FXOpen Review
Reviewer: Michael Jones Forex trading platform reviewed: FXOpen
Rating: FXOpen Review For those of you using automated forex software such as Forex MegaDroid to automate your trading, FXOpen might just be the broker for you. Not only does it support the all important MetaTrader 4 platform, it also has one of the quickest (if not the best) execution speed of all the MT 4 brokers. FXOpen comes with fixed spreads of 2 to 4 pips for the major currency pairs. You only need a bare minimum of $1 for a micro account and $25 for a standard account, though FXOpen recommends that you start with $300-$500. Beginners can open a free demo account and start practising within 15 secs of filling up a simple application form. One of the great things about FXOpen is that they have partners all over the world in such far flung places as Italy, Malaysia, Brazil, Indonesia, Iran, Philippines, etc. Their support is pretty comprehensive with different phone numbers for the USA, Egypt, UK, France, Switzerland and Hong Kong. A drawback of FXOpen is that you can’t deposit money into your account through your credit card. Instead, you are offered 7 options: Wire transfer from your bank account, local deposit, Western Union, Liberty Reserve, E-Bullion, CashU, WebMoney, or E-gold. There’s good feedback from existing customers though about the fast speed of cash withdrawal compared to other brokers. The platform is straightforward to use and comes with all the expected features such as stop loss, limit orders, trailing stop loss and take profit levels. It also comes with a nice little one-time bonus of $100 once you accumulate 10 standard lots for the first time. Good news too for Islamic traders is that no swap trading is available in FXOpen. Everything considered, FXOpen has everything a forex trader could ask for. If you are using an automated forex trading robot, this will be the broker for you. Verdict FXOpen's fast executation speed and feature list makes it the best forex broker today and receives our highest recommendations. In a nutshell Pros: - Fast execution speed - Fixed spreads - MT 4 supported - Low minimum deposit - No swap trading available - Well supported by world-wide partners - Multiple options for deposit and withdrawal - Good bonuses and frequent competitions Cons: - No deposit via credit card available Price: - $1 (micro account), $25 (standard account)
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