Choosing FXOpen

For those interested, I did not pick FXOpen randomly and I’ll list some of the things that persuaded me to select it as my demo brokerage of choice and as one of the brokers that is being recommended on this website:

  • The spread on the ECN accounts is insanely good. Sure, the STP accounts are not bad either but the ECN accounts have extremely low spreads across all symbols.
  • Tick density is very high, I think the average exceeds 100 ticks per minute. Since you have more than one tick per second, slippage can occur but it’s as often positive as negative.
  • The spread, price feed and commission on my ECN live account is exactly the same as the one on the demo accounts.
  • Very attractive commission structure, starting from $5 per $100k round-turn and getting as low as $3.6 for accounts with a net deposit larger than $50k.
  • Decent minimum deposit for ECN accounts: $1000.
  • Awesome money management – minimum lot size and lot increment are 0.01.
  • Up to 1:500 leverage for accounts with deposits below $25k.
  • Naturally, the NFA bullshit restrictions (FIFO, hedging) are not enforced.
  • I’ve had a live ECN account with them for a very long time and I’ve never experienced any problems, not with execution nor with deposits and withdrawals. With bank wires, everything goes smoothly. It’s important to note that withdrawal to credit/debit cards can only be done as a refund or partial refund and consequently it has a time limit of 30 days, regardless of the deposit provider. I’ve seen a lot of people complaining about this aspect even though it’s clearly specified.
  • I’ve had to contact support on various issues ranging from questions to profile changes and the staff has always been prompt and curteous. Almost everything can be easily solved via the live chat support. I’ve only needed English support but I noticed live chat is also available in several other languages such as Chinese, Russian, Arabic or Malay.
  • Last but not least, an application is available that displays the market depth which is pretty nice for those who trade larger volumes as well as for those who use the available volume as an indicator in their trading process.

    Like I said, if you’re going to open a live account with FXOpen, I strongly recommend the ECN type. You can read more information about the account types on the FXOpen website.

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