User Friendly
The fxopen mt4 is a trading platform that can be used both by experienced traders and those new to financial trading in Forex and Cryptocurrencies. Although trading can be complex and is not without risk, fxopen metatrader is a platform known for its flexibility and ease of use, once the various tutorials have been mastered. There are many options that the platform offers, allowing trading strategies to be tested with a wide range of practical tools available so quotes can be analysed and deals quickly closed when appropriate.
Traders have the option to use hedging, offsetting potential gains or losses, or can go for LIFO (Last in First Out) if that's what they prefer. This is an advantage that the MetaTrader 4 platform over the alternative platform, MetaTrader 5 (MT5). In a broker comparison, it's worth noting that the default position of MT5 is LIFO, and as the platform does not support hedging it's up to traders to decide exactly what tools they want that best suits their purposes for trading Forex and Cryptocurrencies. It's also worth noting that MT5 needs more in terms of system requirements for PCs than MT4 in a mt4 broker comparison and will take up more RAM.
Traders can access the fxopen trading platform from anywhere in the world and data can be received in many different languages. English is one of the most used, but there are options for Russian, Japanese, Chinese, Spanish and French to make accessibility as universal as possible.
Mobile Trading
Trading Forex and Cryptocurrencies is a global business and, although many traders have fixed desktop terminals or portable laptops, technology in currency dealing has kept up with the advance in electronic devices. Traders, as well as many others in different fields of business, are frequently mobile and need access to their trading platforms wherever they are. The fxopen trading platform has been designed so that traders do not have to stay in an office based workplace but use the application on tablets and smart phones, using either Android or iOS operating systems. In terms of functionality, the mobile app allows traders to have access to interactive quite charts as well as a complete set of trading orders and popular analytical tools. Though mobile screens are smaller than desktop and laptop computers, the interface is very similar so that account status can be monitored at any time together with a history of trades. Traders can buy and sell financial instruments with a single click and additional features include push notifications and a hat option that let's traders communicate with others to learn and swap experiences online.
Forex markets operate in several time zones five days a week so traders can opt to trade almost 24/7. The majority of trading done in these different time zones is concentrated in specific periods when the currency markets are particularly busy, so it's important to know when markets open in the Australia, Asia, Europe and the U.S. to keep ahead of the game.
Automated Trading
Automated trading has been developed for traders who do not have all the time available that they would like to spend on this work. To help with that fxopen metatrader has developed a programme that allows automated trading, also known as algorithmic trading. It's a strong feature of the platform and FXOpen uses it as it vies to become the best mt4 broker offering tight spreads and low commissions. Using automated trading, traders can develop and apply their own Expert Advisors as well as a series of technical indicators that negate obstructions when trading and analytical activities are carried out. Traders can use the fxopen mt4 Integrated Development Environment (MQL4 IDE) to develop trading robots, the Expert Advisors, as well as their technical indicators and these can be as complex as a trader wants them to be. The programming language MQL4 is at the heart of the automated trading feature. It offers access to a trading strategy development whose object oriented methodology gives traders a very flexible, efficient and functional tool for their currency trading.
Built in to the programme is a Meta Editor that has been designed to help traders develop their strategies. It uses MLQ4 and one of its features is a debugger, where compilation is done in the editor. After the initial work has been completed the app is moved to MT4 automatically, then a strategy tester in the programme tests it and, where appropriate, optimises it for the best results.
Analytical Tools
The Forex market moves extremely fast and is subject to fluctuations in economies, political pronouncements and often general uncertainty about will happen next. It means that traders, even veterans, can find it hard to make market predictions. With the fxopen mt4 platform, there are a number of analytical tools that give traders the option to detect particular trends and patterns in the Forex market, consisting of typical shapes or figures formed on symbol charts. Identified trends allow the technical analysis tools to predict how exchange rates might change in the future and help traders to define entry and exit points when going into the market. The tools also allow traders to set levels of stopping their loss as well as taking profit.
There are 30 indicators built in to the analysis tools and traders can access 2,000 custom tools for free and add to these by choosing from another 700 that are paid for. They can then analyse the market at a number of levels of complexity depending on their experience and what they want to examine in detail. Added to this are 24 analytical objects, including Lines, channels, arrows and shapes. Future price dynamics can be forecast with these tools and the objects can be manually applied both to indicator windows and charts, giving a lot of control to the trader using the platform.
