FX Open Bitcoin Broker Review
FX Open Bitcoin Broker Review | we will explain why FXopen is one of the Best brokers in the world for trading Crypto Currencies and why when you plan to tradeBitcoin they should be among the brokers you will consider
FXOpen Bitcoin Offering Broker | FXopen was originally not launched as a brokerage but as a financial trading educational center in Egypt. Then in 2005 they made the decision to become a full-service forex broker for the retail traders' industry. Coming from the education aspect of trading they were very much aware of what was lacking at that time in the forex market and with most of the brokers. aiming for clarity and transparency FXopen has a clear mission and the financial means to realize it.
The second part of their mission statement was innovation and implementation for new technologies that should provide the traders with even better tools. Keep in mind this was in the early days of forex trading online.
A broker could at that time still distinguish themselves from others with what technologies there were offering.
For example, the introduction of the popular ECN MT4 platform revolutionizing the trader's industry as retail traders for the first time could access inter-bank rates directly, this helped them to lower their trading costs significantly.
FXOpen is regulated by the FCA and regulations under license number FRN: 579202 in the UK. Besides the British regulation
FXopen is also active in Australia under the brand name FXOpen AU Pty Ltd, which is regulated by the Australian Securities and Investment Commission better known as ASIC.
The fact that have maintained these very restricted licenses shows that FX Open is prepared to take its client activities on their platform very seriously.
The good thing about the british licesene over for example the cysec one from Cyprus is that regardless of whether or not you are a citizen in the UK , funding your account with the brokerage that holds the license will always come with an insurance of £50,000. This prefents customers from incurring losses up to that amount in case the broker goes bankrupt
MT4 is ideal for traders of all levels because it is highly customizable, has the latest in technology implemented, easily integrated with EA ( expert advisors) and last but not least, it offers fast execution in the market.
In addition to the download version, FXOpen offers also the popular MT4 WebTrader which allows traders to trade like on most other web-based trading platforms without having to downloaded the software on their PC.
This is a browser-based, and is very convenient and easy for those who trade on the while moving around. Thou most people today have laptops there are still enough traders that have a stationary computer at home that simple cannot be dragged around everywhere.
I have to say thou that time has caught uyp somewhat with the web based trading platforms as most people twill use the mobile applications that offer the same trading optiong and FXopen also provides a trader with this solution.
They have MT4 mobile app for Android, iOS and tablets in general.
What account types does FXopen offer?
FXOpen offers various accounts for clients in order to cater to traders of different levels and traders that have different requirements these are the accounst:
FXopen Crypto Trading Account
This account is specially for you actually aas it is made for traders that look to trade Bitcoin, Litecoin,and Peercoin.
Because of the the high volatility and dramatic price moves Crypto-currency has shown its great potential as an investment instrument,
The Minimum deposit for a Crypto account at FXOpen is only$10 so it is easy and cheap to start . Commission is 0.25% half-turn. You can find all the details below
Minimum transaction size is 0.01 lot and there is no upper limit. Scalping, hedging, phone dealing, news trading is all permitted.
FXopen ECN Trading Account
A trader has under this account direct access to the market which is moved by the banks, centralized exchanges, companies, open brokers and other players.
The benefits of ECN accounts are :
- best execution,
- Lowest spreads.( from 0 pip, a minimum investment of $100, minimum lot size of 0.01 and 1.5USD commission per lot traded)
- no dealing desk the broker won’t trade against you (hedge your account).
FXopen STP Trading account
With this FXOpen account, you get to enjoy all the benefits of an ECN account but with a minimum deposit of $10 only.
Like ECN account, this account offers a wide range of tradable financial instruments
The account does not restrict the use of automated trading, EAs, or strategies such as scalping, hedging etc.
The minimum lot size that you can trade is 0.01. Finally, this account does not charge commissions, and there is no maximum balance requirement.
FXopen Micro Trading Account
This is for people that really want to start with the lowest amount possible. As account lets you start trading with as little as $1.
As a trader you should not expect to make any money on this account but in general it is very usefull for beginners and for experienced traders that want to test an EA or forex Signals or any other system where they have to trade with real money but do not want to commit to higher amounts
All strategies are allowed and there are no commissions with this account, The smallest transaction that can be traded is 0.1 microlots..
FXopen CFD Trading Account
Also more and more people start trading commodities as the market is easier to understand. Indices, trade oil, natural gas and metal are traded on the ECN trading environment the same as the currencies so for many this is a very small step.
FXopen Demo Trading account
If you want to learn how to trade dor just want to see how the MT4 of FX open is working the Demo account gives you this opportunity. FXopen Bitcoin Trading can this way be practiced without any risk of losses.
FXOpen offers demo trading for all account types.
Spread and commission
Commissions are depending on the account type you selected. FXOpen offers floating spreads for all account types.
FXopen Customer support
The FXOpen support department is available 24/5. this is not around the clock and since now crypto currencies might be traded also during the weekends on some brokers we might see a change in this, for the moment they will be there by Mail, chat or phone from Monday till Friday.
