How to open a Forex trading account with FXOpen?

How to open an account with FXOpen?

To open a live trading account with FXOpen, you first need to register a wallet.

Then, select the Open Account > Account Type menu in the My FXOpen Personal Area and fill out the account opening form.

Enter the new code carefully. If that doesn’t work, then you are probably using a proxy connection. Contact your system administrator and ask to change your proxy cache settings. If that doesn’t help, please contact FXOpen Chat, provide your registration details, and the support specialists will assist you in completing the account opening form.

The client can open only one eWallet account and up to 10 trading accounts of each type.

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How to restore dormant (frozen) account?

If you do not use a trading account, that is, there are no visits to the account through the trading terminal, using the account number and password, and/or there is no deposit or withdrawal of money from the account within 90 days, the account is considered “inactive” and is archived.

An inactive account can be activated at your request, subject to the full repayment of the debt to the Company (if any). An account activation fee is charged in the amount of 50 USD, as well as a commission for the safety of data and operations on it in the amount of 10 USD for each month of being in the archive.

Funds in an inactive account can only be returned by restoring this account and paying all commissions. Otherwise, the account balance will be canceled.

If you have any questions regarding dormant accounts or their recovery, please contact FXOpen’s Finance Department.

The presence of inactive accounts does not affect the ability to open new trading accounts.

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What is FXOpen?

The company FXOpen offers brokerage services in the Forex market since 2005 and is one of the most successful and fastest-growing Forex brokers markets.

Since its inception, the company has set its main goal to make the trading conditions on the Forex market more professional, trustworthy, and convenient. The company was founded by traders and is committed to respecting and protecting the interests of traders.

Thanks to the available practical experience, we know what is the key to a trader’s success and what difficulties can await him. And we are happy to share our knowledge and experience in order to provide our clients with comprehensive support and create all the conditions necessary for their successful work.

Check out more detailed information about the company on FXOpen’s website.

• For the first time on the market – trading in Bitcoin, Litecoin and Namecoin cryptocurrencies.
• A choice of trading accounts for every taste – ECN, STP, Crypto, Micro.
• The lowest spreads in the industry – from 0 pips.
• The minimum deposit is only $1.
• Advanced aggregation technologies on ECN.
• The maximum leverage is 1:500.
• A wide range of reliable deposit and withdrawal methods.
• Representative offices around the world.
• FXOpen Help.
• Latest economic news, market analytics, and calendar of events.
• Account statements at the end of each trading day and month.

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What is Forex trading?

Forex is an interbank market that emerged in 1971 when international foreign exchange trading moved from fixed to floating exchange rates. This market is a set of transactions between market participants who engage in foreign exchange transactions at fixed rates and dates. Moreover, the exchange rate is set quite simply: according to the principle of supply and demand – the exchange takes place with the consent of both parties.

Clients can trade using expert advisors or trade manually. Expert advisors place trades on their own, without the participation of a trader. Place an order on the trading platform MetaTrader from FXOpen is very simple. To do this, you need to download and install the platform and connect to your trading account. To open a market order, enter the number of lots in the New Order window and click Sell ( Bid price ) or Buy ( Ask price ) – your trade will be executed. The trading platform automatically calculates the level of margin required to execute a given transaction, and if there is enough funds in the account, the transaction will be executed. On ECN / STP accounts, transactions are confirmed instantly. Immediately after the order is executed, a confirmation window will appear on the screen, the system will also instantly update the data on open positions ( Terminal > Trade ) and calculate current losses and profits for an open position.

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How to make profits by trading Forex with FXOpen?

Example 1. USD / GBP. Let’s say you made a deposit of 3,000 USD. With a leverage of 1: 500 in the Forex market, you can operate with an amount of 1,500,000 units of the base currency. You are assuming that the dollar will rise against other currencies in the Forex market. You decide to sell 0.1 lots of GBP / USD at a market price of 1.8000 ($ 1 per pip). Since you do not want to risk more than 10% of the total amount in the account, you place a Stop Loss Order at 1.8300 (300 pips or $ 300 at which you are risking). After 12 days, you decide to close this sell position and buy GBP at 1.7540. Your profit in points is 550 points (1.8000 – 1.7540). Since you were trading 0.1 lots and the cost of one pip is $ 1, your profit from this trade is $ 550.

