus system and also it is manipulated and not sent completely to the members so the members began to work for other companies and forums
Nov 24, 2020 - 5 Stars hello traders my name is mona makien i want to tell you about my experience with FXOpen , i am a old women and was hard to belive in that new things to me , but my nephew convised me to try it , and i did by little money at first but i found that i lose , so my nephew start to learn me how to trade , and he advise me to read about the trading in FXOpen forum that is wroten by many language , from this time i found my self earn some money , about FXOpen they are honest , and the dealing with them so easy , so my advise to all new tradres , read more about trading in FXOpen forum , then start in save way with FXOpen
One of the most important features of this company is trading options and the diversity of accounts and contracts they have STP accounts and ECN accounts and they have many currency pairs that can be traded on them major currency pairs and secondary currency pairs also can through them also trading digital currencies and they work throughout the week i.e. you can trade digital currencies at any
As for their spread is very little either on the account of STP or ECN and for the account of ECN is almost no spread is in some currency pairs does not exceed four points and sometimes a point or two points and for the account of STP the spread starts from 10 points and even 24 points such as trading on the Japanese yen / US dollar the company's all on their own.
Features
The company is characterized by low spread, easy trading and the availability of several platforms that can be traded on such as MetaTrader 4 and MetaTrader 5 and they also have their own platform
Easy withdrawal and deposit and many methods of withdrawal and deposit, we mention the former escrill bank, WebMoney and benefit money, there is also the company's own document and also the withdrawal by credit card or bank transfer, all of which is considered one of the means of withdrawal and deposit with the company
Disadvantages
Mention some of the enemies that the company is not good at dealing large amounts of this I didn't see or notice it during the deliberative with them because trading with them no more than $ 200 and did not find any problems until now.
Their technical support service is very weak and they can rarely solve the problem because they do not have all the powers to solve the problems
The technical support service in Arabic is almost non-existent at work for only one hour and on Friday only
The bonus for the Arab section is not enough for the effort and fatigue of members to participate in competitions and write topics, etc.
There is always a manipulation of the terms of the competitions after they are over so that the members do not get their bonus
One of the worst flaws in the company is the insufficient bonus system and also it is manipulated and not sent completely to the members so the members began to work for other companies and forums
Nov 24, 2020 - 5 Stars hello traders my name is mona makien i want to tell you about my experience with FXOpen , i am a old women and was hard to belive in that new things to me , but my nephew convised me to try it , and i did by little money at first but i found that i lose , so my nephew start to learn me how to trade , and he advise me to read about the trading in FXOpen forum that is wroten by many language , from this time i found my self earn some money , about FXOpen they are honest , and the dealing with them so easy , so my advise to all new tradres , read more about trading in FXOpen forum , then start in save way with FXOpen
My review of FXOpen
Service use: Live
Length of use: over 1 Year
My evaluation of this company after about two years of trading with them, and I will speak with all impartiality about the most important advantages of this company and the most important shortcomings
Prices can be from respectful and honest companies that can be traded with a low spreads. For example, you find that the spread for the pair of the US dollar against the Japanese yen is 14 points. That, and sometimes it is lower, the market is an active stock and you find the spread for the US dollar against the Canadian dollar is 16 points. Only and also the euro against the US dollar, the spread is only 13 points. As for gold against the US dollar, the spread is 20 points, and sometimes more than that.
I had the experience of trading on risky days, especially on Christmas holidays in December and January, and it is known that many traders do not prefer trading at this time of the year due to the high risk and market fluctuations in these two months.
