Thread: FXOpen News

High volatility affecting GBP and EUR pairs is expected on 20-27 June due to the Brexit vote held the United Kingdom on June 23, 2016 to decide whether the country should remain or leave the European Union.



Starting from the market opening on June 20th and throughout the whole week FXOpen customers may experience changes in trading conditions such as high volatility, increased margin, low liquidity and wider spreads. The changes will affect all financial instruments involving GBP and EUR, including indices. Margin requirements for all GBP and EUR based instruments may be increased up to 5 times their normal level without further notice.

Possible increased margin is a temporary measure caused by the EU referendum and its influence on the financial markets. Starting with the market opening on June 27th margin requirements will return to their normal values.

We urge traders to take into account, that abnormally low liquidity and wide spreads can increase the risks of slippage and consider these circumstances when planning their trading activities for the following week.

Source: FXOpen news.

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FXOpen Customer Service
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Dear Customers,
FXOpen is glad to inform you that we have improved the terms of withdrawing money from accounts via Credit/Debit cards. There`s no need to wait 30 days after the date of your latest deposit. Funds can now be withdrawn at any time provided that deposit and withdrawal are made via one and the same card.



Please note that withdrawing your funds with another payment option is available after 30 days of the Credit/Debit card deposit date.

If deposits were made from multiple Credit/Debit cards, FXOpen finance department will deal with each such case individually and decide on the method and timeframe of profit withdrawal.

Find more about withdrawal options available with FXOpen here.

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FXOpen Customer Service
E-mail: [email protected]
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Hello!Did FXOpen stop the trading actions on the market or what? Why I can't get to your web-site????

Originally Posted by Sadam

Hello!Did FXOpen stop the trading actions on the market or what? Why I can't get to your web-site????

Dear Sadam,
It could have been temporary connection problems. FXOpen keeps working, don`t worry.

Dear clients,
FXOpen is pleased to announce that now you can open ECN accounts in mBTC (millibitcoins)*. Starting from 27 July 2016, you can make commission-free deposits and withdrawals in your favorite cryptocurrency with no conversion losses.

To open a millibitcoin account, log in to My FXOpen area and open an ECN account and select mBTC as an account currency.



We remind you that in addition to the new currency, FXOpen clients can open ECN accounts in USD, RUB, AUD, EUR, CHF, GBP, JPY, SGD, Gold. Learn more about the trading conditions on ECN accounts here.

* 1 mBTC (millibitcoin) = 0.001 BTC

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FXOpen Customer Service
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Do you want to try trading Forex and succeed? Start with learning the most common mistakes beginners make in the foreign exchange market.



Here`s our top 10:

1. Intuitive trading decisions. The foreign exchange market is not a casino. However, novice traders view it as such, so they use mainly their intuition to make their decisions. While this may sometimes result in success, but ultimately, the trader ends up failing and losing money.

2. Unreasonable expectations. Some Forex companies promise in their promotions that you’ll get rich in no time. Don’t believe them. Yes, there are people who end up rich trading Forex, but there are also those who make a fortune by selling houses. In both cases, this does not happen in one day. It can take years to build up the right experience and turn Forex trading into a full-time profitable job.

3. Uncontrolled emotions. The main enemy and biggest mistake trigger of a novice trader is his emotions. When watching the deposit increase or decrease, beginners can lose their minds and take hasty steps to get more money or to stop losing it. This approach is no good. Decision-making should be well-reasoned, rather than emotion-based. In order not to increase tension, place a take-profit and a stop-loss and leave the market alone; don`t monitor it day and night.

4. Inability to use a stop-loss and a take-profit. When you place a market order and leave it open, you put the entire trading account at risk. For example, when you open a long position for the EUR/USD pair, you can put a stop-loss so that your Buy order will automatically close if the price falls below a certain level. You can limit the amount of losses for each separate order, especially if you’re unable to monitor the market all the time. A take-profit order works the same way: it locks in profits by setting a level at which the position should be closed.

Learn another 6 common mistakes here.

In this article, I would like to explore the issue of trading. My own trading ideas and attitudes that influence decision-making.

In fact, I’m not that experienced to think of myself as an expert in trading, but I have been trading long enough to develop my own view on the issue. I hope it may seem helpful to some of the readers. My key message is that the counterpart of your trading on the broker’s side is people like you who are also enthusiastic about the market, who devote every day to analyzing the price movements and earning from trading.



I believe that an effective trading system should be built on the following three principles:

• Money management;
• Determine market conditions;
• Determine entry/exit.

Let me give you an example, just to be clear what I mean.

For example, you know that the United States adopted ‘quantitative easing’, and so gold is likely to go up. This is a condition that will affect the price.

Follow your rules, and you establish the point on the chart where you plan to open and close the deal. This is a technique of entry and exit.

Before you open a trade you will also have to address the issue of risk control and position volume. Here you are involved in money management.

No doubt all three elements are equally important and need appropriate attention. However, today I would like to talk just about the conditions. I am convinced that it is the core of any trading system.

