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Is FXOpen A Legitimate Forex Broker ?

by

Frank Breinling

One of the many available forex brokers on the web is FXOpen. This is a very popular broker and has a huge amount of active accounts. But forex brokers are often scams and cheats, and so the regular forex trader often has trouble trusting brokers, and it is important for them to find out which ones are truly legitimate. So, is FXOpen a legitimate broker? Or is it just another scam hungry to gobble up all your money?

Something that is quite off-putting for people looking at using FXOpen is the fact that they don t actually have a licence, and they are based in an off-shore area. This is very sketchy. But, on the other hand, some of the reviews it has gotten have been entirely positive.

For the most part, they are said to be a good, quality broker. Payments are always made, and they are made very quickly, which is a very important aspect to look at. Some people say they have had a bad experience with payments, but those people are quite few. The majority say they received payments in a timely manner.

Another good aspect that is talked about a lot is that they don t distinguish between high end and low end traders. Some brokers choose to give higher end traders more attention, while ignoring the small traders. FXOpen does not do this, and gives a fair service to everyone.

Overall, few people say they have had problems with depositing and withdrawing, and there are next to no reports of glitches or mistakes while trading. They also have demo accounts available for newbies who want to take a look at the system before getting into it, and there have been no troubles with those. So, the system appears to be of top quality.

There have been complaints about the quality of the client support. The support staffs are reportedly slow and a bit unhelpful at times, however, they do generally end up fixing whatever the problem is. This is an area they could definitely use some work on.

They aren t regulated either, and this could be a reason to look elsewhere. On the other hand, many good forex brokers are not regulated, and they are still perfectly legitimate brokers.

Some people also believe that their values are out of whack with the market. It s been said that the values are being manipulated in their favour, so they make more money. In all likelihood, however, this is probably just angry traders who have lost money by making bad decisions and are taking it out on the broker. FXOpen does appear to stay close to market values most of the time.

Overall, if you are looking for a good quality broker, FXOpen is high up on the recommended list. Go ahead and try it out with one of their demo accounts, or jump right into it. If you re still worried about their reliability, just start out with a few dollars and see how it goes from there. You ll be profiting in no time.

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Is FXOpen A Legitimate Forex Broker ?