Broker review of OpenFX and traders’ feedback.
The choice of a broker in the world of finance
In our time, the task of finding a reliable broker is becoming increasingly difficult, especially when contradictory information is circulating online. For example, the company OpenFX seems to offer wide opportunities for earning, but it also has its share of negative reviews. Let’s try to understand whether it is worth trusting this forex broker.
Key points about OpenFX
Open Investments (OpenFX), which started operating in 2016, is a Belarusian forex broker. The company provides opportunities to earn through various instruments:
- currency pairs,
- stock indices,
- precious metals,
- oil,
- stocks of domestic and foreign companies.
OpenFX offers investment opportunities and portfolio investment.
On the openfx.by portal, it is stated that this brokerage company, registered in Belarus, is subordinate to the National Bank of the Republic of Belarus.
After verifying the information on the website of the Central Bank of the Republic of Belarus, we confirmed that OpenFX is included in the registry of forex brokers.
It is worth noting that OpenFX does not have a license from the Central Bank of the Russian Federation, so in case of problems, the user should contact the Belarusian regulator. This is not always convenient.
Contact information for OpenFX employees can be found on the website, and users can also contact them via email or through an online form. Users note that the support team responds quickly, but it does not operate 24/7, which may delay problem resolution.
The broker has all the necessary legal documents in Russian, which facilitates interaction with the user.
Terms of working with OpenFX
Clients have access to three types of accounts:
- “Professional” – minimum deposit of 500 dollars, maximum leverage 1:100, commission 0.01%,
- “Premium” – initial amount of 1000 dollars, maximum leverage 1:200, commission 0.03%,
- “Investment” – minimum contribution of 1000 dollars, leverage 1:10, commission 0.13%.
To familiarize themselves with the OpenFX platform, clients are offered demo accounts.
Among the advantages, there is a training program for traders of different levels and a partnership program with unlimited payouts.
Trading is carried out on the MetaTrader 4 platform, popular among traders for its user-friendly interface.
Clients complain about limited ways of depositing and withdrawing funds (card or bank transfer).
Reviews about OpenFX
Reviews about OpenFX on various resources vary. Some clients praise the company for its conditions, while others express dissatisfaction.
Useful articles:
- How to earn money online?
- How to save money? A million is real!
- Where to invest money: the best options for investments in 2021
Conclusions about OpenFX
OpenFX offers good conditions and reliable regulation, but user opinions differ. It is better to carefully assess all pros and cons before deciding on collaboration with this broker.