FXopen

Overview of FXopen

FXopen is a virtual currency exchange company that was founded in 2005 in Australia. It is registered under the FCA, ensuring regulatory oversight and compliance. The company offers a wide range of cryptocurrencies. FXopen provides traders with the ability to amplify their trading positions. Traders can access the platform through different trading platforms including MetaTrader 4 (MT4), MetaTrader 5 (MT5), and WebTrader, offering flexibility and convenience. Deposits and withdrawals can be made using various methods

Pros and Cons

Pros:

• Strong regulatory oversight: One of the biggest advantages of FXopen is the strong regulatory oversight it operates under FCA. This ensures that the exchange adheres to strict industry standards, providing users with a safer and more secure trading environment.

• Wide range of cryptocurrencies: FXopen offers a wide range of cryptocurrencies to choose from. This allows users to diversify their portfolio and take advantage of various investment opportunities in the crypto market.

• Social media presence: The exchange has a strong social media presence, making it easy for users to stay updated on the latest news, market trends, and announcements related to cryptocurrencies.

• Multiple payments: FXopen supports multiple payment methods, giving users flexibility and convenience in funding their accounts and making transactions.

Cons:

• Regional restrictions: The information on this site is not directed at residents of the United States, Belgium or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. This means that certain individuals or jurisdictions may not be eligible to use the platform or access its services.

• Withdrawal fees apply for some methods: One drawback is that some withdrawal methods may have associated fees. While deposits might be free, users should be aware that they may incur fees when withdrawing funds depending on the chosen method.

• Active fees: Something important to note about FXopen is that they charge inactive fees. If your trading account remains inactive for 90 days, meaning no trades, open positions, deposits, withdrawals, or transfers, youll be charged $10.00 per month.

Regulatory Authority

FXopen is regulated by the Financial Conduct Authority (FCA) with the regulation number 579202. It is classified as a regulated exchange and holds an Investment Advisory License. The license is issued to FXOpen Ltd. This regulatory oversight ensures that the exchange operates within the legal framework and follows regulatory guidelines, providing traders with a level of confidence and security.

Security

FXopen implements security measures to protect user accounts and funds. It utilizes advanced encryption technology to ensure the security of user information and transactions. Additionally, the exchange follows strict internal protocols to safeguard against unauthorized access and fraud.

• Segregation of Client Funds: FXOpen UK states that client funds are fully segregated from the company‘s own funds, in accordance with the FCA Client Asset Rules. This means that client funds are held separately from FXOpen UK’s operational funds.

• Choice of Banks: Client funds are held in segregated accounts at reputable banks such as Barclays Bank Plc or Lloyds Bank Plc, both of which are established and well-known financial institutions in London.

• FSCS Protection: FXOpen UK states that all retail clients, regardless of their nationality, are eligible for up to £85,000 protection from the Financial Services Compensation Scheme (FSCS). The FSCS is a government-backed compensation scheme in the UK that provides compensation to clients in the event that FXOpen UK is unable to return client money.

Trading Markets

FXOpen is a global forex and CFD broker that offers a wide range of trading products to meet the needs of traders of all levels of experience. Here are some of the most popular trading products offered by FXOpen:

Forex trading: FXOpen offers a comprehensive forex trading platform that allows traders to trade over 70 major, minor, and exotic currency pairs. The platform offers a variety of charting tools, technical indicators, and order types to help traders make informed trading decisions.

CFD trading: FXOpen also offers CFD trading on a wide range of assets, including commodities, indices, shares, and cryptocurrencies. CFDs allow traders to speculate on the price movements of underlying assets without actually owning them.

Margin trading: FXOpen offers margin trading, which allows traders to borrow funds from their broker to amplify their profits. However, margin trading can also magnify losses, so it is important to use it cautiously.

