FX Open two ways: Forex, Social Trading.
To open a live account, you’ll need a minimum deposit of at least $1. Alternatively, FX Open offer a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by the Financial Conduct Authority, UK (FRN: 579202 ), and ASiC (AFSL #AFSL 412871 – ABN 61 143 678 719. ). FX Open puts all client funds in a segregated bank account and uses tier-1 banks for this. FX Open have been established since 2005, and have a head office in New Zealand.
Before we dive into some of the more detailed aspects of FX Open’s spreads, fees, platforms and trading features, you may want to open FX Open‘s website in a new tab by clicking the button below in order to see the latest information directly from FX Open.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
Your capital is at risk.
What are FX Open's spreads & fees?
Like most brokers, FX Open take a fee from the spread, which is the difference between the buy and sell price of an instrument.
The spreads displayed below are based on the minimum spreads listed on FX Open’s website. The colour bars show how competitive FX Open’s spreads are in comparison to other popular brokers featured on BrokerNotes.
EUR/USDNot offered $2.00 per lot
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
USD/JPYNot offered $2.00 per lot
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
GBP/USDNot offered $2.00 per lot
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
Speads are dynamic and are for informational purposes only. Last updated: June 06, 2018.
As you can see, FX Open's minimum spread for trading EUR/USD is 0.0 pips - which is relatively low compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with FX Open vs. similar brokers.
How much does FX Open charge to trade 1 lot of EUR/USD?
If you were to buy one standard lot of EUR/USD (100k units) with FX Open at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $8.54. Here’s a rough breakdown of the fees and how this compares against Plus500 & AvaTrade.
|Typical overnight fee:||$8.54||$9.40||$5.00|
|Total cost of a 100k trade:||$8.54||$15.4||$12|
|$6.86 more||$3.46 more|
|Visit FX Open||Visit Plus500||Visit AvaTrade|
Your capital is at risk. All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018.
What can you trade with FX Open?
|FX / Currencies||FX Open||Plus500||AvaTrade|
|# of forex pairs offered||50||61||59|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|Commodity CFDs||FX Open||Plus500||AvaTrade|
|# of commodities offered||0||17||16|
|Indiced & Stock CFDs||FX Open||Plus500||AvaTrade|
|# of Stocks offered||0||1816||99|
|See FX Open's Instruments||See Plus500's Instruments||See AvaTrade's Instruments|
What’s the FX Open trading experience like?
1) Platforms and apps
FX Open offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice.
FX Open also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.See FX Open's platforms Your capital is at risk.
2) Executing Trades
FX Open allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As FX Open offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.
As a nice bonus, FX Open are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments, but as a guide, FX Open offer margin up to 0.001 on currencies.
FX Open also offers a number of useful risk management features, such as stop losses (), limit ordersnegative balance protection and much more. You can see all of the account features offered by FX Openand much more. You can see all of the account features offered by FX Openhere.
Finally, we’ve listed some of the popular funding methods that FX Open offers its traders on the right.
3) Client support
FX Open support a wide range of languages including English, Arabic, Farsi, Turkish, Espanol, Portuguese, French, Deutch, Russian, Thai, Malay, Bahasa
FX Open have a BrokerNotes double AA support rating because FX Open offer over three languages live chat and email support.
4) What you’ll need to open an account with FX Open
As FX Open is regulated by Financial Conduct Authority and ASiC, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore FX Open’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with FX Open you can visit their website here.
CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.fxopen.com on March 21, 2018.