Fxopen.com Review: this is the name of a Forex broker that is located in Saint Kitts and Nevis. Is FXOpen a scam Forex broker?
We found that the broker mentions Australia and the United Kingdom as other locations. These two locations are regulated by the ASIC and the FCA. When we checked the FCA list of brokers, we found that the FXOpen broker is regulated by the Financial Commission Authority. This is an encouraging find.
A minimum trade size of 0.01 is allowed for traders. We find that the broker was established in 2005 but it is banned in the USA. Trading robots, scalping and News spike trading is allowed. The offer of PAMM system is fishy as managed accounts are dangerous.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
FXOpen Trading Platform
We found that the FXOpen Forex broker offers traders the MetaTrader 4 and 5 trading platform. WebTrader is also allowed as well as a web-based platform. Trading EAs and robots are supported as well.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: 50+ forex currencies, 40+ cryptocurrencies, and CFDs on 15+ commodities.
We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1:500 and although this may seem generous, they pose dangers to traders. High leverages can lead to huge loss of funds as well. Spreads on the EURUSD is said to begin at 0.4 pips.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on FXOpen
The means of making payments are: bank wire, Visa, MasterCard, ePayments, FasaPay, IntelectMoney, JCB, Local Bank Transfers, Maestro, Neteller, PayToday, PerfectMoney, Poli, Qiwi, RBK Money, Skrill, UnionPay, WebMoney, Yandex Money. Withdrawals are allowed via: Bank Wire, Visa, MasterCard, ePayments, JCB, Local Bank Transfers, and Maestro.
We find this encouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $1 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is FXOpen Licensed?
Yes. The broker that is located in the UK is registered by the Financial Commission Authority (FCA). This gives the broker a high rating as regulated brokers tend to be careful with funds of clients. It is encouraging to find this and traders are advised to always consider trading with registered brokers.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the broker or any of the customer care agents, interested traders are directed to call: +7 499 346 0960 or email: firstname.lastname@example.org
Since the broker belongs to a regulated company, we find it encouraging. It has an affordable minimum deposit requirement that is within the average we are used to. Several options trading platforms are opened to traders which is good.
Many means are allowed for traders to make deposits and withdrawals. Spreads are tight as we expect from good brokerages as well as generous leverages. We have explained that this can also be a disadvantage.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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