FXOpen AU Pty ltd is an international forex broker that trades globally. The firm has been around for quite a while and has established a good reputation in the market. FXOpen AU Pty ltd launched its services in 2005 and has expanded since. The firm offers a variety of trading tools and platforms and clients have the liberty to opt for the options that suit their trading needs and continue with a seamless trading experience from the comfort of their home.
FXOpen AU Pty ltd is regulated by regulatory authorities in both, UK and Australia. In Australia, the Australian Securities and Investment Commission (ASIC) are responsible for looking after the company whereas in the UK, the Financial Conduct Authority (FCA) monitors the firm’s activities. With FXOpen AU Pty ltd, clients have the option to trade through either the MetaTrader 4 or the MetaTrader 5 platform.
All trading activities are carried out through an ECN business model and clients can trade multiple financial instruments that include Forex, indices, stock, commodities and cryptocurrency. To cater to its diverse client base, FXOpen AU Pty ltd offers multiple accounts which also includes an Islamic account, alongside ECN, STP, Micro, Crypto and PAMM.
In this review we will explore the different aspects of trading through FXOpen AU Pty ltd and the advantages and disadvantages that are attached with it.
FXOPEN AU PTY LTD OVERVIEW:
- Very low commission rates
- Leverage of up to 1:500
- MetaTrader 4 and 5 platforms available
- Fast execution of trade orders.
- ECN business model
- Fast deposits and withdrawals
- Trades 40 cryptocurrencies
COMPANY PROFILEFXOPEN AU PTY LTD:
Before becoming an international broker, FXOpen AU Pty ltd was an educational center where people could learn more about finance and technical analysis related to financial markets and trading. With time, the firm moved towards becoming a brokerage and started its services as a broker in 2005. The aim of the firm was to provide a trading environment where clients felt they were on the receiving end of a fair and transparent system.
FXOpen AU Pty ltd moved on to set up its headquarters in Saint Kitts and Nevis, where it has been registered and has now become an active member of the Financial Commission. Keeping in line with its goal of maximizing the ease of trading for its clients, FXOpen AU Pty ltd was the first firm that offered ECN trading through its MT4 platform. Furthermore, the firm has kept low commissions and competitive spreads.
Clients are allowed to choose from multiple trading accounts as mentioned above and can further improve their trading experience by opting for automated systems such as Myfxbook and Zulutrade. Clients can also choose to trade from a variety of cryptocurrencies. Overall, the firm serves as a safe and convenient broker.
FXOPEN AU PTY LTD REGULATIONS:
FXOpen AU Pty ltd is regulated by two top-tier regulatory bodies. The Financial Conduct Authority (FCA) supervises the firm in the UK and in Australia, the Australian Securities and Investment Commission (ASIC) keeps the firm in check.
The company’s headquarters in Nevis are registered under the number C 42235 which allows the firm to act as a counterparty for international customers related to retail. ASIC has issued a license for the firm’s offices located in Perth under the number ASFL 412871. This license authorizes the company to carry out financial services in Australia. The license also means that the activities of FXOpen AU Pty ltd should be in compliance with the services approved by ASIC.
To further enhance security and provides guarantee to its clients, FXOpen AU Pty ltd stores the funds it has in segregated accounts. These accounts are in Australia’s top-tier banks including the Commonwealth Bank of Australia, Lloyds Banks Plc and Barclays Bank Plc. There are strict policies in regards to the maintenance and protection of these funds that the firm has to abide by.
Furthermore, the Financial Services Compensation Scheme (FSCS) has also been implemented by the firm which protects client’s funds up to £ 85,000. However, this scheme is only applicable for clients residing in UK.
FXOpen – Open Trading Account
FXOPEN AU PTY LTD TRADING PLATFORMS:
As mentioned above, FXOpen AU Pty ltd offers different trading platforms to its clients. All of these platforms ensure a convenient trading experience for the clients and are ideal for carrying out trading activities.
1. METATRADER 4:
The MetaTrader 4 platform is an award-winning platform designed especially for FX, CFDs and cryptocurrency trading. It allows clients to trade with multiple instruments including Forex, Indices, Commodities and Cryptos. Users of this platform can make a gross account which comes with a ton of features. These features include a technical and in-depth analysis of the market, back-testing, alerts, trading signals, use of automated trading through EAs, trading directly from charts and an intuitive charting package
One of the major plus points of the MetaTrader 4 platform is its customization feature. This gives clients complete control of their trading activity as they can alter their strategies and styles according to their own preferences. Other than trading directly from charts, clients can also trade through a one-click trading method, trailing stop or place a market, limit or stop order.
The MT4 platform increases the ease of trading. Since it is compatible with android, iOS and Windows, FXOpen AU Pty ltd.’s clients can continue to trade on the go. The software can either be installed or downloaded but clients also have the option to resort to the web-based version that is compatible on all devices.
2. METATRADER 5:
Even though FXOpen AU Pty ltd hasn’t officially launched the MetaTrader 5 platform on its site, plans are under construction and very soon the MT5 platform will be available to clients. The MT5 platform is the most technologically advanced trading platform and is an excellent choice for both, amateurs and professionals. It allows customers to use three financial instruments that include forex, indices and commodities. In comparison to the MT4 platform, clients using the MT5 platform will have the option to choose between a gross account and a net account. These accounts have the same features as those of the MetaTrader 4 with the addition of an integrated economic calendar.
