1. What is FXOpen?
  2. Is FXOpen safe or a scam?
  3. Leverage
  4. Accounts
  5. Instruments
  6. Fees
  7. Deposits and Withdrawals
  8. Platforms
  9. Support
  10. Education
  11. Conclusion

What is FXOpen?

The FXOpen firm was founded as an educational center offering courses in the field of technical analyses and financial markets, yet in 2005 became a brokerage company with an aim to satisfy the growing need for fair and transparent trading conditions.

Therefore, the broker committed to continuous development, while constantly adding-on additional markets and expand their offerings even more. Currently, the broker is a trusted partner to more than 1,000,000 customers from around 100 countries, their services and the technology, as well the working environment recognized many times.

FXOpen was the first Forex broker to offer its clients ECN trading via the Meta Trader4 terminal, along with FXOpen’s unique proprietary price aggregating technology which you can benefit from the industry’s most competitive spreads and low trading commissions.

The ECN Model gives traders access to the Interbank market, clients receive real-time quotes from the industry’s largest liquidity providers.

ProsCons
Good technology and platform selectionNo comprehensive education
Very Low minimum deposit 1$
Excellent support and technical analysis tools
Suitable for beginners and professionals

FXOpen Review

10 Points Summary
🏢 HeadquartersUK
🗺️ RegulationFCA
📉 Instruments Forex, Cruptocurrencies, Metals
🖥 PlatformsMT4, MT5, TickTrader
💰 EUR/USD Spread0.4 pips
🎮 Demo AccountProvided
💰 Base currenciesUSD, EUR, GBP, AUD, JPY, RUB, BTC, etc.
💳 Minimum deposit1$
📚 EducationNo Professional education, tehcnical analytics and autotrading
☎ Customer Support24/5

Is FXOpen safe or a scam?

ProsCons
Regulated broker with good recordInternational entity is based in offshore Nevis
Regulated by the FCA in the UK
Negative balance protection

Is FXOpen legit?

FXOpen Markets Limited is a company duly registered in Nevis, however, since 2013 within the FXOpen Group of Companies a London-based company – FXOpen UK received the Financial Conduct Authority (FCA) license with registration number 579202.

In fact, the launch of the London office and the www.fxopen.co.uk website brought huge company expansion among the EU countries and even further, so now FXOpen is among popular brokers.

How are you protected

Since FCA licenses are among the most respected worldwide, trader’s assurance and peace of mind that funds are safe and secure at FXOpen, provided by numerous ways and general transparent guidelines how brokerage operates.

Moreover, client funds are held in fully segregated bank accounts in the UK and protected up to £50,000 by the FSCS.

FXOpen license

Leverage

Being a UK based regulated broker FXOpen therefore, follows strict guidelines set by the European authority Financial Conduct Authority and general ESMA rules.

Eventually, a recent update from the 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.

  • Clients of FXOpen may use leverage up to 1:30 for Forex products, 1:5 for CFDs and 1:10 for Commodities.

Accounts

FXOpen’s clients can choose from a variety of trading accounts (STP, Micro, ECN, Crypto and free unlimited demo accounts) and enhance their trading capabilities with automated trading systems. 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.

ProsCons
Fast account opening Suitable for new and experienced tradersNone
4 account types defined by the technology or use
Mirco trading and Crypto trading accounts
Easy switch between Demo and Live Accounts
Various Account base currencies

Account types

The account types are offering 4 accounts with defined conditions according to the tailored solution which including STP, ECN, Micro and Crypto accounts.

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 and on non-commission basis, while the STP account offers tight spreads, no commission and as low as a 10$ deposit to start.

Crypto trading available through 24 currency pairs BTC, LTC, NMC, PPC, ETH, DASH, EMC, with commissions of transaction volume 0.25% through the first deposit of 10$. However, some differences between the accounts may occur for UK residents in particular.

FXOpen accounts

Instruments

Apart from the general offering to trade Forex and Metals like Gold and Silver, the company continued to set the pace with its latest technologies and in 2014 offered Bitcoin trading.

