There are many reasons to open an account in FXOpen. If you are interested, read this guide and follow the steps accordingly.
No matter what instrument you are planning to invest in, you need a trading account to access financial markets. Trading accounts are available on brokerage firms and they are basically used to execute trades among other things. In this article, we're going to show you how to open a trading account in FXOpen, which is quite a well-known broker among global forex traders. If you're unfamiliar with the broker, let's do a quick introduction first.
Introduction to FXOpen
The FXOpen firm started off as an educational center offering training courses on technical analysis and financial markets. Only in 2005 did the company switch to a brokerage company to satisfy the growing need for a safe and transparent trading environment. FXOpen was among the first brokers that use ECN trading system via the MetaTrader 4 terminal.
Over the years, FXOpen has grown into one of the most well-respected brokers that specialize in forex and CFD trading. The FCA-regulated broker offers up to 70 tradable currency pairs with competitive spreads and low minimum deposits. Users can choose between a live and demo account, and trade with various different strategies. There are several trading platforms available, including MetaTrader 4 and 5 for Windows, iOS, and Android devices.
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.
What to Prepare in FXOpen Registration
Opening a trading account in FXOpen is actually quite a straightforward process. You simply need to complete the registration form and verify your account. Both steps are equally important, but the latter needs a little extra preparation as there are document requirements that you'll need to submit. If your account is still unverified, you won't be able to deposit and use your account to trade.
At FXOpen, there are two types of documents that you'll need to provide:
Proof of Identity
To confirm your identity, you can choose to upload one of the following documents:
- Valid Passport
- National ID Card
- Driving License
- Residence Permit
Make sure that the document fulfills the criteria below:
- The photo must be clear and bright. The four corners of the document must be visible.
- If the document is double-sided, both sides must be provided.
- Ensure that there are no spots or highlights in the photo. Low-quality images are not accepted.
- The file must be in JPG or PDF format, no less than 500KB.
- The document must be valid for at least three months.
Proof of Residential Address
To confirm your address, you can choose from the following documents:
- Bank Statement
- Utility Bills
- Internet, Cable TV, or Landline Bills
- Tax Return
- Council Tax Bill
- Certificate of Residence issued by an authorized government body
- Valid ID Document with your residential address
Also, make sure that you adhere to the criteria below:
- FXOpen does not accept screenshots, mobile phone bills, medical bills, credit card statements, receipts for purchases, or insurance statements.
- PO Box address is not accepted, except for traders in the Arabian Peninsula Countries and Kenya.
- The document must be in Latin characters or have a notarized translation into English.
- The document must show your full name (as stated in the ID), address, and date of issue.
- The image must be clear and bright. All four corners must be visible.
- The document must be issued within the last 3 months and printed on the official form.
- The image must either be in JPG or PDF format, no less than 100KB and 300 DPI.
How to Register a Main Account in FXOpen
Before you can open a trading account, you need to register your Main account first. For the record, FXOpen allows each client to have 1 Main account and up to 10 trading accounts of each type. Here is the complete step-by-step to open a new Main account:
1. Visit the broker's official website and click "Open an Account Now".
2. Choose your country of residence from the drop-down menu. Click "Begin Application" to proceed and you will be directed to a secure server where you can complete the registration form.
3. Enter your email address and phone number.
FXOpen's system will generate a unique password for you. Consider writing it down or storing it somewhere safe as the password is only shown once. Read and agree to the terms and conditions, then click "Next".
4. On the next page, you will be provided with your login credentials to your personal account. Click "Log in".
5. Once you're logged in, you'll see a unique PIN code. Please save the code as it will be shown only once. Click "Next" to start managing your Client Portal.
6. You will be asked to confirm your email. Simply go to your inbox, find the email from FXOpen, and follow the direction.
7. Congratulations! You have completed the registration process.
It is worth mentioning that you can use your social media accounts to register instead of email. Simply choose the social media logo and connect your social account to log in to the Client Portal. You will get an email notification stating that your social account has been successfully connected to your FXOpen account. You can add or remove your connected social accounts anytime in the Client Portal.
How to Verify Your FXOpen Account
In order to activate your account, you'll need to pass the verification procedure. If you are using a Personal account, you'll need to pass Grade 2 verification. You can check your account's verification status on the top right corner of the Client Portal. Here are the details of all of the grades:
- Grade 0: Unverified account.
- Grade 1: Phone verification completed via SMS or operator call
- Grade 2: Grade 1 ID verification uploaded in the Client Portal and a selfie with the proof
- Grade 3: Grade 2 vide verification
- Grade 4: Grade 3 certified documents by mail or personal verification
Here is the complete step-by-step guide to verify your account in FXOpen:
1. Click the "Verification" button in the Client Portal to begin the process.
2. Answer a short questionnaire about your trading experience.
3. Choose your account type. Personal is for traders who trade individually, Joint is for parties who agree to manage the account simultaneously, while Corporate is specifically provided by FXOpen for institutional traders who represent their companies.
4. Select your country of residence.
5. Enter your personal information, such as country of residence, your title, first and last name, nationality, date of birth, address, and so on.
6. Under the Phone Number Verification, simply enter your phone number and choose "SMS".
7. FXOpen would send the verification code to your phone. If you have received it, simply enter the code and click "Confirm". If you haven't received the SMS, you can opt to verify via operator call.
8. The next step is document verification. Simply choose the document types on the left side and upload the files on the right side of the screen. You can review and double-check the documents that you have attached. Once you're done, click "Verify".
9. For the liveness check, simply follow the instruction on the screen and take a picture. You can either use the camera on your computer or mobile phone.
10. Wait for FXOpen to review your data. Your Main account status will change automatically once it's done. You will also receive email notification of the status.
The verification process typically only takes 48 hours to complete. However, the process might take longer if you have to resubmit your documents. If this is the case, check your email inbox to see why your documents were rejected.
How to Add an FXOpen Trading Account
Follow these steps to create a trading account at FXOpen:
1. Log in to your Client Portal. Under the Trading Accounts panel, click "Add Account".
2. Select your preferred account type.
3. Read the terms and conditions. Tick the box if you agree and click "Next".
4. Choose your account base currency and leverage amount. Additionally, you can enter the agent's account number if you have one. Click "Next".
5. You will see your trading account details, including your email, password, and server address. This data will be sent to your email as well.
6. After that, simply install the trading platform and log in using your new account credentials.
There are many good reasons why it is a great idea to open an account in FXOpen. Based on the article above, we can see that the broker really takes the clients' safety seriously by conducting quite a strict verification process. Aside from documents, FXOpen also asks for a mandatory selfie or liveness check, which is quite a rare requirement among other brokers. The verification process is also divided into several grades and each client must reach a certain grade depending on their account type.
While it may sound like a lot, the whole process is still convenient though as everything is done online through the broker's user-friendly website. Under normal circumstances, your account will be ready in about 48 hours after the submission.
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.