Over the past two years, I have been trading at this time, especially after December 25, and no fluctuations occurred in the market and I won from this trading. All there is, the market movement was only slow, but no fluctuations occurred and I won from trading and this is what I remember well because I was very worried that I trade at this time
Among the features of the company
We have said the low spread, and the most important thing is not to be afraid of trading on holidays and fluctuations. One of the additional advantages of the company is that it carries out periodic contests between traders and various contests to obtain an additional bonus for trading with it and always encourages traders to trade and does not skimp on them with information as there are forums for the company with all Languages have a multitude of information and members ’experiences in trading. It is also noticeable that the company’s activity in previous years has made remarkable progress and has worked to correct past mistakes and has improved a lot. Now the company also gives a free registration bonus as an encouragement to new traders and always comes with offers and discounts for traders to encourage them to continue trading
Company flaws
Among the most serious defects of the company that I notice is technical support, there is technical support and is quick to respond, but I do not find that it has all the powers to solve the problems of members and traders, so it often does not solve problems or takes more time to solve them
Also, I heard that the company is not good at trading on large amounts, and this frankly, I did not try it because I usually trade on small amounts, which are less than $ 250, and I did not find any problems with the company in trading from withdrawal, deposit and trading, so the evaluation in this regard is very good
One of the biggest defects of the company is the Arab section, so it is known that Arabs are those who love to gamble and trade through forex, and that company is not good at winning the Arab customer to it, and this is for several reasons, the most important of which is Arab technical support, which is one of the biggest flaws of the company, as there is almost no technical support for the Arab department, so the presence of Arab technical support Almost every week for an hour only and it does not solve any problems, and this is what I already tried, so I had a problem and an inquiry, and I waited a week for a response and when the response arrived a week later, I made another inquiry at the same time and I did not receive an answer to it
Among the disadvantages of the Arab section is the bonus, as the administration does not pay any attention to the bonus for the Arab section, and there is always tampering and changing conditions for not sending the bonus for members, and this also has a great impact on the company's inability to attract the Arab customer
I see the solution to this problem, which is the presence of strong Arab support all the time and the company's credibility in sending the members' bonus for the Arab section without manipulation so that the members can make the required advertising for the company with credibility. If the company is not honest with its members in the Arab section, and the bonus is sent to them on time and without any change of conditions and complications Things are so that the members do not get the bonus, and this is in addition to the reduction of the bonus that happened .. How can a company win the Arab client if it cannot maintain the Arab members?
Nov 25, 2020 - 5 Stars Welcome dear traders
My name is Heno
I'd love to share with you my experience with FXOpen
Since about 2004 I have been searching for ways to profit on the Internet and I have been doing this for several years until I realized that all of this was not working.
And then I heard about Forex brokers that I also couldn't believe in
Until some friends advised me to try FXOpen and I did it already and since around 2018 until now I am trading with them
And I have already found that I can profit on the Internet by trading forex, as sometimes I can win not a small amount of money and this is beside the pleasure of trading
I advise all new traders to try forex trading through FXOpen, because they are a respectable and honest company and have many licenses and also have many trading platforms and they also have their own new platform and a novice trader can open a demo account and trade on the demo account so that he can train on Trading knows that FXOpen is a respectable company
And another advice for a novice trader, do not rush before opening deals. Just watch the market well and when the trend stabilizes and analyze the market well, then you can make the decision to open deals.
Prices can be from respectful and honest companies that can be traded with a low spreads. For example, you find that the spread for the pair of the US dollar against the Japanese yen is 14 points. That, and sometimes it is lower, the market is an active stock and you find the spread for the US dollar against the Canadian dollar is 16 points. Only and also the euro against the US dollar, the spread is only 13 points. As for gold against the US dollar, the spread is 20 points, and sometimes more than that.
I had the experience of trading on risky days, especially on Christmas holidays in December and January, and it is known that many traders do not prefer trading at this time of the year due to the high risk and market fluctuations in these two months.
Over the past two years, I have been trading at this time, especially after December 25, and no fluctuations occurred in the market and I won from this trading. All there is, the market movement was only slow, but no fluctuations occurred and I won from trading and this is what I remember well because I was very worried that I trade at this time
Among the features of the company
We have said the low spread, and the most important thing is not to be afraid of trading on holidays and fluctuations. One of the additional advantages of the company is that it carries out periodic contests between traders and various contests to obtain an additional bonus for trading with it and always encourages traders to trade and does not skimp on them with information as there are forums for the company with all Languages have a multitude of information and members ’experiences in trading. It is also noticeable that the company’s activity in previous years has made remarkable progress and has worked to correct past mistakes and has improved a lot. Now the company also gives a free registration bonus as an encouragement to new traders and always comes with offers and discounts for traders to encourage them to continue trading
Company flaws
Among the most serious defects of the company that I notice is technical support, there is technical support and is quick to respond, but I do not find that it has all the powers to solve the problems of members and traders, so it often does not solve problems or takes more time to solve them
Also, I heard that the company is not good at trading on large amounts, and this frankly, I did not try it because I usually trade on small amounts, which are less than $ 250, and I did not find any problems with the company in trading from withdrawal, deposit and trading, so the evaluation in this regard is very good
One of the biggest defects of the company is the Arab section, so it is known that Arabs are those who love to gamble and trade through forex, and that company is not good at winning the Arab customer to it, and this is for several reasons, the most important of which is Arab technical support, which is one of the biggest flaws of the company, as there is almost no technical support for the Arab department, so the presence of Arab technical support Almost every week for an hour only and it does not solve any problems, and this is what I already tried, so I had a problem and an inquiry, and I waited a week for a response and when the response arrived a week later, I made another inquiry at the same time and I did not receive an answer to it
Among the disadvantages of the Arab section is the bonus, as the administration does not pay any attention to the bonus for the Arab section, and there is always tampering and changing conditions for not sending the bonus for members, and this also has a great impact on the company's inability to attract the Arab customer
I see the solution to this problem, which is the presence of strong Arab support all the time and the company's credibility in sending the members' bonus for the Arab section without manipulation so that the members can make the required advertising for the company with credibility. If the company is not honest with its members in the Arab section, and the bonus is sent to them on time and without any change of conditions and complications Things are so that the members do not get the bonus, and this is in addition to the reduction of the bonus that happened .. How can a company win the Arab client if it cannot maintain the Arab members?
