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FxOpen review

FxOpen Review

Overall FXOpen is considered low-risk, with an overall Trust Score of 89 out of 100. They are licensed by two Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and zero Tier-3 Regulators (low trust). The broker offers four retail and three PAMM accounts: Micro, STP, ECN, Crypto, STP PAMM, ECN PAMM, and Crypto PAMM. 

Updated : November 21, 2023

Jump to:

Overview

Regulation and Safety of Funds

Awards and Recognition

Account Types and Features

Account Registration

Broker Comparison

Trading Platforms

Range of Markets

Fees

Deposit and Withdrawels

Education and Research

Bonuses and Promotions

Affiliate Programs

Customer Support

Social Responsibility

Final Verdict

Pros and Cons

FAQ

Overall Rating

Min Deposit

1 USD / 15,715 IDR

Regulators

ASIC, FCA, CySEC 

Trading Desk

MetaTrader 4, MetaTrader 5, TickTrader

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Overview 

Overview 

 

They are regulated by reputable organizations such as the FCA, CySEC, and ASIC and provide a diverse trading experience suitable for a wide range of investors.  

 

It provides flexibility for different trading strategies with a $1 minimum deposit requirement and leverage opportunities up to 1:30 for UK and EU investors (up to 1:500 for global investors).  

 

The broker provides access to a wide range of instruments such as Forex, CFDs, Indices, Commodities, Cryptocurrencies, ETFs, and Shares via multiple trading platforms such as MetaTrader 4, MetaTrader 5, TickTrader, and TradingView.  

 

A specialized Crypto Account with tight spreads, a 0.1% commission fee, and access to 27 crypto pairs is available for crypto enthusiasts. Furthermore, the broker provides a free demo account for practice, making it an accessible and versatile option for Indonesian traders.

 

Distribution of Traders

Distribution of Traders

 

The broker currently has the largest market share in these countries:

➡️ India – 11.37%

➡️ United Kingdom – 10.4%

➡️ United States – 8.37%

➡️ Russia – 6.54%

➡️ Italy – 5.72%

 

Popularity among Indonesian traders

The broker currently ranks among the top 100 CFD and Forex Brokers for Indonesians. 

 

 

What sets them apart from their competitors? 

They provide competitive spreads, advanced trading platforms, and a variety of account types to meet the needs of different traders. 

 

How does the broker’s ECN trading environment compare to others? 

The broker’s ECN trading gives you direct access to liquidity providers, resulting in more transparent pricing and faster execution. 

At a Glance

🏛 HeadquarteredUnited Kingdom, Australia, Saint Kitt and Nevis
✅ Global OfficesUnited Kingdom, Australia, Saint Kitt and Nevis
🗓 Year Founded2005
📞 Indonesia Office Contact NumberNone
🤳 Social Media Platforms• YouTube
• Facebook
• Twitter
• LinkedIn
• Instagram
⚖️ RegulationASIC, FCA, CySEC
🪪 License NumberAustralia – AFSL 412871, United Kingdom – 579202, Cyprus – 194/13
⚖️ BAPPEBTI RegulationNo
🚫 Regional RestrictionsUnited States
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts4 Retail, 3 PAMM
📊 PAMM AccountsYes, 3
🤝 Liquidity ProvidersDresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, Hotspot INST, Goldman, LavaFX
💸 Affiliate ProgramYes, White Label, Affiliate, Introducing Broker, Regional Representative
📲 Order ExecutionInstant, Market
📊 Average spread0.0 pips (floating)
📞 Margin Call100% – 20%
🛑 Stop-Out50% – 10%
✅ Crypto trading offered?Yes
💰 Offers a IDR Account?No
👨‍💻 Dedicated Indonesia Account Manager?No
📊 Maximum Leverage50% – 10%
🚫 Leverage Restrictions for Indonesia?No
💰 Minimum Deposit1 USD / 15,715 IDR
✅ IDR Deposits Allowed?Yes
📊 Active Indonesia Trader Stats200,000+
👥 Active Indonesia-based FXOpen customersUnknown
💳 Indonesia Daily Forex Turnover13.1 billion USD
💰 BonusYes
💵 Deposit and Withdrawal Options• PayPaid
• WebMoney
• FasaPay
• ADVCash
• Bitcoin
• Bitcoin Cash
• Litecoin
• Ethereum
• Tether
• Emercoin
• Bank Transfer
• Credit/Debit Card
• Easy Bank Transfer
🏦 Segregated Accounts with Indonesian Banks?No
📊 Trading PlatformsMetaTrader 4, MetaTrader 5, TickTrader
✔️ Tradable AssetsForex, Indices, Commodities, Shares, ETFs, Cryptocurrency
💸 Offers USD/IDR currency pair?No
📈 USD/IDR Average SpreadNone
📉 Offers Indonesian Stocks and CFDsNo
🗣 Languages supported on WebsiteEnglish, French, German, Italian, Spanish, Turkish, Arabic, Chinese, Russian, Indonesian, Hungarian, etc.
📞 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/5
👥 Indonesia-based customer support?No
✅ Bonuses and Promotions for Indonesia TradersYes
📚 Education for Indonesian beginnersYes, minimal
📱 Proprietary trading softwareNo
💰 Most Successful Trader in IndonesiaSeveral – Richest, Dadap Kuswoyo ($68,100 profit)
✅ Is FXOpen a safe broker for Indonesian traders?Yes
📊 Rating for FXOpen Indonesia8/10
🤝 Trust score for FXOpen Indonesia89%
🎉 Open an accountOpen Account

