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FXOpen provides numerous trading accounts to cater to traders with varying expertise and experience. The ECN vs STP account is two of the most popular one in this broker.
FXOpen was one of the first online brokers I signed up for many years ago, and they continue to be one of the most popular even to this day. They are a registered ECN broker that provides you with some of the greatest trading conditions imaginable, including low spreads, rapid trade execution speeds, and cheap commissions.
You may gain access to trading systems that are simple to use on desktop computers, mobile devices, and online. They provide you the ability to trade hundreds of different products across a wide variety of asset classes. In addition to that, FXOpen broker gives you several different alternatives for financing your account that is both easy and simple to use.
Trading accounts, trading platforms, managed accounts, analytical tools, trading signals, free virtual private servers (VPS), quick financing options, and outstanding customer service are some of the services included in the extensive ion of offerings. When it comes to trading or funding with them, I have never had any problems, and the fact that they are regulated provides me with the peace of mind that my funds are secure.
FXOpen provides numerous types of trading accounts to cater to the requirements of traders with varying degrees of expertise and experience. You can choose among all types of real accounts most appropriate for your trading style, investments, level of risk, and portfolio.
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.
STP Account
The STP trading account requires only $10 to get started and yet offers all of the benefits of ECN real market execution. This form of account does not incur a commission fee; nevertheless, spreads are often wider than other account types.
The fact that the minimum deposit requirement is far lower than the industry standard of about $200 is something that I find to be quite appealing. In STP accounts, also known as "straight through processing" accounts, the trading commission charged by the broker is included in the spread. The STP spreads change depending on the number of buys and sells orders in FXOpen's ECN at any one time.
The smallest lot size allowed is 0.01, and accounts with a balance of less than $25,000 are eligible for variable leverage of up to 1:500. There are no restrictions imposed on trading strategies, and all methods, including scalping, hedging, and the use of advisors, are accepted.
ECN Account
The ECN account is the most common type since it provides traders with access to the greatest pricing, spreads, and execution speeds, along with an interbank liquidity pool. The way in which an ECN model connects many market players, such as banks, centralized exchanges, brokers, corporations, and private investors, is something that really appeals to me.
This liquidity is combined with the price aggregating technology offered by FXOpen. It enables the company to offer real variable market spreads beginning at only 0 pips and flawless order execution. Because your order is matched against an opposing order from another ECN participant, FXOpen does not have a dealing desk, which ensures no potential for a conflict of interest.
Scalping, news trading, automated high-frequency trading (HFT), expert advisors, and hedging are all permitted on this account because there are no restrictions placed on the trading strategies that may be used. The necessary minimum deposit is one hundred dollars, and the minimum lot size is one-hundredth of a unit.
Commissions begin at just $1.5 per normal lot, and customers have access to variable leverage of up to 1:500. This real account gives you access to more than 70 different Forex and CFD trading options, giving you the widest variety of trading instruments possible. Yet, it has the most stringent requirements regarding the initial deposit.
Other Types of Account
Besides ECN and STP accounts, FXOpen broker also offers other account types.
The micro account follows the market maker execution pattern. The minimum deposit is a mere $1, the minimum micro lot size is 0.1, and the maximum leverage is 1:500.
This form of account does not need a commission payment; however, it has fewer tradable products than the other account types and will have wider spreads than the ECN account type. Those who are interested in learning new trading tactics but only want to risk a small amount of money can consider opening this account.
The FXOpen broker Crypto account provides access to 43 cryptocurrency pairs, including Bitcoin, Ethereum, Litecoin, etc. Personally, I think it would have been more convenient if they had provided access to a wider variety of cryptocurrencies.
The minimum deposit required for this account is $10, and a fee charge of 0.25% of the number of transactions is charged. Floating spreads are also available. The leverage allowed is 1:3, and the smallest lot size allowed is 0.01. Those who want to concentrate on cryptocurrency trading might consider going this route instead of the other options.
In addition, FXOpen provides accounts known as PAMM, which lets customers follow the trading methods of other market participants. The master trades their own funds using the PAMM, while the PAMM technology enables the follower's accounts to imitate the master's trading activity. A PAMM receives funds which are then separated into different accounts. This ensures those funds cannot be utilized for anything other than the PAMM.
See Also:
Best FXOpen Account Type: ECN or STP?
While FXOpen offers clients a vast variety of trading accounts, there is no doubt that the ECN and STP account types are the best of their offerings. If you're wondering which account type is right for you, it depends on your trading style and budget. One account is cheaper, while the other provides more benefits. Whatever you decide, it is best to test the waters in a demo account before moving to the real deal.
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 has aimed to make forex trading more professional, easy to access, and secure.
25 Comments
Toky
Feb 27 2023
This is a very clear but precise Forex article. I am impressed because all the details in the article are based on the author's experience as well as information about the trading conditions provided by the brokers.
