Basic Information
Pros and Cons
Pros
- Offers a retail Forex license from the NBRB
- Maximum leverage of 1:200 available
- Spreads starting from 0.0 pips
- Segregated client funds for capital protection
- Educational resources for traders
Cons
- Mixed reputation among users
- High transaction costs including withdrawal fees
- Limited payment methods available
- Concerns about customer service response times
- Regulatory status raises safety concerns
Is OpenFX Safe and Legit?
OpenFX, registered in Belarus as Open Investments LLC, has been operational for between 5 to 10 years. The broker offers a range of trading instruments, including currency pairs, commodities, and stock indices, with leverage up to 1:200 and spreads starting from 0.0 pips, utilizing popular trading platforms like MT4 and MT5.
OpenFX currently holds a retail Forex license from the National Bank of Belarus (NBRB); however, it is noted that its regulatory status raises concerns about safety and legality, particularly due to the absence of valid forex regulation in some jurisdictions.
In the market, OpenFX has garnered a mixed reputation. Users commonly cite high transaction costs, including deposit and withdrawal fees, and limited payment methods as drawbacks. Despite these issues, some feedback highlights satisfactory trading conditions and educational resources, while concerns about customer service response times and transparency have been noted, contributing to an overall neutral sentiment among users.
Is OpenFX a Regulated Broker?
What Are the Regulatory Licenses Held by OpenFX?
OpenFX is registered in Belarus as Open Investments LLC and currently holds a retail Forex license from the National Bank of Belarus (NBRB). However, its regulatory status raises concerns due to the lack of valid forex regulation in certain jurisdictions. As such, while it does possess a license from an offshore authority, this may not provide the same level of investor protection as mainstream regulatory bodies. Users should exercise caution and be aware of the associated risks when trading with this broker.
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
OpenFX holds client funds in independently regulated bank accounts that are separate from the broker’s own assets. This segregation is aimed at providing a layer of protection for traders, although potential investors should remain vigilant due to the broker’s regulatory concerns in certain jurisdictions.
OpenFX Leverage
OpenFX offers a maximum leverage of up to 1:200 for its trading accounts. This leverage aligns with the local regulatory limits where the broker operates, but clients should be aware of their classification as retail or professional traders, as this may affect the leverage they can access.
OpenFX Withdrawal Review
How to Contact OpenFX?
Does OpenFX Have Withdrawal Issues?
OpenFX has received mixed feedback from users, particularly regarding withdrawal processes. Common complaints include high transaction costs and the imposition of fees on deposits and withdrawals. Credible sources of these complaints appear on various trading forums, where users express dissatisfaction with response times from customer service. While there have been mentions of delays, no significant public complaints or large-scale issues have been documented, and OpenFX has not faced any regulatory penalties or warnings related to withdrawal practices. Overall, the sentiment reflects a neutral stance on this aspect of the broker’s operations.
Frequently Asked Questions
A1: OpenFX is registered in Belarus and holds a retail Forex license from the National Bank of Belarus (NBRB). However, its regulatory status raises concerns about safety and legality, particularly due to the lack of valid forex regulation in some jurisdictions, so users should exercise caution when trading with this broker.
A2: OpenFX holds client funds in independently regulated bank accounts that are separate from the broker’s own assets. This segregation is intended to provide an additional layer of protection for traders, although investors should be aware of the regulatory concerns associated with the broker.
A3: Users have reported mixed experiences regarding withdrawal processes at OpenFX, with common complaints about high transaction costs and fees. While there have been mentions of delays and customer service response times, no significant public complaints or regulatory penalties related to withdrawal practices have been documented.
A4: You can reach OpenFX customer support via phone at +375 17 336 55 44 or through email at support@openfx.by. The broker also has a physical address located at 220116, 104 Dzerzhinsky Ave., Suite 803B Minsk, Belarus.
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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.