|Company:||FXOpen NZ Ltd|
|Offices in:||Egypt, France, Indonesia, Malaysia, Mauritius, Russian Federation|
|Payment options:||c-gold, CashU, Moneybookers, Payza, Perfect Money, UnionPay, WebMoney, Wire transfer|
|Demo Platforms:||MetaTrader 4, MT4-ECN ,
MirrorTrader ( All Limited to 30 days of inactivity)
|Account currencies:||United States Dollar|
|Currency pairs:||AUD/CAD AUD/CHF AUD/JPY
AUD/NZD AUD/USD CAD/CHF
CAD/JPY CHF/JPY EUR/AUD
EUR/CAD EUR/CHF EUR/DKK
EUR/GBP EUR/HKD EUR/JPY
EUR/NOK EUR/NZD EUR/PLN
EUR/SEK EUR/TRY EUR/USD
GBP/AUD GBP/CAD GBP/CHF
GBP/JPY GBP/NZD GBP/SGD
GBP/USD HKD/JPY NOK/JPY
NOK/SEK NZD/CAD NZD/CHF
NZD/JPY NZD/SGD NZD/USD
SGD/JPY USD/CAD USD/CHF
USD/DKK USD/HKD USD/JPY
USD/MXN USD/NOK USD/PLN
USD/SEK USD/SGD USD/TRY
|Regulated by:||FSP New Zealand|
|US Traders welcome?:||No|
|Website available in (languages):||Arabic, Chinese, Dutch, French,German, Hebrew, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, Thai, Turkish|
|Support available in:||Arabic, Chinese, English, German, Indonesian, Malay, Russian|
|Support methods:||Callback, Email, Forum, Live chat, Skype|
|Account Types (micro standard executive islamic):||Micro, Standard, ECN/STP, PAMM Standard, PAMM ECN, FASS Standart, FASS ECN|
|Minimum account size:||$1|
|Minimum position size:||0.1 Lot|
|Minimum spread on EUR/USD, pips:||2|
|Trading instruments (GOLD; CFD, etc. and the leverage):||Forex- 1:500, Gold & Silver- 1:500|
|Number of currency pairs:||28|
|Trading platforms:||MetaTrader 4|
|Trading by telephone:|
|Islamic accounts available:||Yes|
|Overnight interest rates (swaps):|
FXOpen is one of the largest brokerage companies which was established in the year 2005 and is into online trading since then. FXOpen is a well-known brokerage company in the forex market and traders all over the world has full faith and trust on it. The company offers to its client many value added services and has offices in many countries like Cairo, Kuala Lumpur, Jakarta, Paris and others. The platform for trading is the usual MetaTrader 4 which is most commonly used trading software used in the forex market. FXOpen uses MetaTrader 4 for both desktop as well as mobile version. The reliability of the company is shown from its large volume of trade and the number of new accounts that is opened. The company is regulated by FSP New Zealand. They allow trade in 28 currency pairs and the spread on them is fixed. They also have spot for Gold as well as Silver.
FXOpen also has many promotions like the latest one is the transferring of the account from another broker to FXOpen. They also have a tiered bonus once the trader has finished with certain amount of trading. The advantage of trading with FXOpen is that they have a fixed spread which helps the trader to know about the trading conditions upfront. They allow you to open an account for a deposit as low as $1. The deposit of the fund is very simple and can be done using credit cards, debit cards, Moneybookers and JCB. The withdrawal of the money is also reverse of the deposit method. The biggest disadvantage of trading with FXOpen is that they do not allow traders from United States to trade with them. Their customer support service is available in multiple languages and can be reached using Call Back, Live Chat, Email, Skype and Forum.
The reviews of the FXOpen show that they have thousands of happy customers who have stuck to them from a long time. Most of the Muslim customers feel elated with this company as they have an interest free swap accounts. They also provide ECN Islamic accounts in which the leverage is 500:1. The demo account is almost like realistic mini accounts with leverage of 500:1. The review states that most of the traders like the fact that they have a dealing desk to help them out with any issue during the trade. They also have a mini account and help trade with the help of the chart. Many like the fact that they allow opening of account for a deposit as low as $1. A few disadvantages that has been listed by the reviewers is that they have commission on the trade that you do. The other one is that they do not have any email alert service. However, they do have mobile trading service and is loved by all the traders that like to do trade even when they are on move. The average rating that has been given by different users through their review online is 6.1 out of 10.
PAMM System in FxOpen
Earlier the money managers have to work on multiple MT4 platforms which used to limit their skills to serve their clients better. However, with PAMM which stands for Percentage Allocation Management Module which provides you with a technical solution in which there is one master account which is also known as manager’s account in which unlimited number of investors can create their accounts. The entire trading amount in the master account is traded as one unit which allows the manager to make better money management and also position management. The manager does this job for a fee.
The PAMM system service provided by FxOpen makes sure that the investors records of account is kept individually and the profits and losses in the trade is automatically distributed by FxOpen between the investors and the manager on the basis of the percentage rate of return on their investment. The trading in PAMM account can only be done by manager and individual investors cannot trade through it. The FxOpen PAMM account allows the manager of the account to organize all his customers at an MT4 terminal. They give the manager to trade using your account but do not provide the ability to withdraw money from your account. The owner only has the power to withdraw money from the account.
The PAMM account is the best way to trade in when you want peace of mind and at the same time make money. FxOpen allow the manager to set up the terms and conditions, management fee, minimum investment amount, performance fee, penalty for early withdrawal etc. There is facility of ranking the managers based on the trade that they do and based on their ranking, you can choose your money manager. This is very beneficial in knowing the correct master account to invest in.