Review and Traders’ Opinions on FxOpen Company
Company FxOpen is a fairly well-known forex broker registered in an offshore zone. Its trading conditions seem attractive and promising. Additionally, the company holds a license from the reliable regulator Financial Services Authority. However, during the analysis, it became known that FxOpen is involved in fraudulent activities from an island in the Caribbean Sea.
Broker’s History
FxOpen was founded in 2003 as an educational center specializing in technical analysis of financial markets. In 2005, the company launched as a forex broker. The team’s goal was to create professional, trustworthy, and comfortable conditions for traders.
Since 2006, FxOpen has been offering Islamic and micro accounts, then introduced PAMM and ECN trading services. In 2013, STP accounts were launched, with a focus on client data and fund protection. The company implemented a verification system and SMS confirmation of operations. A portal for processing client requests was also launched.
Regulation and Security
FxOpen obtained a license from the Financial Services Authority in 2013. It is also part of the financial commission for additional trader protection through the Compensation Fund. Clients can claim compensation up to 20,000 euros. However, according to reviews, this is rarely achievable.
The company is part of a group of 43 forex and CFD brokers, including FxOpen, participating in the fund.
Broker’s Scope of Activities
FxOpen focuses on a wide geographical presence but only provides a legal address on the website. The support service offers phone numbers with codes from Russia, Germany, and France, but they are virtual, without physical presence in these countries.
The website is available in 15 languages, but the help sections and blog are only available in Russian, English, and Chinese.
Trading Conditions
- Account currencies can be USD, EUR, GBP, AUD, JPY, RUB, BTC, and others.
- Minimum initial payment – 1 euro.
- Leverage from 1:3 to 1:500.
- Narrow floating spreads from 0 points.
- Over 50 forex currency pairs, over 40 cryptocurrencies, CFDs, indices, and precious metals.
- Various types of trading on all accounts except cent accounts.
In addition, FxOpen provides PAMM accounts, auto trading on the Zulu Trade platform, personal advisors, a partner program, and various bonuses for STP and micro accounts.
Trading Platforms
FxOpen provides access to MetaTrader 4 and 5 terminals, widely used by brokers. The website offers software downloads directly from it, depending on the selected account.
For mobile trading, there are applications for smartphones and tablets, as well as a web version of the terminal.
Client Reviews
Real client reviews of FxOpen show issues with fund withdrawals, account access, and lack of response from the broker. The support service often does not respond to inquiries.
Conclusions
Despite the impressive work experience, FxOpen should pay more attention to customer service and support quality. Based on the analysis results, it is recommended to consider other forex brokers. Perhaps, in the future, the situation will change, and we will update the information. Happy trading!
FxOpen brokerage offers a variety of trading options, however, some traders have voiced concerns regarding potential fraudulent activities.
I had an extremely disappointing experience with FXOpen. This broker has a complete disinterest in protecting or enhancing trader’s financial investment. Opening an account was simple and quick, however, the ease ended there. My attempts to trade were perpetually ruined by their system lagging and having server errors.
Communication with their customer service was a disaster – they were incredibly unhelpful and it was always a lengthy wait time just to receive a generic response. Even worse, withdrawal of my funds proved to be an uphill battle. They enacted arbitrary charges and imposed unnecessary delays. I feel like they were attempting to make the process so complicated and frustrating that I would just give up.
The level of inefficiency paired with the obvious lack of concern for their clients has left me feeling not only defeated by the process but anxious about the security of any potential future investments. I do not recommend FXOpen. I feel they are a company whose sole interest lies in scamming hardworking individuals out of their valuable resources.