FX Open Review

FX Open is an online forex broker that lets investors trade more than 20 popular currency pairings. Find out if FX Open is worth using as your next forex broker today.

What is FX Open?

FX Open is an online forex broker found at FXOpen.com. The broker offers free demo accounts that let you test your trading skills with fake money.

Once you’re ready to invest your real money, you’ll be able to earn profits by trading over 20 popular currency pairings. All of the major currency pairings are available, including EUR/USD, USD/JPY, GBP/USD, USD/CAD, EUR/CHF, and more.

One of the interesting restrictions about FX Open is that it’s not available to American citizens. It’s only available to residents of countries outside of America.

After signing up for an account, you’ll see the familiar trading platform MetaTrader 4, which is used by about 70% of forex brokers today.

Types of Accounts Available with FX Open

FX Open has five different types of trading accounts available, including:

— ECN: ECN is an Electronic Communication Network that links different participants of the forex market, including investment funds, bankers, and individual traders. It promises to be the fastest way to make a forex trade. When you request a trade, the ECN technology searches the entire network to find someone else willing to make an opposite order at the same time. This lets traders get their desired price very quickly.

— Crypto: FX Open has a cryptocurrency trading account called Crypto. This account lets you trade Bitcoin, Litecoin, Namecoin, and Peercoin against major world currencies, including the USD, EUR, or RUB. Your account uses the same ECN technology as the standard ECN account.

— STP: STP accounts have a minimum starting deposit of just $10. STP stands for “Straight Through Processing” and it means the broker’s trading commission is included in the spread.

— Micro: Micro accounts are for small volume traders. They have a minimum deposit of just $1 and you trade in denominations of USD cents. FX Open claims these accounts are ideal for novice traders with limited play money, or for veteran traders who just want to try new strategies with minimal risk.

— Demo: With the demo trading account, you can choose how much “play money” you have to work with. Then, you run the account just like you normally would with real money. Demo users are restricted from accessing some features but can generally access most of the features you would use with a paid forex account.

How to Use FX Open

You can use FX Open using web-based software called MetaTrader 4. There are also MetaTrader 4 apps available for all iPhone and Android devices that let you view your account on-the-go.

FX Open has also released an app of their own called FXOpen Trader for Android. This app can be installed on any Android device with Android 1.6 or higher.

If you’ve compared forex brokers before, then you may be familiar with MetaTrader 4. The platform is used by over 70% of forex brokers today.

FX Open even claims that 90% of all forex transactions are performed with MetaTrader 4. In short, MetaTrader 4 is the world’s leading forex trading platform and it has all the features you need to make fast, intelligent trades in a convenient way.

MetaTrader 4’s computer software works on all versions of Microsoft Windows, Mac OS, and Ubuntu Linux.

How to Get Started with FX Open

Getting started with FX Open is fairly straightforward. You just follow these three steps:

Step 1) Open an FXOpen Account

Step 2) Download and install MetaTrader 4

Step 3) Download and install One Click Trading & Level 2 Plugin

Who Should Use FX Open?

FX Open is one of the world’s most popular forex brokers. However, the broker is only available to residents outside of the United States – which is why many people have never heard of it.

FX Open lets you use the world’s most popular forex trading platform, MetaTrader 4, and has multiple account types designed to meet the needs of any trader. It has micro accounts that let you bet USD cents – which is perfect for new forex traders and veterans testing new strategies.

There are also ETC accounts that let you quickly capitalize on shifting trends and maximize your earnings by matching quickly with traders around the world. There’s even a Crypto account that lets you trade new digital cryptocurrencies like Bitcoin and Litecoin.

For all of these reasons, FX Open is an industry leader in the forex broker industry – just don’t expect to use it if you live in the United States.