Our FXOpen review brings you a complete overview of this broker and provides you with insight into the innovative trading platforms and diverse markets it has to offer. You’ll also have the option of trading crypto with FXOpen.
With a variety of user-friendly accounts, highly-competitive spreads, regular updates and feedback, you’ll find this platform to be informative and rewarding. Plus, you can get in on the latest crypto trading by utilising CFDs in the Forex market all the while having access to fast payment options. FXOpen is an attentive online broker that provides extensive services to traders.
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Our FXOpen crypto review had our experts testing the platform and finding out firsthand what it feels like to use the official website. The site has undergone a complete overhaul and this has been received well by online traders. Much like what you’ll find in our IG review, the platform has been updated and provides a seamless user-interface, bolstered by a good design.
However, this isn’t the end-all for our FXOpen review 2023. Once you delve into the inner workings of the platform, you’ll find much to be enthusiastic about. And after all, we’re here to utilise a system that can facilitate and execute trades better than any other system, not spend too much time dissecting the aesthetic appeal.
You’ll find that the trading platforms as well as the official website is responsive and provides enhanced trading functionalities to existing traders. Furthermore, there’s a great deal of exclusive tools that promote trading around the clock. For the most part, our FXOpen review 2023 found this platform to be a breath of fresh air amongst the new generation of over-indulgent trading platforms that have more bark than bite.
Figuring out how to go about Crypto trading with online brokers isn’t always the most straightforward task. From starting an account to executing your first order, TradersBest.com provides you with a step-by-step guide on how to do so. This makes it much easier to set yourself up with minimal effort and allows you to focus on your trading activities. From FXOpen Bitcoin to a number of alternative cryptos, always consult us if you are ever out of the loop.
Furthermore, you’ll want to start trading crypto as soon as possible. It is important to remember that you can only trade Bitcoin and Litecoin against major currencies such as USD, EUR, Rubles, This is rather limited in your application of trading crypto CFDs but is a good place to start as a novice crypto trader. All you need to do is speculate on the price of said crypto asset, either for or against, and hold your position long enough to make the trade worthwhile. Trading in CFDs is risky and you stand the chance to lose more than what you initially deposited in order to hold your position. However, it is also possible to realise returns as long as you study the current climate long enough.
|Company||FXOpen Markets Limited|
|Headquarter||P.O. Box 590, Springates East, Government Road, Charlestown, Nevis|
|Year of Founding||2005|
|Available Languages||English, German, Spanish, Russian|
|Customer Support||Live Chat, Phone, Email Support|
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As an online trader, you’ll be interested in how to go about funding your account. Not all Cryptocurrency brokers implement and use identical payment methods. Certain sites will have a wider variety on offer while others only provide one or two options. Finding a broker that has your preferred payment option makes life a lot easier. As such, our FXOpen review took a hard look at the available payment options on this platform and what you can come to expect.
For our FXOpen review Australia, we found that there are only a few options available that support AUD deposits and withdrawals. However, these should cover your basic needs and are dominant options that are accepted across online platforms.
You can make use of depositing bank wire transfer. The processing time is 1-3 business days and there’s a $25 minimum deposit limit while maximum deposits are not capped. You can also use your debit or credit card, but AUD is not supported. The minimum deposit is set at 2 USD or equivalent in AUD. Maximum deposits are without limitations. There are also FXOpen Redeemable Vouchers which support AUD. This allows you to transfer funds between accounts without having to pay a commission for the transaction.
If you wish to withdraw funds from your FXOpen crypto trading account, you can do so via bank wire transfer and prepaid cards. Although there are more options available, none of them support AUD as a primary currency. Thus, it is best to make use of a bank wire transfer. If you happen to use the FXOpen Redeemable Vouchers, you can also withdraw. Bank wire withdrawals have a minimum limit of $100 while you can withdraw as little as $1 via the redeemable voucher.
Customer service is an important facet of any online broker and should be scrutinised. Our FXOpen review 2023 found a number of lines of communication open to customers. From the onset, this is a good sign. Traders shouldn’t be left in the dark and find it difficult to resolve issues.
Fortunately, our FXOpen review 2023 has noted the availability of a live chat function. This allows customers to immediately connect with an FXOpen Crypto representative. This isn’t the only way to get in touch though. You can also use the email address firstname.lastname@example.org or submit a ticket request that matches your query.