Cryptocurrencies available

FXopen offers over 40 cryptocurrencies for trading, including Bitcoin (BTC), Ether (ETH), Ripple (XRP), Litecoin (LTC), Dash (DASH), and others. These cryptocurrencies are subject to price fluctuations on exchanges, which can be influenced by a variety of factors such as market demand, news events, and investor sentiment. Traders can take advantage of these price fluctuations to potentially profit from their trades. One of the unique features of the crypto market is its volatility, which can be extreme at times. Trading with leverage in a volatile market means that your losses may be rapid. So, never risk more than you can afford to lose in order to safeguard your portfolio.

Other Services

In addition to its core trading products, FXOpen provides a range of other services to enhance the trading experience for its users:

• Demo Account: FXOpen offers a free demo account, which is an invaluable tool for traders, especially beginners. It allows traders to practice and familiarize themselves with the platform using virtual funds, without the risk of losing real money. This is an excellent way to develop and test trading strategies.

• Educational Resources: FXOpen provides a wealth of educational resources to help traders improve their skills and understanding of the forex and CFD markets. These resources include articles, videos, and webinars that cover various aspects of trading, from the basics to advanced strategies.

• 24/7 Customer Support: FXOpen offers round-the-clock customer support through multiple channels, including email, live chat, and telephone. This ensures that traders can get assistance whenever they need it, whether it's resolving technical issues, answering questions, or seeking guidance on their trading activities.

• Expert Advisors (EAs): As mentioned earlier, FXOpen allows traders to use Expert Advisors (EAs) to automate their trading strategies. This feature can be particularly beneficial for those who prefer algorithmic trading and want to execute trades based on predefined criteria without constant manual intervention.

• Scalping: FXOpen permits scalping, a high-frequency trading strategy that involves making small profits over short periods of time. This flexibility caters to traders who employ this specific trading approach.

• PAMM (Percentage Allocation Management Module): FXOpen offers a PAMM service that allows traders to invest in the trading strategies of experienced traders. This service can be attractive for investors looking for opportunities to diversify their portfolios or leverage the skills of professional traders.

Overall, FXOpen's additional services contribute to a comprehensive trading ecosystem that caters to traders' educational needs, risk preferences, and trading styles, making it a versatile platform for traders of all levels of experience.

How to open an account？

The registration process of FXopen can be completed in the following steps:

1. Visit the FXopen website and click on the “Register” or “Sign Up” button to begin the registration process.

2. Fill in the required information, such as your full name, email address, and password, in the registration form.



3. Agree to the terms and conditions of FXopen by checking the appropriate box.

4. Verify your email address by clicking on the verification link sent to the email provided during registration.

5. Once your account has been verified, you can proceed to deposit funds into your FXopen account and start trading.

How to buy Cryptos？

To purchase cryptocurrencies through CFDs on FXOpen, follow these steps:

Account Creation: Begin by visiting the FXOpen website and clicking on the “Open an Account” option. Fill in your personal information, including your name, email address, and country of residence. Confirm your email by clicking the verification link sent to your inbox.

KYC Verification: Compliance with regulations necessitates Know Your Customer (KYC) verification. Upload a scan of your government-issued ID and verify your residential address. You may also be required to provide a selfie for identity confirmation.

Funding Your Account: After successful verification, deposit funds into your FXOpen account. Multiple deposit methods are available, including bank transfers, credit cards, and debit cards.

Platform Installation: Download and install the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) trading platform. Both platforms are widely used by forex and CFD traders.

Cryptocurrency Selection: Within the MT4 or MT5 platform, locate the cryptocurrency you wish to buy in the “Market Watch” window. Right-click on your chosen cryptocurrency and select “New Order.”

Order Details: In the “New Order” window, specify the order type, such as a market order or limit order. Enter the desired quantity of cryptocurrency and review the order details. Execute the trade by clicking the “Buy” button.

Monitoring Your Position: Once your trade is executed, you can monitor your position in the “Trade” tab of the MT4 or MT5 platform. You have the flexibility to close your position at any time by right-clicking on it and selecting “Close Order.” This allows you to speculate on the future price movements of cryptocurrencies without owning them directly.