Example 2. USD / JPY. Let’s say your deposit is 2000 USD. With a leverage of 1: 200, you can trade in the Forex market in the amount of 400,000 units of the base currency. You assume that the dollar will drop against other world currencies and decide to sell 0.2 lots of USD / JPY at 111.10 ($ 2 per pip). Since you do not want to risk more than 10% of the total amount in the account, you place a Stop Loss order at 112.10 (100 pips or $ 200 at which you are risking). After a week, you decide to close your short USD / JPY position and buy dollars for yen at 109.15. Your profit in points is 195 points (111.10 – 109.15). Since the cost of one pip is $ 2, your profit from this trade is $ 390.

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Is FXOpen a fair broker?

FXOpen clients receive real-time quotes from the largest liquidity providers in the Forex market. Prices are updated automatically as market conditions change. Quotes on ECN / STP accounts depend on liquidity in the ECN market.

Forex is often called the fairest market because the volume of transactions and the number of participants are so large that no one, even the largest player, for example, the government of a country, can fully control the market movements.

The Forex market does not have a central trading floor where exchange transactions take places, such as the stock exchange or futures market. Forex is the Over the Counter or interbank market. Transactions are made without intermediaries by phone or using electronic networks 24 hours a day, 5 days a week.

The Forex market is often referred to as the interbank market because it was initially dominated by central, commercial, and investment banks. But the number of other Forex market participants has been growing rapidly in recent years, and now they are also multinational corporations, investment managers, registered dealers and international financial brokers, traders in futures and options transactions, and just individuals.

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When you can trade Forex with FXOpen?

Forex is open around the clock from Monday to Friday. Forex trading starts every day in Sydney and then continues around the world in the largest financial centers – Tokyo, London and New York. Unlike other financial markets, in the Forex market, traders can immediately, at any time of the day or night, react to surges in currency rates caused by economic, social or political reasons. The market is open 24 hours 5 days a week.

Basically, the Forex market trades highly liquid currencies, i.e. currencies of countries with developed economies, low inflation, and a stable political situation. Now more than 85% of all transactions are made with the so-called major currencies :

• US dollar (USD);
• Euro (EUR);
• Japanese yen (JPY)
• British pound (GBP);
• Swiss franc (CHF);
• Canadian dollar (CAD);
• Australian dollar (AUD).

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You decide to buy or sell freely to make profits

Position on the purchase (Buy) enables market participants to buy a currency at one price and selling it later at a higher price. In this case, the trader is bullish.

Position on sale (Sell) allows a market participant to sell the currency if it is expected depreciation. In this case, the trader is short.

It is important to remember that when opening any position in the Forex market, a trader opens a buy position for one currency in a currency pair, and a sell position for another in a pair.

Foreign exchange rates are influenced by various economic and political factors, the most significant of which are: interest rate decisions, inflation, and political instability. Moreover, governments sometimes intervene in Forex trading in order to influence the exchange rate of the national currency, for example, opening buy orders in order to increase the exchange rate, or, conversely, dumping large amounts of currency into the market in order to lower the rate. This phenomenon is known as central bank intervention. Any of these factors, as well as large market orders, can influence changes in the exchange rate. Nevertheless, the volume of transactions and the number of participants in the market are so great that no one, even the largest player, including the government of the country, can fully control the market movements.

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How much can you earn by trading Forex with FXOpen?

Everything is very individual and it is impossible to guarantee a certain income. There were cases when the jumps in the rates of some currencies (Japanese yen) reached 400 points a day. If we assume that 1 pip is equal to approximately $ 7.8 for one standard lot, and you started trading at a favorable moment, then the profit will be quite large. But there is a big “but” – you must understand that the risks of trading in the Forex market are very significant, so income and losses depend on your knowledge and experience.

To prevent the loss of a large amount of money when trading Forex, there are options such as Limit order and Stop Loss order. The Limit order option sets a limit on the maximum buy price or the minimum sell price. The Stop Loss option allows you to automatically close a position at a predetermined price if currency rates move in a direction that is unfavorable for the trader. Due to the liquidity of the Forex market, Limit orders and Stop Loss orders are executed on time at a set price.

In order to acquire practical skills in Forex trading, it is best to open a demo account. This will allow you to try yourself in trading without risking capital at all.

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What’s the best way (strategy) to make profits?

Market participants make decisions based on technical analysis data and economic factors. Technical analysts use charts, trend lines, support and resistance levels, and numerous mathematical calculations in order to identify trading opportunities. Fundamental analysts try to predict currency rates by interpreting economic information: news, government statistics, reports, and even rumors. Price spikes can be influenced by various factors, such as a rise in interest rates by the central bank, election results, or a declaration of war. More often than not even the event itself, but the expectation of it affects the change in the exchange rate.