Nov 25, 2020 - 5 Stars Welcome dear traders
My name is Heno
I'd love to share with you my experience with FXOpen
Since about 2004 I have been searching for ways to profit on the Internet and I have been doing this for several years until I realized that all of this was not working.
And then I heard about Forex brokers that I also couldn't believe in
Until some friends advised me to try FXOpen and I did it already and since around 2018 until now I am trading with them
And I have already found that I can profit on the Internet by trading forex, as sometimes I can win not a small amount of money and this is beside the pleasure of trading
I advise all new traders to try forex trading through FXOpen, because they are a respectable and honest company and have many licenses and also have many trading platforms and they also have their own new platform and a novice trader can open a demo account and trade on the demo account so that he can train on Trading knows that FXOpen is a respectable company
And another advice for a novice trader, do not rush before opening deals. Just watch the market well and when the trend stabilizes and analyze the market well, then you can make the decision to open deals.
Best ECN Broker
Service use: Live
Length of use: over 1 Year
In December 2020 i will complete 6 years of trading with FXOpen. This broker is an ECN Broker so all the trades go into the Inter Bank markets and the Liquidity Providers. This enables me to get my all the orders fulfilled at any time whether it is the release of the High Impact News.
Other Brokers many of who are Market Makers will be trading against you and so you will have a difficult time in earning consistent profits with them.
During these years i have been making consistent income from my trading. When i started trading i was using Webmoney for both Deposits and Withdrwals but in the year 2018 i shifted to Bitcoin as it was easy for me to cashout.
When i make a cashout i am paid in under 3 hours and this is important as the rates of the BTC are moving very fast.
Other Brokers many of who are Market Makers will be trading against you and so you will have a difficult time in earning consistent profits with them.
During these years i have been making consistent income from my trading. When i started trading i was using Webmoney for both Deposits and Withdrwals but in the year 2018 i shifted to Bitcoin as it was easy for me to cashout.
When i make a cashout i am paid in under 3 hours and this is important as the rates of the BTC are moving very fast.
Unethical charge of commissions on deposits, refusal to refund
Service use: Live
Length of use: 0-3 Months
My experience with FXOpen.com in July-August 2020: I decided to open an account mainly because they offered SEPA transfer in Deposit options: “SEPA transfers allow you to save on commissions, since banks are required to credit the full amount of payment to the beneficiary's account without commission.“ (website). When making a SEPA transfer, the receiving bank was in Russia (not part of SEPA) so I had to pay commissions. I canceled the transfer and made deposit with credit card. My card was charged in Russian rubles and subsequently converted back to Euros, and I was charged a commission of 9.85 euros for the deposit. I made a 2nd deposit with same result.
On July 31, 2020, I enquired about the conversion to rubles and back to Euro and the commissions I was charged. FXOpen replied:
“Right now due to the changes in payment processing of our partner deposits where the nominated currency of credit card differs from the currency of payment can be a subject of a third-party exchanger. In case you see that your deposit is going to be credited through a different currency (for example RUB and not USD in which you are going to send funds) – that means that your amount will be converted to USD by Visa/Mastercard merchant, then our processing partner converts this amount to RUB (according to their new process) and only then they convert this amount back to USD so that we may add funds to the eWallet of the client in the requested currency. You will have double conversion and this operation a third-party exchanger is used which will entail an additional commission. “
“You should carefully check all the aspects and details of your deposit before you complete the transaction in MyFXOpen area. On the deposit page, you will see a special warning (not true) and should check the details of payment. Once you see that your deposit is going to be credited through a currency different from the currency in which you are going to send funds, please do not confirm your transaction. Contact our support team to get the information about the new process and ...check the current currency rate for RUB.”
