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.
