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Benefit :
- NO COMMISSION
- FREE SWAPS FOR ISLAMIC ACCOUNTS
The FX open broker has very good bonus plans. You get $25 bonus after a primary deposit and 10 lots of business in a standard $100 account. The bonus plan is not a one time deal you can get even a second time bonus.
You can have more than one account to be eligible for multiple bonuses and you get bonuses for each account you are working with. You can get bonuses for every account that you open, many people are mistaken that you can get only one bonus regardless of the multiple account you hold and that is untrue.
The leverage can be quite high like 1:500 and more; however, if you are a good investor the leverage should not be bothering you. This is possible when you make your money management plan in a way based on how much you can afford to loose. When you are going to make your calculation based on the percentage of margin that you are able to use in the leverage then the high leverage can hurt you. Set the trade volumes with FX open based on how much money you will be prepared to loose in a trade. High leverage of FX open has an influence on the margin cost to open a trade and if you are working the other way round based on how much you can loose it might not too concerning.
The high leverage can affect those that are working with minimal funds with FX open and it might so happen that sometimes you might lose everything including your deposit in the forex market. If you are working with less funds better have a close watch on the forex signals and make an individual case study on when you requite and withdraw safely.
Watch the PIP and be careful when you are investing in fast moving markets and especially with re-quotes in fast moving markets. The call center might be of help sometimes in telling you about spread pips sometime they themselves might not be aware. They will want you to check the website. Otherwise, FX open is fine!
Psychology is an important thing when it comes to FX open or any other forex broker. You have to learn to react to volatile price action smartly and you should know when to scalp and when not to. Only a bad carpenter blames the stool. FX open is a good platform though they play a role in the result you need to play the trade best from your part.
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