Fees

FXopen charges trading fees through a combination of commissions and spreads. The exact fees vary depending on the trading platform and the specific cryptocurrency being traded. Here are the details of fees of FXopen:

Payment Option	Currencies	Deposit Fee	Withdrawal Fee	Min/Max Deposit	Min/Max Withdrawal
Online Banking	VND, THB, IDR	3.2%	2.5%	10,000 KRW (max 30,000,000 KRW) 100,000 VND (max 300,000,000 VND) 100 THB (max 50,000 THB) 100,000 IDR (max 24,000,000 IDR)	300,000 KRW (max 30,000,000) 30,000 VND (max 300,000,000) 500 THB (max 500,000) 110,000 IDR (max 24,000,000)
Paypaid	THB	4%	2%	10 THB (max 10,000,000 THB)	10 THB (max 10,000,000 THB)
WebMoney	USD	4%	0.8% (max 50 USD)	1 USD (max 1,000,000 USD)	1.01 USD (max 1,000,000 USD)
AdvCash	EUR, USD, GBP	0.5%	0.5%	3 EUR (max 1,000,000 EUR) 3 USD (max 1,000,000 USD) 3 GBP (max 1,000,000 GBP)	1 EUR (max 1,000,000 EUR) 1 USD (max 1,000,000 USD)
FasaPay	IDR, USD	0%	0.5% (min 0.1 USD or 100 IDR)	0.01 USD (max 75,000 USD) 10,000 IDR (max 700,000,000 IDR)	1 USD (max 25,000 USD) 10,000 IDR (max 250,000,000 IDR)
Bitcoin	BTC	0.0003 BTC	0.001 BTC	0.001 BTC (max 1,000,000 BTC)	0.001 BTC (max 1,000,000 BTC)
Bitcoin Cash	BCH	0 BCH	0.0005 BCH	0.001 BCH (max 10,000,000 BCH)	0.001 BCH (max 10,000,000 BCH)
Litecoin	LTC	0 LTC	0.005 LTC	0.01 LTC (max 1,000,000 LTC)	0.01 LTC (max 1,000,000 LTC)
Emercoin	EMC	—	0.1 EMC	—	0.2 EMC (max 10,000,000 EMC)
Ethereum	ETH, UST	0.001 ETH 5 UST	0.005 ETH 15 UST	0.01 ETH (max 1,000,000 ETH) 5 UST (max 1,000,000 UST)	0.01 ETH (max 1,000,000 ETH) 30 UST (max 1,000,000 UST)
Tether	USD₮, US₮	5 USD₮ 5 US₮	15 USD₮ 15 US₮	5 USD₮ (max 1,000,000 USD₮) 5 US₮ (max 1,000,000 US₮)	30 USD₮ (max 1,000,000 USD₮) 30 US₮ (max 1,000,000 US₮)
FXOpen Redeemable Voucher	EUR, USD, RUB, GBP, AUD, CAD, CHF, CNY, JPY	0%	0%	1 EUR/USD 1 AUD/CAD/GBP/CHF 7 CNY 70 RUB 120 JPY (max 1,000,000)	1 EUR/USD 1 AUD/CAD/GBP/CHF 7 CNY 70 RUB 120 JPY (max 1,000,000)
FXOpen Prepaid Card	USD	0%	0%	1 USD	1 USD

Besides, FXopen also charges inactive fees. A trading account is deemed inactive (or dormant) if over a period of 90 days there are:

• no trades or open positions; or

• no deposits, withdrawals or transfers.

Inactive accounts will be charged $10.00 each month. The fee will be deducted from an account automatically.

Inactive accounts with no trades and open positions over a period of 365 days will be charged $100.00 each month. The fee will be deducted from an account automatically.

An inactive account will be disabled (placed into archive) when its balance becomes 0 or negative.

A Customer can ask FXOpen to re-activate an inactive account. Upon reactivation, we will charge a one-time fee of $50.00.

