Forex trading service FXOpen, which is pioneering integration of cryptocurrencies into its platform, has announced the latest step in its bid to lead the market in offerings for the cryptocommunity.
The exchange made headlines earlier this year following its decision to become the first platform to offer the MT4 exchange model of trading to Bitcoin customers, and its reputation has since been growing exponentially.
Gaining the trust of the crytocommunity as well as outside traders was no mean feat, however, and FXOpen’s cryptocurrency trading account offers some attractive features for a unique market provider. Aside from a no-deposit incentive of US$10 upon opening, the account features zero conversion costs for deposits, withdrawals and trades, as well as minimal commission of 0.001BTC per withdrawal and a minimum transaction size of 0.01 lot.
Once the account is operational, customers can enjoy all the features of FXOpen available to traditional currencies. The platform caters for the complete array of potential traders, from complete beginners to seasoned high-volume requirements (micro, STP, ECN and PAMM accounts).
In addition, users of any level may take advantage of unlimited free ‘demo’ accounts, which allow familiarization with the various functions and testing of trading strategies without financial risk.
- FXOpen Terminal MetaTrader 4, logged into a 'demo' account
FXOpen is not simply a trading platform, however, going further in offering live news and analysis from the markets, as well as an economic calendar featuring an exhaustive list of document deadlines and bank meetings which should affect FX trading.
The MT4 platform is also available as an app, and instant chat support is available, allowing full functionality and support to be available to customers in any location at any time.
- FXOpen Trader app
“We believe that trading technology is the key factor contributing to the development of the exchange model of Bitcoin trading,” Denis Peganov, FXOpen NZ Limited Director told Cointelegraph via email. “We are constantly upgrading our system in order to offer the best possible trading conditions to our clients.”
Stiff competition
So how is a fiat exchange making a name for itself among the cryptocurrency community?
We reported in May on the exchange’s decision to offer trading for Bitcoin, Litecoin and even gold, and FXOpen held not one but two competitions at the time in order to give curious potential clients an attractive package.
Now, the competitions are over, and the results reveal considerable interest the community has had in the platform.
FXOpen’s Cryptomania competition, run in conjunction with ForexCup, offered prizes to 10 successful traders of Bitcoin, Litecoin, Namecoin and Peercoin pairs. The first prize of US$900 plus a bonus were awarded to Nigerian Odianosen Okosun, who managed a 112% profit over the period of the competition.
But it was the exchange’s home-grown offering which really caught the interest and imagination of cryptocurrency fans. The CryptoTrading article contest received a huge number of entries, with customers writing on Cryptocurrency trading with considerable enthusiasm.
Eight prizes of up to US$400 were available, seven of which were for popularity among the judging panel with a separate award of US$100 for the article which received the most shares across FXOpen’s social media outlets.
The judges’ preferred piece was from user Rina Kustina, whose in-depth review of her trading story using FXOpen’s platform demonstrated the solid foundation the exchange has already created in its first months of offering cryptocurrency facilities.
“When I started worrying about the bankruptcy of the largest Bitcoin exchange in the world, FXOpen introduced a Crypto account with an opportunity to trade crypto currencies,” Kustina wrote, referring to the demise of Mt. Gox. “A large company provides a chance to trade crypto currencies without worrying about the collapse of the company… It is a good way to secure investment in a company that can be relied on.”
Her comments echo those of CEO Denis Peganov, whose commitment to adequate security was made plain in a recent interview with Blockchain.info:
“FXOpen has been in the market since 2003. The fact that the FXOpen Group have ASIC and FCA regulated companies speaks for itself.”
Backing up market longevity are infrastructure improvements to make the trading environment as secure as possible.
“Client funds are obviously held in segregated accounts and separated from the company’s operational funds,” Peganov said. “Finally, we operate an exchange only model without internalizing the flow thus not carrying any trading risks.”
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