Similar to MT4, the MetaTrader 5 will also be available of all devices due to its compatibility with android, iOS and windows and clients will have the option of either installing the software or using its web-based version.
FXOPEN AU PTY LTD DEMO ACCOUNT:
Like most of its competitors, FXOpen AU Pty ltd does offer a demo account that allows clients to gain experience prior to trading in the real market. It provides a simulated trading environment and does not require any real capital. Clients have to provide certain details in order to activate their trading account and once the account has been activated, they receive $5,000,000 virtual funds that allows them to practice trading in a risk-free environment.
The account opening process is very simple and straightforward. Unlike most brokers, FXOpen AU Pty ltd.’s demo account does not expire after a 30-day period. This demo account has no expiration policy as long as the client continues to trade with it. Once clients think they have a strong hold over trading and are prepared to trade with real capital, they can then open a live account.
FXOPEN AU PTY LTD DEPOSITS AND WITHDRAWALS:
FXOpen AU Pty ltd charges no transaction fee, however, there are a few exceptions. The payment options that are available include:
- Credit Card
- Debit Card
- Visa
- Master Card
- Bank wires
- WebMoney
- Perfectmoney
- Yandexmoney
- FasaPay
ACCOUNT CURRENCIES SUPPORTED BY FXOPEN AU PTY LTD:
FXOpen AU Pty ltd allows trade through various currencies. These include the following:
- EUR
- USD
- RUB
- GBP
- CHF
- AUD
- JPY
- CAD
FXOPEN AU PTY LTD FEES AND COMISSION:
FXOpen AU Pty ltd charges lower fees than its competitors. However, unlike some brokers, there are commission charges unless clients are using an STP or Micro account. Non-trading payments have also been reduced to a minimum and an inactivity fee is imposed on dormant accounts.
1. TRADING FEE:
For clients using the ECN account, if the account balance is below $1,000, a commission of $3.50 is charged per lot. However, if this balance exceeds $1,000 and is between $1,000 and $25,000 then the commission charges are brought down to $2.50. As the account balance goes up, commission charges are reduced simultaneously. Similarly, if the account balance is between $25,000 and $250,000 then a commission of $1.80 is charged per lot and if the account balance exceeds $250,000 then this commission is brought down to a minimum of $1.50. Spreads for ECN account holders start form 0 pips. For high volume traders, these commission rates are further reduced.
For clients using the Crypto account, they are charged a commission of 0.5% per side with floating spreads and for STP account holders the commission charges are included in the spreads which start from 1 pip, similar to Micro account holders.
2. NON-TRADING FEE:
ECN account holders are required to make a minimum deposit of $100, whereas STP and Crypto account holders need to deposit at least $10. Micro account holders are given the privilege of only depositing $1 for the activation of their account.
As mentioned earlier, deposit and withdrawal costs are kept to a minimum. Clients can avail cost-free transactions through most methods except bank wires and WebMoney where the financial intermediary itself imposes some charges.
3. INACTIVITY FEE:
FXOpen AU Pty ltd marks all accounts, that haven’t been active for over 90 days, as inactive. Clients with inactive accounts get $10 per month deducted from their trading accounts and in case they plan on reactivating their account, they will have to pay the firm a reactivation fee of $50.
PROS:
- Deep liquidity and spreads starting from as low as 0 pips
- Cutting edge technology and ECN business model
- Minimum deposits required are low
- Wide variety of options that clients can avail for transaction purposes
- Latest news updates
- Forex calendar
- Professional market analysis
- Excellent customer service
CONS:
- Limited range of CFDs available
- Not enough educational and research tools available
CONCLUSION: SHOULD YOU TRADE WITH FXOPEN AU PTY LTD?
FXOpen AU Pty ltd, with over a decade of experience, provides a safe trading environment. The firm aims to offer liquidity to its client, while maintaining a transparent work mode. In order to facilitate its clients, the firm has incorporated cutting edge technology into its systems and platforms that helps in yielding optimum results and enhances customer satisfaction. The firm follows an ECN business model and thus all accounts are aligned with the ECN model which is an excellent choice as its give’s clients access to quotations from the market and keeps them updated with the liquidity available. If a client trades through FXOpen AU Pty ltd and their ECN business model, they will be at the liberty to act as either, liquidity providers and liquidity receivers. It is an ideal choice for clients who are looking for a platform where they can carry out automated trading alongside scalping and high frequency.
FXOPEN AU PTY LTD FREQUENTLY ASKED QUESTIONS:
1. Where are the headquarters of FXOpen AU Pty ltd located?
The headquarters are located in St. George’s Ter, Perth.
2. What industry does FXOpen AU Pty ltd fall under?
FXOpen AU Pty ltd falls under the brokerage finance industry.
3. What is FXOpen AU Pty ltd.’s average annual revenue?
On average, the firm earns an annual revenue of $7 million.
4. What technologies are used by FXOpen AU Pty ltd?
Ghost, Zoho Campaigns, Cloudflare, CDN and Google Tag Manager are some of the technologies used by the firm.
