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FXOpen is one of the first forex brokers that offer cryptocurrency CFD trading. How do they provide the best trading condition for crypto traders?
For years, the forex market has been the most popular market for traders to take positions in and engage in trading activities. This is a market that hinges on movements in the value of global currencies such as the Euro or US dollar. But in recent years, an appealing alternative has emerged which is the cryptocurrency market.
The rising popularity of Bitcoin and other cryptocurrencies has led to the creation of new trading opportunities as traders can now use CFDs to take trading positions on price movements in the crypto market without having to own the underlying asset.
Amid the rising popularity of cryptocurrencies, some coins that stand out among the rest are Bitcoin, Ethereum, and Litecoin due to the immense potential they hold in terms of investment and speculation. This immense potential is something that FXOpen allows interested traders to capitalize on and make some significant profits.
FXOpen allows the trading of cryptocurrencies like Bitcoin and Ethereum against fiat currencies such as the Euro, Japanese yen, or the US dollar in the form of CFDs. The broker uses top liquidity providers (Exchanges) which will allow the aggregation of liquidity and hedging of the traders' exposure to risks. This means that traders will have access to deep liquidity and the execution of orders is based on the ECN Aggregator. Furthermore, traders get access to tight market spreads and low trading commissions while the broker gains benefits with the expansion of the trader's trading volume and profits.
FXOpen started its operation as an online trading provider for retail clients since 2005. The company was founded by a group of traders with a mission to provide services that refer to the interests of traders. FXOpen claimed to be one of the firsts to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.
In 2006, FXOpen also became the first broker to offer a micro account and a swap-free account. After that, they continue to be the pioneers of several new and high-tech services, including the first Crypto account that can provide trading facilities on 24 Cryptocurrency pairs such as Bitcoin, Litecoin, and Ethereum.
Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one click of the mouse. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.
A variety of trading accounts are provided such as STP, Micro, ECN, and free unlimited demo accounts. The minimum deposit for each account depends on the account type; USD1 in Micro Account, USD10 in STP and Crypto Accounts, and USD100 in ECN Accounts. As for leverage, FXOpen offers up to 1:3 (for Crypto Accounts), and up to 1:500 (for Micro, STP, and ECN Accounts).
Besides, traders can enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders. Thus, traders can replicate the results of professional traders' strategies.
The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen, namely STP, ECN, and Crypto PAMM.
On ECN accounts, traders will get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account has become a trader favorite.
After seeing the various advantages offered by FXOpen, traders can easily register an account, simply by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if the trader will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.
Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.
Furthermore, free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain equity of USD5,000 at the end of the month or trade with a trading volume of USD10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.
Trading on FXOpen is made easier because traders can add insight into trading by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions that are free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.
The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish information about fiat and crypto-currency trading. There are 3 types of partnership levels, including Forex IB (Forex Agent) that attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.
In Conclusion, FXOpen is a well-rounded forex brokerage for traders with a desire to try various trading instruments, a trading environment in ECN account, low minimum deposits, the best cryptocurrency trading condition, as well as interesting trading features like PAMM and demo contests.
There is no restriction on the type of trading strategies as the broker welcomes all popular trading strategies whether it is scalping, hedging, or the use of expert advisors. In addition, traders can use up to 1:3 leverage.
Overall, there are more than 40 cryptocurrency markets that traders can gain access to where they can test their specific trading strategies to make substantial profits. It also represents an opportunity for traders to diversify their portfolios with 24/7 trading at home or on the move via the FXOpen app.
What You Need to Know
Traders should be aware that one of the unique features of the crypto market is its volatility which can be extreme sometimes. Also, the availability of leverage increases the risk of trading in such a highly volatile market. This is why traders are advised to never risk more money than they can afford to lose so that they do not end up losing their complete portfolio. It is also important for traders to understand how both the crypto market and CFDs work so that they can be better prepared to tackle the challenges they might face. Furthermore, FXOpen provides a Knowledge Base that traders can benefit from to gain more insight and support on anything they might need.
Where to Find the Information on the Official Broker Site?
- This information is reported per Apr 19 2024.
- We can not ensure if this offering is still available or remain the same in future.
- The broker announcement page may or may not exist anymore, You may explore FXOpen homepage and try to find "Promotion" section on the menu, footer, etc, to ensure the availability and validity of this promotion.
