FXOPEN RATING REVIEW -Using the Formula V.4.0.
FxOpen is a multi-featured Forex broker offering automated trading and PAMM accounts.
FxOpen Rating Summary
FxOpen Rating Review using Forex Formula v.4.0. Sum of each factor of the following rating analysis (1, 2, 3, 4):
| RATING SUMMARY | |||
| MAX | ACHIEVED | (%) | |
| 1.Safety of Funds | 26.00% | 20.07% | 77.18% |
| 2.FxOpen Cost of Transaction | 28.00% | 16.50% | 58.93% |
| 3.FxOpen Trading-Options | 26.00% | 23.25% | 89.42% |
| 4.FxOpen Technological Efficiency | 20.00% | 16.00% | 80.00% |
| Overall Rating | 100.00% | 75.82% | 75.82% |
FxOpen Rating Analysis
Analysis of each Sub-Factor forming FxOpen total rating result.
| RATING ANALYSIS of FX OPEN | ||||
| TOTAL RATING | 100.0% | FxOpen Broker | ||
| Weight Analysis | Factor Analysis | 75.82% | ANALYSIS | |
| 1. SAFETY OF FUNDS at FX OPEN | 26.00% | RATING WEIGHT | 20.07% | FxOpen Credibility Analysis |
| 1.1 FxOpen Level of Regulation | 12.00% | FSC (BVI) = 1.0%, | CYSEC = 3.0%, | FFMS = 3.0%, | RAFMM = 3.0%, | CBI = 4.0%, | ASIC = 4.0%, | FSP (NZ) = 4.0%, | FSA (UK) = 6.0%, | BAFIN = 6.0%, | NFA = 6.0%, | CFTC = 6.0%, | FINMA = 8.0% | and MiFID = +4.0% | 10.00% | FxOpen is regulated by FSP (NZ) = 4% and FCA (UK) = 6.0% = Total 10% |
| 1.2 FxOpen Headquarters Base | 5.00% | General Offshore = 0%, Cyprus , Latvia = 2.0%, Ireland, Spain, Italy, Belgium, Israel = 3.0%, New zeeland, Canada, Australia, = 4.0%, USA, UK, Germany, Scandinavian, France, Switzerland = 5.0% | 4.00% | FxOpen Home Base is in New Zeeland = 4.0% |
| 1.3 FxOpen Years in the Market | 5.00% | 0-1 Years = 0 %, 2-5 Years = 2.0 %, 5-10 Years = 4.0 %, 10+ Years = 5.0 % | 5.00% | FxOpen was founded in 2005 5-10 years = 4.0% |
| 1.4 FxOpen Segregated / Bank Accounts | 2.00% | Yes = 2.0 %, No = 0.0 % | 0.00% | No segregated bank accounts = 0.0% |
| 1.5 FxOpen Web Ratings (Usage for differentiating results) | 2.00% | ForexPeaceArmy Rating = 1.0 %, | EarnForex Rating = 1.0 % | 1.07% | FxOpen FX FPA=3.039 / 5.0 & Earn Forex= 4.6 / 10.0 Total = 5.339 / 10.0 = 1.0678% |
| 1.6 (+) ADJUSTMENTS | ||||
| 1.6.1 Size Factor | 1.00% | More than 1 Million Traders = +1.0 % | 0.00% | Not met |
| 2. TRADING COST at FX OPEN | 28.00% | RATING WEIGHT | 16.50% | FxOpen Competition Analysis |
| 2.1 FxOpen Typical Spread on EURUSD | 8.00% | < 0.3 pip = 8.0%, | <0.4 pip = 7.5%, | < 0.5 pip = 7.0%, | <0.6 pip = 6.5% | <0.7 pip = 6.0%, | <0.8 pip = 5.5%, | <1.0 pip = 5.0%, | < 1.25 pip = 4.5, | < 1.5 pip = 4.0%, | <1.75 pip = 3.5%, | >2 pip = 3.0%, | < 2.5 pip = 2.0%, | < 2.5 pip = 1.0%, | < 3 pip = 0.5% | 3.00% | FxOpen EUR/USD Spread is measured at 2 pips = 3.0% Rating (There are zero spreads accounts but with Commissions Charged) |
