|Minimum account size||$1|
|Minimum lot size||.001|
|Tradable Assets||30 to 52 (depends on account type)|
|Spread on EUR/USD||2|
|Payment methods||Credit/Debit Cards, Wire Transfers, Local Bank Transfers, Electronic Payment Systems, Top Up Cards & Transfers|
|Accepts US traders||No|
|Regulated||FSPR (New Zealand), ASIC (Australia) & FCA (UK)|
|Support||Phone, Email & Live Chat|
- Low minimum account size
- Unlimited demo account
- US traders not accepted
- High rate of slippage
- Delayed withdrawals
- Unfriendly support
FXOpen was founded in 2005 and is based in New Zealand. This company is authorised and regulated by the Financial Service Providers Register in New Zealand, the Financial Conduct Authority in UK and the Australian Securities and Investments Commission. They claim to provide the best possible services in the market with their latest and most advanced technological achievements. Sounds promising but is there any truth to these claims?
FXOpen run their online trading services via the popular MetaTrader 4 platform which doesn’t need much explanation since it is widely known to be a standard in this industry. It can be downloaded on PCs and mobile platforms including Android and iOS. This merits FXOpen with a Platform score of 9/10.
It looks like FXOpen’s designers were not that serious in having a design that will stand out. I felt somewhat bored on the very plain design and the complicated layout of their trading platform. They need to make a lot of improvements in the design department if they want to compete with the leading brands which have more modern and optimized layouts. This warrants FXOpen with a Design score of 2/5.
The minimum deposit at FXOpen varies for each type of account: $1 for Micro, $10 for Crypto, $25 for Standard,$100 for STP and $1,000 for ECN accounts. The $1 minimal deposit is no doubt enticing and the different types of accounts have been designed to address the different trading styles of their clients. I highly suggest starting with $3 for Micro and $300 for Standard accounts to lower the risks. For this reason I am giving this broker a Minimum Deposit score of 5/5.
Minimum Lot Size
FXOpen has a lot size of 0.001. This gave me the ability to trade with a low lot size which also lowers the need to risk more money. This is advantageous for those who wish to use the smallest possible lot sizes on their trades and for this I am giving them a Minimum Lot Sizescore of 4/5.
I discovered that the number of tradable assets will vary depending on the type of account. Micro and Standard accounts have 30 while ECN accounts have 52 assets in total. Crypto accounts have 13 choices which are ideal for BitCoin, LiteCoin, NameCoin and PeerCoin traders. The available currencies are diverse enough which is why I am giving this broker a Tradable assets score of 4/5.
Forex trading has gained so much popularity because the profits are much more promising and it has now become even more convenient since it is easily available online. It is important for traders to know the pip value because this will measure much profit will be gained from a successful trade. FXOpen offers a spread of 2 pips on the EUR/USD currency pair which is competitively better than what other brokers can offer. This good rate warrants FXOpen a Payouts score of 8/10.
Cashing out is the most common problem of forex traders today as delays are quite common. According to FXOpen’s website, withdrawal requests are processed in a matter of 24 hours or 1 day but with my case it actually took a bit longer at 5 days. It seems that they are not able to fulfill their such promise and for this I am giving them a Withdrawal Time score of 5/10.
Deposit and Withdrawal Methods
Depositing and withdrawing funds is a non-issue with this broker because they accept it accepts a wide range of payment options including credit/debit cards, wire transfers, local bank transfers, electronic payment systems, top up cards and transfers. It’s a very comprehensive range which is why I am giving them a Deposit and Withdrawal Methods score of 5/5.
Support quality is very important and this can be determined by seeing their transparency their transparency with the information that is required by their clients. It’s even much better if they are more attentive to what customers want from them such as detailed answers or fast resolution of specific issues.
FXOpen’s support can be reached via phone, email and live chat. I was curious as to how fast and detailed they are in answering via the live chat feature so I tried this method to find out and this is how our conversation went:
As you can see, their support was quite unwelcoming. Although Kate did give gave me an answer regarding my question about their bonuses, she wasn’t very pleasing to chat with and instead asked me to check the conditions for the bonus withdrawals on the link that she provided. I found find it very rude because it was her job to answer that specific question yet she just had it her way by asking me to do it by myself. For this I am giving FXOpen a Support score of 7/15.
Slippage was observable when that I tested their platform and it’s even more evident when the markets are moving. Generally, there’s a huge difference between the price at which I placed the order and the price at which it was executed by the broker. This will certainly give traders a major headache which is why I am giving them a Quote Accuracy Score of 5/10.
FXOpen is authorised and regulated by the Financial Service Providers Register in New Zealand, the Financial Conduct Authority in UK and the Australian Securities and Investments Commission. This lessens the worries for of traders because this means that they are registered with a broker that is compliant with the guide lines guideless that are set by these financial authorities.
Although regulated, I found a lot of disturbing comments about this broker from real traders who are complaining about their poor quality of services. Most have noticed been noticing about the frequency of slippages and delays in withdrawals. These complaints seem to be very prominent among the comments that I’ve seen in most forums and discussion boards. Sure, they may be regulated but these negative feedbacks show the other side of this brand which is why I am giving them a Reputation score of 14/20.
FXOpen has been in the industry for quite some time but they seem to have neglected the growing number of issues that are causing alarms to a lot of their customers. The platform is good, the assets are diverse and the payout is actually competitive but the high slippage rates and the withdrawal delays badly need attention yet I see that There’s no serious action that has been done by this broker which I find really disappointing. I wouldn’t be surprised if the financial regulators will decide to revoke their license one of these days because of their incompetency.
Final Score: 68/100