Safety and Security

Safety and Security 

 

Regulation in Indonesia 

The broker is not currently regulated by the Commodity Futures Trading Regulatory Agency (BAPPEBTI/CoFTRA).

 

Security while Trading 

➡️ Trustworthy Trading Platforms: The broker trades on secure platforms such as MetaTrader 4 and MetaTrader 5, known for their robust security features. These platforms use encryption and secure communication protocols to protect user data and financial transactions. 

➡️ Risk Communication and Disclosure: The broker ensures traders understand trading risks by posting clear warnings and disclosures on its website. This transparency enables traders to make informed decisions and understand the risks associated with trading. 

➡️ Client Funds Segregation: They separate client funds from the company’s operational funds. This means client funds are kept in separate bank accounts and cannot be used for the broker’s business purposes. Client funds would be protected in the unlikely event of the broker’s insolvency. 

➡️ Top-level authority regulation: The Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC) oversee FXOpen. These regulatory bodies have strict requirements for financial transparency, client fund protection, and ethical business practices, ensuring that the broker maintains high-security standards. 

➡️ Safe Payment Options: The broker accepts wire transfers, credit cards, and reputable e-wallets as secure payment methods for deposits and withdrawals. These payment systems have their own security measures in place, providing traders with an extra layer of protection. 

➡️ Anti-Money Laundering (AML) Regulations Compliance: They abide by AML regulations, putting in place procedures to prevent money laundering and fraudulent activities. This includes identity verification and monitoring of suspicious transactions, which helps to protect the trading environment’s integrity. 

 

How does the broker ensure the safety of client funds? 

They use strict security measures, such as segregated accounts and encryption technologies. 

 

What measures does the broker take to protect client data? 

The broker employs advanced encryption and firewall technologies to ensure client data confidentiality and integrity. 

Awards and Recognition 

Awards and Recognition 

 

The broker received the following recent awards and recognition: 

➡️ Best ECN Broker 2019, UK Forex Awards. 

➡️ Best Forex Broker in the Middle East 2018, Egypt Investment Expo. 

➡️ Best Islamic Forex Broker 2018, ForexTraders.com. 

➡️ Best ECN Broker Asia 2018, IBM FX Awards. 

➡️ Best ECN Broker 2017, IAFT Awards. 

 

Furthermore, the following are a few of the broker’s most recent achievements: 

➡️ Launched traders tools extension for Google Chrome in 2021. 

➡️ Launched ForexCup Trading Championship in 2021, a global competition for investors, traders, and portfolio managers. 

➡️ Introduction of new instruments in FXOpen Markets in 2021. 

➡️ Held several Money Manager contests on real PAMM accounts with a prize fund of USD 10,000. 

FXOpen Account Types and Features

FXOpen Account Types and Features

 

 

Micro Account 

The broker provides Micro forex accounts denominated in US cents for Indonesian traders. With a minimum initial deposit of only $1, these accounts facilitate market entry.  

 

Micro accounts offer comparable trading conditions to STP accounts, with small minimum transaction sizes and low margin requirements.  

