FXOpen Review
Overview
FXOpen has been in the forex trading game for well in excess of a decade. Having started in 2005 with its fiat offering, FXOpen is truly an “old hand” in foreign exchange betting. It wasn’t until July 2016 that FXOpen decided to introduce Bitcoin deposits and withdrawals to their platform. However, FXOpen was then quick to embrace cryptocurrencies more broadly, and were the first forex service to offer Ethereum and Litecoin deposits/withdrawals alongside BTC.
Not only is FXOpen leading the way in Bitcoin/Ethereum as a deposit method for forex trading, but they also provide dozens of markets for cryptocurrency pairs using their specific “crypto” ECN (Electronic Communication Network) account. These crypto market pairs are extensive, and currently include Bitcoin, Litecoin, Ethereum, Namecoin, Peercoin, DASH and Emercoin.
Promotions
As with any good Bitcoin trading platform, there are always some bonuses on offer at FXOpen. FXOpen not only provides bonuses for their depositors, but have also partnered with ForexCup.com to provide regular tournaments where prizes are on offer for the platform’s top traders. FXOpen’s bonuses are regularly reviewed and added to this page – scroll up or click here to find them.
Support
The forex and Bitcoin gambling market more generally has often been tainted with slightly unscrupulous platforms and “fly-by-night” business owners. FXOpen is certainly not one of them. The platform provides all traders with live chat support as well as a dedicated customer portal, email address and phone line support for Russia, New Zealand, Spain, Germany and France. FXOpen has setup 3 different companies with each being regulated by a government body; The Financial Commission in Hong Kong, the FCA in the UK and the ASIC in Australia.
Security
As with all things on the FXOpen platform, security is taken very seriously. The company introduced 2-factor authentication in 2014 and all accounts are secured with an email and password. FXOpen also provides strict AML (anti-money laundering) checks, which you would expect from a financial trading company dealing with Bitcoin.
Restricted countries at FXOpen
Below is a list of countries that are not eligible to deposit at FXOpen:
Croatia, United States
FXOpen not available in your country? Filter all bitcoin gambling sites by country here.
Pros and Cons of Playing at FXOpen
- Large range of tools using MetaTrader 4
- Bitcoin, Ethereum and Litecoin deposits/withdrawals
- Great level of support and security
- Steep learning curve for new traders
- Outdated UI
FXOpen Forex Review
Screenshots from FXOpen Forex
Trading Platform
FXOpen uses the MetaTrader 4 software package for its trading platform, which can be used online in a browser or downloaded to a Windows, Mac or Linux computer. The MetaTrader 4 platform has retained a style that is in line with the more traditional Bitcoin forex trading sites. Those who are interested in the more edgy/modern styles that are typically associated with the new breed of Bitcoin forex platforms may be disappointed.
FXOpen is a platform without any bells and whistles. Instead of community chat there is a “forum”, and the toolbar available for manipulating graphical data is reminiscent of an early 2000s version of Microsoft Excel. Those who have experience with FX may find FXOpen to be precisely what they need, as the tools available are comprehensive, however those who have seen some of the more newly developed platforms may quite quickly be turned off by FXOpen’s out-dated and seemingly complex interface. However, you should never judge a book by its cover, how does FXOpen’s Bitcoin platform stack up “under the hood”?
Charts & Tools
FXOpen could not have a more comprehensive charting system. Available in full screen or windowed mode, the trader is able to easily switch between line, bar and candlestick charts as well as being able to manipulate the usual date and time interval settings. Bitcoin traders can also add additional lines to the graph to help set markers or limits as well as the ability to overlay Fibonacci Retracement ratios should they wish.
FXOpen stacks a lot more onto its Bitcoin platform too; from live market analysis and market news through to an economic calendar that can help traders identify potential future buying and selling opportunities. Traders can also overlay annotations onto charts to help keep track of price movements. Fortunately, FXOpen offers a demo platform which will help you familiarise yourself with trading before making your first deposit!
Crypto Currency Pairs & Spreads
FXOpen uses real market spreads for their Bitcoin trading platform. The real-time spread can be added alongside the bid/ask price table by right clicking this area and selecting columns > spread.
Spreads
BTC/USD: 180 pips
ETH/BTC: 6 pips
LTC/BTC: 2 pips
BTC/JPY: 135000 pips
Tradeable Cryptocurrencies
BTC
ETH
LTC
PPC
EMC
DASH
Fiat currency pairs are also available for trading.
Features
FXOpen features “stop loss” and “take profit” limits which allow Bitcoin traders to capitalize on gains or minimize losses without the need to actually hit the “sell” button. Stop losses are particularly important, as making the decision to set a maximum loss on your trade before you buy can remove the chance of poor emotion-based decision making later on.
Mobile trading is also available at FXOpen – deposit, withdraw and trade your Bitcoin from an Android or iPhone device. FXOpen also offers auto-trading options, including a VPS platform that comes with expert advisors and super-fast connections to various markets.
Visit WebsitePlay at FXOpen
Free registration securely from the official FXOpen server.