| 2.2 FxOpen Typical Spread on GBPUSD | 5.00% | < 1.0 pip = 5.0%, | <1.25 pip = 4.0%, | < 1.5 pip = 3.0%, | < 1.75 pip = 2.5%, | < 2 pip = 2.0%, | < 2.25 pip = 1.5%, | < 2.5 pip = 1.0% | < 3 pip = 0.5% | 0.50% | FxOpen GBPUSD Spread is measured at 3 pips = 0.5% Rating |
| 2.3 FxOpen Typical Spread on USDJPY | 4.00% | < 1.0 pip = 4.0%, | <1.25 pip = 3.5%, | < 1.5 pip = 3.0%, | <1.75 pip = 2.5%, | < 2 pip = 2.0%, | < 2.5 pip = 1.0%, | < 3 pip = 0.5% | 2.00% | FxOpen USDJPY Spread is measured at 2 pips = 2.0% Rating |
| 2.4 FxOpen Trading Commissions | 7.00% | No Commissions = 7% | Commissions < $5 / lot = 3% | Commissions < $8 / lot = 1% | Higher Commissions = 0% | 7.00% | No commissions on the account type tested |
| 2.5 FxOpen Deposit / Withdrawal Commissions | 2.00% | No = 2.0 %, | Yes = 0 %, | 1-Free / Month = 0.5 % | 0.00% | Some Withdrawal Commissions charged = 0.0% |
| 2.6 FxOpen Maintenance and Inactive Fees | 2.00% | No = 2.0 %, | Yes = 0 % | 2.00% | No Standard Maintenance Fees charged but be aware that If the Client: (i ) does not access the Platform for 1 year and (ii) Account Balance is 50 USD or less, then some fees may be charged) = 2.0% |
| 2.7 (+) ADJUSTMENTS | ||||
| 2.7.1 FxOpen Execution | 2.00% | ECN = +2.0 % / STP = +1.5 % | Market Makers = +0.0% | 2.00% | FXOPEN is an ECN / STP Forex Broker |
| 3. TRADING OPTIONS at FX OPEN | 26.00% | RATING WEIGHT | 23.25% | FxOpen Trading Analysis |
| 3.1 FxOpen Forex Asset Index | 8.00% | 45+ Currency Pairs = 8.0%, | 40+ Currency Pairs = 7.0%, | 35+ Currency Pairs = 6.0%, | 30+ Currency Pairs = 5.0%, | 25+ Currency Pairs = 4.0%, | 20+ Currency Pairs = 3.0%, | 15+ Currency Pairs = 2.0%, | 10+ Currency Pairs = 1.0%, | Less than 10 pairs = 0% | 8.00% | FxOpen offers 45+ Forex Currencies = 8.0% |
| 3.2 FxOpen CFD and Spot Trading | 2.00% | CFD Trading = 2.0 % | Only Spot = 1.0 % | Nothing = 0% | 1.00% | Metals (Gold and Silver) not CFDs = 1.0% |
| 3.3 FxOpen Demo / Practice Account | 2.00% | Yes = 2.0 %, No = 0.0 % | 2.00% | Yes Demo Availability = 2.0% |
| 3.4 Leverage at FxOpen | 2.00% | >100:1 = 2.0%, | > 75:1 =1.5%, >50:1 = 1.0% | 2.00% | Leverage at FxOpen up to 500:1 = 2.0% |
| 3.5 FxOpen Bonus & Rebate | 6.00% | 4.00% | ||
| 3.5.1 FxOpen Bonus (%) | Bonus (Higher or Equal): >50% = 6%, | >40% = 5%, | >30% = 4%, | >20% = 3%, | >15% = 2%, | >10% = 1% | Bonus is about 10% = 2.0% | ||
| 3.5.2 FxOpen Rebate (%) | Rebate (Higher or Equal): >30% = 6%, | >25% = 5%, | >20% = 4%, | >15% = 3%, | >10% = 2%, | >5% = 1.0% | Rebate available about 10% per total cost = 2.0% | ||
| 3.6 FxOpen Minimum Deposit | 1.00% | Min Deposit < $500 = +1%, | Min Deposit < $1,000 = +0.5% | 1.00% | Minimum deposit is just $1 (Keep in mind that for ECN/STP accounts is $,1000) = 1.0% |
| 3.7 FxOpen Fund / Deposit Methods | 2.50% | For each deposit method available = 0,5%, max = 5 methods | 2.50% | 5+ methods available (Credit Cards, Debit Cards Western Union, Bank Wire, CashU, MoneyBookers) = 2.5% |
