FXOpen Broker Review
| Name of the Company | FXOpen NZ Ltd |
|---|---|
| Established In | 2005 |
| Online since | 2005 |
| International Offices | Egypt, France, Indonesia, Malaysia, Mauritius, Russian Federation |
| Payment Methods | c-gold, CashU, Moneybookers, Payza, Perfect Money, UnionPay, WebMoney, Wire transfer |
| Demo Account and Platforms | MetaTrader 4, MT4-ECN ,
MirrorTrader ( All Limited to 30 days of inactivity) |
| Account currencies | United States Dollar |
| Different Currency Pairs | AUD/CAD AUD/CHF AUD/JPY
AUD/NZD AUD/USD CAD/CHF CAD/JPY CHF/JPY EUR/AUD EUR/CAD EUR/CHF EUR/DKK EUR/GBP EUR/HKD EUR/JPY EUR/NOK EUR/NZD EUR/PLN EUR/SEK EUR/TRY EUR/USD GBP/AUD GBP/CAD GBP/CHF GBP/JPY GBP/NZD GBP/SGD GBP/USD HKD/JPY NOK/JPY NOK/SEK NZD/CAD NZD/CHF NZD/JPY NZD/SGD NZD/USD SGD/JPY USD/CAD USD/CHF USD/DKK USD/HKD USD/JPY USD/MXN USD/NOK USD/PLN USD/SEK USD/SGD USD/TRY |
| Regulated or Registered By | FSP New Zealand |
| Are US Traders Allowed? | No |
| Languages in which website is available | Arabic, Chinese, Dutch, French,German, Hebrew, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Turkish |
| Languages in which support is available | Arabic, Chinese, English, German, Indonesian, Malay, Russian |
| Different Support Methods | Callback, Email, Forum, Live chat, Skype |
| Types of Account (micro standard executive islamic) | Micro, Standard, ECN/STP, PAMM Standard, PAMM ECN, FASS Standart, FASS ECN |
| Minimum Deposit in Accounts | $1 |
| Minimum position size | 0.1 lot |
| Type of Spread | Fixed |
| Typical spread on EUR/USD, pips | |
| Minimum spread on EUR/USD, pips | 2 |
| Is Scalping Allowed | Allowed |
| Is Use of Expert Advisor Allowed | Allowed |
| Types of Trading instruments (GOLD; CFD, etc. and the leverage) | Forex- 1:500, Gold & Silver- 1:500 |
| Real Trading platforms | Meta Trader 4 |
| Digits after the dot in quotes | 4 |
| Margin call level | 20% |
| Stop-out level | 10% |
| Total Number of Currency Pairs | 28 |
| Any Bonus offers | Yes |
| Do they have Managed accounts | Yes |
| Islamic accounts available | Yes |
| Is Hedging Allowed | Yes |
| Do they have Trailing stop | Yes |
| Do they have Pending orders | Yes |
| Mobile trading Allowed | Yes |
| Automated trading Present | Yes |
FXOpen NZ Ltd is one of the largest brokerage companies which was founded in the year 2005 and is into online trading system based on internet since then. The company with its online trading service has been able to reach the traders all over the globe. It is one of the most trusted companies of the forex market. The company provides many services to their client and has its offices in 6 countries which include Egypt, France, Malaysia, Russian Federation, Indonesia and Mauritius. They have excellent payment system and the customers can deposit as well as withdraw funds without any hassle. They have 9 payment options which make this possible. The account currency allowed is only United States Dollar and the number of currency pairs allowed to trade in is 28 which include all the major pairs. Though the company does not have its office in New Zealand, it is regulated by the financial regulating authority, FSP of New Zealand. They do not entertain traders from United States to trade from their account.
The demo account as well as the real trading accounts has Meta Trader 4, MT4-ECN and Mirror Trader as the trading platform. The demo account is however, limited to 30 days of inactivity. Both Meta Trader 4 and Mirror Trader are excellent trading platform and are very easy to use. Their website is very easy to navigate and is available in 16 languages. Their customer support service is also excellent and is available in 7 languages. They can be reached easily via callback, email, forum, Skype and live chat. They offer different types of trading accounts with different features which the traders can choose as per their trading needs. The minimum deposit required to open an account with them is only $1 and they have a fixed spread on all the trades.
The loyalty of the customers towards FXOpen clearly shows that they have been able to make a mark in the field. The Muslim traders like the company as they offer them an interest free Swap accounts. The ECN Islamic account is also available to the Muslim customers in which the leverage is around 1:500. They also provide to their customers dealing desk and is liked by many as they help them come out of any issue related to trade. The minimum deposit required to open an account with them is as low as $1 and the minimum trade size is 0.01 lots. They have a fixed spread on the trade and this is liked by many as it helps them know about the cost of the trade before placing the order. The payment options are many and the process of deposit and withdrawal of funds is hassle free. A few of the cons mentioned in the reviews is that they do not have email alert service and they charge commission on every trade that is done. However, the overall review is good and the average rating given to the company by its users is 6.1 out of 10.