Deposit & Withdrawal

FXopen offers multiple deposit and withdrawal methods to accommodate the needs of traders. Here are the details of deposits and withdrawals:

Deposits

METHOD	ACCEPTED CURRENCIES	COMMISSION & FEES	MINIMUM AMOUNT	MAXIMUM AMOUNT
Bank Transfer	USDGBPAUDCHFEUR	Free	300 USD300 GBP300 AUD300 CHF300 EUR	No limit
Visa MasterCard	USDGBPEUR	Free	10 USD10 GBP50 EUR	10,000 USD10,000 GBP10,000 EUR
Instant Bank Transfer	GBP	Free	50 GBP	20,000 GBP

Withdrawals

METHOD	ACCEPTED CURRENCIES	COMMISSION & FEES	MINIMUM AMOUNT	MAXIMUM AMOUNT
Bank Transfer	GBPUSDEURCHFAUD	Free30 USD15 EUR15 CHFFree	30 GBP30 USD30 EUR30 CHF30 AUD	No limit
Visa Visa Electron MasterCard	GBPUSDEUR	Free	10 GBP10 USD10 EUR	15,000 GBP15,000 USD15,000 EUR
Instant Bank Transfer	GBP	Free	50 GBP	20,000 GBP

Trading tools

FXopen provides a comprehensive range of educational resources and tools to assist traders in enhancing their trading knowledge and skills.

• Margin and Pip Value Calculator: FXopen provides a handy tool that allows traders to calculate potential profits or losses before entering a trade. The calculator helps in determining margin requirements and pip values for different currency pairs, aiding in risk management and decision-making.

  

• Currency Exchange Rates: Traders can access real-time currency exchange rates for major currency pairs through FXopen. This feature provides up-to-date market information, allowing traders to monitor rates and make informed trading decisions.

  

• Economic Calendar: FXopen offers an economic calendar that provides a schedule of upcoming economic events. This tool helps traders stay informed about important announcements and releases that may impact the financial markets. By keeping track of these events, traders can adjust their trading strategies accordingly.

  

• News & Analysis: FXopen provides access to a wide range of news articles and market analysis. Traders can stay updated on the latest market trends, economic developments, and expert insights. This tool helps traders make informed decisions by providing comprehensive market analysis and commentary.

  

• Help Centre: FXopen offers a dedicated Help Centre that provides traders with comprehensive support and resources. Traders can find answers to common questions, access tutorials and guides, and reach out to customer support if needed. This tool ensures that traders have access to the necessary assistance and information to navigate the platform effectively.

  

  Customer Support

Customers can visit their office or get in touch with customer service line using the information provided below:

Telephone: +44 (0) 203 3519 1224

+44 (0) 203 514 2318 (8 am-6 pm London Time)

Email: support@fxopen.co.uk

Address: 80 Coleman Street, London, EC2R 5BJ, United Kingdom

Moreover, clients could get in touch with this broker through the social media, such as Twitter and Facebook.

Twitter: https://twitter.com/FXOpenUK

Facebook: https://www.facebook.com/fxouk

Traders can also find helpful information and answers to commonly asked questions in the FAQ section of the FXopen website. The FAQ section covers a wide range of topics related to account management, trading platforms, funding options, and more.



Is FXopen a Good Exchange for You？

FXopen is suitable for a variety of trading groups, including both beginner and experienced traders. The exchange offers a user-friendly trading platform, MetaTrader 4 (MT4), which is well-suited for traders who are new to the cryptocurrency market. MT4 provides a range of tools and features that can assist beginners in analyzing the market and executing trades.

For experienced traders, FXopen offers the advanced trading platform MetaTrader 5 (MT5). MT5 provides enhanced charting capabilities, advanced order types, and a wide range of technical indicators, making it suitable for traders who prefer more intricate trading strategies.

Additionally, FXopen's wide range of cryptocurrencies allows traders with different trading preferences to find suitable options. Beginner traders may prefer to focus on more established cryptocurrencies such as Bitcoin and Ethereum, while experienced traders may be interested in trading lesser-known altcoins with potentially higher volatility.

