FXOpen-Forex Broker Review
FXOpen Aus is a regulated Forex broker (is regulated by ASIC) from Australia which offers excellent trading conditions thanks to its ECN/STP order execution for the Forex market. This company was founded in 2012 and allows to trade with currency pairs (Forex spot) and precious metals in the spot market.
Type of broker
FXOpen AU is a ECN/STP Forex broker.
This broker is regulated by the ASIC (Australian Securities & Investments Commission) of Australia.
Country of origin
The headquarters of FXOpen are located in Sidney, Australia.
The clients of FXOpen have the possibility to trade with the following financial assets:
- Forex Market: 49 currency pairs in the spot market, from the most important like the EUR/USD and USD/JPY to other more exotic like GBP/NZD.
- Commodities: Gold and Silver in the spot market.
For the Forex market this broker offers ECN trading conditions.
FXOpen AU offers several types of trading accounts with the following features:
- Micro-ECN Account: This is a type of trading account designed for traders with little experience in financial markets, thus it requires a minimum deposit of $200. The Micro ECN account is ideal for traders who are starting their experience in the Forex market and who wish to trade and practice their trading strategies through an account that offers ECN conditions, such as fast execution of orders and very low and variable spreads. The transaction fee is 5 units of the base currency for traded lot.
- ECN-Standard Account: These are the main trading accounts of FXOpen and are designed for regular customers of this company, including traders with more experience and capital to invest in the market. These accounts require a minimum deposit of $1,000. The ECN Standard account is suitable for experienced traders who are interested in operating in the Forex market through an account that offers ECN conditions, such as fast execution of orders and very low and variable spreads. The transaction fee is 2.5 units of the base currency for traded lot.
- VIP-ECN Account: It is a special type of trading account that is designed for professional traders and traders who operate regularly with large volumes in the market. It requires a minimum deposit of $ 25,000. The ECN VIP account is ideal for big traders and investors who are interested in operating in the market with high transaction volumes through an account that offers ECN conditions, such as fast execution of orders and very low and variable spreads. The transaction fee is 1.8 units of the base currency for traded lot.
- PAMM Account: This is a type of trading account created especially for Money Managers and for investors interested in investing in the Forex market who do not have the time, knowledge or ability to perform market trades by themselves. Through the FXOpen PAMM accounts, the investor deposit funds in the selected account and allows an expert trader (account manager) to make transactions in the market using this capital, of course for a commision over the profits. Account Managers for their part, can invest in the market with the trading strategies they deem most appropriate using the capital deposited by their clients (investors) through the MT4 multiterminal platform that allows to include in a single application, all investor accounts with multiple functions that facilitade the management. Through PAMM accounts, even a person who knows nothing about the Forex market can invest and make money in this financial market. Normally, FXOpen offers a leverage of 1:100 for these accounts, however the manager can ask the company an increase or decrease this value if he considers that this will benefit management. Regarding the transaction fee, it depends on the total capital of the account and can be from 3.6 to 5 units of the base currency for traded lot.
*For all these accounts there is a swap free version.
Yes, with no limit of time.
-ECN Metatrader 4: This broker offers a trading platform based on Metatrader 4, which has ECN trading conditions as it provides access to major liquidity providers of FXOpen Aus and market depth (Level II type), which means that the trader can trade in the Forex market based on various levels of quotes and trading volumes that are updated in real time. Besides this, Metatrader 4 is characterized as a platform with a user friendly interface and its many advanced trading tools, which include price charts with multiple time frames (1 minute to 1 month), updated quotes on real time, various types of orders, market news, dozens of technical indicators and other. This application also allows the design, evaluation and implementation of automated trading systems (Expert Advisors) based on all kinds of trading strategies.
-Application for Level II quotes: FXOpen Aus offers a downloadable application which allows the trader to see the five best BID and ASK prices with available transaction volumes. Thus, the trader gets updated information about pricing with larger trading volumes, which allows to view the short-term trend of the main market players. This information facilitates the realization of scalping trades.
The client of FXOpen can deposit and withdrawl funds through Bank Wire Transfer, Credit Card, Skrill, Webmoney, PerfectMoney and Payza.
Main Advantages of FXOpen Aus
- FXOpen Aus broker is authorized and regulated by ASIC in Australia.
- It is a ECN/STP Forex broker which offers excellent trading conditions, including fast trading execution and variable and very low spreads (from 0 pips) with its liquidity providers that offer a high level of liquidity.
- It uses the Metatrader 4 trading platform.
- FXOpen allows the use of automated trading strategies through the Metatrader 4 platform (Expert Advisors) in any of its trading accounts.
- It has a PAMM managed account service for customers interested in investing in the Forex market through professional traders with experience in the market.
- FXOpen Aus accepts any trading strategy, including hedging (opening buy and sell positions in the same instrument at the same time) and scalping (short term operations of even a few seconds).
- On a regular basis, this broker organizes trading contests (Forexcup) of various types for its clients, which offer attractive cash prizes to the winners.
- ECN/STP accounts with Level II software (This application shows Buy/Sale orders and trading volumes so that the client can see the short term market trends) that facilitates the realization of scalping trades.
- Good customer support via email, live chat in the company´s website and via telephone.
- A complete and updated economic calendar which includes major developments and economic indicators that can affect the markets along with a forecast and past performance data produced by these indicators.
- FXOpen provides news and analysis of the market on a regular basis through its website.
- FXOpen currently allows to earn money by promoting its services as a broker through an affiliate program of 3 levels. The Enrollment in this program is free, the affiliate just have to open a real trading account with the broker and use the reference links in any medium based on the Internet such as blogs, websites, forums, email and the like. The commissions earned through this program are directly deposited into the trading account of the affiliate.
FXOpen Aus offers regular bonuses for traders that open a trading account and deposit funds.
Other categories of this broker
- Metatrader 4 broker.
- ECN broker.
- Gold broker.
- Silver broker.
- Regulated broker.
|Company||FXOpen AU Pty Ltd is owned by FX Open Investment Inc.|
|Minimum account size||$200|
|Minimum lot size||0.001 lot.|
|Link to the website|
|Open an account|