Benefits of CFD Crypto Trading with FXOpen
- A single platform with several markets and instruments
Traders are free to build their portfolios however they choose because apart from the crypto market, the FXOpen platform is dynamic enough to allow trading of other financial instruments such as forex, commodities, indices, and share CFDs all on the same platform. - Safety and security of crypto investments are guaranteed
Traders can rest assured that their deposits for trading are completely safe and secure. The deposits can be transferred from various methods, including Fasapay. - A customizable crypto trading platform
Traders are given full freedom to tailor the platform to how it suits them which is why there is no limit to the kind of strategies that can be employed. Therefore, traders are in complete control of their trading decisions and how they can utilize the features that are available on the platform. - Investing in cryptocurrencies directly from the chart
Traders can invest in cryptocurrencies straight off the chart as the crypto trading platform offers three types of orders that traders can place namely: market, limit, and stop. This is made possible via the several manual trading options that FXOpen offers to all its clients. - Automatic crypto trading with ready-made scripts
Traders can download and use scripts that are ready-to-go for executing automated crypto trades. There is also the option for traders to create self-made scripts which can ensure that trades are executed in a way that suits the trader and at a specific time chosen by the trader. - Insights and analysis to help with trading decisions
FXOpen wants traders to have solid confidence in their trading decisions which is why the broker offers over 50 in-built indicators and graphic tools to provide the needed analysis, insights, and market news.
The FXOpen Crypto Trading Platform
FXOpen has a distinct price aggregation that makes it one of the most excellent crypto trading platforms for professional traders. The broker features Electronic Communication Network (ECN) accounts that provide traders with the most cost-effective form of trading while allowing them to capitalize on favorable market conditions.
The trading platform also features expert advisors to support crypto traders, as well as allows scalping and hedging. Major features of the FXOpen crypto trading platform include:
- Floating spreads
- 30% margin call
- A minimum lot size transaction of 0.01 with no maximum
- Leverage of 1:3
- 24/7 trading time
Overall, FXOpen places no restrictions on traders within acceptable trading parameters as they are in full control of their portfolio, trading decisions, and order executions. Also, the trading portfolio is not limited to cryptocurrencies alone as other financial instruments can be added without interfering with one another.
The process of opening an account in FXOpen is simple and quite straightforward. The minimum deposit requirement is $10 or equivalent in other accepted base currencies. There is a stop out of 15% and a demo account is available as well for traders to get familiar with the platform before opening a live trading account. Traders should also be aware that an inactivity fee at the rate of $10 per month is charged when an account is not used for an extended period of time.
FXOpen is a forex brokerage that has been offering services since 2005. It is currently one of the most successful forex brokers in the world. Since the very start, FXOpen aims to make forex trading more professional, easy to access, and secure.
18 Comments
Ferran
Mar 28 2023
I'm new to trading and just starting to learn about Forex, but I'm curious about crypto trading too. I read an article that explained some differences between crypto and forex trading, such as leverage and operating hours. While leverage can vary across different assets, I'm more interested in the operating hours. According to the article, crypto trading can take place 24/7, which is different from Forex that operates only from Monday to Friday or 24/5.
I'm curious about how crypto trading can operate around the clock and whether brokers like FX Open offer this feature?
Pedro
Mar 28 2023
Let me answer, mate. The cryptocurrency trading can take place 24/7 because it's decentralized, which means that it doesn't rely on a central authority or exchange to facilitate trades. Instead, cryptocurrency trades take place directly between buyers and sellers on various online platforms and exchanges. Meanwhile Forex is centralized because it is currency and it controlled by central banks. It answered why Forex only active when Monday to Friday.
In terms of brokers like FX Open offering 24/7 crypto trading, it depends on the specific broker and their trading platform. Some brokers may offer 24/7 crypto trading, while others may only operate during specific hours. It means, FX Open offer 24/7 crypto trading meanwhile the other broker may only offer either 6 days or 5 days.
Hendra
Apr 10 2023
I'm a beginner at FXOpen and I'm still learning about forex and trading CFDs. I've heard the term 'stop out' many times, but I'm not sure what it means exactly. As far as I understand, if your account reaches the stop out level, all of your open positions will be closed automatically, and if you have floating losses, they will be cut. I noticed in the article that FXOpen has a stop out level of 15%, but I'm not sure how to determine if I'll reach it. Could you please explain how the stop out level works and how I can avoid reaching it? Thank you in advance
Kenny
Apr 12 2023
In FXOpen, the stop out level is set at 15%. This means that if your account's margin level falls below 15%, your trades will be automatically closed. For example, if you have a $1,000 trading account and your open positions require a margin of $900, your margin level would be 90% ($900/$1,000). If the market moves against you and your account's equity falls to $140, your margin level would fall to 14.0% ($140/$1,000), which is below the stop out level of 15%. At this point, your trades would be closed by FXOpen.
