FXOpen is a contracts for difference (CFD) broker which offer mainly forex and cryptocurrency trading. FXOpen was founded in 2003. CFDs enable traders to speculate on an asset without actually owning the underlying asset. CFDs allow traders to apply large amounts of leverage and also to take short positions. This is a benefit as most cryptocurrency trading services do not enable traders to take short positions.
Users can actually deposit and withdraw in cryptocurrencies including Bitcoin, Litecoin, Ethereum, and Emercoin. The fees to deposit and withdraw via bank transfers and card methods are hefty. For a withdrawal via bank transfer in a euro account will cost a user €30. It varies per method but many are around 3%. There are 43 cryptocurrency products available that include large-cap and popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and EOS. Many products are priced against various fiat currencies such as the Russian Ruble. Available leverage goes up to 1:3. This is higher than many competitors which just offer 1:2 leverage capability.
FXOpen is considered among the lower standard of brokers in the industry. They have bad reviews online from professional review sites. There are also many concerns voiced in forums from users who have issues with customer service and depositing.
- 43 cryptocurrency produces available priced in a number of different fiat currencies
- Leverage up to 1:3
- Deposit and withdrawals available in cryptocurrencies
- Hefty fees
- Bad reviews online from professional reviewers and users