Choosing an online forex broker can be a daunting task especially when many online forex brokers today offer the same bells and whistles – frequent up to date forex economic news and all the fancy charts and technical indicators that you can look at. The problem is that you normally need to sign up for an account to determine if the broker is the right one for you.
This FXOpen review shows you why FXOpen is an excellent choice to be considered.
1. Low spreads – Besides your forex trading strategies, the most important factor determining your profits is the spread, and FXOpen offers some of the lowest spreads around, sometimes as low as 0.5 pips.
2. Low capital required – FXOpen only requires $1 for you to start trading on a micro account and $25 for a standard account. Although I suggest you start off with a minimum of $500, this flexibility is good for those unwillingly to part with too large an initial capital outlay.
3. High leverage – Although I discourage using high leverage too recklessly, FXOpen offers leverage as high as 1:500. This flexibility is welcome although please be advised of the risks involved.
4. Islamic accounts – FXOpen does not practice swap trading which makes it suitable for Islamic traders.
5. Great support – FXOpen has offices all over the world and provide helpful and responsive support. Just send them an email and you’ll be impressed with their response time.
6. Great promotions – FXOpen runs frequent promotions such as a $25 bonus on opening a standard account. Though this is not a big factor, but it’s a great gesture from them.
7. MT 4 – And finally, it supports the MetaTrader 4 platform which allows you to use an automated forex trading system such as Forex MegaDroid.
Though there are many good online forex brokers out there, this FXOpen review shows that FXOpen is one of the best forex brokers and has all you need to support you on your online forex trading journey.