What are conditions?

Primarily the сonditions determine when and where to open a position.

A couple of examples from my practice:

Until January 2015, for three years there was bind between the Swiss franc and the euro. During this time, many trading systems were built on this idea. Certainly this example has caused many a smile as we all know how that story ended, but I assure you that a lot of people made money on it. More than the rest, it affected the brokers and not the traders.

The following example is a period of low volatility in an early Pacific session, after the closing of the largest venues. This time is often used by algorithmic traders to run their robots.

Even the upcoming British exit from the Eurozone (Brexit) could act as a condition. This fact will undoubtedly influence the value of the British pound against other currencies.

As you can see there are a lot of conditions that affect the price. Some affect the price constantly from day to day, others come and go. Naturally there arises the question of choice. By making this choice, each one of us relies on his own belief system. Someone believes in technical analysis and for him the history of price movement is the most important thing. The other believes the wave theory, etc. In any case, this choice will be driven only by your own belief system.

I stop here, because for the longest time I could not answer this question. What do I believe? What ideas or tools would I trust more than others? And despite the fact that today I have already decided, and with ideas and with tools, I keep asking myself this question in the search for more efficient tools for analyzing markets.

My belief system

As we all know, most traders lose money. Hence there is a small percentage that take all the money. Because if someone lost, someone else won. This is certainly a very simplified model, but it is important to understand that the profit of one of the participants is the sum of the losses of others. When I say loss I do not mean loss in the literal sense, but rather what someone paid for it. Maybe even paid voluntarily and on their own. The result is a certain group that distributes among themselves the loss of all the other participants. Naturally the question arises – who are they?

For me it’s the biggest financial institutions in the world: Deutsche Bank, UBS, Citibank, Barclays, HSBC, Bank of America, Goldman Sachs, JP Morgan etc. I believe that these structures take the entire risk which other participants want to get rid of and are willing to pay for it. Once these financial institutions assume the risk they will do everything possible to avoid a scenario in which they lose money.

On this basis, when I determine the conditions my idea is to open trades in the direction which would correspond to the interests of this group of participants.

The tools I use

At the moment, I use two reports to track the behavior of these participants on the market.

1. Commitments of Traders (COT)

2. Daily Bulletin of CME

In this article I am not elaborating on how you built these reports and what information they contain. Let me just say that on the basis of the first report, I analyze the structure of open interest on currency futures, and on the basis of the second I evaluate the balance of open interest at optional strikes on the same future contracts.

I’d like to emphasize three benefits of using this market data to determine market conditions:

1. Accessibility – this data is free.

2. Regularity – you can build a workflow and track the dynamics of changes in the conditions.

3. Concreteness – we get very accurate and specific information in both reports.

The conclusion: the basis of each system should be the idea that reflects only your own belief system and not someone else’s. That is why it is very difficult to follow a trading system created by someone else, not you personally. And that’s why, when we study the experiences of the best traders of the world, we always see their own individual approach.

If you are wondering how I build my workflow, how I analyze the data and how I interpret it, please leave a comment on this article.

Translated article from S. Shirko`s blog.

I have been using FxOpen for some time,I successfully got my first withdrawal request today. Hopefully, this company will treat me better. Only 6 month trading with, but can be recommended as one of the best ECN.

https://www.fxopen.com/en/trading-accounts/

FXOpen is glad to inform its customers of a new option of depositing and withdrawing funds. We have expanded our list of over 20 methods of money transfer to include ePayments.

You can benefit from the special low fees and quick transaction processing, when using the ePayments e-Wallet or card. Deposits are instant with the commission of only 1%. Withdrawals are typically processed within 1 hour during the working hours and the commission is 0%.



To deposit or withdraw via ePayments:

1) Log in to My FXOpen area and select ePayments in the Add Funds/Withdraw Funds menu.
2) Fill in the form indicating the amount of payment, currency, FXOpen trading account number, etc. Click Add Funds/WithdrawFunds.
3) You will be transferred to the ePayments web-page to complete the transaction.

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FXOpen Customer Service
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FXOpen is pleased to offer its customers the unique co-branded MasterCard prepaid cards by ePayments. This is a convenient and reliable way to deposit funds to your FXOpen account and withdraw. You can use the card to make purchases online and at points of sale, as well as to withdraw cash at ATMs.



The currencies available for card holders are USD and EUR. It costs 35 USD or 29 EUR to issue the unique FXOpen card. Follow this link to find out more about the fees and limits.

To order a card, log in to your My FXOpen area and select Add account -> Debit cards -> Master Card. You will see two options: request a new card or link an existing card to your FXOpen eWallet.

You can benefit from the special low fees and quick transaction processing, when using the ePayments card to deposit or withdraw. Deposits are made instantly with the commission of only 1%. Withdrawals are typically processed within 1 hour during the working hours and the commission makes 0%.


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FXOpen Customer Service
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Live Chat (24/5)
Resource - FXOpen company news