How to open FXOpen's Forex account? Which account type is the best? Table of Contents
How to open a live trading account FXOpen?
- Go to FXOpen’s Official Website;
- Click on “Open Account” to register;
- Receive login information for FXOpen’s client portal;
- Login to FXOpen’s client portal and open an account;
The whole process may only take a few minutes to complete.
Once you have opened an account with FXOpen, you can start trading Forex and CFDs as soon as you deposit your investment fund.
How to open a Demo (virtual) account with FXOpen?
The procedure for registering a demo account is simple and does not require the verification of documents.
To start trading, you only need to fill out one form.
As soon as you receive your account details (trading account number, trader password, investor password and trading server address), enter them into MetaTrader 4, MetaTrader 5, or TickTrader and start learning to trade in the Forex market! FXOpen offers two types of demo accounts to match FXOpen’s live account types: ECN and STP.
A demo account is a great way to safely get to know the Forex market.
It allows you to study the market risk-free by trading according to real market conditions.
In addition, with the help of a demo account, you can explore the capabilities of the MT4, MT5 and TickTrader platforms, as well as prevent custom errors on real accounts.
Experienced traders can also use demo accounts to test various trading strategies.
Therefore, the situation when the owner of a real account has several demos is common.
A good demo account allows you to use the software you like and does not impose restrictions on trading styles, while still opening up access to any market of your choice.
1. FXOpen ECN accounts
FXOpen ECN is a unique electronic trading network that connects various participants in the Forex market: banks, centralized exchanges, brokers and companies, as well as private investors.
Benefits of ECN accounts from FXOpen are the followings:
Best Prices, Tight Spreads & Instant Execution: FXOpen’s advanced price aggregation technology accumulates liquidity from the largest banks in the industry, delivering the best prices, real market spreads from 0 pips and seamless order execution.
Trading without intermediaries: the system matches your order with the opposite order of another ECN participant.
The broker does not trade against the trader.
Transactions are made directly, bypassing the dealing center.
No restrictions on the choice of a trading strategy: scalping, news trading, high-frequency trading, expert advisors, etc.
Availability: minimum deposit – 100 USD, minimum transaction volume – 0.01 lot and commission from 1.5 USD per standard lot.
Two types of ECN TT accounts: FXOpen offers two types of ECN accounts on FXOpen’s TickTrader platform – Gross and Net, and each of them can be used for different trading strategies.
** Commission is indicated for one side of the transaction. The size of the commission can be revised at high trading volumes. When you open a deal in the MetaTrader 4 terminal, you will immediately see the commission charged for a full circle (opening + closing a deal).
When opening an account through FXOpen partners (introducing broker, franchise or other forms of partnership), the ECN commission may be different. For more information, contact the agent who provided you with the link to open an account.
*** For the transfer of positions to the next day, an additional commission is charged, equal to the Swap value for this pair.
2. FXOpen STP accounts
STP (Straight Through Processing) accounts are an account type that allows you to experience all the benefits of ECN trading and execution on a live market with an initial deposit of just 10 USD.
Unlike ECN, the broker’s commission is included in the difference between the best sell and buy offers (spread).
Spread on STP accounts is not fixed and depends on buy and sell orders placed in FXOpen ECN.
Moreover, each client’s request is executed on a real market, i.e. all clients are only consumers of liquidity.
The minimum trade volume on STP Forex is only 0.01 lot with a minimum step of 0.01 lot.
A leverage of 1: 500 is available for accounts with a deposit of up to 25,000 USD.
Just like on ECN accounts, a wide range of financial instruments is available on STP and it is allowed to use any trading strategies, including scalping and automated trading.
In addition, there are no restrictions for pending orders and Take Profit and Stop Loss orders: they can be placed at a distance of just a few points from the current market price and even within the spread.
High leverage together with a low initial deposit of 10 USD will allow you to enjoy all the benefits of an ECN account without high investment.
*For the transfer of positions to the next day, an additional commission is charged, equal to the Swap value for this pair.
3. FXOpen Micro (cent accounts)
Micro Cent accounts are based on the Market Maker model.
A cent account (Micro FXOpen) is an account with a minimum initial deposit, trade volume and margin requirements.
Not requiring a significant investment, the cent account offers almost the same functionality as the STP account.
This gives beginners an opportunity to try their hand at the Forex market, and professionals – to work out new trading strategies, test indicators and advisors, while risking minimal amounts.
All transactions in the market are displayed in cents and micro-lots.
Benefits of a cent account:
- Minimum initial deposit;
- Trade in 28 currency pairs, gold and silver;
- Operational execution;
- No commissions;
- Technical support 24 hours a day;
- Trade at a convenient time (Mon 00:00 – Fri 22:59).
The balance on micro cent accounts in the MetaTrader 4 terminal is displayed in cents (for example, a $ 50 deposit in the terminal will be displayed as 5000).
With low/high liquidity and at times of news release, the spread may widen.
**For the transfer of positions to the next day, an additional commission is charged, equal to the Swap value for this pair.
4. FXOpen Crypto accounts
Unique innovative offer! Trade Bitcoin, Litecoin, Ethereum, Ripple, Monero, Bitcoin Cash, EOS, IOTA and other cryptocurrencies in pairs with USD, EUR and RUB, using all the advantages of ECN trading!
With the rapidly growing popularity of Bitcoin and other cryptocurrencies, FXOpen has launched a new type of trading account – Crypto.
Bitcoin, Litecoin, Ethereum and Ripple are promising and highly liquid instruments for speculative trading and investment, all thanks to the unprecedented price growth and high volatility of cryptocurrencies.
FXOpen gives you the opportunity to trade directly with the cryptocurrencies Bitcoin, Litecoin, Ethereum, Ripple, Bitcoin Cash, Monero, EOS, IOTA in pairs with the US dollar, Euro and Russian ruble! Liquidity for FXOpen crypto accounts is provided by the largest crypto exchanges, which is used to hedge clients’ risks.
The execution technology is based on the unique FXOpen ECN Aggregator system.
At the same time, you get a market spread and low commissions, and the broker is interested in you trading successfully and increasing your trading volume.
Scalping, hedging, locking and any type of advisors are allowed on Crypto accounts.
Available leverage is 1: 3.
**Commission for a full circle is 1% of the transaction volume in base currency. When you open a deal in the MetaTrader 4 terminal, you will immediately see the commission charged for a full circle (opening + closing a deal). The minimum commission for a trade is 0.01 units of the MT4 account currency. The size of the commission can be revised at high trading volumes. When opening an account through FXOpen partners (introducing broker, franchise or another form of partnership), the ECN commission may be different. For more information, contact the agent who provided you with the link to open an account.
***SWAP is charged for transferring positions to the next trading day in the amount of 10% per annum of the position value. SWAP is charged triple the amount for moving an open position from Wednesday to Thursday.
5. FXOpen Forex demo account
If you are a beginner trader, the FXOpen free demo account will help you practice Forex trading without risking your own funds.
The demo account allows you to trade in real market conditions without the risk of losing real money.
It is a safe environment for beginners to take their first steps in the world of Forex trading, learn, practice, and try different trading strategies.
A demo account is almost no different from a real account in terms of its capabilities: it copies the real trading environment but does not require a real money deposit.
The absence of financial risks when trading on a demo account allows you to objectively assess the situation on the market, while in real trading there is a psychological aspect that can interfere with cold-blooded decision-making.
With a practice account, you can get familiar with the Forex market and see how your trading strategies perform in real market conditions.
You will also get acquainted with the TickTrader and Metatrader terminals, gain practical trading experience, develop and try new trading styles.
The demo account uses virtual funds, and traders can independently choose the appropriate time to switch to trading with real money.
The demo account also includes access to the latest real-time market snapshots, as well as the ability to compose your own trading history for analysis.
What’s the difference between Live and Demo accounts?
The main difference is that you are not using real funds.
Therefore, you should be prepared to overcome the psychological barrier when switching to a real account, since trading on the Forex market involves the risk of losing part or all of the amount on your deposit.
You cannot make real money by trading on a demo account, but you can gain valuable experience and knowledge.
Trading on demo accounts is definitely useful.
This is a great way for beginners to gain the necessary trading skills, learn about the foreign exchange market and get acquainted with the provided trading platforms without thinking about the risk, test the chosen trading strategy or trading robots.
By creating a demo account with FXOpen, you will have access to all trading instruments and will be able to use a real MetaTrader trading terminal.
The FXOpen ECN Demo Account introduces you to a unique communication network that connects various Forex market participants: banks, centralized exchanges, other brokers and companies, as well as private investors.
All trading styles and strategies are allowed within this system.
As a trader, you will have access to the FX Spot as well as CFD trading in cryptocurrencies, metals, commodities, stocks and indices.
STP demo accounts offer all the benefits of real market ECN execution, with access to Forex trading instruments and the metals market (FX Spot and Metals CFDs).
When using an STP account, the broker’s trading commission is included in the spread.
Go to FXOpen’s Official Website
Please check FXOpen official website or contact the customer support with regard to the latest information and more accurate details.
FXOpen official website is here.
Please click "Introduction of FXOpen", if you want to know the details and the company information of FXOpen.
IronFX
Comment by Diletta
March 26, 2024
Awesome bonuses, good leverage. A few hiccups, but support rocks!