FXOpen to end STP, Crypto, and Micro accounts
FXOpen shifts focus to ECN accounts for better trading
FXOpen, an international brokerage firm, has announced its plans to discontinue support for STP, Crypto, and Micro accounts, effective Friday, December 20, 2024.
This decision is part of the company’s strategy to optimize its offerings and provide a more advanced and competitive trading environment, according to a statement on the broker’s website.
What this means for traders
STP and Crypto account holders
Traders with STP and Crypto accounts are encouraged to migrate to an ECN account to ensure uninterrupted trading. FXOpen outlined a simple process for account migration:
Log in to your Client Portal.
Go to the “Accounts” section.
Click “Add an Account” and follow the on-screen instructions to create an ECN account.Key Dates:
December 6, 2024: STP and Crypto accounts with no open positions will enter Close Only mode.
December 20, 2024, at 22:00 GMT: Any open positions will either be transferred to a newly created ECN account or closed at market prices, with remaining balances moved to the trader’s eWallet.
Micro account holders
Micro account users must close all open positions by 22:00 GMT on December 20, 2024. Positions left open after this time will be closed at market prices, and the remaining balances will be transferred to eWallets.
Micro accounts without open positions will enter Close Only mode starting December 6, 2024.
Advantages of an ECN account
FXOpen emphasizes the benefits of switching to an ECN account, which offers a cost-effective and robust trading solution. ECN accounts provide access to raw pricing directly from banks and liquidity providers, with a minimal commission starting at $1.5 per lot.
Key features include:
Broad Market Access: Trade over 700 markets, including currencies, commodities, stocks, ETFs, indices, and cryptocurrency CFDs, all from one account.
Efficiency for Large Volume Trades: The ECN model is designed for cost-effective execution of high-volume trades.
Transparency: Traders gain direct market access without dealing desk intervention.
What’s next for FXOpen clients?
FXOpen encourages all affected traders to transition to ECN accounts in a timely manner to avoid disruptions. By offering this streamlined alternative, the company aims to enhance the trading experience and better meet the needs of its clients.
Through these changes, FXOpen is positioning itself as a leader in the forex and CFD trading sector, focusing on transparency, cost-efficiency, and access to a wide range of markets.
Notably, FXOpen recently expanded its diverse trading portfolio by adding two new currency pairs: EUR/ZAR and USD/ZAR.
