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FxOpen ECN

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on: Apr 16, 2011, 09:58 AM
Who are using ECN broker here?  A friend just introduced me to FxOpen ECN. There are some major differences between using a MM/STP broker and ECN.  Read this article to know the PROs and CONs

Here's the best PRO side.  How much is spread of your broker?

In FxOpen ECN, the spread of GBPJPY goes as low as less than a pip sometimes.  Plus their commission of around 7usd/lot (about 0.7 pips additional)

But the greatest CON side.  You need a minimum of 1,000usd initial deposit, and the smallest lot you can trade is 0.1 lot, which is equivalent to 1usd per pip.


Post Merge: Apr 16, 2011, 12:59 PM
Then for more savings, you can even sign up for rebates here-

Plus some other bonuses, as presented in their website.

    * Get a monthly forex rebate of 1/2 a pip on every forex trade you make. Winner or Loser! (+/- 4 pips or more)
    * The Forex Rebate is set at *$5 per lot traded. There is no sliding scale depending on a certain trade volume unlike other companies offering a forex rebate although high volume traders may negotiate ;)
    * Get a FREE $25 bonus on every Standard Account opened! (After Deposit)
    * With the $25 Deposit Bonus, 1/2 pip forex rebate, and the $100, 10 lot volume bonus, you are immediately $175 better off trading with us than any other broker!
    * Free Strategy Pack on opening a Standard Account, including proven, easy to follow, profitable forex trading strategies to help you on your way to success

*Depends on the value per pip. $5 is based on $10 per pip forex currency pairs like eur/usd or gbp/usd.

Some of the benefits of trading with FXOpen and RebateFX are…
      * Fixed Forex Spread: from 2-3 pips. (1.5-2.5 pips effective, after rebate!)
      * Minimum Forex deposit – from USD$100. (just $1 for micro accounts)
      * ECN/STP accounts available with LEVEL II Market Depth.
      * * Promotion! $25 FREE OPENING BONUS!(added after the 1st deposit)*
      * Strictly Regulated Broker with over $70 Billion monthly turnover
      * Swap Free Islamic Accounts on request
      * Rapid Execution on Accurate Market Quotes
      * Trade Forex and Commodities
      * Credit Leverage of your choice up to 1:500
      * Moneybookers, Webmoney, Liberty Reserve, Bank Wire, Cash-U, China Union Pay, C-Gold, and PerfectMoney accepted
      * Trading terminal: MetaTrader4: Hedging, Scalping and EA Robots allowed. NO FIFO!
      * Rapid and Efficient Customer support
      * Trading Account opening within 5 minutes from any part of the world
      * $100 bonus after 10 lots volume traded
      * Payoneer Debit Card available for rapid cash withdrawals

« Last Edit: Mar 18, 2012, 11:43 PM by FutureGizmo »


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Reply #1 on: Mar 17, 2012, 09:22 AM
I wonder why these brokers offering their winning strategies.If all or most of their clients are becoming winners then where do they get the money to pay them? Please educate me :)


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Reply #2 on: Mar 17, 2012, 11:06 AM
I wonder why these brokers offering their winning strategies.If all or most of their clients are becoming winners then where do they get the money to pay them? Please educate me :)
all brokers will claim the same otherwise who would patronize them. same as all forex gurus claim their trading strategies are 100% winners, otherwise, who would buy them. confronted with these winning claims, these brokers/gurus will remind you of their small printed disclaimers that forex trading is a high risk only monies you can afford to lose.
in sticking to the theme of this thread, the question is: is FxOpen ECN a good and reputable broker? where will your money be deposited? FxOpen Cairo, Egypt? Auckland, NZ or Moscow Russia? where will your trading be "regulated" in case of a problem? FxOpen is a member of Financial Resolution Dispute (FRD) of Auckland NZ. but is FRD a government regulatory board dedicated to resolving forex issues? what kind of teeth do they have in enforcing rules/regulations protecting traders?
in my case, since i am based out of california, i cannot use FxOpen, because FxOpen is prohibited from dealing with US-based clients. but if i am in pinas, i might open an account with them, using pinas-based banks just because FxOpen is a ECN. FxOpen may not trade against you because ECNs use counterparties in their trading systems. FxOpen has been in business since 2005 (not sure of the claim). its just a matter of playing fair and square for FXOpen to be a really good ECN. :rakenrol:


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