- What is FXOpen?
- FXOpen Pros and Cons
- Is FXOpen Safe or a Scam?
- Deposits and Withdrawals
Our Review Method
- 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, fees, and platforms, verified regulations, contacted customer service, and placed traders to see trading conditions and give expert opinions about FXOpen.
What is FXOpen?
The FXOpen firm was founded as an educational center offering courses on technical analyses and financial markets, yet in 2005 became a Forex brokerage company with an aim to satisfy the growing need for fair and transparent trading conditions. FXOpen was among first Forex broker to offer its clients ECN trading via the Meta Trader4 terminal, along with FXOpen’s proprietary price aggregating technology which you can benefit from the industry’s most competitive spreads and low trading commissions.
Therefore, the broker committed to continuous development, while constantly adding on additional markets and expanding their offerings even more. Currently, the broker is a trusted partner to more than 1,000,000 customers from around 100 countries, and their services and technology, as well as the working environment, recognized many times.
What Type of Broker is FXOpen?
Based on our findings, FXOpen is a leading Forex broker offering its clients ECN/STP trading opportunities. The broker provides over 600 trading instruments including Forex, indices, shares, commodities, and cryptocurrencies.
FXOpen Pros and Cons
FXOpen is a regulated broker with low risk, good technology, and platform selection, the minimum deposit is very low only $1, and there are good analysis tools and excellent support.
For the Cons, the education section with trading videos or webinars is not so rich, beginners better look for other brokers.
|Heavily regulated broker with a strong establishment||No comprehensive educational materials|
|Wide range of trading platforms and competitive trading conditions||No 24/7 customer support|
|Global expands over 100 countries|
|Excellent support and technical analysis tools|
|Suitable for beginners and professionals|
FXOpen Review Summary in 10 Points
|🗺️ Regulation||FCA, CySEC, ASIC|
|📉 Instruments|| Forex, Cruptocurrencies, Metals|
|🖥 Platforms||MT4, MT5, TickTrader|
|💰 EUR/USD Spread||0.4 pips|
|🎮 Demo Account||Provided|
|💰 Base currencies||USD, EUR, GBP, AUD, JPY, RUB, BTC, etc.|
|💳 Minimum deposit||$1|
|📚 Education||No Professional education, tehcnical analytics and autotrading|
|☎ Customer Support||24/5|
Overall FXOpen Ranking
Based on our Expert findings, FXOpen is considered a good broker with safe and very favorable trading conditions. The broker offers a range of trading services designed for both beginner traders and professionals with low initial deposit amounts. As one of the good advantages, FXOpen covers much of the globe, so traders from various countries can sign in, also with the lowest spreads.
- FXOpen Overall Ranking is 8.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
FXOpen Alternative Brokers
We learned that FXOpen offers a range of trading instruments, good trading conditions, and also low trading spreads and fees. However, there are a number of other brokers that offer similar services. Here are some of the best alternatives to FXOpen:
- AvaTrade – Good Instruments and CopyTrading
- Pepperstone – Low Spreads and Competitive Trading Conditions
- XM – Wide Range of Trading Opportunities
Based on our findings, FXOpen is a highly rewarded broker, which gains not only great reviews from traders but is also timely rewarded for its services from the largest financial institutions and organizations. Eventually, our FXOpen Review found that the broker holds awards such as Best Forex Broker in Australasia, Best Islamic Forex Broker, Best South-East Asia Forex Broker, Best ECN Forex Broker, and more.
Is FXOpen Safe or Scam?
No, FXOpen is not a scam. Based on our Expert research, it is a regulated broker by top-tier authorities like FCA and ASIC and is considered a low-risk broker for Forex and CFD trading.
Is FXOpen Legit?
Yes, FXOpen is a legit and heavily regulated company. The broker holds relevant authorization in every region it operates. FXOpen companies operate in Australia, Saint Kitts and Nevis, the United Kingdom, and Cyprus and have representatives in a number of other countries.
See our conclusion on FXOpen Reliability:
- Our Ranked FXOpen Trust Score is 8.9 out of 10 for good reputation and service over the years, also reliable top-tier licenses, and serving regulated entities in each region it operates. The only point is that regulatory standards and protection vary based on the entity.
|FXOpen Strong Points||FXOpen Weak Points|
|Multiply regulated broker with a strong establishment
||International entity is based in offshore Nevis|
|Regulated by top-tier authorities|
|Global expands over 100 countries|
|Negative balance protection|
How Are You Protected?
Since FCA licenses are among the most respected worldwide, traders have assurance and peace of mind that funds are safe and secure at FXOpen, provided by numerous ways and general transparent guidelines on how the brokerage operates.
Moreover, client funds are held in fully segregated bank accounts in the UK and protected up to £50,000 by the FSCS.
Being a UK-based regulated broker FXOpen, therefore, follows strict guidelines set by the European authority Financial Conduct Authority and general ESMA rules.