Fees

ProsCons
Account based on spread only or ECN spread with commissionFees may vary according to entity
Low Forex and CFD fees
Micro lot trading

Forex Fees

As for the FXOpen trading costs or spread, due to its execution technology, you will enjoy variable spreads which are defined by the trading account and instrument you choose. So STP account is a solely 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.

See the comparison table below, where we get via FXOpen Review its fees are very competitive to industry proposals, as well you can compare FXOpen fees to another popular broker FXTM.

Comparison between FXOpen fees and similar brokers
Asset/ PairFXOpen FeesCMC Markets FeesRakuten Fees
EUR USD0.5 pips0.7 pips0.5 pips
Gold13 cents31.5
BTC110.75%-
Inactivity feeYesYesYes
Deposit feeNoNoNo
FXOpen spread

Methods of Payment

ProsCons
Fast digital deposits, including Credit Card, Debit Card and prepaid FXOpen CardSome methods may add on commission and are different in each region
Various account base currencies
Very Low minimum deposit 1$ for Mirco account and 10$ for STP or Crypto accounts
Free Withdrawals for some methods

Deposit Options

The payment methods acceptable by broker covering the most common options including

  • debit/credit cards,
  • UnionPay,
  • bank transfers,
  • local bank transfers or local deposit (available in Malaysia, China, Indonesia, Thailand), as well local bank transfers supported too in Latin America region,
  • major e-wallets WebMoney, Neteller, Skrill
  • Qiwi wallet, Perfect Money, Yandex Money, Sorex Pay, Intellect Money, RBK Money.
  • And the last, payments can be processed via PaySafeCard or a newly established cryptocurrencies payment (the broker accepts Bitcoin, Litecoin, Ethereum, Tether, Emercoin).

What is the minimum deposit for FXOpen account?

The minimum deposits are set according to the trading account you choose and starting from the only 1$ for Micro Account, which is indeed fantastic for the traders of any size and experience level.

In addition, the hustle-free funding option available by the Prepaid Card worth of 25$ up to 10,000$ that can be ordered from FXOpen’s official resellers, and FXOpen Pre-paid Codes allows transferring funds between FXOpen eWallets with no commission.

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.

FXOpen minimum deposit

Withdrawals

Likewise, 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.

FXOpen payment

Trading Platforms

According to the statistical data over 90% of all transactions on the retail Forex market are conducted via Metatrader4, also MT5 available for you choice at FXOpen as well.

ProsCons
Mainstay on MT4 and MT5 platformsNone
Mobile Apps included
User friendly design and login
Price alerts
Supporting many languages
Technical analysis and powerful features
TickTrader ECN specially designed account for TickTrader Platform
PAMM and auto trading

Desktop Platform

As the most popular choice, along with its powerful tools the FXOpen chooses MT4 as their 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 by the Liquidity Aggregator that ensures error-free order execution and best prices.

The standard version of MT4 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.

Web 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 Terminal offering a special version for traders demanding advanced analysis and a level 2 pricing platform.

Auto trading

Automated Forex Trading, also known as algorithmic trading, is the use of Expert Advisors (EA’s) or trading robots to place orders automatically without the manual interaction of the trader that allows trading systems to run autonomously and continuously.

FXOpen offers Forex auto trading via Myfxbook and ZuluTrade. FXOpen also offers its own PAMM technology allowing 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 vast of strategies to follow. Currently, there are over 200 active PAMM accounts, the minimum capital to start is only 200$ with no limitation of open trades or strategies.FXOpen platfroms

Customer Support

Overall, as we saw via FXOpen Review the broker maintains its mission to provide clients with professional services in trading, analytics, and excellent customer support, the support remains always on hand to any questions you may have. You can access service via the phone lines or Live chat 24/5.