What I love about this article is that the experience is told to us step by step with every small details about the account with short and clear. Therefore, it is up to the beginner trader to decide whether to choose this broker as a forex partner or not.
Thank you and Salute to the author!
Hayashi
Feb 27 2023
Man, I'm a bit confused here. SO, the article was about STP and ECN accounts offered by FXOpen. When I read in STP accounts section you said that STP account has a minimum trade size of 0.01 lots, while I read in micro account section you said that trade size is 0.1 lot. I mean, why is the trade size in micro account bigger than Standard STP account? ?
Need a very clear explanation here
Yoga
Feb 27 2023
Hayashi: I think you should know that the meaning of author in the STP standard account is very standard. Basically, a lot of it uses standard units. So that means when the author talks about 1 standard unit it means 1 lot. And since the Standard STP account can offer a minimum trade size of 0.01 lots, that means 0.01 standard lots.
For micro account, actual micro account transaction size is 0.01 standard account lot (1 micro lot = 0.01 standard account lot). So when the author talks about 1 micro lot, it means 0.01 standard lot. And 0.1 micro lot means 0.001 standard account lot.
I hope you will understand my explanation! Sorry for my English not good!
Sandy Sallywin
Feb 27 2023
So, I can really call the FXOpen is ECN broker, right? since there so much debat about the ECN Brokers. I mean, some brokers call them ECN Broker but in fact, they are STP account that copy the trading term of ECN Broker. I mean what is the difference between ECN Broker and True ECN Broker.
And what is the characteristics of the real ECN Broker??
Karl
Feb 27 2023
Sandy Sallywin: The key features that set ECN and True ECN Broker apart are the interbank liquidity pools that connect multiple market participants, such as banks, centralized exchanges, brokers, businesses and private investors. When you can login to it, you can see the whole Forex market very clearly, you can even see the actual market spread and you can also see other trader's position.
So the author said something about placing an order against another trader, that's what she meant!
Meanwhile, "fake" ECN brokers only offer lower spreads, almost identical to real ECN brokers, as well as almost the same fast execution. However, I can say that ECN functionality connecting to the primary market cannot be provided by "fake" ECN brokers.
Be sure to read the broker's statement about the type of broker. If they offer an ECN account but don't say they are an ECN broker, that means 50 50 they are an STP account or even a market maker broker
Lewy
Mar 1 2023
Karl: Hey, I saw your comment about the 50/50 split between market makers and ECN brokers. I was wondering if it's possible for brokers to offer both STP and true ECN services? I read an article about FXOpen that offers STP service, but some people say it's actually an ECN broker. I'm a bit confused about how it all works, but I'm guessing it's possible since both are NDD.
Another thing I'm curious about is whether a DD broker, like a market maker, can also be an ECN broker at the same time. Is that possible? Thanks!
Sandy
Mar 1 2023
Lewy: Sure, it's possible for a DD broker, like a market maker, to also be an ECN broker at the same time. Basically, it comes down to how the broker processes orders. If they act as a market maker for some trades and provide direct market access for others, then they could be considered both a DD and an ECN broker. It really just depends on the broker's specific setup and the types of accounts they offer. So, in short, the answer is yes, it's possible! Hope it can help you, dude!
George Jared
Mar 1 2023
I believe it may be prudent for me to forgo an ECN account, as it appears that such accounts are better suited for seasoned traders as opposed to beginners like myself. Despite this, I am keen on trading with FXOpen, as it has garnered positive reviews and appears to be a good fit for my needs. That being said, I am currently struggling with choosing between an STP and ECN account, although I have gained some clarity after reviewing comments left by others. It appears that FXOpen's STP account may be more aligned with my goals and abilities.
However, I am concerned about the viability of scalping on FXOpen's STP account, given its 0.01 lot size and high leverage of up to 1:500. Can you please provide insights into whether or not such conditions are conducive to successful scalping? Thank you kindly for your assistance.
Venda
Mar 1 2023
George Jared:
Talking about scalping, you can actually do it in any type of trading account. It's all about opening and closing trades within a short time frame, usually just a few minutes. Beginner traders who are ready to trade on a live account often choose to trade on a standard account since the commission required is lower. Keep in mind that if you trade at 0.01 lot, the value of each pip may be lower since 1 pip can be worth $0.1.
Regarding FXOpen, according to their review, the spreads start from 1.1 pip (you can read it here : FX Open Review), and the fees that may occur each time you trade with 0.01 lot start from $0.11. If you are able to scalp 15 pips per trade, your gross profit would be $1.65 or your net profit would be $1.54 ($1.65 - $0.11), which is still a profit. So, you can definitely trade with an STP account!