European regulator set a limitation towards maximum offered leverage levels, as ESMA recognized a potential risk in case very high leverage is used. Professionals, once the status is confirmed may gain higher leverage levels, while all traders are definitely advised to learn more about leverage use and how to use its potential to the best of.
- Clients of FXOpen may use leverage up to 1:30 for Forex products, 1:5 for CFDs, and 1:10 for Commodities.
We found that FXOpen offers 4 accounts with defined conditions according to the tailored solution which includes STP, ECN, Micro, and Crypto accounts. Besides, there are numerous account base currencies that you can denominate your account including USD, EUR, GBP, AUD, JPY, RUB, BTC, etc. making your payments easier process.
The Islamic traders are also welcomed to take advantage of Forex trading without violating Sharia law by offering them SWAP free accounts.
The Micro Account allows access to trade 28 currency pairs on a non-commission basis, while the STP account offers tight spreads, no commission, and as low as a 10$ deposit to start.
Crypto trading is available through 24 currency pairs including BTC, LTC, NMC, PPC, ETH, DASH, and EMC, with commissions of transaction volume of 0.25% through the first deposit of $10. However, some differences between the accounts may occur for UK residents in particular.
|Fast account opening suitable for new and experienced traders||Account types and proposals may vary according to jurisdiction|
|4 account types defined by the technology or use |
|Low minimum deposit|
|Easy switch between Demo and Live Accounts|
|Various account base currencies|
How to Trade in FXOpen?
Starting to trade with FXOpen, you will first need to open an account and deposit funds. The process is simple and can be done entirely online. Once your account has been approved, you can then make a deposit using one of the many methods available. Based on our research we found out that FXOpen offers user-friendly platforms with all the tools and resources you need to trade successfully.
How to Open FXOpen Live Account?
Opening an account with FXOpen is quite easy. You should follow the opening account or sign-in page and proceed with the guided steps:
- Select and Click on “Open an Account” on the page
- Enter the required personal data (Name, email, phone number, etc.)
- Verify your personal data by upload of documentation (residential proof, ID, etc.)
- Complete the electronic quiz confirming your trading experience
- Once your account is activated and proven, follow with the money deposit.
We learned that the FXOpen market range is generally among the most advanced in the industry, as offers a truly wide range of products through thousands of different financial multi-asset platform which offers categories with flexible FXOpen market hours.
The broker offers a wide range of over 600 different financial instruments including Forex, Indices, Commodities, Shares, and Cryptocurrencies.
- FXOpen Markets Range Score is 8.5 out of 10 for wide trading instrument selection among Forex, Indices, Cryptos, and more.
Based on our Expert research FXOpen fees depend on the account type you use, and are either built into a spread or commission charge. In addition, FXOpen charges an inactive fee of $10 per month.
- FXOpen Fees are ranked low with an overall rating of 9.2 out of 10 based on our testing and compared to over 500 other brokers. Fees might be different based on entity offering, see our findings of fees and pricing in the table below, however, FXOpen overall fees are considered good.
|Fees||FXOpen Fees||FxPro Fees||AvaTrade Fees|
We learned that FXOpen offers variable spreads which are defined by the trading account and instrument you choose. So STP account is solely a spread account with all costs inbuilt.
In case you trade through ECN account spreads are floating and starting from 0 pips and trading costs are charged as a commission also depending on the trading volumes you operate from $1.5 per standard lot.
- FXOpen Spreads are ranked low with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found Forex spread much lower than the industry average, and spreads for other instruments are very attractive too.
|Asset/ Pair||FXOpen Spread||XM Spread||AvaTrade Spread|
|EUR USD Spread||0.5 pips||1.6 pips||1.3 pips|
|Crude Oil WTI Spread||-||5 pips||3 pips|
|Gold Spread||13 cents||35||40|
|BTC USD Spread||11||60||0.75%|
Deposits and Withdrawals
We found that the money management and funding methods at FXOpen are quick and simple, which is very pleasant and important for your account management convenience. FXOpen provides clients with numerous funding options for instant deposits and fast withdrawals which include bank transfers, credit cards, and some electronic wallets.
In addition, FXOpen offers a No Deposit Bonus promotion for TickTrader ECN Accounts.
- FXOpen Funding Methods we ranked good with an overall rating of 8.5 out of 10. The minimum deposit is among average in the industry, yet fees are either none or very small also allowing to benefit from various account-based currencies, yet deposit options vary on each entity.
Here are some good and negative points for FXOpen funding methods found:
|FXOpen Advantage||FXOpen Disadvantage|
|Fast digital deposits, including Credit/Debit Cards, and prepaid FXOpen Card||Some methods may add on commission and are different in each region|
|Multiple Account Base Currencies|
|$1 minimum deposit for a Micro account and 10$ for STP or Crypto accounts|
|Free withdrawals for some methods|
|Withdrawal requests confirmed within 24 hours|
In terms of funding methods, FXOpen offers numerous payment methods which are a very good plus, yet check according to its regulation whether the method is available or not.