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Receive precise Account report (transaction history)

Account reports are sent to clients at the end of each trading day and month. The reports record all deposits and withdrawals made during a given period, the received profit and loss (P&L) and the current account balance at the time of closing all transactions on the last trading day of the month.

The transaction history and reports can be viewed on the “Account Transactions” page by clicking on the eWallet number in the My FXOpen Personal Account.

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FXOpen’s Conditions of Margin Call and Stop Out

A margin Call is an order executed by the system automatically when there is not enough margin on the client’s account (collateral to maintain current open positions). For a market maker of accounts ( Micro accounts ), a margin call occurs when the margin level on the account falls below 20%, that is, the account equity (equity) is less than 20% of the collateral (margin) for open positions. After the margin level falls below 10%, that is, the equity is less than 10% of the margin (margin) on open positions, the open unprofitable position will be closed automatically in accordance with the Stop Out procedure.

Example 1 . You needed 27 USD of collateral to open a 0.1 lot position. The margin call occurs when the equity in the account reaches 5.4 USD. After the equity on the account is less than 2.7 USD, the position will be closed automatically.

On ECN accounts, the margin call occurs when the margin level is 100%. Losing positions are forcedly closed by stop out at a 50% margin level.

Example 2 . It took you 300 USD to open a 1 lot position on an ECN account. The margin call will occur when the funds on the account reach 300 USD. The position will be closed by a stop-out when the balance on the account is equal to 150 USD.

If the position was closed as a result of a stop-out, this information will be displayed in the Meta Trader trading terminal. Open the Terminal window, the Account History tab and examine the contents of the Comment column. If you do not see this column on the Account History tab, right-click the tab and select Comments.

In order to prevent excess loss of the trader on the size of the margin, and free funds on the trading account, set a critical level of losses – Stop Out ( the Stop Out ), at which the losing positions are closed automatically by the broker at the current market price. Thus, a positive account balance is maintained.

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Margin Requirement and Leverage of FXOpen

Margin is collateral that a client pays to complete a transaction when there is a lack of his own funds. Usually, the margin is equal to one to two percent of the transaction amount. The remaining 98-99 percent will be provided by the dealer. In Forex terms, this is leverage. If you need to buy, for example, 10,000 USD for Japanese yen, and your leverage is 1:10, then you just need to pay a deposit of 1,000 yen to conclude a deal.

Before executing the order, the system automatically checks if there is enough margin (free funds) on the account. The order will be executed only if the client has the required amount on the account.

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Use of Expert Advisers on FXOpen’s MT4

The use of expert advisors is permitted provided the following conditions are met:

Order the Stop Loss, of Take Profit and pending orders can be set at a price that differs by at least 10 points from the market price at the current time.

It is desirable that most of the trades be opened for more than 1 minute.

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Islamic Swap-Free account of FXOpen

Register an account with FXOpen. Send a request to make your account Islamic (no swaps) to FXOpen. In the request, indicate the account number and attach a document confirming that you are a Muslim.

FXOpen provides Islamic accounts for clients who practice Islam. Swap is not charged to Islamic accounts when open positions are rolled over to the next trading day or week. The rest of the trading conditions are the same as for Micro, Crypto, STP and ECN accounts.

From February 2, 2015, an additional commission is charged on Islamic accounts such as Micro, STP and ECN, equal to the swap (positive or negative).

The commission is charged to roll over and displayed in the Terminal section of MetaTrader. For ECN accounts, a commission equal to the swap will be added to the rollover commission for the full circle of the transaction. The current swap for a pair can be viewed in the terminal in the Market Watch → Symbols → Properties section.

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Swap Points (Overnight Financing) of FXOpen

The transfer of an open trading position overnight is performed in the Forex market in the form of market swaps (swap). When performing each trade operation, the purchased currency from the currency pair is deposited (conditionally), and the sold currency is taken on credit. Since the timing of holding a trading position is not known in advance, deposit and credit charges are made when the open position is rolled over to the next day. The accrual or write-off of the swap to/from the trading account depends on the difference between the deposit and credit interest rates. If the deposit rate exceeds the credit rate, then the swap is credited to the trading account. If the credit rate exceeds the deposit rate, then the swap is debited from the trading account. Swap can be positive or negative depending on the currency pair and the direction of the transaction (buy or sell).