 

This option is ideal for novice traders seeking experienced and seasoned traders testing new strategies, indicators, and advisors with limited risk. Key characteristics of the Micro Account include: 

Account FeaturesValue
💰 Minimum Deposit Requirement1 USD / 15,715 IDR
💵 Base Account Currency OptionsUSD
📈 Maximum Leverage1:500
📊 Instruments Available28 Forex Pairs, Gold, Silver
💰 Minimum Position Size0.01 micro-lots
💸 Dormant Account Fees$10 for Maintenance, $50 for reactivation
📊 Average spreadsVariable, from 0.0 pips
💵 Maximum Open Orders Allowed100
📞 Trading TimeMidnight on Monday – 10h59 pm Friday
✔️ Access to BonusesYes
🎉 Open an accountOpen Account

 

STP Account 

Traders from Indonesia can access the STP accounts, where Straight Through Processing (STP) execution is the norm. This execution type incorporates the broker’s commission into the spread, which varies based on the order availability of ECN.  

 

Every trade is executed in real-time, with minimum transaction sizes as low as 0.01 lot and maximum leverage of 1:500 for accounts under USD 25,000.  

 

Furthermore, STP accounts provide a variety of tradable instruments with no restrictions on trading styles, making them a flexible option. The account’s distinctive characteristics include the following: 

Account FeaturesValue
💰 Minimum Deposit Requirement10 USD / 157,151 IDR
💵 Base Account Currency OptionsUSD, EUR, GBP, JPY, RUB, CHF, Gold
📈 Maximum Leverage1:500
📊 Instruments Available50 Forex Pairs, Gold, Silver
💰 Minimum Position Size0.01 micro-lots
💸 Dormant Account Fees$10 for Maintenance, $50 for reactivation
📊 Average spreadsVariable, from 1 pip
💵 Maximum Open Orders Allowed100
📞 Trading TimeMidnight on Monday – 10h59 pm Friday
✔️ Access to BonusesYes
🎉 Open an accountOpen Account

 

ECN Account 

The ECN accounts ensure competitive trading conditions for Indonesian traders. Utilizing cutting-edge price aggregation technology, these accounts offer market spreads beginning at zero pips and seamless order execution.  

 

In addition, the lack of a dealing desk ensures objectivity by matching orders with those of other ECN participants. Acceptable trading strategies include scalping and expert advisors. Key ECN Account features include the following: 

Account FeaturesValue
💰 Minimum Deposit Requirement100 USD / 1,571,515 IDR
💵 Base Account Currency OptionsUSD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, Gold, mBTC
📈 Maximum Leverage1:500
📊 Instruments Available50 Spot Forex CFDs, 35+ Crypto CFDs, 600+ Share CFDs, Index CFDs, Spot Metals, Commodity CFDs
💰 Minimum Position Size0.01 micro-lots
💸 Dormant Account Fees$10 for Maintenance, $50 for reactivation
📊 Average spreadsVariable, from 0.0 pips
💵 Maximum Open Orders Allowed100
📞 Trading TimeMidnight on Monday – 10h59 pm Friday
✔️ Access to BonusesYes, access to rebates
🎉 Open an accountOpen Account

 

Crypto Account 

The broker provides a CFD trading platform for Bitcoin and Litecoin against major currencies for Indonesian traders interested in cryptocurrency. Due to price fluctuations, these accounts permit investment and speculation.  

 

They utilize premier liquidity providers to aggregate liquidity and manage risks. ECN Aggregator is used for execution, ensuring tight spreads and low commissions.  

 

In addition, all styles of Forex trading are supported, with a maximum use of 1:3. The Crypto Account’s distinctive features are as follows: 

Account FeaturesValue
💰 Minimum Deposit Requirement10 USD / 157,151 IDR
💵 Base Account Currency OptionsUSD, EUR, GBP, RUB, JPY, ETC, Bitcoin (mBTC), Litecoin (LTC)
📈 Maximum Leverage1:3
📊 Instruments Available43 Cryptocurrency Pairs
💰 Minimum Position Size0.01 micro-lots
💸 Dormant Account Fees$10 for Maintenance, $50 for reactivation
📊 Average spreadsVariable, from 1 pip
💵 Commission Fee0.5% half-turn
📞 Trading Time24/7
✔️ Access to BonusesNo
🎉 Open an accountOpen Account

 

Demo Account 

Demo Account 

 

Demo accounts from the broker allow Indonesian traders to explore forex trading without risk. These simulations, available for STP, ECN, and Crypto Accounts, replicate real-world conditions.  