Furthermore, FXopen's educational resources can benefit traders of all levels. Beginners can rely on the trading guides, video tutorials, and webinars to learn the basics of trading and understand market concepts. Experienced traders can utilize the market analysis materials to gain insights into current market trends and refine their trading strategies.

Conclusion

In conclusion, FXopen offers a wide range of cryptocurrencies for trading, along with access to advanced trading platforms and educational resources. Traders can potentially profit from price fluctuations in the cryptocurrency market. However, it is important to consider the highly volatile nature of the market and engage in thorough research and analysis before trading. FXopen charges trading fees in the form of commissions and spreads, and deposit and withdrawal fees may apply depending on the chosen method. The exchange provides multiple deposit and withdrawal options, but processing times can vary.

Compare to Other Cryptocurrency Exchanges

Exchange	Fees	Cryptos	Website
BitGo	0.25 %	600+	https://www.bitgo.com/
BINANCE	0.012%-0.10%	350+	https://www.BINANCE.com/en
MEXC Global	0.000% - 0.010%	1835	https://www.mxc.com/

l BitGo

Its opioneering multi-signature wallet led to the development of Threshold Signature (TSS) technology, enhancing security for other fintech enterprises through multi-party computational protocols (MPC). The platform supports 600+ coins via multi-signature and TSS protocols, offering reliable and secure financial services.

l Binance

Best for experienced traders and those seeking a wide range of cryptocurrencies and advanced trading options.

l MEXC Global

A cryptocurrency exchange operating under the regulation of esteemed regulatory bodies. Holding three digital currency licenses, issued by MTR in Estonia. One of the features of MEXC Global is its Maker-Taker fee structure for spot trading and contract trading, providing transparent information about fees incurred during trading activities.

FAQs

Q: What are the deposit and withdrawal methods supported by FXopen？

A: FXopen supports various deposit and withdrawal methods, including credit/debit cards, bank wire transfers, and electronic payment systems like Skrill, Neteller, and FasaPay.

Q: Does FXopen provide educational resources？

A: Yes, FXopen provides a range of educational resources such as trading guides, video tutorials, webinars, and market analysis materials. These resources can help traders enhance their trading knowledge and skills.

Q: What cryptocurrencies can be traded on FXopen？

A: FXopen offers a wide range of cryptocurrencies for trading, including popular options like Bitcoin and Ethereum, as well as lesser-known altcoins.

Q: At FXopen, are there any regional restrictions for traders？

A: Yes. The information on this site is not directed at residents of the United States, Belgium or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

User Review

User 1:“I‘ve been using FXopen for my crypto trading for a while now, and overall I’ve had a positive experience. The platform‘s security measures are robust, which gives me peace of mind knowing that my funds are protected. The availability of a wide range of cryptocurrencies is impressive, allowing me to diversify my portfolio easily. Customer support has been responsive and helpful whenever I’ve had any inquiries. The trading fees are reasonable, and I appreciate the fast deposit and withdrawal speeds. The interface is intuitive and user-friendly, making it easy for even a beginner like me to navigate.”

User 2:“I can‘t recommend FXopen enough for crypto trading. One of the aspects that really stood out to me is the company’s commitment to regulation. They are fully regulated, which gives me confidence that they operate with transparency and accountability. The liquidity on the platform is excellent, ensuring smooth and efficient trade executions. I also value the privacy and data protection measures they have in place, knowing that my personal information is kept safe. The variety of order types available allows for more advanced trading strategies. Additionally, the exchange stability has been solid, with minimal downtime experienced. Overall, a reliable and trustworthy crypto exchange.”

Risk Warning

Cryptocurrency exchange investments come with inherent security risks. It is important to be aware of these risks before engaging in such investments. Cryptocurrency exchanges are susceptible to hacking, fraud, and technical glitches, which can result in the loss of funds. It is recommended to choose reputable and regulated exchanges, stay updated on security measures, and be vigilant in detecting and reporting any suspicious activities.Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.