The best way to try and resolve any queries you may have is by visiting the FAQ section. Usually, this suffices when it comes to answering general questions that you may have. The actual customer support from FXOpen cryptocurrency platform is available 24/5.
The license and security of any platform is of great importance. Without proper security, you are never really sure how your data and funds are protected. Much like our Plus500 review, we found a number of telling signs that ensure us that this platform has the necessary prerequisites in place that combat security threats and provide the oversight needed to maintain site safety.
First off, our FXOpen crypto Australia review found that this online broker is a member of The Financial Commission, which provides regulatory oversight. FXOpen crypto Australia is certain to adhere to the laws and practice safe and secure trading activities. As a trader on FXOpen, you can rest assured there are no unlawful practices taking place. This is underpinned by the fact that they are regulated by the Australian Securities and Investments Commission
From a security standpoint, our FXOpen review Australia has noted there is a stringent overriding protocol in place which encrypts all data and information by using the latest SSL technology. All of your info as a customer is encrypted and stored on a secure database.
From a customer feedback perspective, many FXOpen crypto reviews have pointed to a site that is relatively reliable and caters to novice traders and experienced traders. Customers are happy that they can choose a commission-free account type and this continues to attract a wide swathe of newcomers to online trading. Customer support is attentive and traders who have used the site seem to hold the fast withdrawals in high regard.
Certain traders point to the lack of real-time updates in the form of emails or notifications that may well help with insightful analysis tips and overview of the current market climate. Other than this, the reputation of FXOpen Australia maintains a strong position.
When it comes to trading, our FXOpen crypto review found that there are a number of options available when it comes to crypto trading. With a FXOpen crypto account, you can trade digital currencies such as FXOpen Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, Monero, EOS, and NEO against several fiat currencies including USD, EUR, Russian Rubles, GBP, JPN, and ETC. It’s possible to trade over 40 crypto CFD markets on the FXOpen crypto Australia platform.
You’ll be using a floating spread to trade these crypto CFDs and can get started with a minimum deposit of as little as $1. This allows all types of traders to get in on the ground level and build up trading experience within the online crypto world. FXOpen is a good site for novice traders looking to hit the ground running. Take a look at our XM.com review for another online broker that is pushing the envelope when it comes to online trading in crypto.
The commission fees that are charged for crypto trading on the FXOpen platform are high in comparison to industry standards. This has been one of the main factors which has persuaded traders to make use of other platforms.
For crypto CFD trading, traders are charged a commission rate of 0.5% per side. As is clear, this is certainly higher than what you’ll expect to be charged elsewhere. However, depending on what account you decide to use, you will be charged a different commission rate (also dependent on the trading product in question). For an ECN account with a balance of less than $1,000, you’ll be charged $3.50 per lot while account balances above $25,000 will only be charged $1.80 per lot. High volume traders will receive discounted commission rates.
Due to the fact that FXOpen is regulated by ASIC, they are not limited in terms of their offerings to Australian traders. However, the actual trading products on offer are slightly limited and do not offer as wide a selection that you’ll find at other top online brokers.
Although there are less markets to access, this platform is a great place to focus your trading expertise on CFDs, especially if you want to trade in Forex. With a growing list of cryptocurrencies being included, it’s only logical to assume that the availability of markets and access to global indices will expand.
There are a number of alternative trading products on the FXOpen platform. Although crypto trading is our main focus, FXOpen is a traditional Forex broker first and foremost. You can trade major currencies, minor currencies, and emerging currency pairs. There are 26 currency pairs in total. Although other online brokers may provide a wider selection of currency pairs, the spreads at FXOpen are competitive.
It is also possible to trade in commodities and indices. You can trade in energy and metal markets when it comes to commodities while there are a host of global indices available to those who do prefer to trade in this market. Trading in global indices provides the opportunity to take advantage of lower commission rates and versatile contract sizes.
If you are an active trader or prefer to trade in high volumes in a low-cost environment, then our FXOpen crypto review recommends you consider this online broker. Added to which, if you’re a Forex trader at heart, you’ll find a plethora of markets on hand. For our astute traders looking for more FXOpen crypto trading, we believe that this online platform has a decent selection of options for crypto trading.
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