FXOpen
FXOpen is a New Zealand based retail forex broker offering online trading services via the MT4 platform. It provides access to the Electronic Communication Network (ECN) to execute trades in currencies and precious metals. The company has international offices in Australia, United Kingdom and Russia, forming part of FXOpen Group. It is represented worldwide but is mostly present in Europe and Asia.
History
FXOpen was founded in 2003 as an educational centre of technical analysis. In 2005, the company officially launched its brokerage services.
In 2006, the company introduced Micro accounts and Shari’a compliant accounts.
In 2009, FXOpen was the first broker to introduce ECN MT4. The company developed its own bridge technology that provided retail traders with an access to the ECN market via the MetaTrader platform. After MT4 ECN introduction FXOpen added ECN PAMM accounts.
In 2010, the company implemented an extensive partnership program and offered traders’ knowledge base (FXOpen Help).
In 2013, FXOpen launched STP accounts. The company also hit over $100 billion in monthly trading volume over its ECN platform alone.
Operations
FXOpen offers an ECN-integrated MT4 trading platform, compatible with algorithmic trading. It enables users to apply various trading robots, known as Expert Advisors.
FXOpen provides traders with proprietary designed One Click Trading Level2 Plugin software (OCTL). The tool was released in February 2013 and is regarded as the Level2 application update optimizing the order execution process in the MT4 platform.
The company developed FXOpen Trader for Android i.e., a free application for Forex trading via the mobile devices that offers real-time Forex data, including pricing and charts.
Business Model
FXOpen operates under an ECN model. Liquidity for trades can be obtained from other traders, brokers, financial institutions or even FXOpen themselves. ECN models do not have large liquidity pools and clients are often unaware on where their trade liquidity is coming from or the depth of the market price. This is how FXOpen is able to offer such low spreads and commission structures.
Regulatory information
FXOpen NZ Limited, based in Auckland, is registered with the Financial Service Provider Registry in New Zealand (FSPR) and is a member of the Financial Dispute Resolution Scheme. The company is also a member of the Financial Commission.
FXOpen AU Pty Ltd, based in Sydney, is licensed and regulated by ASIC i.e., Australian Securities and Investments Commission since July 2012.
FXOpen Ltd, based in London, is regulated by the Financial Conduct Authority in the UK since March 2013.
FXOpen Company, based in Moscow, is FXOpen NZ Limited official agent in Russia. It is a permanent member of the Council of the Federation of the Federal Assembly of the Russian Federation.
Awards
In 2009, FXOpen was crowned Broker of the Year and the Best Broker in the Middle East and Asia at the Moscow Forex Expo.
FXOpen received the Falcon Award as a Global FX Broker in the sub-category Best Platform according to the FX Traders’ Choice Awards 2010.
FXOpen was awarded with World Finance Award for Best Forex Broker, Australasia, 2011.
FXOpen received the gold medal as the "Most Popular Product Award (ECN MT4)" at the 9th Shanghai Money Fair.
According to the 2011 IBTimes Trading Awards, FXOpen was named Best Islamic Forex Broker. The company also received Excellence Awards as Forex Broker South East Asia and ECN Forex Broker.
Sponsorship
The company supports e-Sports and helps to organise and promote the FXOpen Path of Ascension and similar e-Sports championships. FXOpen has its own StarCraft II professional team. FXOpen sponsored the StarCraft II championship winning team in the 1st Hong Kong e-Sports Tournament.
The company is a sponsor of motorsports activities, in particular, drifting.
The company organises and promotes regional Forex championships in the framework of the ForexCup project. The 2013 championships were held in Ukraine, Asia, Moldova and Russia.