FxOpen is a reputable forex broker operating since 2005 and began offering MT4 ECN accounts since 2009 with one of the best competitive commissions in the industry. FxOpen is based in New Zealand, licensed by the FSP (FSPR #: FSP192685).
FxOpen operates on fair trading and the company mission is to provide professional trading services for its clients from across the globe. FxOpen offers twp types of which is a standard and Auto Trading , available with Islamic/Swap Free accounts as well.
xOpen was established in early 2005, based in New Zealand and licensed by the FSP New Zealand. FxOpen was one of the first brokers to pioneer the ECN trading technology and offer standard ECN/STP accounts along with auto trading account on ECN accounts.
Offering 5 decimal pricing with Level II market depth, FxOpen’s spreads are provided by over 10 liquidity providers offering the best bid and ask prices. Traders can make use of MetaTrader4 ECN in order to get the interbank spreads along with the market depth.
Besides the ECN Accounts, FxOpen also offers standard MT4 account as well mirror trading options. Traders can sign up for the demo account with $50,000 virtual money or even try out the $1 Micro Account from FxOpen.
FxOpen Spreads & Execution
FxOpen offers one of the tightest spreads on their ECN Accounts and most notable, spreads on majors such as GBP and EUR are in the range of less than 2 pips. In terms of placing orders, traders have the convenience and flexibility to place limit or stop orders just 0 pips from the market price. The benefits of this are clearly seen for short term trades. FxOpen execution is quick although traders might notice latency in the range of 500ms or less, which shouldn’t really be a problem.
Traders can make use of EA’s as well which work quite well within FxOpen’s MT4 ECN bridge platform.
Overall, FxOpen offers a competitive ECN forex trading account. While the commissions might seem a bit on the higher side, the flexibility of trading on an MT4 ECN Account along with quick execution and scalping makes up for it.