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Knowledge base: FAQ
Common questions about FXOpen
Posted by on 29 January 2014 04:12 PM

  1. Who is FXOpen?
  2. What kind of services does FXOpen provide?
  3. Do you provide any recommendations or analysis for the Forex Market?
  4. Price Quotes
  5. Can I set pending orders in the FXOpen trading platform?
  6. Can I see an up to date account statement on screen?
  7. Can I get daily confirmation e-mails?

1. Who is FXOpen?

FXOpen has been providing providing Forex services for all types of traders from beginners to professionals for over 10 years. FXOpen UK has its headquarters in the City of London and is authorised and regulated in the UK by the Financial Conduct Authority. It is a registered Trading Name of FXOpen Ltd, part of the FXOpen Group of companies.

 

It is our mission to provide our clients with access to the lowest commissions, deepest liquidity and tightest spreads on the most technically advanced trading platform and operate in a completely fair and transparent environment. This client focused approach, combined with the desire to provide the very best customer support, has allowed us to develop into one of the world’s leading FX brokerages and we continue to expand these values to new regions around the globe.
 
FXOpen UK is regulated in the United Kingdom by the Financial Conduct Authority and all retail client money is held in fully segregated bank accounts in the UK providing clients the assurance and peace of mind that their funds are safe and secure and fully protected up to £50,000 by the Financial Services Compensation Scheme. This combined with the right to address any issues you may have with the independent Financial Ombudsman Service, provides additional advantages of trading through an established UK regulated broker.

 

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2. What kind of services does FXOpen provide?

FXOpen is an International FX and CFD Broker. With FXOpen you can trade over 50 FX pairs, Gold, Silver, Oil, Natural Gas and Global Indices. All our accounts are true ECN/STP accounts giving you direct access to the market.

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3. Do you provide any recommendations or analysis for the Forex Market?

FXOpen provides real time Economic NewsTechnical Analysis and an Economic Calendar. Just choose what you want to see from the main menu buttons.

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4. Price Quotes.

FXOpen prices come from a large number of liquidity providers which creates high liquidity and very tight pricing. There are no fixed spreads as it is dependent on the true market liquidity.

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5. Can I set pending orders in the FXOpen trading platform?

Yes, you can. The FXOpen MetaTrader 4 software accepts the following pending order types.

Limit orders: BUY Limit Orders can be set below the Ask price and will be executed when the Ask price falls to the set level. SELL Limit Orders can be set above the Bid price and will be executed when the Bid price rises to the set level.

Stop Orders: Sell Stop Orders can be set below the Bid price and will be executed when the Bid price falls to the set level. Buy Stop Orders can be set above the Ask price and will be executed when the Ask price rises to the set level.

Stop Loss Orders:Stop Loss Order is an important feature which can be used to either cut out of a losing trade without risking the entire account and to minimise the loss, or to lock in profit on a profitable trade.

Take Profit Orders:Take Profit order is used to automatically exit a trade at a profitable level of your choosing.

Trailing Stop:Trailing Stop is a useful and advanced feature of the MetaTrader 4 platform. It is useful to automatically lock in profits as the market moves. 

Example.

You have a BUY trade on EUR/USD at 1.4000 open and it is in profit. You may set the Trailing Stop to automatically adjust your stop loss level as the market moves in your favour. You may have your trailing stop level set at 25 pips. Once your trade is +25 pips in profit, the trailing stop will automatically move your stop loss level to 1.4000 or break even. This means in that trade, it is impossible to lose! Further, if the market continues to move in your favour, the trailing stop will continue to adjust the stop loss to lock in profits. If for example the trade is now +26, your stop loss will be set at +1, at +27 your stop loss will be set at +2 thus "trailing" the market. Why is this useful? Well, in this example, the market moved +27 pips in your favour, and your 25 pip trailing stop had locked in a profit of 2 pips by automatically setting the stop loss order. If the market then reversed against your buy position, you would still be guaranteed a profit of 2 pips instead of a loss.

For the trailing stop continue to modify the Stop Loss, the trading platform must be running and connected to the Internet. If you turn off your computer, your Trailing Stop will not continue to work.

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6. Can I see an up to date account statement on screen?

FXOpen dealing software tracks all trading activity in real time, allowing clients to view current open positions, real-time profit and loss, margin availability, account balances, and all historical transaction details directly on-screen. Just select the history tab in the trading terminal.

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7. Can I get daily confirmation e-mails?

Account statements are emailed to trading clients at the end of each trading day and month, listing all deposits/withdrawals during the statement period, realized P&L, and current account balance as calculated at the close of business on the last business day of the month. You may also generate your own reports from the trading terminal by selecting the history tab. Then right click the history shown to be able to choose the period of time to see in the report. By right clicking again, you can also choose to save the report to disk in html format convenient for viewing in your web browser. 

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