FXOpen UK - true ECN/STP FCA-regulated broker

BEWARE:

FXOPEN will cash in on any cc/bank transaction you make......either on the deposit, withdrawal, or both!!! Total rip-off policy!!

Withdrawal Fee
Depending on the currency of transfer:

1. 45 USD, 1500 RUB,
2. 30 EUR, 25 GBP,
3. 30 CHF, 30 AUD,
4. 3000 JPY;

Credit/Debit Cards
Deposit Commission
2.29%+0.22
Withdrawal Commission
2% (min 6.5 EUR or 7.5 USD)
2.5% + RUB 50


Customer service chat is terrible!!! They only seem to have one person ALL THE TIME (Julia)....and she only copy pastes links!!! Terrible....

Very disappointed!!!

I note. My account is at FxOpenUK. FxOpenUK isn't same policy as FxOpen, am i right? Anywhere i can refer more info. Pls share me, thx

Hi meyoik, FXOpen UK withdrawal and deposit fees are very transparent and much lower than those you have come up with, please see here https://www.fxopen.co.uk/en/fees/ In short, credit/debit cards are free, most electronic payments are 1% only.

Hi FxAwon, you are right, you can find our deposit fees here https://www.fxopen.co.uk/en/fees/ and all key trading information here https://www.fxopen.co.uk/en/trading-accounts/.

Free Upgrade for Forex Factory Members

Here at FXOpen UK we always enjoy getting in the festive spirit and so this year we are offering all our clients the gift of a free upgrade and our very lowest commissions. Simply make a deposit of at least 3000 Dollars, Euros or Pounds this December and we will upgrade your account until April 2017!

With commissions as low as $1.50 per lot with your free upgrade, why not deposit today and start taking advantage of an early present from FXOpen UK this festive season.

Act now so that you do not miss this unique chance!

Terms of promotion
1 Deposits must by received by midnight GMT on 31st December 2016
2 Deposit amount must be a single payment of at least USD 3000, GBP 3000 or EUR 3000
3 Please contact [email protected] to claim your upgrade and mention 'Forex Factory Offer' once deposit has been made
4 Upgrade expires 31st March 2017

WOW! I don't know exactly how to react to this one...

But I can feel a confused smile on my face....so I guess they've tipped me to the positive reaction side....

OK just to be clear, I literally copy pasted the transactional charges FxOPen had published on their site ~ a week ago, and they have now changed it....(and of course they know it).....having said that, FxOpen actually has changed their Bank and cc fees, which is a GOOD thing....

OK, so let's just leave it at that for now, and hope these are the fees that are still published when I go back and check the next 100 times

Kindly provide technical analysis for gold and major currency asap. Thanks

Why can't one open 500 dollar demo account?

Meyoik, please make sure you refer to the correct website - the above rates are those of FXOpen UK and they have not changed since November 1. We have never had the rates you mentioned in your post.

Hello, you can open a demo with 500 balance, please contact us via chat or email if you have any problems with that.

HURRY! Last few days of our unique promo

At FXOpen UK we welcome traders of different levels of trading experience and strategies, however our offering is second to none for HFT, high-volume or high-net worth traders, because we offer a combination of:

 

1. true ECN/STP accounts
2. rigorous FCA regulation
3. fully segregated client funds held at a Tier 1 bank
4. level 2 data (depth of market)
5. extremely low market spreads and no requotes
6. absolute transparency and the latest trading technology
7. fast execution with servers in NY4
8. free VPS for active traders (please see T&Cs here)
9. FIX API available
10. commissions from $1.5 per lot

FXOpen UK is regulated by the Financial Conduct Authority (FCA) in the United Kingdom and as a client of FXOpen UK, any changes they make will effect you directly. The FCA has recently published a proposal to make changes to the FX/CFD/Spreadbetting industry in the UK to raise standards and increase client protection.

What are the Proposed Changes?

The full document can be accessed here but below is a summary of the main proposed changes to the FX Industry.

 

1. Firms must disclose their average client profit/loss, and use standardised risk warnings. We fully agree with this proposal. Transparency is essential to building trust and as an ECN broker, we never take the other side of a client trade so we want all clients to be as profitable as possible.
2. No Bonus Promotions. FXOpen UK has never offered bonuses as we prefer to offer permanently low commissions to provide long term value to clients.
3. Limit leverage to 1:25 for inexperienced traders (less than 12 months live trading experience) and 1:50 for experienced traders. For you as a client, this will be the biggest potential change. This will mean that you will have to put more money onto your account to trade, possibly up to 20 times more as shown in the table below.

We agree that protecting inexperienced traders is a good idea. We encourage clients to gain experience on the demo platform and have a minimum lot size of 0.01 on the live platform ($0.10 per pip).

Limiting leverage to 1:50 for experienced traders who have been trading for at least a year and fully understand the risks involved, will have the greatest impact on traders. This will mean clients will have to deposit additional funds or reduce their trade size to continue to trade is the same way.

This is what we think of the new proposals, but what's really important is what you think. It's essential that the FCA receives opinions from everyone involved in the industry - especially traders.

How to Share your Views
The FCA has put together a simple form to enable you to share your views easily. When completing the form, please bear in mind:
The proposals cover CFDs, spread betting and FX
You don't have to complete all questions
When the form asks you to say what company you are from, just write 'N/A'

Share Your View With THE FCA Online Here

If you prefer, you can also contact the FCA by email at [email protected], or in writing to:
CP16-40 - Wholesale Conduct Policy Team
Strategy and Competition Division
Financial Conduct Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Remember, these potential change are just proposed and are only in a consultation phase at present. If anything does change, we will contact you well in advance of any changes to your account. For more information please contact your account manager or the customer support team.

Thank you in advance for sharing your views and helping make the industry a better place for all.

It would also be wise if reducing the minimum account deposit to $200 is part of protecting the inexperienced and new traders. Thank you for your information.

If they make the margin requirements so tight 1:50 as a max is ridiculous....!!!!!! By being so extreme, they will drive consumers to the TRUE bucketshops...so they will actually be encouraging traders to go outside to find the right margin reqs.

I for one will drop FCA brokers that have to offer meager services like this without thinking twice...I would move all my trading the same day to ANYWHERE else....1:50 is not trading, it's a DEMO ACCOUNT!!!

Dear meyoik, we also believe that if implemented in the proposed form, the new regulations will actually hurt many clients as they would drive them away from FCA-authorised brokers like us to other jurisdictions. This is why we urge everyone, whether you are a client of FXOpen UK already or not, to share their views with the FCA. It takes a few moments only but may have a positive impact on their decision.

Quoting FXOpenUK
Limit leverage to 1:25 for inexperienced traders (less than 12 months live trading experience) and 1:50 for experienced traders. For you as a client, this will be the biggest potential change.


Leverage 1:100 . Less than this level, sorry. i move out. FxOpen-UK 2 yrs client

Dear FxAwon,

Thank you for being a loyal client.

We completely agree the changes will have a negative impact on many clients if implemented this way, and all FCA-authorised brokers and their clients will be affected. So please use this link Share Your View With THE FCA Online Here and let the FCA know your opinion.

Regards,
FXOpen UK

Please all the UK traders should share their views on the link to FCA if they will here us.

A True ECN broker is indeed hard to come by - this is why we thank all our customers for their loyalty and invite everyone who has not traded with us before to try us out.