“If you have already faced with this situation- please provide us with the credit card statement where we can check the details of this transaction (the statement must show the amount of the additional commission that was taken), your name and credit card number on it (first six and last four numbers) and they agree to compensate this additional commission for you.”
“Pay attention that only the first taken commission for the first deposit will be compensated as it is an unusual situation and we, as well as our clients, haven’t been informed in advance about these changes.”
“The commission for all further deposits won’t be compensated and will be the response of a client. Until this situation with a third- party exchanger won’t be solved- we recommend considering any other of the available payment options in MyFXOpen area. “
So I requested the refund of the first commission paid. On August 4, 2020 I got the following email reply:
“Minutes ago we received the response to our message from the payment partner about the requested compensation in the amount 9.85 EURO. Unfortunaly, the provided screenshot cannot be accepted by the partner due to the fact that the screenshot does not contain the bank card number.” (I had sent a photo of the card with clearly visible numbers).
We kindly ask you provide us the bank statement (or screenshot of internet banking) which contains the following details:
- complete name of the cardholder (without any reductions);
- the bank card number (1234 56xx xxxx 7890);
- the transaction in favor of FXOpen and the amount of it.
IMPORTANT: We need to see the URL of the internet banking web page!”
I was unable to meet all these conditions because my credit card was purely online so I didn’t have any specific individual statement for the transaction, it was only in the list of transactions. The URL of the internet banking webpage didn’t seem to satisfy them either, so they didn’t refund the commission.
I decided to withdraw all funds and close the account saying that I would report the case to forexpeacearmy. About 20 minutes later I got a call from FXOpen saying that if I cancelled the withdrawal they would give me a 20% bonus, refund all deposit commissions I was previously denied and give me a special commission-free account.
I equated this with bribery and said I didn’t want to deal with brokers who convert monetary transactions of clients into an income stream. Needless to say I was charged 20€ for the withdrawal, fortunately I was able to cover all the expenses FXOpen caused with some profits I made trading.
So that is my experience with FXOpen. Today Dec. 16 I checked the deposit options on their website and they still offer SEPA bank transfers (not true for me) and also state that “Starting from March 20, 2020, all FXOpen clients will be able to add funds to their accounts without incurring any fees charged by the payment systems.” Not true for me either. They are not the only brokers who are turning deposits and withdrawals into a stream of income. The difference is that FXOpen has all these statements and offers on their website which they don't comply with.
On July 31, 2020, I enquired about the conversion to rubles and back to Euro and the commissions I was charged. FXOpen replied:
“Right now due to the changes in payment processing of our partner deposits where the nominated currency of credit card differs from the currency of payment can be a subject of a third-party exchanger. In case you see that your deposit is going to be credited through a different currency (for example RUB and not USD in which you are going to send funds) – that means that your amount will be converted to USD by Visa/Mastercard merchant, then our processing partner converts this amount to RUB (according to their new process) and only then they convert this amount back to USD so that we may add funds to the eWallet of the client in the requested currency. You will have double conversion and this operation a third-party exchanger is used which will entail an additional commission. “
“You should carefully check all the aspects and details of your deposit before you complete the transaction in MyFXOpen area. On the deposit page, you will see a special warning (not true) and should check the details of payment. Once you see that your deposit is going to be credited through a currency different from the currency in which you are going to send funds, please do not confirm your transaction. Contact our support team to get the information about the new process and ...check the current currency rate for RUB.”
“If you have already faced with this situation- please provide us with the credit card statement where we can check the details of this transaction (the statement must show the amount of the additional commission that was taken), your name and credit card number on it (first six and last four numbers) and they agree to compensate this additional commission for you.”
“Pay attention that only the first taken commission for the first deposit will be compensated as it is an unusual situation and we, as well as our clients, haven’t been informed in advance about these changes.”
“The commission for all further deposits won’t be compensated and will be the response of a client. Until this situation with a third- party exchanger won’t be solved- we recommend considering any other of the available payment options in MyFXOpen area. “
So I requested the refund of the first commission paid. On August 4, 2020 I got the following email reply:
“Minutes ago we received the response to our message from the payment partner about the requested compensation in the amount 9.85 EURO. Unfortunaly, the provided screenshot cannot be accepted by the partner due to the fact that the screenshot does not contain the bank card number.” (I had sent a photo of the card with clearly visible numbers).