- Comprehensive analytical tools
- Readily understandable visual representations of data and trends
- Traders can wield over 2,000 free custom analysis tools
MT4 for Forex Trading
Traders new to Forex or gradually building experience should find the MT4 platform an efficient and relatively easy to navigate programme. The Forex market is the largest financial market in the world and traders need to understand how it operates as they explore this particular part of the financial world. Essentially, Forex trading is a form of speculation where currencies are paired up and traders decide whether or not one or other of the currencies increase or decreases in value. It's the reason that many traders use the MT4 platform because it has the tools and tutorials that help them develop their understanding and knowledge of how the Forex market operates and learn to trade as successfully as possible. Anyone who trades Forex knows there are risks involved but being prepared and having a powerful platform for trading can help mitigate some of those risks.
FXOpen clients can open an account and get instant access to MetaTrader 4. For those who want the experience of trading without the initial risk, there is a demo account that can be downloaded to allow them to experience how things work before signing up for a live account.
- Currencies are traded all the time and private investors, banks, funds and other financial institutions
- Popular currencies include the Japanese yen, U.S. dollar, the Euro, pound sterling and Australian and Canadian dollars
- Users gain access to MetaTrader 4 and a demo version to sample
FXOpen Charging Policies
Forex trading is a competitive market and any trader should do some research to compare broker charges. Not all brokers offer the exact same services so it is important to go for the level of service required for a successful trading career.
Transparency in fees and charging is essential for any finance company looking to attract clients and FXOpen provides useful information on what it will cost to sign up with them. The company charges fees on a number of the transactions clients want to carry out and these include bank wire transfers, credit and debit cards and electronic payment systems.
When using bank wire transfer the deposit commission is whatever the bank charges at its fees and withdrawals using the same process are free for sterling going to a UK bank, €15 for a Euro withdrawal and $30 for a U.S. dollar one. When using Visa or MasterCard credit or debit cards for deposits or withdrawals there are no commission charges – though using China UnionPay will incur a commission of 2% for deposits, with withdrawal commission yet to be determined. For Electronic Payment Systems there are commission charges of 1% for deposits and withdrawals for using Neteller, Skrill and Web Money so traders need to be aware of the most cost-effective ways of using FXOpen.
- Summaries of transaction charges readily available
- No commission charges on debit, Visa or MasterCard cards
- Variety of options for a wide range of payment preferences
Safety Of Invested Funds
As a financial company based in the UK FXOpen is authorised and regulated by the FCA (Financial Conduct Authority) and subject to its rules and regulations to ensure that clients' money is protected as far as possible. All client funds are kept fully segregated, so they are placed in separate accounts to FXOpen's own funds under FCA Client Asset Rules. These client funds are ring-fenced in London with Barclays Bank plc, which is a Tier 1 Banking and Credit Institution. Traders who are retail clients of FXOpen, whether or not they are a UK citizen, have their funds fully protected up to £50,000 under the Financial Services Compensation Scheme in the event that the company became unable to return its clients' money.
Investing money for trading or any other purpose can be risky, and traders need to understand their risk appetite when looking for investment and trading vehicles. The crash of 2008 made people aware of how important it was to protect their money in the best way they could, and with laws in place to protect up to £50,000 of funds clients can be reassured that their money up to this limit is safe. FXOpen is a successful broker and appears unlikely to have financial problems.
FXOpen Review
FXOpen has been in the Forex business for close to 15 years and is a very experienced financial trader in the Forex and, latterly, in the Cryptocurrency markets. By offering the MT4 platform for traders, the company is giving access to one of the best trading platforms available, one that has been developed to provide a very wide range of analytical tools, up-to-the-minute information on the movement of the Forex markets and the option to customise tools to be able to use automated trading. The broker's mobile offer is ideal for clients who are constantly on the move and need that access wherever they are at whatever time of day or night. Fees are kept as low as possible with many deposit and withdrawal transactions free, an attractive reason to consider this broker. FXOpen, with the access it gives to the MT4 platform, provides a reliable service that opens up many opportunities for experienced and inexperienced traders.
PEOPLE WHO READ THIS ALSO VIEWED: