FxOpen is a reputable forex broker operating since 2005 and began offering MT4 ECN accounts since 2009 with one of the best competitive commissions in the industry. FxOpen is based in New Zealand, licensed by the FSP (FSPR #: FSP192685).
FxOpen operates on fair trading and the company mission is to provide professional trading services for its clients from across the globe. FxOpen offers twp types of ECN accounts which is a standard ECN Account and Auto Trading ECN account, available with Islamic/Swap Free accounts as well.
FxOpen ECN Account Details
|FxOpen ECN Account||FxOpen ECN Auto Trader|
|Trading Instruments||32 Currency Pairs, Gold, Silver|
|Leverage||From 1:1 to 1:500 Depending on account balance. Refer to the
|Trading Platform||MT4 ECN Platform|
|Minimum Trade Size||0.01 Lot|
|Market Depth||Level II market depth available|
|Commission||$2.5 for 1 Lot for accounts with Net Deposit up to $50 000;$1.8 for 1 Lot for accounts with Net Deposit higher than $50 000;||$13.5 for 1 Lot for accounts with Net Deposit up to USD 50 000;$11.6 for 1 Lot for accounts with Net Deposit higher than USD 50 000;|
|Margin Calls||At margin level less than 100%|
|Stop out||Losing trades are closed automatically at Margin Level of less
|Minimum Initial Deposit||1,000|
|Payment Methods||Bank Wire, Credit/Debit Cards, Moneybookers, Webmoney, CashU|
The round-turn commission for a 1 lot position (100,000) is equal to 27 units of the base currency per round turn (or 23.2 units of the base currency for FASS ECN accounts with Net Deposit higher than USD 50,000).
Right after you open a trade, you will see the round turn commission charged.
Net Deposit – is the sum of all deposits minus the sum of all withdrawals in USD
Commission includes FXOpen’s ECN commission and Mirror Trader commission
FxOpen ECN Account Leverage: The leverage for the trading accounts at FxOpen varies based on the account balance as outlined in the table below:
|1:1 – 1:500||$1,000 up to $25,000|
|1:1 – 1:200||$25,000 up to $100 000|
|1:1 – 1:100||$100,000 up to $1,000,000|
About the Company – FxOpen
FxOpen was established in early 2005, based in New Zealand and licensed by the FSP New Zealand. FxOpen was one of the first brokers to pioneer the ECN trading technology and offer standard ECN/STP accounts along with auto trading account on ECN accounts.
Offering 5 decimal pricing with Level II market depth, FxOpen’s spreads are provided by over 10 liquidity providers offering the best bid and ask prices. Traders can make use of MetaTrader4 ECN in order to get the interbank spreads along with the market depth.
Besides the ECN Accounts, FxOpen also offers standard MT4 account as well mirror trading options. Traders can sign up for the demo account with $50,000 virtual money or even try out the $1 Micro Account from FxOpen.
FxOpen Spreads & Execution
FxOpen offers one of the tightest spreads on their ECN Accounts and most notable, spreads on majors such as GBP and EUR are in the range of less than 2 pips. In terms of placing orders, traders have the convenience and flexibility to place limit or stop orders just 0 pips from the market price. The benefits of this are clearly seen for short term trades. FxOpen execution is quick although traders might notice latency in the range of 500ms or less, which shouldn’t really be a problem.
Traders can make use of EA’s as well which work quite well within FxOpen’s MT4 ECN bridge platform.
Overall, FxOpen offers a competitive ECN forex trading account. While the commissions might seem a bit on the higher side, the flexibility of trading on an MT4 ECN Account along with quick execution and scalping makes up for it.