 

Offering virtual funds and a simulated environment, they cater to traders of all levels. The demo account sharpens the skills of traders, instils confidence, and fosters strategic growth.  

 

Its significance stems from its capacity to provide real-world trading experience without the associated financial risk. 

 

Islamic Account 

Islamic Account 

 

The broker respects Indonesian Muslim traders by offering Islamic accounts that adhere to Sharia law without swaps. Rather than swaps, rollovers incur an additional commission equivalent to the swap.  

 

This feature is available for ECN and STP accounts and is compatible with Islamic beliefs. Islamic accounts provide a Sharia-compliant approach to trading, preserving the honour of financial transactions. 

 

What are the main account types offered? 

The broker provides ECN, STP, Crypto, and Micro accounts, each with its own features and benefits. 

 

Can I switch between different account types? 

Yes, you can switch between account types, subject to the terms and conditions of the broker. 

Overall Rating

Min Deposit

1 USD / 15,715 IDR

Regulators

ASIC, FCA, CySEC 

Trading Desk

MetaTrader 4, MetaTrader 5, TickTrader

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

How to open an Account – A Step-by-Step Guide 

To open an account, Indonesians can follow these steps: 

 

👉  Step 1 – Go to the broker’s website.

To get started, navigate to the FXOpen website and select the “Open an account now” option. 

How to open an Account - A Step-by-Step Guide Step 1

 

👉 Step 2 – Fill out the form.

You will be redirected to a secure server to complete the online application. Fill out all required fields with precision. 

How to open an Account - A Step-by-Step Guide Step 2

 

👉 Step 3 – Access your client portal.

You will be provided with a username and password after completing the application. 

FXOpen Vs RoboForex Vs Exness – Broker Comparison

FXOpenRoboForexExness
⚖️ RegulationASIC, FCA, CySECIFSCFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA
📱 Trading PlatformMetaTrader 4, MetaTrader 5, TickTraderMetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, R MobileTraderMetaTrader 4, MetaTrader 5, Exness App, Exness Terminal
💰 Withdrawal FeeYesYesNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit1 USD / 15,715 IDR1 USD / 15,715 IDR1 USD / 15,715 IDR
📈 Leverage1:5001:2000Unlimited
📊 SpreadFrom 0.0 pips0.0 pipsVariable, from 0.0 pips
💰 CommissionsFrom $1.5$10 per million tradedFrom $0.1 per side per lot
✴️ Margin Call/Stop-OutM – 100% – 20%
S/O – 50% – 10%
M: 40% – 60%
S/O: 10% – 40%
60%/0%
✴️ Order ExecutionInstant, MarketMarketMarket
💳 No-Deposit BonusNoYesNo
📊 Cent AccountsYes, MicroNoYes
📈 Account TypesMicro Account, STP Account, ECN Account, Crypto Account, PAMM STP, PAMM ECN, PAMM CryptoPrime Account, ECN Account, R StocksTrader Account, ProCent Account, Pro AccountStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
⚖️ BAPPEBTI RegulationNoNoNo
💳 IDR DepositsYesYesYes
📊 IDR AccountNoNoNo
👥 Customer Service Hours24/524/724/7
📊 Retail Investor Accounts4 retail, 3 PAMM55
☪️ Islamic AccountYesYesYes
🎉 Open an accountOpen AccountOpen AccountOpen Account

Trading Platforms 

Trading Platforms 

 

The broker offers Indonesian traders a choice between these trading platforms: 

➡️ MetaTrader 4 

➡️ MetaTrader 5 

➡️ TickTrader 

➡️ TradingView 

 

MetaTrader 4 

Trading Platforms MetaTrader 4

 

The broker offers the MetaTrader 4 (MT4) trading platform, first introduced by MetaQuotes in 2005. This outstanding platform allows traders to access various markets via Contract for Differences (CFDs), including indices, forex pairs, and commodities.  

 

In addition, MT4 is best known for its association with forex trading, but it also stands out for its adaptability to individual trading preferences. 

