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FX Open Review

Posted By Marcus Holland On Monday, April 22nd, 2013 With 0 Comments

Introduction

FX Open is an ECN and STP broker that started its brokerage services in 2005. It has its headquarters in Auckland New Zealand, and a regional co-ordination office in Cairo Egypt. FX Open is duly registered with the Financial Service Provider Registry in New Zealand (FSPR), and is a member of the Financial Dispute Resolution Scheme as it’s required by law. It is also duly regulated by the Financial Services Authority in the UK under firm reference number 579202.

Asset Index

The asset index for the different accounts available for trading on FX Open is given below:

SYMBOL (Micro)

SPREAD (Micro)

SYMBOL (Standard)

SPREAD (Standard)

GBP/CHF

7

AUD/NZD

20

NZD/USD

5

EUR/GBP

3

AUD/NZD

20

USD/CAD

4

EUR/CHF

3

GBP/USD

3

USD/CHF

3

GBP/AUD

10

AUD/JPY

6

AUD/JPY

6

EUR/USD

2

USD/CHF

3

EUR/AUD

10

AUD/CAD

10

CHF/JPY

4

AUD/CHF

10

GBP/USD

3

EUR/JPY

3

SILVER

4

GBP/NZD

35

NZD/CAD

10

GOLD

100

USD/JPY

2

NZD/JPY

10

AUD/CAD

10

NZD/CHF

10

AUD/USD

3

GBP/CAD

10

NZD/JPY

10

EUR/NZD

12

GBP/AUD

10

NZD/CAD

10

AUD/CHF

10

AUD/USD

3

EUR/CAD

12

EUR/AUD

10

GBP/NZD

35

NZD/USD

5

USD/CAD

4

EUR/CHF

3

GOLD

100

CHF/JPY

4

NZD/CHF

10

EUR/USD

2

EUR/JPY

3

SILVER

4

GBP/CAD

10

USD/JPY

2

CAD/CHF

8

CAD/CHF

8

EUR/GBP

3

GBP/CHF

7

GBP/JPY

7

CAD/JPY

6

EUR/NZD

12

GBP/JPY

7

CAD/JPY

6

EUR/CAD

12

Platform used

The platforms currently available on FX Open are listed below:

MetaTrader 4: This platform meets the needs of both the beginner trader and the professional trader. It offers an easy to use user interface, various charts and indicators, and the MQL language which enables one to easily program indicators and Expert Advisors. FX Open’s MT4 ECN trading platform gives its users the opportunity to trade in a highly liquid and competitive marketplace through this ECN bridge.

Mobile Forex Trading: FX Open offers its users the advantage of trading forex from any location through their mobile trading platform. The MetaTrader 4 Mobile for PDAs and Smartphones gives traders the opportunity of accessing their accounts with these devices.

Deposits and Withdrawals

Deposits and Withdrawals can be made on FX Open via Wire Transfers, Credit/Debit Cards, E-payment systems like WebMoney, Skrill, Payza, Qiwi Wallet, Fasapay, Top Up Cards, and Transfers.

Minimum Deposit

The minimum deposit amount for micro accounts is 1 USD, for standard accounts is 25 USD, and for ECN/STP accounts is 1,000 USD.

Maximum Deposit

There is no maximum deposit limit.

Minimum Trade Size/Amount

The minimum lot size is 0.001 lot for a micro account, 1 lot for a standard account, and 1 lot for an ECN/STP account.

Maximum Trade Size/Amount

There is no maximum trade size

Minimum Withdrawal Limit

The minimum withdrawal amount allowed is 100 USD for Wire Transfers and 1 USD for E-payments.

Maximum Withdrawal Limit

There is no maximum withdrawal limit.

Conditions for Deposit and Withdrawals

The condition for withdrawal is that payment will only be made to the account from which a deposit has earlier been made. The account name on the trading account as well as the payment method used must tally.

Customer Support

FX Open can be contacted through the following means:

            a)         Telephone: +64 9 801 0123

            b)         Email: support@fxopen.com (for existing clients), and sales@fxopen.com (for inquiries from prospective and new customers).

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