Like most brokers, FX Open takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The spreads displayed below are based on the minimum spreads listed on FX Open’s website. The colour bars show how competitive FX Open' spreads are in comparison to other popular brokers featured on BrokerNotes.
|EUR/USD (Average: 0.7 pips)||Not offered||0.5 pips||0.8 pips|
|GBP/USD (Average: 1.1 pips)||Not offered||0.5 pips||0.1 pips|
|USD/JPY (Average: 1.1 pips)||Not offered||1.6 pips||4.0 pips|
|AUD/USD (Average: 0.8 pips)||Not offered||0.5 pips||4.6 pips|
|USD/CHF (Average: 2.3 pips)||Not offered||1.6 pips||4.0 pips|
|USD/CAD (Average: 2.9 pips)||Not offered||0.5 pips||4.6 pips|
|NZD/USD (Average: 3.6 pips)||Not offered||2.3 pips||5.7 pips|
|EUR/GBP (Average: 2.4 pips)||Not offered||0.5 pips||3.9 pips|
Spreads are dynamic and are for informational purposes only.
As you can see, FX Open’s minimum spread for trading EUR/USD is 0 pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with FX Open vs. similar brokers.See all Spreads
If you were to buy one standard lot of EUR/USD (100k units) with FX Open at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $8.54. Here’s a rough breakdown of the fees and how this compares against City Index & XTB .
|FX Open||City Index||XTB|
|Spread from:||$ 0.00||$ 5.00||$ 2.00|
|Total cost of a 100k trade:||$ 0.00||$ 5.00||$ 2.00|
|$5 more||$2 more|
|Visit FX Open||Visit City Index||Visit XTB|
All fees/prices are for informational purposes and are subject to change.
FX Open offers over 68 different instruments to trade, including over 50 currency pairs. We’ve summarised all of the different types of instruments offered by FX Open below, along with the instruments offered by City Index and XTB for comparison.
|FX / Currencies||FX Open||City Index||XTB|
|# of forex pairs offered||50||84||48|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|Commodity CFDs||FX Open||City Index||XTB|
|# of commodities offered||0||26||21|
|Index & Stock CFDs||FX Open||City Index||XTB|
|# of Stocks offered||0||4500||1606|
|See FX Open's Instruments||See City Index's Instruments||See XTB's Instruments|
FX Open offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice.
FX Open also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.See FX Open 's platforms
FX Open allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As FX Open offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.
As a market maker, FX Open may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
As a nice bonus, FX Open are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at ).
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
FX Open also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders negative balance protection and much more. You can see all of the account features offered by FX Open here.
Finally, we’ve listed some of the popular funding methods that FX Open offers its traders on the right.
FX Open support a wide range of languages including English, Arabic, Farsi, Turkish, Spanish, Portuguese, French, German, Russian, Thai, Malay, and Indonesian.
FX Open has a BrokerNotes double AA support rating because FX Open offer over three languages live chat and email support.
As FX Open is regulated by Financial Conduct Authority and ASIC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore FX Open’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with FX Open you can visit their website here.
CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.fxopen.com on 01/07/2019.
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