We kindly ask you provide us the bank statement (or screenshot of internet banking) which contains the following details:
- complete name of the cardholder (without any reductions);
- the bank card number (1234 56xx xxxx 7890);
- the transaction in favor of FXOpen and the amount of it.
IMPORTANT: We need to see the URL of the internet banking web page!”
I was unable to meet all these conditions because my credit card was purely online so I didn’t have any specific individual statement for the transaction, it was only in the list of transactions. The URL of the internet banking webpage didn’t seem to satisfy them either, so they didn’t refund the commission.
I decided to withdraw all funds and close the account saying that I would report the case to forexpeacearmy. About 20 minutes later I got a call from FXOpen saying that if I cancelled the withdrawal they would give me a 20% bonus, refund all deposit commissions I was previously denied and give me a special commission-free account.
I equated this with bribery and said I didn’t want to deal with brokers who convert monetary transactions of clients into an income stream. Needless to say I was charged 20€ for the withdrawal, fortunately I was able to cover all the expenses FXOpen caused with some profits I made trading.
So that is my experience with FXOpen. Today Dec. 16 I checked the deposit options on their website and they still offer SEPA bank transfers (not true for me) and also state that “Starting from March 20, 2020, all FXOpen clients will be able to add funds to their accounts without incurring any fees charged by the payment systems.” Not true for me either. They are not the only brokers who are turning deposits and withdrawals into a stream of income. The difference is that FXOpen has all these statements and offers on their website which they don't comply with.
Dear Sir,
We are sorry to read about your negative experience with FXOpen and understand your frustration.
Unfortunately in summer the internal procedures of our card processors have changed, which has led to double-conversion. SEPA transfers were also temporarily unavailable for the clients of FXOpen Markets Limited.
We fully understand that it creates both additional charges and inconveniences to our clients.
Therefore, we do our best to make it up to our clients by offering the reimbursement of deposit charges.
In your case, we have also offered you a deposit bonus and a commission-free account as a sign of good will.
Please not that it is fully legal to offer to cover any fees to our clients and cannot be viewed as bribery.
At the moment FXOpen Markets Limited offer commission free SEPA deposits. They are available in FXOpen backend – https://my.fxopen.com
We would also like to stress that our offer still stands – commission free account for 6 months and reimbursement of all deposit related fees conversion fees included (if any).
We wish you a happy new year and we would be honoured to welcome you among our clients again.
All the best,
FXOpen
We are sorry to read about your negative experience with FXOpen and understand your frustration.
Unfortunately in summer the internal procedures of our card processors have changed, which has led to double-conversion. SEPA transfers were also temporarily unavailable for the clients of FXOpen Markets Limited.
We fully understand that it creates both additional charges and inconveniences to our clients.
Therefore, we do our best to make it up to our clients by offering the reimbursement of deposit charges.
In your case, we have also offered you a deposit bonus and a commission-free account as a sign of good will.
Please not that it is fully legal to offer to cover any fees to our clients and cannot be viewed as bribery.
At the moment FXOpen Markets Limited offer commission free SEPA deposits. They are available in FXOpen backend – https://my.fxopen.com
We would also like to stress that our offer still stands – commission free account for 6 months and reimbursement of all deposit related fees conversion fees included (if any).
We wish you a happy new year and we would be honoured to welcome you among our clients again.
All the best,
FXOpen
my trading with FXOpen
Service use: Live
Length of use: over 1 Year
I have been trading with FXOpen since 2012. I like the trading conditions that the company provides to its clients. Low Wednesdays - especially for XAUUSD gold. On an STP account, the spread for five-digit quotes for this instrument is only from 10 to 30 pips. I am especially attracted by the fact that you can trade gold with a leverage of 1: 500. This is a unique advantage at FXOpen because I can trade gold with a small deposit. For me, FXOpen is the best broker in this regard. In addition, over the years of cooperation, I have never had problems with the withdrawal of my profits - always quickly.
In addition to trading, I regularly participate in contests held by FXOpen. I remember the Forex School contest in September 2017, when I was among the prize-winners who received a prize PAMM account of $ 200 from the company. It was super! FXOpen has its own PAMM service. This is an opportunity to get additional profit not only from trading, but also from investments.
