FXOPEN Broker Review

Another well-known type of forex broker is the FXOPEN. FXOPEN was established in 2005 and has been operational since then. The company has grown over the years and it was no surprising when in 2009 it was identified as the very best and reliable forex broke in Asia and also in the Middle East.

Who regulates FXOPEN?

FXOPEN is licensed and regulated by very popular world bodies. These bodies ensure that FXOPEN operates according to the set out procedures and that the rights of traders are protected and respected. Bodies such as ASIC in Australia, Financial Commission in New Zealand and also FCA in the UK are responsible for licensing and regulation of this forex trader.

Trading platforms

Just like most of the other forex brokers, FXOPEN supports and deals with the MetaTrader4 or simply the MT4 trading platform. MT4 has been in use for a long time now and is very popular in investors and brokerages.

This platform has a very user friendly interface and offers many things that are required by traders. Some of its features include; advanced charting package, reliable back testing environment, several technical indicators and a number of Expert Advisors. When using this broker, this platform is working on the desktop, mobile phones and can also be accessed through the web.

Deposit and withdrawal options

When it comes to payment methods, FXOPEN offers a wide range of options from which a trader can choose from. When trading with FXOPEN, you can either use bank wire transfer or local bank transfer. Bank wire transfers are readily accepted by many people globally and are very fast as compared to the other means of money transfer. It offers a minimum withdrawal of 100 dollars and has no limit on the amount of money that you can withdraw.

Deposit options are many and include but are not limited to bank wire transfer, local bank transfer, bank transfer, cards payments and also electronic payments. You choose which best works for you!

BONUSES

FXOPEN offers several bonuses as described below:

  • No deposit bonus– This bonus is only available for STP accounts and goes to an amount of up to ten dollars. The bonus is only paid once to your account and cannot be withdrawn, instead, you can only withdrawal its profit.
  • Welcome bonus– This welcome bonus is given to you after depositing the minimum required money. This bonus can be withdrawn after reaching a given threshold.

Pros

  • Strong regulation– Unlike many other brokers, FXOPEN is highly regulated by famous and well known regulatory bodies around the globe. These regulatory bodies ensure that this broker really delivers the services promised and so the traders don’t have to worry of losing their money.
  •  Several payment options– FXOPEN is known for its wide range of payment options from which a trader can choose from. This means that a trader is not limited to a particular payment method and so one can always choose the one that best suits them.

Cons

  •  Limited choice in trading platforms– The major disadvantage of using the FXOPEN is that, one is not at a liberty of choosing the type of trading platform to use since this forex broker only deals with the MT4 trading platform. This means that, one has to be contented with this trading platform even if it is not their desirable type of trading platform.

Summary

FXOPEN is a reputable and reliable forex and also CDF broker. FXOPEN has been operational for a period more than ten years and in these years, traders have found this trader being a very competent and reliable trader partner. The strong regulation policy of this forex broker makes it not only a very reliable partner, but also very popular, efficient and trustworthy. It is specifically made even better by its ECN offerings and its use of the popular MT4 platform. Although it still has some share of challenges, just like any other forex trader, FXOPEN still remains one of the most reliable and efficient forex trader around the globe.

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