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Overview
FXOpen, established in 2005, offers access to various financial markets, including Forex, cryptocurrencies, commodities, and indices. They provide both ECN and STP trading accounts.
Regulations:
FCA(U.K), ASIC(Australia),Cysec(Cyprus).
Pros:
- Competitive spreads.
- Flexible account types.
- PAMM(Percentage Allocation Master Module) technology.
- Virtual Private Server(VPS).
Cons:
- Limited Educational tools.
- Frequent Technical issues.
- Clients of the offshore entity have few protections.
- Inactivity fees of 10$ per month.
Platforms:
Mt4, Mt5, Tick Trader, Trading View.
Is FXOpen safe for traders?
The UK, EU, and Australian entities of FXOpen are relatively safe for trading due to the protections provided by the FCA, CySEC, and ASIC. These regulatory bodies ensure negative balance protection, segregated accounts, and compensation funds for UK and EU entities, offering traders a certain level of security. However, clients using the offshore (Nevis) entity have limited protections in the event of broker insolvency. Moreover, they face the risk of ending up with a negative balance, particularly when utilizing high leverage. Traders also have pointed towards several technical issues that create a bad trading experience and frustrate intraday traders.
VYFXB Analysis of FXOpen:
FXOpen offers competitive spreads and flexible account types. It also provides PAMM technology and Virtual Private Server (VPS) options. The platform offers the best trading platforms, MT4 and MT5, and Tick Trader. However, it has limited educational resources and lacks client protections for offshore entities. Clients are also charged $10 per month for inactivity, and frequent technical issues affect intraday traders. Despite these drawbacks, FXOpen is a good choice for experienced traders. We advise all traders to conduct thorough due diligence and read broker reviews before committing to trades to increase profits and reduce risks.