FXOpen Bitcoin Trading account
they are one of the first to actually have a dedicated accounts specially for the cryptocurrency trading community.
here the rules are a little bit different from regular Forex trading . even thou we are talking about currencies you have to see them as commodities , this way the rules spread and also the leverage will make more sense to traders that normally trading only currency pairs.
|Crypto trading account|
|Account currency||USD, EUR, GBP, RUB, JPY,
*Bitcoin (mBTC), Litecoin (LTC), Ethereum (ETH), and Dash
|Minimum deposit||from $10 (or equivalent in other currency)|
|Maximum balance||without limitations|
|Minimum transaction size||0.01 lots|
|Maximum transaction size||without limitations|
|Minimal increment||0.01 lots|
|Instruments||24 pairs with BTC, LTC, ETH, DSH, EMC, NMC and PPC|
|Market depth with level 2 quotes||Yes|
|Inactive account fees||maintenance - $10 per month;
reactivation - $50;
- *All values for Bitcoin-based accounts in MetaTrader 4 (including account balance, profit, etc) are indicated in mBTC (milibitcoin). 1 mBTC equals 0.001 BTC.
- All values for Litecoin-based accounts in MetaTrader 4 are indicated using 1 LTC (Litecoin).
- **The round-turn commission is equal to 1% of the base currency. Right after you open a trade, you will see the round turn commission charged.
Trading commissions are a subject to review in case of high trading volumes.
The minimum commission per transaction is 0.01 units of the MT4 account currency.
- Commission may vary if you open an account through an affiliate, IB or franchise. Please, contact your referring agent for details.
- ***For overnight positions we charge an additional commission equal to the Swap rate of the particular currency pair.
|Symbol||Description||Spread*||Size of 1 lot||Min lot||1 pip for 1 lot||Margin||Stop||Market Order||Stop Order Max Slippage|
|(in quote currency)||call||out||Max Slippage|
|BTCEUR||BitCoin vs Euro||from 0 pips||BTC 1||0.1||EUR 0.001||30%||15%||83,000||83,000|
|BTCCNH||BitCoin vs Chinese Offshore Yuan||from 0 pips||BTC 1||0.01||CNH 0.01||30%||15%||36,700||36,700|
|BTCJPY||BitCoin vs Japanese Yen||from 0 pips||BTC 1||0.01||JPY 0.01||30%||15%||290,000||290,000|
|BTCRUB||BitCoin vs Russian Ruble||from 0 pips||BTC 1||0.1||RUB 0.01||30%||15%||367,000||367,000|
|BTCUSD||BitCoin vs US Dollar||from 0 pips||BTC 1||0.01||USD 0.001||30%||15%||38,000||38,000|
|DSHBTC||Description Dashcoin vs BitCoin||from 0 pips||DSH 1||1||BTC 0.00001||30%||15%||80||80|
|EMCBTC||Emercoin vs BitCoin||from 0 pips||EMC 1||10||BTC 0.00001||30%||15%||10|
|ETHBTC||Ethereum vs BitCoin||from 0 pips||ETH 1||1||BTC 0.00001||30%||15%||900||900|
|LTCBTC||LiteCoin vs BitCoin||from 0 pips||LTC 1||1||BTC 0.00001||30%||15%||200||200|
|NMCBTC||NameCoin vs BitCoin||from 0 pips||NMC 1||10||BTC 0.00001||30%||15%||70||70|
|PPCBTC||PeerCoin vs BitCoin||from 0 pips||PPC 1||10||BTC 0.00001||30%||15%||80||80|
Our spreads could be increased with news or other high/low volume conditions.
Swap – a charge that is incurred by Customers who move their positions to the next trading session – is applied on Crypto accounts.
Swap size: 18% per annum of the value of an open position.
Swap calculation: The swap is given in percent per annum. Since swaps are calculated and charged every day at the end of the trading session, the calculated amount of the annual interest rate is divided by 360. When charging swaps, first the cost of one symbol lot is calculated (the symbol of the opened position), and then the specified percent is calculated, the obtained amount is multiplied by the position volume (in lots) and the result is divided by 360. If the base currency of the symbol is different from the deposit currency, the swap is converted into the deposit currency.
The conversion is performed using the average price at the moment of swap charging: (Bid+Ask)/2.
Overnight from Wednesday to Thursday a triple SWAP is charged.
FXopen Bitcoin Broker Details
|Regulated By||FCA, FSA|
|Number Of Employees||100|
|Contact Information||Tel:+44 (0) 203 519 1224|
|Deposit Options||Credit Card, Moneybookers, Neteller, Skrill, Webmoney, Wire Transfer|
|withdrawal Options||Credit Card, Moneybookers, Neteller, Skrill, Webmoney, Wire Transfer|
|24 Hours Support||Yes|
|Support During Weekends||No|
|Customer Support Languages||English, French, Russian|
|Supported Trading Platforms||MT4, MT5|
|Commission On Trades||Yes|
|Guaranteed Stop Loss||No|
|Guaranteed Limit Orders||No|
|Has VPS Services||Yes|
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