 

The remarkable flexibility of MT4 is one of the key factors contributing to its widespread popularity. Traders value the platform’s ability to be customized to their specific preferences and needs.  

 

Furthermore, the platform includes algorithmic features that enable automatic trade execution and termination based on predefined parameters. This feature saves time while ensuring that trades are executed precisely per the trader’s strategies. 

 

MetaTrader 5 

Trading Platforms MetaTrader 5 

 

The broker’s trading platform includes the MetaTrader 5 (MT5) platform, allowing traders to access global financial markets. MT5 has a wide range of features, including order execution, rigorous testing of trading strategies, and in-depth market analysis. 

 

The advanced charting package with MT5 can benefit novice and experienced traders. This package includes a variety of technical indicators and drawing tools, allowing traders to make informed decisions.  

 

MT5 goes above and beyond by including advanced trading algorithms, such as neural networks, which can help shape trading strategies. Furthermore, the platform embraces the concept of social trading, allowing traders to observe and follow their peers’ strategies. 

 

The Strategy Tester tool is a particularly noteworthy feature of MT5. This tool allows traders to design and fine-tune their own trading strategies within the platform.  

 

This increases a trader’s involvement and control over their strategies and contributes to the platform’s reputation as a reliable and adaptable trading tool. 

 

TickTrader 

Trading Platforms TickTrader 

 

TickTrader stands out as a trading platform that caters to traders of varying levels of expertise. This platform takes pride in its user interface, which speeds up the decision-making process for traders and ensures quick and efficient actions. 

 

TickTrader’s sophisticated charting package is central to its appeal. This package provides traders with the tools to conduct comprehensive technical analysis, allowing them to make more informed trading decisions.  

 

Furthermore, the platform includes a real-time news feed, updating traders on developments that may affect their trading strategies. 

 

TickTrader improves the trading experience even more by incorporating powerful analytical tools. These tools enable traders to delve deeply into market trends, uncover insights and make calculated trading decisions.  

 

Overall, TickTrader demonstrates the broker’s commitment to providing traders with a comprehensive and intuitive trading environment that meets both their analytical needs and their need for quick decision-making. 

 

TradingView 

Trading Platforms TradingView 

 

Traders can access over 600 instruments in currency pairs, indices, and commodity CFDs directly from TradingView thanks to the broker’s true ECN technology model. This integration enables access to the interbank market without needing a dealing desk or requotes.  

 

Deep liquidity, tight spreads starting at 0.0 pips, and fast order execution are available to traders. The broker’s TradingView integration supports a variety of trading styles, including swing trading, scalping, and the use of Expert Advisors (EAs).  

 

Furthermore, the broker and TradingView have joined forces to make Forex trading more professional, accessible, and secure, with responsive customer support and competitive commissions.

 

Can I trade on mobile devices with them? 

Yes, they offer mobile trading apps for both Android and iOS devices. 

 

Do they offer any proprietary trading platforms? 

No, they primarily use the MetaTrader platforms. 

Range of Markets

Range of Markets

 

Indonesian traders can expect the following range of markets: 

➡️ Forex 

➡️ Indices 

➡️ Commodities 

➡️ Shares 

➡️ ETFs 

➡️ Cryptocurrencies 

 

What financial instruments can I trade? 

The broker provides various instruments, including Forex, commodities, indices, and cryptocurrencies. 

 

Does the broker offer trading in emerging market currencies? 

Yes, they give you access to various emerging market currencies, broadening your trading options. 

Broker Comparison for Range of Markets

FXOpenRoboForexExness
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoYesNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyYesYesNo
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoNo

Overall Rating

Min Deposit

1 USD / 15,715 IDR

Regulators

ASIC, FCA, CySEC 

Trading Desk

MetaTrader 4, MetaTrader 5, TickTrader

Crypto

Yes

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

FXOpen Fees, Spreads, and Commissions 

FXOpen Fees, Spreads, and Commissions 

 

Spreads 

The broker charges variable spreads that diverge based on diverse factors, including the type of account, the financial instrument being traded, and the prevalent market conditions on any given trading day.  

 

Commissions 

Fees, Spreads, and Commissions Commissions 

 

The broker extends the option of commission-free transactions for the Micro Account category. Conversely, commissions are levied on trading activities conducted through the ECN, Crypto, PAMM ECN, and PAMM Crypto account classifications

 

Overnight Fees 

The broker imposes overnight, rollover fees on open positions beyond a single trading day.  