On the night from Wednesday to Thursday, the swap is charged triple (for Saturday and Sunday).
All positions (depending on the type of account) opened at 23:59:30 by the Time of the Trading Platform (Server Time) are subject to transfer overnight. The SWAP value is calculated and, accordingly, added or debited from the Client’s account during the time period from 23:59:00 and 00:05:00. The exact time is set by the Company at its sole discretion.
To view swap values in the Meta Trader terminal :

1. Right-click in the Market Watch window.
2. Select the Symbols command.
3. Select the name of the currency pair in the window that opens.
4. Click the Properties button. Here you will see the values for Swap Long and Swap Short.

Find out more about Swap Points on FXOpen’s Official Website

No time limits on open positions

Under normal market conditions, your position will remain open as long as:

• There will be no profit from the position, i.e. until the set Take Profit is triggered ;
• The set Stop Loss will not work ;
• You will not close the position yourself, because you need free funds to open a more profitable position;
• An unprofitable position will not be closed forcibly by the broker using the stop out procedure.

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Rules of Pending Orders by FXOpen

Sell stop orders are executed at the bid price, and buy stop orders are executed at the ask price. This allows FXOpen to almost always execute a client’s orders at their set price. If the set Stop Loss order falls in the middle of the price gap (Price Gap), then the position will be automatically closed at the quote that was fixed at the end of the price gap. This is an important point for traders who are accustomed to the fact that stop-loss orders are executed at the price they set. For example, if an order is placed to buy USD / CHF at 1.4549, then the trade will be executed when the bid price reaches 1.4549 (i.e.bid / offer 1.4549 / 53).

Good till canceled (GTC) orders: When you open an order valid until canceled (good till canceled order) to buy or sell foreign currency, the order will remain pending until a certain time (or date) set by you, or until you cancel it yourself.

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Value of 1 pip and point on FXOpen’s platforms

1 pip (point) is the smallest change in a currency quote, it does not matter in which direction the change occurs, up or down. For example, in the EUR / USD pair, the rate changed from 1.3614 to 1.3617, that is, by 3 points. The pip is equal to 0.0001 for the main nine currency pairs. For pairs where one of the currencies is the Japanese yen, it is 0.01.

Pip (percentage in point) is the minimum price change for four-digit quotes (or for two-digit quotes if JPY is present in the pair). The fifth decimal place (as well as the third in the pair, where JPY is present) displays the discreteness of the price change within the four-digit (two-digit) quotes, that is, it shows the point change in the quote.

Quotes with five decimal places (five-digit quotes) increase the transparency of the market for the trader and allow you to conclude more profitable deals. For example, instead of a spread of 2 points (1.503 0 Bid; 1.503 2 Ask), a trader can conclude a deal with a spread of 1.7 points (1.5030 1; Bid 1.5031 8 Ask).

In order to find out the value of a pip when using five-digit quotes, count 5 digits in the rate of the currency pair on the left. For example, the EUR / USD rate is 1.00615. We count the numbers starting from the first one: 1, 0, 0, 6, 1. “1” is the fifth digit in the quoted value and the fourth after the decimal point. Thus, the value of 1 pip for the EUR / USD pair is 0.0001. The last digit in a five-digit quote is a “fractional” point. In our example, these are 8 and 1, that is, 1 “fractional” point is equal to 0.1 points.

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News Time Trading and Freeze Time

During a certain period of time ( Freeze Time ) before, during and after the news release, it is impossible to place, delete or modify pending Buy or Sell Stop orders ( Buy Stop or Sell Stop ). These restrictions apply both for a separate pending Stop order and for a pair of opposite, corresponding Stop orders. Recall that Corresponding Orders are multidirectional orders (one Buy Stop type, another Sell Stop ), placed for one currency pair at the same time.

When you try to install, modify or cancel a pending Stop order to buy or sell ( Buy / a Sell the Stop ), you will see an error message in the terminal.

On average, the duration of Freeze Time is several tens of seconds. The exact Freeze Time is set at the discretion of FXOpen on a case-by-case basis and may vary depending on the type and importance of the upcoming economic event.

These restrictions are also reflected in the documents that the client of the company accepts when opening an account. Terms and definitions :

Freeze Time – the period of time determined by the Company before the release of the news. The company has the right, at its sole discretion, to determine the length of the freeze time depending on the situation on the currency market and on the nature of the news.

Trade agreement for Market-Maker accounts: The Company has the right to refuse the Client to place, delete and modify all pending orders (including opposite pending orders) during the Freeze Time.

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