My opinion about FXOpen

I opened a live account with FXOpen to do some experiments with ZuluTrade.
While I was waiting for the account activation, I installed their MetaTrader, I logged in, and I set all the graphs and indicators I use the most. There was also PD Info, an indicator that shows in a glance all the trading parameters.
And I saw a shocking one: the stop level on EUR/USD is 10 pips! Ridiculous! It means that it’s impossible to set a stop loss at less than 10 pips from the actual price. I could understand a value like that on an exotic pair used by few people, like the dollar/turkish lira, but on euro/dollar it’s totally unacceptable! Who has to make profit from my operations? Me, or the broker? The answer is obvious, and,  in fact, in this post there aren’t screenshots: after seeing such a value, I immediately uninstalled their MetaTrader and closed the account! (Luckily for the month of November there are no fees for deposits and withdrawals made via Skrill!)

2 thoughts on “My opinion about FXOpen”

  1. Hi There

    What you are looking for is an FXOpen ECN account where there is no freeze level as you saw on the Market Maker account.

    It sounds like you are scalping so you should be looking at an ECN account anyway with spread from 0 pips and most often at 0.1 or 0.2 pips and instant execution.

    Try for an FXOpen ECN account with an ASIC regulated broker in Sydney Australia!

    1. Yes, I opened the standard account. The ECN account has very good conditions, but it needs $1000 to open – I just needed an account to do experiments on live (low balance), targeting 12-15 pip per trade. (is that scalping?)

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