FXOpen Bonus Programs - TU Expert review
Bonus programs offered are an important factor for a trader when choosing a broker. The companies can make special offers for beginners as well as experienced traders. Bonus programs depend on a specific broker and they can differ substantially. Traders Union analysts have prepared a review of FXOpen bonus program. You will learn about the available special offers and conditions of the brokers.
Brief introduction of FXOpen
FXOpen has been providing brokerage services since 2005 while offering clients STP and True ECN execution models, liquidity from reputable providers, an enviable variety of accounts, and trading instruments. The broker has global offices regulated by the financial supervisory commissions FCA (United Kingdom) and CySEC (Cyprus). FXOpen provides access to trading with over 700 instruments (Forex and CFDs) with leverage up to 1:30 or up to 1:500, depending on client status and country.
| 💻 Trading platform: |
MT4, MT5, TickTrader, TradingView
|
| 📊 Accounts: |
Demo, STP, ECN, and Islamic
|
| 💰 Account currency: |
Primary currencies: USD and EUR;
Additional currencies (depending on the country and account type): GBP, CHF, AUD, JPY, SGD, Gold, etc. |
| 💵 Deposit / Withdrawal: |
Credit and debit cards, bank transfer, Volet, Neteller, WebMoney, FasaPay, instant bank transfer (UK), simple bank transfer (EU), Swift (EU, UK)
|
| 🚀 Minimum deposit: |
$10-$300 (depending on the country)
|
| ⚖️ Leverage: |
Up to 1:30 and up to 1:500 (depending on client status and country)
|
| 💼 PAMM-accounts: |
Yes
|
| 📈️ Min Order: |
0.01
|
| 💱 Spread: |
STP — from 0.9 pips
ECN, Micro — from 0.0 pips Crypto — from 1 pip |
| 🔧 Instruments: |
Forex and CFDs on stocks, indices, commodities, cryptocurrencies, and ETFs
|
| 💹 Margin Call / Stop Out: |
100%/50%
|
| 🏛 Liquidity provider: |
Real time quotes from an extensive network of liquidity providers
|
| 📱 Mobile trading: |
Yes
|
| ➕ Affiliate program: |
Yes
|
| 📋 Order execution: |
Market Execution (STP, ECN)
|
| ⭐ Trading features: |
Expert Advisors (EAs), hedging, and scalping allowed
|
| 🎁 Contests and bonuses: |
Fee discounts on ECN accounts and Forex contests
|
FXOpen Pros and Cons
👍 Advantages of trading with FXOpen:
•Regulation by two reputable supervisory authorities and membership in the Financial Commission;
•Compensation of up to EUR 20,000 (FXOpen EU Ltd) and up to £85,000 (FXOpen Ltd) per client in case of the broker's bankruptcy or failure to fulfill withdrawal obligations;
•Use of STP (Straight Through Processing) and ECN (Electronic Communication Network) technologies that eliminate dealing center involvement;
•The opportunity for residents of many countries to start trading on STP accounts with $10;
•Trading with leverage up to 1:30 or up to 1:500, depending on client status and country.
•Protection against negative balance for every retail trader.
👎 Disadvantages of FXOpen:
•High minimum deposit for traders from the United Kingdom and EU countries, starting from $300 or equivalent;
•Limited range of educational content for beginners;
•Micro cent accounts are not available in all countries.
What kind of bonuses are there?
Forex brokers can offer a wide variety of bonuses.
The main types of bonuses are:
-
Welcome Bonus. Traders can receive additional funds for registration and for making the first deposit.
-
No Deposit Bonus. Brokers provide this kind of reward to the clients for just registration.
-
Deposit Bonus. This is a reward for each deposit made to the account.
Also, brokers may hold various promotions and prize draws that are valid for a specific period of time. In addition, some companies hold competitions among traders with a certain prize pool.
FXOpen’s bonuses
Discount on ECN fee for lots
The discount amount depends on the trading platform, asset, and trading volume for the previous month.
Welcome bonus
Traders who open their first STP account receive a $10 welcome bonus.
Forex Contests
Trading competitions in collaboration with Forex.game, open to ECN account holders. Traders can start trading with any amount and use any assets. The winner receives $50,000.
Periodically, the broker offers other bonuses. These are not available on Crypto accounts.