 

These fees encompass the cost of borrowing funds to maintain a particular position. Furthermore, their calculation hinges on the differential in interest rates between the two currencies constituting the currency pair being traded. 

 

In cases where the interest rate applicable to the currency being acquired exceeds that of the currency being divested, traders stand to accrue a rollover credit.  

 

Conversely, traders incur a rollover fee if the interest rate linked to the currency being purchased is inferior to that of the currency being sold. 

 

The broker’s assessment of overnight fees, or rollovers, exhibits variability contingent on factors such as the currency pair under consideration, the trading account’s classification, and the assumed position’s magnitude.  

 

These fees are automatically tabulated and debited after each trading day, and their presence is duly reflected in the account statement. 

 

Deposit and Withdrawal Fees 

The broker charges the following deposit fees: 

➡️ ADVCash – 0.5% 

➡️ Bitcoin – 0.0003 BTC 

➡️ Ethereum – 5 UST/0.001 ETH 

➡️ Tether – 5 UST/5USDT 

 

The broker charges the following deposit fees: 

➡️ PayPaid – 2% 

➡️ WebMoney – 0.8% 

➡️ FasaPay – 0.5% 

➡️ ADVCash – 0.5% 

➡️ Bitcoin – 0.001 BTC 

➡️ Bitcoin Cash – 0.0005 BCH 

➡️ Litecoin – 0.005 LTC 

➡️ Emercoin – 0.1 EMC 

➡️ Ethereum – 0.005 ETH/15 UST 

➡️ Tether – 15 USDT/15UST 

➡️ Bank Transfer – 15 EUR, GBP, 15 CHF, or 30 USD 

 

Inactivity Fees 

The broker charges the following Maintenance and Inactivity Fees: 

➡️ Micro Account – 10 USD Maintenance, 50 USD reactivation 

➡️ STP Account – 10 USD Maintenance, 50 USD reactivation 

➡️ ECN Account – 10 USD Maintenance, 50 USD reactivation 

➡️ PAMM STP – 10 USD Maintenance, 50 USD reactivation 

➡️ PAMM ECN – 10 USD Maintenance, 50 USD reactivation 

 

Currency Conversion Fees 

When traders opt to deposit or withdraw funds in currencies divergent from their pre-designated base account currency, they will be subject to Currency Conversion fees. 

 

How does the broker structure its fees and spreads? 

The fees, spreads, and commissions charged by them vary depending on the account type and instrument, with detailed information available on their website. 

 

Are there any hidden fees? 

No, the broker does not have hidden fees. However, even though they strive for transparency, reviewing its fee schedule and terms for any additional charges is prudent.

FXOpen Deposits and Withdrawals 

FXOpen Deposits and Withdrawals 

 

Indonesians can choose from the following deposits and withdrawals: 

➡️ PayPaid 

➡️ WebMoney 

➡️ FasaPay 

➡️ ADVCash 

➡️ Bitcoin 

➡️ Bitcoin Cash 

➡️ Litecoin 

➡️ Ethereum 

➡️ Tether 

➡️ Emercoin 

➡️ Bank Transfer 

➡️ Credit/Debit Card 

➡️ Easy Bank Transfer 

 

Are there any fees for deposits or withdrawals? 

Yes, deposit and withdrawal fees apply depending on the method. 

 

How long do withdrawals take? 

Withdrawal times vary depending on the method, but they typically range from a few hours to several business days.

How to make a Deposit

To deposit funds into an account, Indonesian traders can follow these steps: 

 

👉 Step 1 – Log into your account.

Visit the FXOpen website and sign in to your account. 

How to make a Deposit Step 1

 

👉 Step 2 – Go to the deposit section.

In the top right-hand corner of the screen, click the “Deposit” button. 

 

👉 Step 3 – Choose a deposit method.

Select the payment method you want to use. The broker accepts bank transfers, credit/debit cards, and e-wallets such as PayPal, Skrill, and Neteller as payment methods. Enter the deposit amount and any other required information, such as your payment information.

How to Withdraw funds

To withdraw funds from an account, Indonesian traders can follow these steps: 

 

👉 Step 1 – Log into your account.

Visit the FXOpen website and sign in to your account. 

How to Withdraw funds Step 1

 

👉 Step 2 – Go to the withdrawal section.

