FXOpen: A Brief Overview

FXOpen is a contracts for difference (CFD) broker that primarily focuses on forex and cryptocurrency trading. Established in 2003, the platform allows traders to speculate on various assets without owning them directly. This includes the ability to use leverage and engage in short positions, offering an advantage not commonly found in cryptocurrency trading services.

One notable feature of FXOpen is that users have the option to deposit and withdraw using cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Emercoin. However, fees associated with bank transfers and card methods are substantial. For instance, a withdrawal through bank transfer in a euro account incurs a fee of €30. Fees for other methods typically hover around 3%.

FXOpen offers an impressive selection of 43 cryptocurrency products, encompassing well-known options such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and EOS. These products are often priced against various fiat currencies, including the Russian Ruble. Traders can also take advantage of leverage, with a maximum leverage of 1:3 available. This leverage capability surpasses that of many competitors, which usually offer up to 1:2 leverage.

It's important to note that FXOpen is generally considered to be on the lower end of the industry standards. The platform has garnered negative reviews from professional review sites and user forums alike. Many users express concerns about customer service and deposit-related issues.