Brokers similar to FXOpen
In addition to bonuses, you need to also take into consideration trading conditions. Traders Union analysts have prepared a comparison of FXOpen with similar brokers. In this analysis, traders can learn in detail the trading conditions of FXOpen and compare these conditions with competing brokers.
Comparison of FXOpen with other Brokers
| FXOpen | Eightcap | XM Group | RoboForex | Exness | |
|---|---|---|---|---|---|
Trading platform |
TickTrader, TradingView, MT4, MT5 |
MT4, MT5, TradingView |
MT4, MT5, MobileTrading, XM App |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
Min deposit |
$10 |
$100 |
$5 |
$10 |
$10 |
Leverage |
From 1:1 |
From 1:30 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
10.00%% |
No |
Spread |
From 0 points |
From 0 points |
From 0.8 points |
From 0 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
Execution of orders |
Market Execution |
Market Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
No deposit bonus |
No |
No |
No |
No |
No |
Cent accounts |
No |
No |
No |
Yes |
Yes |
FXOpen is a reliable broker with years of experience in financial markets, and adjusting trading conditions for its clients based on the regulatory requirements of their jurisdiction.
Eightcap has favorable working conditions due to a large choice of instruments, tight spreads, high leverage, and no withdrawal fees. Integration with popular trading platforms and basic deposit/withdrawal options greatly facilitates work with the broker and reduces the entry threshold. In addition to comfortable conditions and low financial costs, traders get free educational materials and special services for technical analysis. A relative disadvantage is the absence of opportunities for passive income. Also, the broker works only with CFDs, so other groups of trading instruments are not available.
XM Broker is a broker for professional trading. Trading conditions correspond to the average market; there are technical advantages that distinguish XM Broker from its competitors.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
Comparison of bonus programs of brokers similar to FXOpen
Many brokers have bonus programs, not only FXOpen. You can choose the most suitable option, depending on your trading experience and needs. Traders Union analysts have prepared a comparison of bonus programs of FXOpen and similar companies.
| Bonus type | FXOpen | Eightcap | XM Group | RoboForex | Exness |
|---|---|---|---|---|---|
Bonuses |
A $10 bonus is credited after opening a personal account (eWallet) and passing the 2nd level of verification. (for STP-type accounts); A welcome bonus of $1 is credited when opening a Micro account. |
If you are a new client of Eightcap and you fund your new live trading account with them within 10 days of your account being opened then you are eligible to earn up to a $1,000 trading credit bonus which you can also convert into real equity at a rate of $1 for every standard FX lot when you trade; $30 No-deposit bonus |
up to $5000 forex bonus, up to 100% forex deposit bonus |
Welcome bonus $30 Classic first deposit bonus up to 120% |
Not offered |
Affiliate Program |
There is a flexible system of remunerations and coefficients depending on these indicators. 1st level — 100% of the standard commission, 2nd level — 35% of the standard commission, 3rd level — 10% of the standard commission. |
You can refer your followers and customers to earn passive income, with rebates up to $6 USD per lot and CPAs up to $900 USD |
Multi tier affiliate program |
Up to 40% of trading commissions |
40% of trading commissions |
Other |
Forex Cup - A bonus in the amount of 1% of the profit is credited for participating in contests for traders on a virtual account, FXOpen Cashback - The broker refunds a part of the funds for the trading operations conducted, including unprofitable ones. The amount depends on the margin involved in all accounts and ranges from $5 to $1,000. |
No |
No |
No |
No |
Conclusions
FXOpen Bonus program is well developed. The broker offers a large number of various incentives for the clients. There are special offers for beginners and for experienced traders. The bonus program looks attractive also when compared to the competitors. Therefore, if a client is looking for a broker with a good bonus program, FXOpen is certainly a broker to consider.
FAQs
What do I need to take notice of when choosing a broker?
When choosing a broker, consider the conditions the broker offers. They may turn out to be unacceptable. Also assess the size of the bonus and the rules for its withdrawal.
Is it possible to withdraw bonus money?
It depends on the conditions of the broker. Some brokers allow traders to do it under certain conditions, and some allow to use the bonus only for trading, while also allowing to withdraw only profit earned with the use of bonuses.
Can I refuse to accept a bonus?
Yes. Refusing a bonus is a trader’s right. If the conditions are unacceptable for you, there is no sense in agreeing to them.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.