In the top right-hand corner of the screen, click the “Withdraw” button. 

 

👉 Step 3 – Choose a withdrawal method.

Select the withdrawal method you want to use. FXOpen accepts bank transfers, credit/debit cards, and e-wallets such as PayPal, Skrill, and Neteller as withdrawal methods. Enter the withdrawal amount and any other required information, such as your payment information. 

Education and Research 

Education and Research 

 

The broker offers the following Educational Materials to Indonesian traders: 

➡️ What is Forex? 

➡️ What is a Forex Broker 

➡️ How to start trading 

 

The broker also offers Indonesian traders the following additional Research and Trading Tools: 

➡️ Economic Calendar 

➡️ Market News 

➡️ Market Analysis 

➡️ Market Pulse 

➡️ Forex Forum 

➡️ TradingView 

 

Does the broker offer market research and analysis? 

Yes, the broker provides market research, analysis, and insights to assist traders in making sound decisions. 

 

Can beginners benefit from the broker’s educational materials? 

Yes, the broker’s educational materials are intended to help traders of all levels, including beginners. 

Bonus Offers and Promotions 

Bonus Offers and Promotions 

 

The broker offers Indonesian traders the following bonuses and promotions under its FSA regulations: 

➡️ FXOpen ForexCup Trading Championship 2023 

 

The FXOpen ForexCup Trading Championship 2023 is a one-of-a-kind competition that brings together investors, traders, and portfolio managers for a fair and trustworthy global showdown.  

 

This year-long competition invites participants to compete for the title of the best trader and a $50,000 cash prize. The most important criterion for victory is demonstrating the greatest profit by the end of 2023.  

 

This fantastic contest is open to anyone with an active ECN account, ensuring accessibility to a wide range of people. The only participation requirement is to keep a minimum trading deposit and follow the contest rules.  

 

The contest parameters’ flexibility extends to the available tradable instruments, which include spot FX, indices, commodities, stocks, metals, and crypto CFDs. This multifaceted approach encourages participants to apply their knowledge of various financial products. 

 

Does the broker offer any bonuses or promotions to new clients? 

Yes, the broker may offer a variety of bonuses and promotions; further information can be found on their website or by contacting support. 

 

Are there any specific terms and conditions for the bonuses? 

Yes, the bonuses and promotions are subject to terms and conditions that should be carefully read. 

How to open an Affiliate Account with FXOpen 

To register an Affiliate Account, Indonesian traders can follow these steps: 

 

👉 Step 1 – Go to the affiliate section.

Navigate to the FXOpen official website and look for the prominent “Affiliate Program” button in the top menu. 

How to open an Affiliate Account with FXOpen Step 1

 

👉 Step 2 – Select “Join Now” or “Register”

To begin the registration process, click the “Join Now” button. 

How to open an Affiliate Account with FXOpen Step 2

 

👉 Step 3 – Complete the Form for Registration.

Fill out the registration form with your personal information, including your full name, email address, and country of residence. 

How to open an Affiliate Account with FXOpen Step 3

Affiliate Program Features 

Affiliate Program Features 

 

The affiliate program distinguishes itself through various exceptional features, each contributing to its affiliates’ increased earning potential and overall growth. The following are the key features of the affiliate program: 

➡️ The broker is committed to fostering a mutually beneficial relationship with its affiliates, offering competitive commission rates that enable affiliates to earn commissions from the trading activities of their referred clients. 

➡️ The broker uses advanced tracking technology to track affiliate referrals and the corresponding commission attributions. 

➡️ The program’s versatility extends to commission structures. Affiliates can choose between dynamic CPA (cost-per-acquisition) and revenue share commission structures, allowing them to match their preferences and operational models. 

➡️ The affiliate dashboard enables real-time reporting to provide affiliates with actionable insights. This provision provides affiliates with up-to-date information on their referred clients’ trading activities and the corresponding commissions. 

➡️ The broker understands the importance of compelling promotional materials. As a result, affiliates are provided with many customizable promotional materials, including banners, widgets, landing pages, and various marketing tools, all designed to captivate their target audience. 

➡️ The program uses a multi-tier affiliate system, which allows affiliates to earn commissions on the trading activities of sub-affiliates they successfully introduce to the program. 