Jorge Jared
Mar 1 2023
Venda: Thank you for providing this information on scalping and the suitability of STP accounts for this type of trading! It's helpful to know that scalping can be performed in any account, and that beginners may prefer to use a standard account due to the lower commission fees. Additionally, your breakdown of the pips, fees, and potential profits associated with FXOpen's STP account is informative. And I willing to open the link that you gave above.
It's clear that careful consideration of these factors is important for any trader, particularly those who engage in scalping. While the potential profits may be attractive, it's crucial to also factor in the associated costs and risks. Overall, your insights provide valuable guidance for traders looking to engage in scalping through an STP account.
Joshua
Mar 30 2023
When it comes to FXOpen ECN VS STP comparison, it seems like every trader chooses ECN over STP. So ECN Execution can actually connect directly to the market's best clearing house providers, offering tighter spreads and market transparency, right?
When we talk about STP, we all know that STP is like regular enforcement. That is, brokers send orders to liquidity pools, receive them by liquidators, and send them to the first liquidator. Spreads will be higher or if you are a trader you will also be charged a commission. So the main question here is, is STP really okay for beginners?
Lydia
Mar 30 2023
When it comes to the suitability of STP for beginners, it really depends on the individual's level of experience and trading goals. STP is a type of execution that can provide traders with a more transparent view of the market, but it can also come with higher spreads or commission charges.
For beginners, it may be more appropriate to start with a simpler execution type, such as market or limit orders, before moving on to more complex strategies involving STP. It is also important for beginners to do their research and choose a reputable broker that offers STP execution with fair pricing and reliable order execution.
Overall, STP can offer transparent view of the market but with higher fees because it doesn't offer direct connect to the first LP
Toky
Mar 30 2023
I agree! As you can see from the previous comment, the calculations prove that traders can trade using STP even at a cheaper cost. This is because traders can use the STP feature to maximize their profits. However, experienced Forex traders may prefer ECN as they are familiar with its features. As a trader, whether you are a beginner or experienced, if you do not face any issues while trading using STP execution, it is better to stick with it. Profit does not solely depend on ECN or STP execution, but it is based on how the trader takes their trading to the next level!
Michael
Mar 30 2023
I am interested with FXOpen! I mean FXOpen offers a wide variety of assets to trade, including Forex and cryptocurrencies, making it an ideal broker for traders who are curious about different asset classes. Additionally, FXOpen offers two different execution types - STP and ECN accounts. As a beginner, you may notice differences in the fees between the two account types. However, when it comes to trading cryptocurrencies, it is important to consider which account type is better suited. Could you please explain which account type - STP or ECN - is better for trading cryptocurrencies? Thank you!
Mark
Mar 30 2023
Let me help you! When it comes to trading cryptocurrencies, ECN accounts are generally considered better than STP accounts. This is because ECN accounts offer deeper liquidity and tighter spreads, which can be beneficial for traders looking to make frequent trades in a volatile market like cryptocurrencies. Additionally, ECN accounts offer more transparency and faster execution speeds than STP accounts, which can also be advantageous for cryptocurrency trading. However, it is important to note that ECN accounts may have higher fees and require a larger initial deposit compared to STP accounts. Ultimately, the choice between STP and ECN account types will depend on your individual trading style and preferences!
George Jared
Apr 17 2023
Hey, I want to clarify something. If a broker offers a mix between FXOpen STP and ECN accounts, does that mean they are truly an ECN broker, as the article suggests? Also, what if I come across an account offered by FXOpen that seems like a micro account? How can I determine if it is priced with STP or ECN account? What features or characteristics should I look for to confirm if a mini account in FXOpen is using ECN pricing?
El Dibu
Apr 17 2023
If a broker offers both STP and ECN accounts, it doesn't necessarily mean that they are a true ECN broker. However, it does show that they have multiple account options available for traders with different trading needs. To determine whether an account is using STP or ECN pricing, you should look for the spreads and commissions charged by the broker. With an ECN account, you should expect to see raw spreads with a commission added on top, while an STP account may have wider spreads without a commission. Additionally, ECN accounts typically offer depth of market (DOM) information, which shows the available liquidity at different price levels, allowing traders to see the best available prices and place orders accordingly.
I hope this helps clarify the differences between STP and ECN accounts and how to identify them in FXOpen or other brokers!
Cloud
Jul 11 2023
As I explore the features of FXOpen broker's micro account, I noticed that the minimum micro lot size is set at 0.1. This got me curious about how this specific lot size translates into standard lot sizes. Can you provide me with some insights on how I can convert 0.1 micro lots into standard lots? Understanding this conversion is crucial as it can greatly impact my trading decisions and help me effectively manage risk. Your explanation will not only deepen my understanding but also assist me in making informed choices regarding whether the micro account option with FXOpen broker is suitable for my trading needs.
