The Internet is chock-full of brokers of all kinds, claiming to offer a variety of FX products and financial services. But with the Internet fraud on the rise, you don’t know who to believe, which is why you need to review every broker before you begin a trade. Because it is the broker that powers FX trade—they’re critical to Forex trading success. Among the many brokers online, our focus will be on a review of the FX Open broker. What is it, why does it matter, and what makes it unique from other brokers?
Traders need to scrutinize everything before they invest in it. The point here is for the traders to ensure that they have done their homework. Those initial reviews, researches, and preparations are the foundations for building a successful trade. So, without further ado, let’s do the review of the FX Open broker.
What is FX Open Broker?
As one of the leading Forex trading service provider, FX Open broker offers traders an opportunity to open an account and seamlessly launch an FX trading business. It also gives traders access to a variety of instruments in several markets, some of which include indices, commodities, and cryptocurrencies.
Even better, opening an account with FX Open broker is fast and easy. All you need is a minimum deposit of at least $1. You also have the option, before you open a live account, to open a demo account. With a demo account, you can practice trading, have a feel of what the real market looks, and become familiar with FX business.
FX Open is also legit. The broker is regulated by the Financial Conduct Authority, UK (FRN: 579202), and ASIC (AFSL #AFSL 412871 – ABN 61 143 678 719.). It puts all client funds in a segregated bank account and uses tier-1 banks to help clients operate their trading business.
Here are a number of benefits traders stand to enjoy when they subscribe to FX Open.
What Can You Enjoy with FX Open Broker?
There are a couple of perks that FX Open broker account holders stand to enjoy.
To begin with, traders will have access to the amazing MT4 forex trading platform, the smarter trading platform that offers smooth trades and accelerates profit. Users can simply use the MT4 platform on their devices—which they can download—on both Mac and Windows computers.
Another benefit for traders is excellent trade execution. If you have spent time on your own to do a review of FX Open broker, you’ll note that it allows you to execute a minimum trade of 0.01 Lot. Of course, this may vary depending on the account you open.
In addition, it’s important to understand that the FX Open broker offers ECN and STP execution. What that means is that as a trader, you will enjoy tight spreads, more leverages, and transparency over your trade execution.
But on the flip side, FX Open has its drawbacks. For example, a review of FX Open broker reveals that it has strict and delay in compliance. Before you begin to execute any trade, you’ll have to pass compliance, which takes some time. It also has a limited range of instruments among other disadvantages.
What You Will Need to Open an Account with FX Open Broker?
Not much. All you need to provide are:
- A scanned copy (colored copy) of your International Passport, driving license or national ID and;
- A utility bill or bank statement from the past three months showing your address
Also, be prepared to answer a few questions that are part of the compliance. You need to answer the questions so the FX Open broker will know about your trading experience and all.
FX Open broker is one of the foremost forex trading services. Regulated by the Financial Conduct Authority and ASIC, it offers incredible services to traders in a seamless fashion.
When you finally decide to open an account with FX Open broker, you’ll benefit from the following:
- Trade more with the incredible MT4 platform on your devices.
- Trade more with Bitcoin.
- Enjoy a minimum trade execution of 0.01 Lot.
Of course, you’ll have to abide by the company’s terms and wait for their compliance. But in the end, it’s worth it.