| 3.8 FxOpen Fund / Withdrawal Methods | 2.50% | For each withdrawal method available = 0,5%, max = 5 methods | 2.50% | 5+ methods available (Credit Cards, Debit Cards Western Union, Bank Wire, CashU, MoneyBookers) = 2.5% |
| 3.9 (+) ADJUSTMENTS | ||||
| 3.9.1 Offering 100+ Currency Pairs | 1.00% | Yes = 1.0 % / No = 0 % | 0.00% | Not met |
| 3.9.2 Interest on Funds | 0.50% | Yes = 0.50 %, No = 0.0 % | 0.00% | Not met |
| 3.9.3 FxOpen Competitions / Championships | 0.25% | Yes = 0.25 % / No = 0 % | 0.25% | Trading Competitions = +0.25% |
| 4. FX OPEN TECHNOLOGICAL EFFICIENCY | 20.00% | RATING WEIGHT | 16.00% | FxOpen Technological Analysis |
| 4.1 FxOpen Available Platforms | 5.00% | Each Supported Platform = 1.0%, max = 5 platforms | 1.00% | Only MT4 platform available = 1.0% |
| 4.2 FxOpen Slippage | 4.00% | Slippage < 0.5 pip = 4.0% | Slippage < 0.75 pip = 3.5% | Slippage < 1 pip = 3.0% | Slippage < 1.25 pip = 2.5% | Slippage < 1.5 pip = 2.0% | Slippage < 1.75 pip = 1.5% | Slippage < 2.0 pip = 1.0% | 3.50% | FxOpen's Slippage on execution is measured at 0.6 pip (ZuluTrade) = 3.5% |
| 4.3 FxOpen Automated Trading | 2.00% | Yes = 2.0 % / No = 0 % | 2.00% | Automated Forex Signals are allowed = 2.0% |
| 4.4 FxOpen MT4 / MT5 Availability | 2.00% | Yes = 2.0 % / No = 0 % | 2.00% | Yes, Metatrader4 is available = 2.0% |
| 4.5 FxOpen Mobile Trading | 2.00% | Each Supported Device = 0.50 % (iPhone, iPad, Android, Windows Mobile, Blackberry), max = 4 devices | 1.50% | FxOpen apps suitable for iPhone, iPAD and Android devices = 1.5% |
| 4.6 FxOpen Scalping / Hedging Policy | 1.00% | Yes both = 1.0 % | Yes only Hedging or Scalping = 0.5% | No = 0 % | 1.00% | FxOpen allows Hedging and Scalping = 1.0% |
| 4.7 FxOpen Customer Service | 4.00% | 24/7 = 1.0 %, | 24/6 = 0.5 %, | 24/5 = 0 %, | email = 1.0%, | Phone = 1.0 %. | Live Chat = 1.0 %, | Skype = 0.5 %, | Call-Back = 0.5 % | 4.00% | FxOpen provides 24/5=0%, EMAIL=1%, Phone=1%, Live Chat=1%, Skype=1% Total = (max) 4.0% |
| 4.8 (+) ADJUSTMENTS | ||||
| 4.8.1 FxOpen PAMM / Managed Accounts | 0.50% | PAMM = 0.5 % / Simple Managed = 0.25%, No = 0 % | 0.50% | Pure PAMM accounts = +0.5% |
| 4.8.2 FxOpen API Trading | 0.50% | Yes = 0.5 % / No = 0 % | 0.50% | Yes, API trading available = +0.5% |
FxOpen Special Metrics
These are the special metrics for FxOpen according to the three categories of trading experience. The rating results are based on the different weights of the same formula.
| FX OPEN SPECIAL METRICS | |
| (based on sub-formulas) | RATING (100%) |
| FxOpen Overall Rating | 75.82% |
| Forex Beginners | 66.98% |
| Advanced Traders | 72.74% |
| Pro Traders | 74.57% |
■ FxOpen Rating Review
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