Online trading in the market has become advanced amongst traders, but there is always a doubt about firm authenticity and reliability in the market. To trade with any firm, the question that comes to the mind is, is it safe to invest money with the firm? Will it allow me to have a good profitable portfolio? Here is a review about FXOpen trading broker.
Is FXOpen for you?
The FXOpen broker came into force in 2005. It aimed to be an educational centre offering courses in the field of technical analysis and financial markets but unfortunately, it has disheartened the clients due to its outdated and outmoded platform. It also offers limited educational resources and does not provide transparent trading conditions.
The company claims that currently, they have partnered with more than 1,000,000 clients from around various countries but there is no authentic proof about it. The broker website is also too complex, their services and the technology, as well as the working environment, is not recognized to be good.
The company also offers limited tradable products with no fixed spreads and leverages. Their unique proprietary price aggregation technology is also not good. Brokers also offer trading commissions.
Moreover, heading towards its tradable platform, nothing is exhilarating about Meta Trader, they are outdated and have limited features. The platform also fails to provide clients with an expandable trading portfolio.
The client doesn’t receive any updates, there are no automatic features available for the traders. The website of the broker is so complicated and unorganised. It does not merit spending money with these old fashioned brokers.
FXOpen customer care service is not effective. The team most of the time takes more than two days to reply. Not only that, their live chat button is offline many times. The team needs to work day and night to provide versatile and better services.
The customer care service does not have a high quality of assistance. It has also come to the notice by customers’ reviews that they are unable to solve most of the queries and questions raised by the traders.
Is FXOpen safe or a Scam?
At FXOpen the traders capital is always at risk. Its International entity is in offshore Nevis which is not a well-known authorised regulatory firm. The company have not mentioned its licence number and registration number on the website.
It is also not regulated under CySEC. Thus, we can’t give the trader a guarantee that whether the firm is authentic or not. Moreover, there are always chances of scam activities.
The broker does not maintain a separate account for clients funds and the website and trading platforms are also not protected with SSL encryption and security. There is always a possibility of user data being misused by the firm.
As far as the question comes, is it safe or not? Then we suggest traders not to invest money with this firm because of its poor disclosure system and its unsatisfactory services.
Research and Education
FxOpen does not provide good research materials and data. The team doesn’t have anything special under it. They have to improve their research column.
They lack vital concepts. Moreover, they only provide clients with market analysis and news which are not regularly updated by the firm. In education, they don’t have features like ebook, webinars, articles, calendars, modules and others.
Account Opening and types of account
To open an account with this online trading broker, there is always a chance of losing your data. The account opening process revolves around many unnecessary formalities. The firm asks for personal data and private information.
They have a long document verification process that takes many days to start up with your trading journey wherever other trading firms provide better account opening opportunities.
The company offers 4 types of accounts: STP, ECN, Micro and Crypto accounts. All four types of accounts have similar features as well as tools. They also do not provide swap discounts.
- All the accounts provide a low trading portfolio.
- The accounts are not user friendly and opening an account charges a high amount of fees and it also doesn’t accept all the modes of payment.
- This account requires a minimum deposit of $100 which is high for beginners.
- All types of accounts do not have good trading features. They are beyond the reach of the users.
- There are higher fees for UK residents.
- The demo account is far more different than real trading platforms.
FXOpen: Commission and Fees
The firm asks for a high commission which varies according to the entity, the firm is also engaged in speculative activities like charging hidden trading fees without the consent of the traders, which have a direct impact on profit size.
The firms aim at maximisation of firm profit without considering the beliefs of traders. Spreads and Variables are also high and variable, which keep on changing.
Withdrawals and Deposit
The broker’s deposit and withdrawal process involve many formalities. Withdraw request takes more than three days to proceed. The trader has to wait for many days to receive funds.
Also, the modes of receiving the payment are not globally used. The deposit and withdrawal fees carry a hidden charge. There is no proper description available about the same on the official website of the firm.
The broker is an unauthorised UK based regulated broker. There is a potential risk in very high leverage. They keep on fluctuating.
FXOpen: Tradable Instruments
The firm only allows trading on Forex, Metals and cryptocurrencies. It doesn’t offer a wide range of tradable assets. Which always disappoints the users. And they find this broker dull and tedious.
To sum up, FxOpen did not have a wide range of CFDs and it is not good for beginners and advanced users. They also charge a commission from the traders when they switch to the advanced accounts. Moreover, brokers do not offer a fine amount of educational and research materials. The customer care service is not good.
This firm is not perfect to start your career as it does not provide a diversity of trading assets and the environment. The firm came into the trading arena in2005, but it has not provided the traders with any of the boldest strategies rather the company is running after a rat race to increase the number of traders. In the last few decades, the broker has provided the worst trading environment.
After looking at all features and reviewing the important part of trading, we won’t prefer FXOpen for trading business. We would rather prefer T1markets, Global TradeATF, ROinvesting, 101investing, PrimeFin, a brokerage firm. Ths firms are well regulated and offer top-class trading services to their traders.
Frequently Asked Questions
What are the consequences of trading with FXOpen?
- They charge a high minimum deposit.
- Trading at FXOpen will offer traders with high spread and commission
- The service is of Low-quality.
- The trading tool is and they are also not up to the mark. Above all, the company doesn’t provide analytical tools.
- Restricted research tools and educational resources
- It is an unregulated broker because of its regulation with offshore.
- The account opening process is very irritating. It takes time as well as energy due to its poor connectivity and web settings.
- Its services are limited to only a few countries.
- They do not maintain a negative accounting balance properly.
- It doesn’t allow scalping
Is it safe to invest money with this firm?
No, it is not a safe firm to invest your money with. Its regulation is not verified. The firm is registered under an unauthorised body. There is always uncertainty about money laundering.
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