So, to see your stop out level, just simple see your margin level and just find it in your favorite trading platform! Read more about Stop Out here.
Samm
Apr 10 2023
Diversification of investments across various asset classes is an effective investment strategy to mitigate the risks associated with investing in a single asset class. The traditional asset classes like Forex, stocks, and indices have been popular for a long time, whereas cryptocurrencies have emerged as a new and exciting asset class in recent years.
The decentralized nature of cryptocurrencies and their trading availability 24/7, including weekends, make them an attractive investment opportunity for investors. FXOpen is an online trading platform that offers access to over 40 cryptocurrencies, making it an excellent choice for investors looking to diversify their portfolios. With a user-friendly interface, traders of all levels can easily trade, buy, and sell these assets. Overall, diversification of assets is essential, and investing through a reliable platform like FXOpen can provide investors with a diverse range of assets to invest in.
Sonja
Apr 11 2023
I am interested in learning more about the leverage offered by FXOpen for crypto trading. I noticed that the maximum leverage for crypto trading is only 1:3, which seems low compared to other brokers. I am wondering if this level of leverage is sufficient for effective trading, especially since the minimum deposit for the STP Standard account is only $10.
Additionally, I am curious about the ion of cryptocurrencies available for trading on FXOpen. Are popular cryptocurrencies like Bitcoin, Ethereum, and Litecoin included in their offerings? As someone who is relatively new to trading and cryptocurrency, I am looking for a platform that offers a diverse range of assets to trade and competitive leverage options to help me achieve my investment goals
Victor
Apr 12 2023
So, you're asking about the leverage thing in FXOpen's crypto trading, right? Well, the deal is that they only offer a leverage of 1:3. It means that for every buck you have, you can trade three bucks worth of crypto. Now, you might think that's kinda low compared to what you can get in forex trading, but here's the thing: crypto is pretty volatile, and high leverage can really screw you over if the market moves against you.
But hey, the good news is that FXOpen has got a bunch of popular cryptocurrencies that you can trade. You've got your Bitcoins, Ethereums, Litecoins, Ripples, and Bitcoin Cash, and they've got some other less popular ones too. So, you've got plenty of options to choose from!
Kendz
May 20 2023
Hey there! So, if you're a beginner looking to dive into CFD crypto trading, how beginner-friendly is the FXOpen platform? I've heard that FXOpen offers a single platform where you can trade crypto, forex, commodities, indices, and share CFDs. That's awesome! Can you give me the lowdown on how FXOpen makes it super easy for beginners to get started? I mean, having everything in one place sounds convenient. How does FXOpen provide a user-friendly environment where beginners can build diverse portfolios and explore different trading opportunities without any hassle? Thanks a bunch!
Rick
Oct 22 2023
@Kendz: Absolutely yes, FXOpen offers an excellent platform for beginners venturing into CFD crypto trading and a variety of other asset classes. Their all-in-one platform is designed with user-friendliness in mind, making it an ideal choice for those new to trading. Here's how FXOpen ensures a hassle-free experience for beginners:
Firstly, the platform features an intuitive and easy-to-navigate interface, ensuring that even newcomers can quickly find the assets they want to trade and execute their orders seamlessly.
FXOpen typically provides a wealth of educational resources, including tutorials, webinars, and guides, to help beginners grasp the fundamentals of trading and gain a deeper understanding of various asset classes.
Demo accounts are often available, allowing beginners to practice trading with virtual funds, thereby gaining valuable experience without any financial risk. This is a great way to build confidence and refine trading strategies.
Moreover, FXOpen's all-in-one platform enables beginners to build diversified portfolios effortlessly, as they can explore different asset classes and trading opportunities all in one place.
Bruno
May 22 2023
You know, I've been doing some research on hedging lately, and I came across this article about crypto trading in FX Open, that offers hedging options in both Forex and crypto trading. But here's the thing—I'm a bit concerned about the risk factor involved in hedging. I mean, it sounds like a great strategy to mitigate losses, but I'm wondering just how risky it can be in practice.
So, I was hoping you could provide some insights into the risks associated with hedging, specifically when it comes to Forex or crypto trading on FX Open. Are there any specific challenges or pitfalls that traders should be aware of? And what about the effectiveness of hedging as a risk management tool?
I'm particularly interested in understanding how the process of hedging works on FX Open. Are there any specific features or tools they offer to facilitate hedging strategies? And what measures can traders take to effectively manage the risks involved in hedging?
Karim
May 26 2023
@Bruno: Let me answer!
Hedging, specifically when it comes to Forex or crypto trading on FX Open. There are a few things to watch out for. One of the main risks is that hedging might limit your potential profits because you're basically offsetting positions to reduce your exposure. Plus, there can be costs involved, like spreads, commissions, or swap fees, that you need to consider.
