|Type of Broker||ECN , No dealing desk , STP|
|Islamic Account (Swap Free)|
|Deposit Options||Bank Wire Transfer , Credit Card , Neteller , Skrill|
|Withdrawal Options||Bank Wire Transfer , Credit Card , Neteller , Skrill|
Bonus & Rewards
|No Deposit Bonus|
|Bonus for First Deposit|
|Is the Bonus Based on the Volume of the Transaction?|
|Platform Type||MetaTrader 4|
|Platform Languages||English, German, Russian, Chinese, Multi-lingual|
|OS Compatibility||Mac OS , iOS , Windows , Android|
|Streaming News Feed|
|Trade From Charts|
|Guaranteed Stop Loss|
|Guaranteed Limit Orders|
|Interest on Margin|
|Customer Support Languages||English, Russian, French|
|Customer Service Hours||24h|
|Place Trades Over the Phone?|
FXOpen UK - Review
Launched in 2013, FXOpen UK is an online trading platform that is owned by FXOpen Ltd. They are also part of the FXOpen Group of companies. FXOpen UK itself is based in London and is regulated by the UK’s Financial Conduct Authority (FCA). FXOpen UK was set up in order to bring the core values of its parent company to traders who are mainly based in the UK and Europe.
Their corporate mission is to provide their traders with the tightest spreads in the industry as well as a conducive trading environment with the goal of empowering the traders.
As a full ECN/STP broker FXOpen UK do not take the other side of the trades, but pass them on to liquidity providers and banks, meaning there is no conflict of interest between the broker and the trader. Operating with full transparency and fairness, FXOPen UK’s traders can be assured of their peace of mind when it comes to the safety of their money.
As for the trading platforms that are available at FXOpen UK, traders have a choice of 3 versions of the MetaTrader 4 (MT4) trading platform. This platform is considered as the most popular trading platform in the spot forex and CFDs industry, as more than 90% of the retail FX trading volume is executed through it. This is hardly surprising as the platform is packed with features such as:
- 3 types of Executions – Instant Execution, Market Execution and Trailing Stops
- Automated Trading
- Comprehensive Charting Package
- Over 50 Built In Technical Indicators
- Trading straight from the charts
With these sophisticated and advanced features, it is of little wonder why the MT4 is so popular among traders from across the world.
To cater for the different categories of traders signing up with them, FXOpen UK have provided 2 main types of trading accounts to suit their varied trading needs.
ECN (Electronic Communication Network)
The FXOpen group of companies is actually the first online forex broker that offer their traders ECN trading on their MT4 platform. The network which links all the major liquidity providers together and matches the trading orders with the best rates in real time. Through the ECN accounts, FXOpen’s traders can trade on the interbank spread while paying a small commission to FXOpen UK for the ECN services. ECN accounts at FXOpen UK are categorized into:
- Basic ECN
$300, €300, £200 Minimum Deposit
- Standard ECN
$1500, €1500, £1000 Minimum Deposit
- Advanced ECN
$50000, €50000, £30000 Minimum Deposit
The ECN accounts also allow traders to trader in CFDs or Contract for Differences. These are financial instruments that allow traders to speculate on the price of an underlying asset without having to own the actual asset. FXOpen UK’s CFDs currently covers market indices, crude oil and the natural gas market.
STP (Straight Through Processing)
With a minimum deposit of $300, €300, £200, traders can already start trading from an STP account. The STP account combines the advantage of real time market execution with the commission built into the price already. Although the minimum transaction size can be as small as 0.01 lot, the leverage ratio is up 1:500.
In order to give novices a chance to experience the fell of live trading, FXOpen UK has very generously provided them with a free demo account facility. Traders just need to register (without any obligation) to gain access to the demo account facility.
Commission & Spreads
The commissions that are payable on 1 lot when trading from an ECN account depend on the type of ECN account the trader has. For the Basic ECN account, the commission is 5 units of the base currency. Standard ECN account has to pay 2.5 units of the base currency while the Advanced ECN account is charged 1.8 units of the base currency.
As for STP trading accounts, the spreads which are payable depend on the market liquidity.
Customer support at FXOpen UK is available from 8am to 8pm during the trading week. To reach the support staff, traders can communicate by using email, live chat or call them directly on the telephone.
- Choices of Trading Accounts
- Commission from as low as 1.8 units
- ECN Broker
- FCA Regulated Broker
- Low Minimum Deposit Requirement
- Ultra Tight Spreads
- Platform choice limited to MT4
- No Multi Lingual Support
- No Promo Offers
- No Fixed Spread
Although FXOpen UK is considered a fairly young broker, the fact that the FXOpen group has already established a positive reputation among the online trading community means FXOpen UK is likely to replicate the Group’s success.