- Credit/Debit cards
- Bank Wire
- Local bank transfers or local deposits (available in Malaysia, China, Indonesia, and Thailand)
- Qiwi wallet, Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money
- Neteller, and more
FXOpen Minimum Deposit
FXOpen minimum deposit is $1 for a Micro Account, which is indeed fantastic for traders of any size and experience level.
In addition, the hustle-free funding option available by the Prepaid Card worth $25 up to $10,000 that can be ordered from FXOpen’s official resellers, and FXOpen Pre-paid Codes allow transferring funds between FXOpen eWallets with no commission.
FXOpen minimum deposit vs other brokers
||Most Other Brokers
For FXOpen withdrawal you can use either a prepaid card or offered methods to withdraw money from your trading account. Yet, always verify conditions as some differences may be applicable due to regulations. Though, take into consideration that some of the payment methods may incur transfer fees, which FXOpen charges according to the various payment conditions and regions respectively.
How Withdraw Money from FXOpen Step by Step:
- Login to your account
- Select Withdraw Funds’ in the menu tab
- Enter the withdrawn amount
- Choose the withdrawal method
- Complete the electronic request with necessary requirements
- Confirm withdrawal information and Submit
- Check the current status of withdrawal through your Dashboard
Based on our findings, FXOpen provides a range of top-grade desktop, web, and mobile trading platforms including MT4, MT5, and TickTrader.
According to the statistical data over 90% of all transactions on the retail Forex market are conducted via Metatrader4, also MT5 is available for your choice at FXOpen as well.
- FXOpen Platform is ranked good with an overall rating of 9 out of 10 compared to over 500 other brokers. We mark it as good being one of the best proposals we saw in the industry, and a great range including MT4, and MT5 suitable for professional trading. Also, all are provided with good research and excellent tools.
Trading Platform Comparison to Other Brokers:
| Platforms||FXOpen Platforms||XM Platforms||FxPro Platforms|
Web Trading Platform
Generally, the platform is available in different versions which are suitable for any device or accessible as a WebTrader through the browser.
- In addition, there is a specifically designed account TickTrader ECN featuring Desktop, Web, and Mobile terminals offering a special version for traders demanding advanced analysis and a level 2 pricing platform.
As the most popular choice, along with its powerful tools the FXOpen chooses MT4 as its mainstay and actually was the first broker to introduce direct access to Interbank liquidity and ECN trading via MT4.
However, the company moved even further and enhanced the technology with the Liquidity Aggregator that ensures error-free order execution and the best prices.
The standard version of MT4 is diverse from the FXOpen one, as the trader needs a different modification for each account. Hence, there is an available version of STP and Micro accounts, and a separate one for ECN accounts and Crypto Trading.
Automated Forex Trading, also known as algorithmic trading, is the use of Expert Advisors (EAs) or trading robots to place orders automatically without the manual interaction of the trader allowing trading systems to run autonomously and continuously.
FXOpen offers Forex auto trading via Myfxbook and ZuluTrade. FXOpen also offers its own PAMM technology allowing it to benefit from the strategies of experienced traders with a proven track record.
- FXOPen PAMM service offers to join the funds of experienced traders to become a Master and earn from Forex followers for the benefit of both, while followers may choose from a vast of strategies to follow.
We learned that FXOpen maintains its mission to provide clients with professional services in trading, analytics, and excellent customer support, the support remains always on hand for any questions you may have. You can access the service via the phone lines or Live chat 24/5.
- Customer Support in FXOpen is ranked good with an overall rating of 8.5 out of 10 based on our testing. We got fast and knowledgeable responses, also quite easy to reach during the working days.
See our find and ranking on Customer Service Quality:
|Quick responses||No 24/7 customer support|
|International phone lines, and email|
Despite the fact that we found that FXOpen does not provide advanced educational materials with Webinars or Seminars, Technical analysis, News feed, and other research tools are in the package. Besides, comprehensive investment opportunities either through their own trading strategy or by following of PAMM account may be interesting for both beginning and professional traders.
What is more interesting, Forex Competitions are held regularly by the broker which assists in learning, as well as offers the opportunity to gain valuable prizes.
- FXOpen Education ranked with an overall rating of 7.5 out of 10 based on our research. The broker provides good quality educational materials and research and also cooperates with market-leading providers of data.
FXOpen Review Conclusion
Concluding the FXOpen review, we admit a broker that makes access to the Forex market easier while you can benefit from lower deposits or trading requirements, as well as a wide range of attractive offerings. The broker also keeps regulatory supervision for their operations, which ensures that the traders’ legal rights are well protected and secured. In addition, ECN trading is a good choice for experienced traders and those who prefer technical or programmed trading as a major strategy.
Based on Our findings and Financial Expert Opinions FXOpen is Good for:
- Advanced traders
- Traders who prefer MT4 and MT5 platforms
- Forex and CFD trading
- ECN/STP trading
- Variety of trading strategies
- Algorithmic or API traders
- Low fees and competitive spreads
- Good customer support