Jeremiah
Jul 12 2023
@Cloud: Certainly! Understanding the conversion between micro lots and standard lots is important for managing risk and making informed trading decisions. In general, the standard lot size is typically referred to as 1.0 lot, representing 100,000 units of the base currency.
To convert 0.1 micro lots into standard lots, you can use the following formula:
Standard Lots = Micro Lots / 10
In this case, if you have 0.1 micro lots, dividing it by 10 would give you the equivalent in standard lots. Therefore:
0.1 Micro Lots / 10 = 0.01 Standard Lots
So, 0.1 micro lots would be equivalent to 0.01 standard lots.
Understanding this conversion allows you to assess position sizes and manage risk effectively. It's important to consider your trading strategy, risk tolerance, and account size when determining the appropriate lot size to trade.
Noelle
Sep 3 2023
I know that every broker is competing to provide comfortable trading with low costs, including spreads. However, there are several things I'm curious about, including the currency pairs provided by the broker. There are so many currencies on offer that I'm confused about which one is the most profitable. In your opinion, what is the best currency to trade? Is FXOpen really friendly to beginners like me?
Vangance
Sep 4 2023
Maybe some people who don't understand trading will choose to trade EUR/USD because they think it will provide a more volatile market and a more stable market.
However, For me, as a novice trader and most of my coaches have also said, there is no one "best" currency pair to trade in forex, as the optimal choice of currency pair depends largely on your individual trading style, risk tolerance, and personal preference. Some currency pairs that are very friendly to trade:
EUR/USD (Euro/US Dollar)
USD/JPY (US Dollar/Japanese Yen)
GBP/USD (British Pound/US Dollar)
USD/CHF (US Dollar/Swiss Franc)
AUD/USD (Australian Dollar/US Dollar)
USD/CAD (US Dollar/Canadian Dollar)
NZD/USD (New Zealand Dollar/US Dollar)
These currency pairs are known as "major pairs", because they represent the most traded currencies in the world. However, there are also "minor pairs" and "exotic pairs" that can be traded in forex, and these may offer unique opportunities depending on market conditions and your trading strategy. However, this pair is not widely traded. So, it is best to have a Main Pair.
FXOpen has very low spreads and the standard account has no commission. Therefore, it is helpful for new traders to trade without worrying about high transaction fees.
Fairuz
Sep 16 2023
Hello dude, good afternoon, sorry, I'm really new to Forex. I don't really understand Forex terminology and seem very confused by Forex terms. There are several questions I want to ask. As an aspiring forex trader, I am curious to understand how brokers determine the spreads they offer on currency pairs.
I would like to know what factors many brokers such as FXOpen consider when modifying spreads. Can someone explain it to me? and again, if I want to do scalping, why does scalping need very low spreads?
Katya Hanshon
Sep 17 2023
Overall, brokers determine the spreads they offer on currency pairs based on a combination of market conditions, liquidity, their own costs and profit margin, and the trading volume of their clients. So, it is not just adding some modification of the spread with profitable but also many factors included and more detail, I can list at below :
All the factors above are basically the same from broker to broker. It's the same with FXOpen too
Furthermore, for the problem of scalping, remember that scalping is trading with very short opening and closing price times and can make many entries. Because it generates many entries, spreads are calculated more frequently. And if the spread is high then the transaction costs are also high. This is why scalping requires low spreads. The standard unit of spread in pips and 1 pip is usually $10, but if you trade 0.1 lot or 0.01 lot, the pip can be $1 and $0.10.
Pique
Oct 31 2023
I found the article to be highly informative as it provided me with a deeper understanding of brokers offering similar services and account types. It particularly piqued my curiosity regarding FXOpen's micro account within both the ECN and STP account categories. I observed that while it offers a relatively lower level of risk, it also comes with certain limitations.
This leads me to the following question: Considering the micro account's appealingly low minimum deposit of just $1 and an impressive maximum leverage of 1:500, why does it appear to be somewhat constrained and potentially less appealing to traders when compared to alternative account types like ECN or STP, especially when it is associated with wider spreads and a more restricted selection of tradable products? What are the underlying factors that drive the preference for narrower spreads and a wider array of products, and how do these factors influence traders' decision-making when it comes to selecting their preferred trading account type?
Andrew
Nov 18 2023
I really admire FXOpen because it's the only broker I've come across that offers versatile trading options accessible from anywhere and on any device. Whether it's on your computer, mobile devices, or even through VPS, FXOpen has got you covered. This means I can trade without needing an internet connection! What amazed me even more is that FXOpen not only makes trading incredibly accessible but also provides the choice between using an STP or ECN account.
Now, the burning questions in my mind are: Which account type is most effective for VPS trading—STP or ECN? And, when it comes to ease of use, what's more convenient for trading: mobile devices or computers?