FXOpen: A forex trading broker for the experts

Forex – also known as foreign exchange or FX trading – is one of the most actively traded markets in the world. This type of trading is where one currency is converted into another, and companies and banks, as well as individuals, make trillions of dollars’ worth of transactions every day.

It’s a market where the most skilled traders test their knowledge of the industry and utilise their appetite for success to get results – and they use FXOpen as their Hong Kong forex broker to achieve those results.

Advantages of forex trading with FXOpen

One platform, multiple markets

Choosing us as your broker gives you access to one platform that covers different markets, from forex trading and indices to commodity CFDs and cryptocurrency CFDs*.

Trade with a FCA regulated forex broker

Forex trading in Hong Kong is covered with us. Your funds are fully protected up to £85,000 by the Financial Services Compensation Scheme (FSCS).

Completely
customisable

Whatever your trading style and the strategies you use, you are in complete control of your trading with this customisable platform.

Access automated trading

You can download and use ready-made scripts and access expert advisors, or create a custom indicator or script tailored to your trading strategy.

Access wherever, whenever

Keep up to date with your account at any time of the day and wherever you are via the desktop, web-based or mobile version of the MT4 trading platform. Have an Apple Mac? The web-based version is particularly useful for you, as a direct download is not available.

Access analytic tools

With over 50 built-in indicators and graphic tools for technical analysis, forex trading charts, a quotes history centre, a strategy tester and news, you will increase your trading knowledge and build your skillset.

Open a forex trading account
with FXOpen

Forex

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Set measurable goals in a changeable market

Forex is a practical market to work in. However, the vast majority of forex trading is done by specialist forex traders who undertake these currency conversions to earn a profit. It’s not for the faint-hearted. Due to the volume of currency being converted daily, price movements can be unstable. Experienced traders are aware of this volatility within the market and act accordingly.

Whether you’re a trader who has been dabbling in charting forex currency strength for a year or you have decades of experience behind you, quantifiable goals must be set ahead of any trading you do. Perhaps you’re new to forex and want to achieve a 20% annual return on your investment or you’re more established and have set a target to get a total of 100 pips a month. Whatever you’re aiming for, it should be measured easily and logically.

How does forex trading work?

Forex trading is like any other transaction where you buy one asset using currency. When it comes to foreign exchange, the market price indicates to a trader how much of one currency is needed to buy another. To make it easy for both traders and forex brokers to quickly see what they’re working with, each currency has its own code. This code identifies it as part of a pair.

For example, using a forex calculator to view the USD/HKD pair would show how many US dollars it would take to buy one Hong Kong dollar. Here, USD is the base currency and HKD is the counter currency.

If you’re buying a currency pair, the price is expected to rise, indicating that the base currency is strengthening relative to the quote currency. If you’re planning on selling a currency pair, you’re expecting to see the price fall. This would happen if the base currency has weakened against the quote.

For example, you would buy a GBP/AUD currency pair if you think the pound will strengthen against the Australian dollar, meaning that the pound is worth more than the Australian dollar. If you think the pound will weaken and it will be worth less than the Australian dollar, you’d sell.

Forex market: The risks and rewards

There are both risks and rewards when forex trading in Hong Kong – and anywhere else in the world. To become a successful forex trader, it’s important to understand what these risks and rewards are.

First, forex is the most traded financial market in the world. Prices are constantly in flux, so there are plenty of opportunities to trade. This can have a considerable pay-off if you trade successfully, but the markets change rapidly, meaning you could lose out too.

Another key risk to consider is that some forex pairs are much more volatile than others. For instance, USD is one of the most heavily traded currencies, so pairs that include USD are often in high demand, making them more liquid than others.

If you’re aware of the risks and take steps to mitigate them, the forex market can be very rewarding. However, to gain the rewards and profits, you need to have a full understanding of all risks involved in trading and the forex market.

Expert trading for expert traders

FXOpen is a true ECN broker. This is where trades are matched with the best available price on the Electronic Communication Network (ECN). The variable spreads, low commissions and NDD model on offer make us one of the best forex brokers. We want all our clients to be profitable traders, so there is no conflict of interest. With regulation by the UK’s Financial Conduct Authority (FCA) and FSCS protection of £85,000, FXOpen HK is the perfect choice for traders.

FXOpen allows users to conduct forex charting online and examine currency strength, as well as other useful tools like an economic calendar, with a range of major, minor and emerging currency pairs for you to go long or short on. To access a live account and instantly trade in over 50 forex markets 24 hours a day from from 6am on Monday to 6am on Saturday. Speak to our team today.

Why do people trade forex?

There are different reasons why people trade on the forex market. One of the main ones is that the foreign exchange markets are the largest and most liquid financial markets in the world, making them popular among forex brokers and traders. Forex trading remains popular because of its influence, trading opportunities, high liquidity, and low entry costs.

What is a forex broker?

When the United States dropped the Bretton Woods agreement regarding the USD convertibility in gold, the foreign exchange market grew considerably. At first, it was just institutional players who could trade. This was due to the high transaction costs and how difficult it was to access. This changed with the advent of the internet and online trading. Suddenly, forex brokers made it possible to allow retail traders to join the largest financial market in the world.

A forex broker is an intermediary link between the trader and the market. Its role is to provide market quotes via its various liquidity providers. Additionally, its trading platform reflects the best possible conditions it has to offer to its customers, making it as straightforward as possible to access the forex markets. For this service, the broker charges a fee or a commission, and its interests align with those of the trader.

Brokers are either set out as a dealing desk (also called market makers) or a non-dealing desk. A dealing desk creates a market by mirroring the quotation from the interbank market. It then deals the prices to its clients (the traders). Non-dealing desks see forex brokers route their clients’ orders to the liquidity provider, and the best quote is offered to retail clients from the liquidity pool.

Most brokers that are organised like non-dealing houses often offer ECN (Electronic Communication Network) or STP (Straight-Through Processing) implementation. However, there are different types of forex brokers, including some that mix dealing with non-dealing conditions and operate as hybrid entities.

Different account types exist, and these depend on the type of the brokerage house. ECN accounts and STP accounts are just a couple of examples.

What factors move the forex market?

The forex market is made up of currencies from across the globe, and this makes predicting exchange rates difficult as many factors constantly move prices. The main factors that affect these prices are news reports, central banks and market sentiments. Understanding how each of these works will help you build your forex trading knowledge.

Another key factor to consider is that, as with any market, prices move up and down based on supply and demand. As a forex trader, you will either put your money into an economy that has strong growth potential or a short market. The decision you make will influence how successful you are.

How to define success as a forex trader?

No matter if you’ve been trading for a while or you’re new to forex, defining your success will help you build your expertise as a trader. To do this, consider what your goals are and how you define success.

Goal setting is vital in forex trading and these should be easy to measure. It’s worth having a long-term target to aim for that could take a year or more to achieve, as opposed to monthly. This will establish where you’re aiming to be after the period you set yourself. Once you’ve established these targets, you can begin trading.

It’s important to always manage your expectations and control your emotions. To become successful at forex trading in Hong Kong and beyond, you must understand how the forex market operates, trust your analysis and forex charts, and follow the rules of your strategies.