FXOpen Review: Best Forex Trading Platform UK

In 2003, FXOpen Broker Company was founded in Cairo. It started offering trading services in 2005 and, over time, rose to prominence in the forex market. Through favorable trading conditions, the latest technologies, and a wide range of financial services, the company has maintained its high standard of service. According to review FXOpen is the best forex trading platform UK provides a lot of features to clients.

FXOpen was the first broker to give its customers the possibility to trade exclusively through the MetaTrader 4 terminal-based electronic communication network (ECN). Over a million clients from 100 different countries are now served by the full spectrum of active and passive trading services offered by FXOpen. In addition to being a member of the Federation Council Committee on Budget and Financial Markets, FXOpen is a member of the International Financial Commission.

Pros of trading with FXOpen

• It includes successful trading circumstances for traders of all levels of experience, from novice to professional; a wide selection of financial instruments for trading;
• A variety of accounts, including a dedicated crypto account for trading cryptocurrency; low withdrawal commissions; and a cash-back program that will lower your commission fees. 
• Additional PAMM services include the opportunity to mimic the trades of profitable traders, offer auto-trading, and provide easy-to-read account status reports after each day and month.

FXOpen’s Cons

• Include a lack of training resources;
• No method exists to request a callback;

Is FXOpen legit or a scam?

No, FXOpen is not a scam. It is a broker registered by a top-tier authority, such as the FCA, and is regarded as a low-risk broker for trading CFDs and forex.

Legitimacy of FXOpen

FXOpen Markets Limited is a company that is legally incorporated in Nevis. Still, since 2013, a London-based company named FXOpen UK has been part of the FXOpen Group of Companies. It has been granted a Financial Conduct Authority (FCA) license with registration number 579202. In 2022 the forex trading in India is on its peak and everyone interested in trading online.

In reality, the opening of the London office led to a significant expansion of the company throughout the EU and beyond, making FXOpen one of the more well-known brokers today.

How are you safeguarded?

Since FCA licenses are among the most prestigious in the world, traders can have confidence that their money is protected at FXOpen thanks to various measures and generally open operating procedures.Additionally, customer funds are safeguarded for up to £50,000 by fully segregated bank accounts in the UK.

Leverage

FXOpen complies with stringent restrictions established by the European body Financial Conduct Authority and general ESMA laws because it is a registered broker with a UK basis.

Finally, a recent update by the European regulator imposed a cap on the maximum leverage levels available after ESMA identified a potential risk in using very high leverage. Professionals may receive higher degrees of leverage once the status is validated. Still, all traders are strongly encouraged to learn more about the use of leverage and how to maximize its potential.

The maximum leverage available to FXOpen clients is 1:30 for Forex products, 1:5 for CFDs, and 1:10 for commodities.

Types of accounts

According to the customized solution, the account kinds include STP, ECN, Micro, and Crypto accounts, each with set terms. Additionally, you can define your account in various currencies, including USD, EUR, GBP, AUD, JPY, RUB, BTC, etc., making payments simpler.

By providing SWAP-free accounts, we also encourage Islamic traders so they can benefit from Forex trading without breaking Sharia law. While the STP account offers tight spreads, no commission, and a starting deposit as low as $10, the Micro Account enables access to trade 28 currency pairs on a commission-free basis. The forex trading in India made a record of highly investments through different types of trading accounts.

Cryptocurrency trading is provided through 24 currency pairs, including BTC, LTC, NMC, PPC, ETH, DASH, and EMC. The minimum first deposit is $10, and costs are based on transaction volume at 0.25%.

Payment Methods

In addition to bank wire transfers, credit/debit cards, local bank transfers, AstroPay, Redeem Codes, WebMoney, Perfect Money, QIWI Wallet, Yandex Money, FasaPay, and AirTM, FXOpen also offers a respectable selection of funding options. The preferred payment processor’s minimum and maximum deposit and withdrawal amounts, as well as its fees and processing times, vary.

The most often used payment method is wire transfer. This strategy is offered on almost every broker’s service worldwide. The rationale is that wire transfers between banks worldwide are essentially traditional transfers.

WebMoney is one of the most widely used online wallet services, and many people use it to send money abroad. Because of this, several forex brokers currently take WebMoney.

Skrill: Most forex brokers offer Skrill as a choice for online payment services. The primary benefits for traders employing this strategy are quick, simple, and secure transactions.