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FxOpen, offers online forex trading and metals. Operating since 2005, FxOpen is registered by New Zealand’s Financial Service Provider Register, FSPR # FSP192685 and has offices in Moscow, Cairo and Auckland. FxOpen was one of the first retail forex broker that started offering ECN trading accounts to their traders, way back since 2009.
Besides offering many types of trading accounts, FxOpen also offers PAMM trading accounts for those who wish to invest their funds by the way of a forex fund manager. At the time of writing, FxOpen boasts of serving over 200,000 standard trading accounts and over 140,000 micro accounts.
FxOpen – Forex Execution Models
FxOpen offers the standard MetaTrader4 trading platform and offers two kinds of execution models. The Market maker model and FxOpen ECN Marketplace. Traders who want to make use of the FxOpen ECN model are able to trade via FxOpen’s MT4 ECN bridge platform.
Below are some major differences between the two execution models.
|FXOpen ECN||FXOpen Market Maker||Details|
|Client Anonymity||Yes||No||When an order is sent to the ECN there is no Account data passed long.|
|Order Matching||Yes||No||ECN matches your orders with other clients, banks and any other ECN participants.|
|Re-Quotes||No||Yes||ECNs do not have re-quotes, a market order will receive the best price available.|
|Depth of Market Display||Yes||No||ECNs allow the client to view the market depth.|
|Pending Order Limitations||No||Yes||ECNs allow limit orders to be placed within the spread limitations that Market Maker does not allow. (This comprises the market depth)|
|Trading Economic Releases||Dependent on Participants||Yes||Although you may receive re-quotes during economic data when FXOpen is acting as the Market Maker, ECN relies on its participants to fill its book, illiquidity can occur during releases.|
|Volume Available at Requested Price||Dependent on Participants||Yes||ECNs will have various available volume, at different prices, in its market depth; As a Market Maker, FXOpen, will almost always fill orders at requested prices contingent that he market is still trading at that price.|
FxOpen – Trading Accounts
FxOpen offers the following kinds of trading accounts.
- Standard Account
- Micro Account
- ECN Account
- FASS Standard
- FASS ECN
- FxOpen Demo Account
Opening an account at FxOpen is simple as you can create only one eWallet account and create multiple sub accounts. This ensures that you do not need to have multiple login and passwords to login to FxOpen’s web interface. Below is the table that gives a brief comparison of the different account types at FxOpen.
|Trading Instruments||28 Pairs, Gold & Silver||32 Pairs, Gold & Silver|
|Pricing||4th Decimal Pricing||5th Decimal Pricing|
|Commissions||No Commissions||$2.5/lot for net deposits up to $50,000 OR $1.8/lot for deposits over $50,000|
|Spreads||From 2 – 4 Pips||Variable Spreads|
|Min. Lot||0.1 Lots|
FxOpen – PAMM Accounts
FxOpen offers an easy to use approach towards PAMM forex accounts. Traders can sign up either as an investor or as a money manager and get started within minutes. The PAMM forex accounts from FxOpen works on the ECN model.
As a potential investor, FxOpen’s PAMM section offers a leaderboard of the top 10 PAMM fund managers with details such as the Total and Daily gain. Investors can click on a PAMM account of their choice to drill down into further data such as average daily profit/loss, recovery factor and so on.
FxOpen – Customer Support
With offices spread around the world, FxOpen’s customer support is available via Phone, Live Chat and Email. Support is quite prompt in answering any sales or trading related questions in multiple languages. There are local toll free numbers available from 9 countries.
FxOpen – FOREX CUP Promotion
FxOpen sponsors the Forex Cup promotion which is very unique in its offering. The Forex CUP promotion allows traders to sign up for a demo trading account to participate and trader. The winner is determined by the highet profits generated during the month. The promotions are categorized as Level 1 and Level 2 Competitions. While it is free to participate in Level 1 competitions, Level 2 competition carries an entry fee which is subject to change based on the promotions being set up.
FxOpen Review – Conclusion
FxOpen has been offering forex trading instruments since 2005. Based in New Zealand but having offices across the world, FxOpen offers a wide choice of forex trading accounts starting with as low as $1. FxOpen was one of the first broker in the world to start offering ECN trading accounts to their retail traders. For those who want to try their skills, participating in the FOREX CUP promotion is a great way to trader forex and also to win some cash.