OpenFX
Pros and Cons
Pros
- Offers trading leverage up to 1:200
- Minimum deposit requirement of $100
- Spreads starting from 0.0 pips
- Multilingual customer support available
- Provides educational resources including courses and videos
Cons
- No valid regulation from major authorities
- High minimum deposit requirement of $1,000 for premium accounts
- Limited trading instruments available
- No support for popular trading platforms like MetaTrader
- Withdrawal fees applied on transactions
Basic Information
User Reviews
OpenFX Overview
OpenFX is a Belarus-based forex broker established in 2004, focusing on providing trading services in foreign exchange and commodities. The company operates under the National Bank of Belarus (NBRB) retail Forex license, although it is important to note that its regulatory status has raised concerns in recent times, with its license being reported as revoked. This highlights the necessity for potential traders to approach with caution and conduct thorough research before engaging with the broker.
OpenFX offers a range of trading instruments, primarily focusing on currency pairs, commodities, and stock indices. Traders can choose from three types of accounts: standard, pro, and premium, with a minimum deposit starting at $100. The broker provides access to popular trading platforms, including MetaTrader 4 and 5, featuring advanced tools and charting options. Customer support is available in multiple languages via phone and email, ensuring responsiveness to traders’ needs. Unique advantages include competitive spreads starting from 0.0 pips and high leverage options of up to 1:200, making OpenFX an appealing choice for traders seeking diverse trading opportunities.
Is OpenFX Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| National Bank of Belarus (NBRB) | Belarus | No current fund protection measures available |
Is OpenFX Regulated and How Are Client Funds Protected?
OpenFX is currently not regulated by any recognized financial authority. Although it previously held a license from the National Bank of Belarus, this license has been revoked, indicating a significant regulatory risk. As a result, clients trading with OpenFX face potential dangers, including a lack of investor protection and the absence of safeguards typically afforded by regulated brokers. Trading with an unregulated broker can expose investors to higher risks of fraud and mismanagement, making it crucial for traders to exercise caution when considering this broker.
Trading Products and Services
What trading instruments does OpenFX offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Varies |
| Stocks | Apple, Tesla (US), BP, Vodafone (UK) | Many |
| Cryptocurrencies | BTC, ETH, XRP, LTC | Varies |
OpenFX offers a diverse range of trading instruments, catering to both novice and experienced traders. With a strong focus on Forex, the platform provides access to numerous currency pairs, allowing for flexible trading strategies. In addition to Forex, OpenFX also includes commodities, indices, stocks, and cryptocurrencies, making it a suitable choice for traders looking to diversify their portfolios. This variety not only meets the demands of technical traders but also supports long-term investors seeking to balance risk and return. By accommodating multiple asset categories, OpenFX enhances user adaptability and promotes effective portfolio management.
Account Types and Trading Conditions
What Account Types and Fees Does OpenFX Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, educational resources available | Suitable for small-capital practice |
| Professional Account | Experienced traders | Higher leverage, lower spreads | Requires trading volume qualifications |
| Corporate Account | Corporate clients | Customized services and solutions | Requires corporate documentation |
| Islamic Account | Traders requiring swap-free options | No swap fees, compliant with Sharia law | Must provide proof of eligibility |
| Demo Account | All traders | Risk-free trading environment, practice features | No initial deposit required |
Account Opening Process
To open an account with OpenFX, you will need to follow a straightforward process. First, you will submit your personal information, including your name, email address, and contact details. Next, you will provide employment details and financial information to assess your trading experience and capability. Identity verification is an essential step, where you will need to upload a valid form of ID and proof of address, such as a utility bill or bank statement. Finally, OpenFX offers account flexibility, allowing you to upgrade to a professional account later if your trading volume meets the requirements.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive spreads for majors |
| CFDs (Stocks) | 1.5 | $5 per lot | Varies by stock |
| CFDs (Indices) | 1.0 | $3 per lot | Standard fees apply |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable depending on volatility |
Other Fees
In addition to trading fees, OpenFX has several other fees that traders should be aware of. These include deposit and withdrawal fees, which vary depending on the method used. Inactivity fees may apply to accounts that remain dormant for an extended period. There may also be platform usage fees, depending on the account type and services selected. Overnight interest, known as swap rates, will be charged for positions held overnight, while currency conversion fees can apply for transactions involving different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does OpenFX Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT4 | Windows, macOS, iOS, Android | 2FA, multiple order types, technical indicators, price alerts | Demo account, VPS |
| MT5 | Windows, macOS, iOS, Android | Encryption, one-click trading, economic calendar, advanced charting | Demo account, VPS |
| Web Version | Any device with a web browser | Secure login, symbol lookup, price alerts | Demo account |
| Mobile App | iOS, Android | Biometric login, push notifications, market search | Demo account |
OpenFX provides several trading platforms tailored to different trader needs. The MT4 platform is widely recognized for its user-friendly interface, making it ideal for beginners. MT5 offers advanced tools suitable for experienced traders who require more functionalities. The web version allows for seamless trading across devices, while the mobile app ensures traders can monitor their accounts on-the-go with features such as biometric login and real-time alerts.