➡️ Recognizing the importance of support, the broker provides its affiliates with dedicated support services. These include the availability of an affiliate manager, assistance with promotional material design, and expert advice in developing effective marketing strategies. 

 

What commission structure does the affiliate program offer? 

The affiliate program offers a variety of commission structures based on performance and agreement. 

 

Does the broker provide marketing support to affiliates? 

Yes, the broker provides affiliates with marketing materials, tools, and support to help them promote their services. 

Customer Support

⏳ Operating Hours24/5
📚 Support LanguagesMultilingual
💬 Live ChatYes
💻 Email AddressYes
☎️ Telephonic SupportYes
✔️ The overall quality of FXOpen Support4/5

 

How can I contact the broker’s customer support? 

The broker’s customer service can be reached by phone, email, live chat, or through the contact form on their website. 

 

Is the broker’s customer support available 24/7? 

No, the broker’s support is not available 24/7 but only 24 hours a day during weekdays. 

Corporate Social Responsibility 

FXOpen does not offer information regarding past or future CSR initiatives or projects. 

Verdict

Based on our research, the broker appears to be a promising option for Indonesian traders. It provides a diverse trading experience, with a trust score of 89% and regulation by reputable organizations such as the FCA, CySEC, and ASIC.

 

The broker’s dedication to transparent pricing, competitive trading conditions, and exceptional customer service adds significantly to its appeal.

Top 10 Forex Brokers

Broker

Rating

Regulators

Min Deposit

Leverage

Website

1

8/10

ASIC, FSA

$100

1:400

2

9/10

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC

$10

1:20000

3

8.4/10

FSA, CySec, FSCA, FSC

$1

1:3000

4

8/10

FCA, IFSC, CySec, ASIC

$5

1:1000

5

8/10

FSCA, FSC, FSA

$10

1:400

6

8.7/10

FSCA, CySEC, FCA, DFSA, FSCA, CMA

$0

1:2000

7

8.5/10

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$10

1:400

8

8.3/10

IFSC, FSCA, ASIC, CySEC

$1

1:1000

9

8.2/10

SVGFSA

$5

1:500

10

8.1/10

CySEC, ASIC, FSCA

$100

1:500

Top 10 Forex Brokers

Broker

Rating

Min Deposit

Leverage

1

8/10

$100

1:400

2

9/10

$10

1:20000

3

8.4/10

$1

1:3000

4

8/10

$5

1:1000

5

8/10

$10

1:400

6

8.7/10

$50

1:100

7

8.5/10

$10

1:400

8

8.3/10

$1

1:1000

9

8.2/10

$5

1:500

10

8.1/10

$100

1:500

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Pros and Cons

✔️ Pros❌ Cons
The Web Platform improves user experience by allowing one-click trading and trading directly from the chartFor some users, the educational material may appear meagre when compared to industry standards
The broker caters to the growing interest in digital currencies by offering 27 Cryptocurrency CFDsFor FCA, ASIC, and CySEC-regulated entities, leverage is limited to 1:30, which may be restrictive for some trading strategies
The broker provides a demo account for practice, allowing traders to become acquainted with the platform
The broker caters to both advanced and novice traders with MetaTrader 4, MetaTrader 5, TickTrader, and a Web Platform

Frequently Asked Questions

How can I open an account with FXOpen Indonesia? 

You can open an account by going to their website, filling out a registration form, and providing the necessary identification documents. 

 

How long does it take to withdraw? 

The broker’s withdrawals are processed quickly, with a minimum time of instant and a maximum time ranging from 2 to 5 days, depending on the withdrawal method used. 

 

Does the broker have VIX 75? 

No, they do not allow you to trade the VIX 75 index. 

 

Are they a reliable trading platform? 

Yes, they are well-known for their trading services, but it’s critical to read user reviews and consult regulatory information to ensure they meet your requirements. 

 

What trading platforms does the broker offer? 

The broker provides popular trading platforms such as MetaTrader 4 (MT4), MetaTrader 5 (MT5) and TradingView, providing Indonesian traders with various tools and features to help them trade effectively. 

 

Are they Safe or a Scam? 

They are regarded as a secure broker. Several regulatory bodies govern it, and FXOpen follows stringent compliance standards to ensure transparency and security in its operations. 

 

What are the withdrawal fees? 

Withdrawal fees vary depending on the method and currency used. 

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