OpenFX
Basic Information
Pros and Cons
Pros
- Multiple deposit methods available
- Instant processing for e-wallet deposits
- Free deposits for most methods
- Transparent fee structure
Cons
- Deposit fees for credit card transactions
- Withdrawal delays for bank transfers
- Minimum deposit requirement of $100
- No cryptocurrency deposit support
OpenFX Minimum Deposit
What Is Minimum Deposit of OpenFX?
OpenFX’s minimum deposit is the smallest amount required to activate a live trading account, which varies depending on the account type, such as standard, ECN, or premium. Typically, the minimum deposit ranges from $100 for standard accounts to $1,000 for pro and premium accounts. Additionally, this requirement may differ for beginners compared to professional traders, taking into account local regulations and specific platform offerings.
Does OpenFX Provide Deposit Bonus?
OpenFX does not clearly specify if it offers deposit bonuses. However, such bonuses, when available, often come in the form of matching funds based on the deposit, alongside conditions like minimum trading volume and withdrawal limits. It’s advisable to check the official promotions page or contact customer support for the most accurate information, as bonuses may vary by account type and region.
Deposit and Withdrawal Methods
OpenFX Deposit and Withdrawal
| Method | Currency | Fees | Processing Time |
|---|---|---|---|
| Bank Transfer | USD, EUR | Fees depend on the trader’s bank | 1-3 business days |
| Credit Card | USD, EUR | Up to 2.5% deposit fee | Instant |
| E-Wallet | USD, EUR | Free | Instant |
Does OpenFX Charge Deposit Fees?
OpenFX does charge deposit fees for certain methods. Specifically, deposits made via credit card incur a fee of up to 2.5%, while bank transfers may have fees that depend on the trader’s bank. All other deposit methods are free of charge. Overall, the fee structure is somewhat transparent but can be considered relatively high for certain payment methods.
Does OpenFX Support Cryptos to Deposit?
OpenFX does not support cryptocurrency deposits. Only fiat currency deposits are accepted; cryptocurrencies are not accepted. As a result, traditional payment methods remain the primary option for funding accounts, making it less suitable for users looking to deposit digital assets.
How to Deposit from OpenFX?
1. Log into Your OpenFX Account: Visit the OpenFX website and click on the ‘Login’ button. Enter your credentials (username and password) to access your trading account.
2. Navigate to the Deposit Section: Once logged in, locate the ‘Deposit’ option in your account dashboard. This is usually found in the menu or under a specific section for account funding.
3. Select Your Deposit Method: Choose your preferred deposit method from the available options, such as Bank Transfer or Credit Card. Review the details about fees and processing times for each method to make an informed choice.
4. Enter Deposit Amount: Specify the amount you wish to deposit. Ensure that the amount meets the minimum deposit requirement based on your account type (starting at $100 for standard accounts).
5. Confirm Deposit Details: Review all the entered information, including the deposit method and amount. Make sure everything is correct before proceeding. You may be prompted to accept terms and conditions related to the deposit.
6. Complete the Transaction: Click on the ‘Submit’ or ‘Confirm’ button to finalize the deposit. Depending on the method selected, you may receive a confirmation message regarding the transaction status. Keep an eye on your account balance to ensure the funds are credited accordingly.
How to Withdraw from OpenFX?
Withdrawal Steps
1. Log into Your OpenFX Account: Visit the OpenFX website and click on the ‘Login’ button. Enter your credentials (username and password) to access your trading account. 2. Navigate to the Withdrawal Section: Once logged in, locate the ‘Withdraw’ option in your account dashboard. This is usually found in the menu or under a specific section for account funding. 3. Choose Your Withdrawal Method: Select your preferred withdrawal method from the available options, such as Bank Transfer, Credit Card, or E-Wallet. 4. Enter Required Details: Provide the necessary information for the withdrawal method chosen, such as account number, IBAN, wallet address, or card digits. 5. Set Withdrawal Amount: Specify the amount you wish to withdraw, noting any minimum or maximum limits and applicable fees. 6. Review and Submit the Request: Carefully check all entered information and confirm your withdrawal request. 7. Await Confirmation: Depending on the method selected, you may receive a confirmation message regarding the transaction status. Track the status of your withdrawal to ensure that funds are received accordingly, noting that e-wallet transfers are typically instant to 24 hours, while bank transfers may take 1-5 business days.
Withdrawal Limit and Problems
Withdrawal limits at OpenFX can vary by method and account tier, with daily, monthly, and per-transaction limits in place. Common issues encountered during the withdrawal process include pending verification, incorrect account details, exceeding set limits, and possible delays due to maintenance. To mitigate these issues, it is advisable to complete your KYC requirements promptly, double-check the recipient information before submitting a withdrawal request, and reach out to customer support if any complications arise. Being aware of these factors can help ensure a smoother withdrawal experience.
Frequently Asked Questions
A1: The minimum deposit required to open a live account with OpenFX is $100 for standard accounts. For pro and premium accounts, the minimum deposit is $1,000. This requirement may vary for beginners compared to professional traders, influenced by local regulations and specific account offerings.
A2: OpenFX supports several deposit methods, including Bank Transfer and Credit Card. Bank transfers can be made in USD and EUR, with fees depending on the trader’s bank. Credit card deposits incur a fee of up to 2.5%. Additionally, e-wallet deposits are available and are free of charge.
A3: To withdraw funds from your OpenFX account, log in and navigate to the ‘Withdraw’ section. Choose your preferred withdrawal method, enter the required details, and set the withdrawal amount. It’s important to review the information before submitting the request. Withdrawal times may vary by method, with e-wallet transfers being instant to 24 hours, while bank transfers may take 1-5 business days.
A4: Yes, OpenFX provides a free demo account for beginners to practice forex trading without any risk. This allows users to familiarize themselves with the trading platform and develop their skills before committing real funds.
A5: Yes, OpenFX does charge deposit fees for certain methods. Specifically, deposits made via credit card incur a fee of up to 2.5%, while bank transfers may have fees depending on the trader’s bank. Most other deposit methods, however, are free of charge.
Related Forex Brokers
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.