I am happy to have found a reliable broker with an FCA license.
In addition to trading, I regularly participate in contests held by FXOpen. I remember the Forex School contest in September 2017, when I was among the prize-winners who received a prize PAMM account of $ 200 from the company. It was super! FXOpen has its own PAMM service. This is an opportunity to get additional profit not only from trading, but also from investments.
I am happy to have found a reliable broker with an FCA license.
I have been actively trading with the company since 2012
Service use: Live
I have been actively trading with the company since 2012, I haven't had serious problems with the company, and I have a number of friends who work with it and haven't had problems.
Features:
• the portfolio system that the deposit does not go to the trading account directly you determine this and this facilitates the capital management process.
• withdrawals are made quickly.
Defects:
The means of deposit and withdrawal are not very large but the company adds it on an ongoing basis.
Tip:
Who has a problem talking to the support or opening a support ticket and you will find the solution to your problem for sure.
Features:
• the portfolio system that the deposit does not go to the trading account directly you determine this and this facilitates the capital management process.
• withdrawals are made quickly.
Defects:
The means of deposit and withdrawal are not very large but the company adds it on an ongoing basis.
Tip:
Who has a problem talking to the support or opening a support ticket and you will find the solution to your problem for sure.
Truly Professional and Reliable Broker
Service use: Live
Length of use: over 1 Year
After trading for 5 years with FxOpen i think now it is time to tell about my trading experiences with this broker. I started trading in the STP trading account and after trading in the STP account for 2 years i could say that the speeds of execution and the spreads were very low and stable.
For me to become a Full time trader i decided to start using the ECN trading account of FxOpen and here i could get very low spreads which also helped me in earning more profits from my trades.
I almost make my withdrawals after the trading is closed on Friday and they come in the night without fail, I am happy with this broker.
For me to become a Full time trader i decided to start using the ECN trading account of FxOpen and here i could get very low spreads which also helped me in earning more profits from my trades.
I almost make my withdrawals after the trading is closed on Friday and they come in the night without fail, I am happy with this broker.
Tried to deposit funds with them, but it wasn't credited
Service use: Live
Length of use: 0-3 Months
I wired funds to my trading account but it has been more than more than a week and since then my funds haven't been credited. Tried to contact the support team twice but no solution has been presented. Stay away.
ISFurlan,
Thank you for your comment. Please, contact us at contact@fxopen.com.
Best regards,
FXOpen team
Thank you for your comment. Please, contact us at contact@fxopen.com.
Best regards,
FXOpen team
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Frequently Asked Questions
Is FXOpen regulated?
FXOpen consists of a group of companies, which through its subsidiaries is regulated in 3 jurisdictions.
- FXOpen Markets Limited operates through fxopen.com, is registered in Nevis under the company No. C 42235, and a member of The Financial Commission.
- FXOpen UK a trading name of FXOpen Ltd operates through fxopen.co.uk, is authorised and regulated by the Financial Conduct Authority under FCA 579202.
- FXOpen AU Pty Ltd operates through fxopen.com.au, is authorised and regulated by the Australian Securities & Investments Commission (ASIC), under AFSL 412871.
Is FXOpen a good broker?
Unbiased traders reviews on ForexPeaceArmy is the best way to answer if FXOpen is a good broker. https://www.forexpeacearmy.com/forex-reviews/2943/fxopen-forex-brokers
Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.
Additionally, we'd recommend to check recent FXOpen community discussions: https://www.forexpeacearmy.com/community/tags/fxopen/
What is the minimum deposit for FXOpen?
The minimum deposit for FXOpen varies depending on the account types.
- Micro account: the minimum is $1
- STP account: the minimum is $10
- ECN account: the minimum is $100
What is the leverage levels for FXOpen ECN?
Leverage levels available for FXOpen ECN accounts are as following:
- 1:1 - 1:500 for accounts from $100 up to $25,000
- 1:1 - 1:200 for accounts from $25,000 up to $100,000
- 1:1 - 1:100 for accounts from $100,000 up to $1,000,000
- Negotiable over $1,000,000
Service use: Live
Length of use: over 1 Year
During my trading i have done many trades and made withdrawals which were paid out to me on time. I have also used the Bitcoin for my Deposits and they get processed very fast into my FXOpen Wallet.
One thing that i have found very good about this broker is the separate trading accounts for doing trades in the Crypto currencies which i do when such opportunities come into the Crypto markets.