WikiFX Reviews FXOpen | Is It Trustworthy?

FXOpen was founded in 2005 in London, UK. FXOpen was the first Forex broker to offer its clients ECN trading via the MetaTrader 4 terminal and the first to offer Micro accounts and swap-free Shariah-compliant accounts. Therefore, it is seen as one of the early pioneers within the industry.

Safety:

FXOpen is currently under operating under the regulation of the Cyprus Securities and Exchange Commission CySEC (194/13).

Client funds are held in a separate account at Barclays Bank Plc or Lloyds Bank Plc in London.

Client's funds are also subject to the FSCS (Financial Services Compensation Scheme), the UK financial services compensation scheme. In case FXOpen is unable to pay its debts or client funds as they fall due, they can receive compensation of up to £50,000.

Account Types:

FXOpen offers two types of trading accounts:

· ECN Account: This is a multi-asset account. Users can trade various Forex, global indices, stocks, precious metals, commodities and cryptocurrency CFDs in just this account alone. The minimum spread is from 0 pips; the handling fee is $1.50 per lot.

· STP account: This is a commission-free account, as the trading fees are included in the spreads. This account is ideal for novice traders who want to simplify their pricing. Trading instruments are limited to CFDs of currencies and precious metals.

Muslim clients can contact FXOpen's customer service to open swap-free Shariah-compliant trading accounts.

Trading Platform:

FXOpen offers 4 trading platforms for investors to choose from:

· MT4 platform (PC, mobile and web): MT4 is the most popular trading platform for Forex traders worldwide and is commonly used for trading various market products.

· MT5 platform (PC, mobile and web): MT5 is the most used trading platform in the world. MT5 is more flexible and versatile than MT4, and offers more advanced functions.

· TickTrader platform (PC, mobile and web): This is a specially designed platform by FXOpen that offers a wide range of features, such as slippage control for market and stop orders, etc.

· Tradingview: This is one of the most popular analytical platforms in the trading world. FXOpen is one of the few brokers that allows users to place and operate orders directly from this analytical platform after opening an account, so FXOpen has a huge advantage in this respect compared to its competitors.

Deposit & Withdrawal:

FXOpen offers a variety of deposit and withdrawal methods, including bank wire transfers, credit cards (Visa and Master) and local bank transfers.

FXOpen is committed to processing any withdrawal requests received before 12:00 (GMT) within the same business day. If requests are received after 12:00 (GMT) or on weekends, they will be processed on the next business day.

Bank wire withdrawals usually take 1-3 business days to arrive at the customer's account.

Credit card withdrawals usually take 2-5 business days to reach the client's account, but the exact time depends on the client's bank.

FXOpen does not accept third-party payments.

Minimum deposit and withdrawal amounts, as well as fees, vary depending on the method.

Customer Service:

FXOpen offers online customer service in several languages so that clients can get the support and assistance they need at any time. The supporting languages include English, French, Spanish, Thai, Indonesian, etc.

Clients can also contact the company via e-mail or by phone.