Now, when it comes to hedging on FX Open, it's important to understand the specific challenges and pitfalls you might face. Things like market volatility, price swings, and executions can affect how well your hedging strategy works. It's crucial to stay updated with the market conditions and keep in mind that hedging might not always give you the results you're hoping for due to these market dynamics.
Hedging can be a useful tool for managing risk, but it's not a magic bullet. It helps you reduce downside risks by offsetting potential losses with opposing positions. Just keep in mind that it won't completely eliminate all risks—it just lessens them to some extent.
Tony
May 27 2023
Hey there! I'm keen to know how FXOpen's platform caters to crypto traders like us. Do they offer a wide range of cryptocurrencies for us to trade? I'm talking about the big boys like Bitcoin, Ethereum, Ripple, and maybe some altcoins too. It's important to me that they've got a good variety because I like to diversify my crypto portfolio, you know what I mean?
Now, let's talk about the features. We all know the crypto market can be wild, with its crazy volatility and non-stop action. Does FXOpen's platform handle that? Can I trade cryptos 24/7, without any restrictions? I don't want to miss out on any big moves just because the market closes, ya feel me?
But it's not just about availability, mate. I want a platform that's packed with tools to help me analyze the crypto market and make smarter trades. Does FXOpen provide advanced charting tools? Can I use technical indicators to spot trends and find entry and exit points? I want to stay on top of my game and make informed decisions.
So, if you've got any insights on how FXOpen's platform works for crypto trading, I'd be stoked to hear it. The more details, the better. Cheers, mate!
Nabil
May 30 2023
@Tony: Hey, mate! Let's dive into FXOpen's platform and see how it caters to crypto traders like us. When it comes to cryptocurrencies, FXOpen does offer a good range for you to trade. You'll find all the big boys like Bitcoin, Ethereum, Ripple, and they may even have some altcoins on their list. So, you'll have plenty of options to diversify your crypto portfolio and ride those waves.
Now, let's talk about handling the wild crypto market. With FXOpen's platform, you can trade cryptos 24/7 without any restrictions. That's right, no need to worry about missing out on big moves just because the market closes. You'll have the flexibility to jump in and out whenever you spot an opportunity. It's all about keeping up with that non-stop action!
But it's not just about availability, my friend. FXOpen's platform comes packed with tools to help you analyze the crypto market and make smarter trades. You'll have access to advanced charting tools to study those price movements. And guess what? You can use technical indicators to spot trends, find those perfect entry and exit points, and stay on top of your trading game. It's all about making informed decisions, right?
Ousimen
Oct 27 2023
There's a fascinating tidbit in the article that piqued my interest. It's where the article highlights the broker's inclusive approach to trading strategies, embracing a wide spectrum that covers everything from scalping, hedging, to employing expert advisors. And to sweeten the deal, they even offer traders the potential to leverage up to 1:3, a particularly enticing proposition for those venturing into FXOpen Cryptocurrency.
Now, here's my question, and it's a bit more intricate: Do brokers exist in the market landscape that firmly prohibit scalping as a trading strategy? I can wrap my head around certain limitations or restrictions, like hedging, due to varying regional regulations, but an outright ban on scalping does seem rather peculiar. From my understanding, there isn't a universal, one-size-fits-all rule in the industry that categorically forbids scalping, am I correct in this assumption
Galuh
Mar 22 2024
So, there's this cool thing I came across in the article that got me interested. They were talking about how the broker is all about embracing different trading strategies, like scalping, hedging, and even using expert advisors. And to make it even sweeter, they're offering traders the chance to leverage up to 1:3, which sounds pretty tempting for anyone looking into FXOpen Cryptocurrency.
But here's something that's been bugging me: Are there brokers out there that straight-up ban scalping as a trading strategy? I get it if they have some restrictions here and there, like with hedging because of regional rules, but saying no to scalping altogether seems kinda odd. As far as I know, there's no one-size-fits-all rule in the industry that says you can't scalp, right?
Keane
Mar 24 2024
Absolutely! While there are brokers out there with various rules and restrictions, banning scalping outright is pretty rare. Sure, some might have limitations or conditions around scalping, but it's not usually a total deal-breaker. The thing is, scalping involves making lots of quick trades to capitalize on small price movements, and not all brokers are set up to handle that kind of activity. But outright banning it? That's not the norm. Generally, brokers want traders to feel comfortable using different strategies that work for them. So, while you might need to shop around to find a broker that suits your scalping style, you're not likely to hit a dead end.