All platforms emphasize security through various measures, including encryption and two-factor authentication, ensuring safe access to trading accounts. OpenFX supports efficient trading with fast order execution capabilities and comprehensive market search tools across its platforms.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee, €2.50 per transaction | Min €100, Max €50,000/day | EUR, GBP |
| GrabPay | Instant | No fees for deposits | Min $50, Max $5,000/day | USD, SGD |
| SPEI | Instant | No platform fee, but 1% charge for withdrawals | Min $100, Max $10,000/day | MXN, USD |
| Cryptocurrency | Instant | No fees for deposits | Min 0.01 BTC, Max 2 BTC/day | BTC, ETH |
| Bank Wire Transfer (International) | 3-5 business days | $30 per transaction | Min $500, Max $50,000/day | USD, EUR, GBP |
Minimum Deposit
OpenFX requires a minimum deposit of $50 to open a trading account. This amount is consistent across all payment methods and account types, making it accessible for traders in various regions.
How to Withdraw
To withdraw funds from your OpenFX account, follow these steps:
- Log into your OpenFX account.
- Navigate to the ‘Withdrawal’ section of the platform.
- Select your preferred withdrawal method from the options provided.
- Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits.
- Confirm your withdrawal request and follow any additional instructions.
- Receive notification once your withdrawal is processed.
Customer Support
OpenFX Customer Support Overview
Support Channels
OpenFX offers a variety of support channels to ensure that customers receive the assistance they need. Clients can contact the support team through the following methods:
- Email: Customers can reach out via support@openfx.by for any inquiries or issues.
- Live Chat: Although there is no live chat option currently available, clients can still get prompt responses through email.
- Telephone: For immediate assistance, clients can call the support line at +375 17 336 55 44.
- Social Media: OpenFX maintains an active presence on various social media platforms, providing updates and support through these channels.
Service Availability
OpenFX provides support services 24 hours a day, five days a week (24/5), ensuring that clients from different time zones can receive help when needed. The support team is multilingual, offering assistance in several languages including English, Arabic, Farsi, Turkish, Spanish, Portuguese, French, German, Russian, Thai, Malay, and Indonesian.
Additional Resources
To enhance the trading experience, OpenFX offers a range of educational resources including:
- Video Tutorials: Comprehensive guides that cover various trading strategies and platform functionalities.
- Webinars: Live sessions where experts discuss market trends and trading tips.
- Market Analysis: Regular updates and insights into market movements to help traders make informed decisions.
- Trading Signals: Notifications on potential trading opportunities based on market analysis.
Clients have rated OpenFX’s customer support positively, highlighting the effectiveness of their service and the helpfulness of the support staff in resolving issues promptly. For further inquiries or assistance, customers are encouraged to contact OpenFX directly through the methods listed above.
Frequently Asked Questions
OpenFX prioritizes the security of client funds by implementing strict financial controls and safeguarding measures. Client funds are kept in segregated accounts, separate from the company’s operating funds, to ensure that they are protected at all times. Additionally, OpenFX employs advanced encryption technologies to protect personal and financial information during transactions.
OpenFX offers competitive trading conditions, including a maximum leverage of 1:200 and spreads starting from 0.0 pips on various account types. The minimum deposit required to open a standard account is $100, while pro and premium accounts require a minimum deposit of $1,000. This allows traders to choose an account type that best fits their trading strategies and capital.
OpenFX is currently operating under a retail Forex license issued by the National Bank of Belarus (NBRB). However, it is important to note that this license has been revoked, which may pose a risk to traders. Regulation is crucial as it provides a level of oversight and protection for clients, and traders should exercise caution when trading with unregulated brokers.
OpenFX offers multilingual customer support via phone and email. Clients can reach the support team at +375 17 336 55 44 or via email at support@openfx.by. While the company provides assistance in various languages, there is currently no online chat option available for immediate support.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.