FXOpen Review 2024 The Good & Bad Uncovered

FXOpen trading offers a wide range of instruments, including forex, commodities, indices, and cryptocurrencies. Whether you’re interested in traditional forex pairs or the latest crypto trends, FXOpen has you covered. The platform is designed to be user-friendly, xcritical with advanced tools and resources that make trading more accessible.

1. FXOpen maintains an extremely low-cost trading environment and real ECN pricing in its MT4/MT5 trading platforms.
2. The FXOpen brand operates under several organizations licensed by official regulatory bodies to ensure compliance and client protection.
3. That’s an interesting one because most of the brokers don’t allow you to trade using one or all of the mentioned strategies when you trade with their no deposit bonus.

The Experience of Receiving FXOpen No Deposit Bonus

We offer impartial reviews of online brokers that are hand-written, edited and fact-checked by our research team, which spends thousands of hours each year assessing trading platforms. The experience of forex trading with FXOpen using Metatrader 4 is satisfactory, I only started using the platform in early 2024. In terms of trading platforms, I like Metatrader 4 perhaps because I am familiar with this platform which is also used by the broker I used before.

Today, the broker offers services to over 1 million traders worldwide including Canada, Germany, Vietnam and Nigeria. The STP account is the most suitable choice for low-frequency traders, while the ECN account caters to high-frequency traders and professional outlets. Raw spreads for a commission of just $1.0 per lot generates a highly competitive trading environment. New traders will benefit from the Micro account; a unique cryptocurrency account is also available. Account management is supported via PAMM, Islamic accounts are available on request, and social trading is possible via Myfxbook and ZuluTrade.

ECN Account

To evaluate brokers, we test the accounts, trading tools and services provided. Over 100 data points are considered, from minimum deposits and trading fees to the platforms and apps available. Our broker ratings are also informed by the experience of our researchers during the evaluation process.

To receive the no-deposit bonus- register for an eWallet of FXOpen and complete the Grade 1 verification to open a Ticktrader ECN account. There are some limitations for scalping with micro accounts and the condition is not as favorable as the STP account. Another difference is that unlike the $10 bonus, the $1 bonus is withdrawable itself and you can withdraw that after trading 100 micro lots, which is equal to 0.1 standard lots.

Nonetheless, a low minimum deposit requirement and access to educational content is ideal for novice traders. With ECN accounts, forex commissions are charged based on the account balance. Nonetheless, traders with an account balance less than $1000 will pay a $3.50 commission charge per lot traded. This reduces to $1.50 per lot for those with an account balance of $250,000 or more. Similarly when we traded commodity CFDs, we incurred a commission charge of 0.005 for lower account balances and 0.0025% for a balance over $250,000.

On the other hand, STP account holders will incur no separate commission fee. The award-winning live trading platform has 30 million monthly traders and offers a suite of useful tools. This includes powerful charts and analysis functions, screeners, heat maps, and an economic calendar. Customers can also trade directly from charts and interact with TradingView’s extensive user base.

Additionally, you must complete trading 1 Lot before requesting the bonus withdrawal. Nonetheless, when we used the services of FXOpen, we were assured of top-tier regulatory oversight and consumer protection. This includes negative balance protection for retail customers and access to third-party compensation schemes in the case of business insolvency. It is good to see the broker also receives a decent trust rating in other customer reviews.

Submit Your Own Review of FXOpen

A hybrid approach to regulation generates a trustworthy trading environment. Research and education are offered but are sub-par to other brokerages. Given the excellent trading conditions, FXOpen ranks in the top quartile of brokers and deserves genuine consideration for a deposit.

Until personal information will be verified, the status “Not verified” will be shown in your My FXOpen area. To verify the data, you will need to upload scans of your documents. You may upload your docs through the personal data section at My FXOpen. You should scan or take a photo of 2 documents that may approve your identity and your residential address. As always, the usual national passport, international passport, or driver’s license may be used to verify the identity. To verify the residential address, you will need to use utility bills or a bank statement.

How To Create An Account

For example, you don’t need grade 2 verification which meansyour documents don’t need to be verified in order to receive this $1 bonus. The verification process takes 2 working days at the mostand you’ll receive an email telling you whether your documents have beenverified or not. If not, you’ll be told what went wrong so that you can submitthe documents again. That’s an interesting one because most of the brokers don’t allow you to trade using one or all of the mentioned strategies when you trade with their no deposit bonus. Before I take you through the process of registration of thebonus, you should know that there are some terms and conditions for every nodeposit bonus. One of the first things traders look for is trustworthiness, and FXOpen excels in this area.

It allows you to store funds in different currencies in one e-wallet at the same time. The default currency you xcritically see will be changed when you deposit money into Fx open. According to the terms of the FXOpen offer, the bonus is credited to the first TickTrader trading account only. The offer is valid for 3 months from the eWallet registration date. It maintains operating subsidiaries regulated by the UK’s FCA and Australia’s ASIC.

The broker offers $10 as a welcome bonus xcritical reviews for ECN TickTrader accounts from 2020. Not too big money in comparison with some huge offers from the free forex bonus list posted at my blog, but pay some attention to FXopen welcome bonus. So, if you have not tried yet to trade via Fxopen or if you are just going to start your forex trading, then this review will be absolutely useful to you.