ProsCons
Quick response and Relevant answersNo 24/7 support
Live Chat, International Phone Lines and email

Education

As well, FXOpen does not provide advanced educational materials with Webinars or Seminars, yet 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 that assists in learning, as well offers the opportunity to gain valuable prizes.

ProsCons
Trading signals and technical indicatorsNo comprehensive education
Competitions and contests
Research and technical analysis
Demo account
PAMM and auto trading

FXOpen PAMM

Conclusion

FXOpen Review a broker that makes access to the forex market easier while you can benefit by lower deposits or trading requirements, as well with 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.

However, ECN trading is a good choice for experienced traders and those who prefer technical or programmed trading as a major strategy. The ECN Model uses Market Execution, means that order will be filled in the interbank market but the execution price may differ from the price you requested upon placing the order.

Nevertheless, it is always good to know your personal opinion about FXOpen , which you may share in the comment area below.

Sabry Haleem From Egypt | | Monday, November 23, 2020

my name is sabor and i want to share my experience with all the new traders in the trading world , with my experince in FXOpen , i am a tradrer from 2011 until now , and i tried many company for trading , but i found the best one until now is FXOpen , so i am with them now , they are honest company , have many trust license in trading , and the contact with them so easly , and they have many options in trading and also many pairs currency , i did not met any problems with them until now , so if you are a new trader , or even old tradre, come and join us for free in FXOpen , you will see the differnce by your own eyes, My advice to every beginner trader First, choose the honest company that you will trade with, such as FXOpen After that, you can train in trading by opening a free account without any money and then you can start with real money by opening a real account Do not try to greed or compensation. Just analyze the market well before trading and after that start trading with FXOpen and enjoy the many discounts offered by the company as well as prizes and fun competitions that continue throughout the year at FXOpen

  • FXOpen accesses ECN trading through MT5

    FXOpen launches access to ECN trading through the latest version of MT5 and participating in growing demand with many new functions, yet with a familiar user interface. While MT5 or MetaTrader5 is a new generation of the market leading and widely popular MT4 platform developed by the MetaQuotes company. Together with its known powerful capabilities MT5 allows multi-asset...

    Read more

10 responses to “FXOpen”

  1. The trading conditions with FxOpen are good and it is one of the top Foreign Exchange brokers today.

    FxOpen has many types of Trading accounts which suit the traders who are looking for diversified trading options in the Forex markets. I am a successful trader now and it is because I joined them.

  2. A highly trusted broker in the industry for last over decade.

    They’re providing the TOP notch Service and best execution of the order on the ECN.

    I love to Scalp and I don’t have slippage issue even in high volatility.

    They process withdraw usually within a couple of hours, some time even in minutes.

    They are regulated even in UK and Austriala which make them most superior one, which make them a highly trustworthy broker in the Online arena.

    Highly recommended broker.

    It’s my 2 CENT

  3. I joined FXOpen 2 years back when I was looking for an ECN Broker for my trading needs.
    I am using MT4 and my trades are executed at Inter Bank-market prices and without any delay as
    they have direct access to the markets.

    Sometimes during news markets are moving so fast and only at that times there might be a
    delay as the prices changes very fast and this is for all the true ECN brokers since they
    have to get their orders filled at Real time rates but it was never 2 seconds but mostly 20
    milliseconds.

    I have used Bank wire option for making withdrawal requests in FXOpen 14 times in total of
    $16,500 and they were always paid on time.

    I would rate them as the best in the market with good speed of execution with Fast and
    Friendly customer support.

  4. hello traders my name is mona makien i want to tell you about my experience with FXOpen , i am a old women and was hard to belive in that new things to me , but my nephew convised me to try it , and i did by little money at first but i found that i lose , so my nephew start to learn me how to trade , and he advise me to read about the trading in FXOpen forum that is wroten by many language , from this time i found my self earn some money , about FXOpen they are honest , and the dealing with them so easy , so my advise to all new tradres , read more about trading in FXOpen forum , then start in save way with FXOpen

  5. Welcome dear traders
    My name is Heno
    I’d love to share with you my experience with FXOpen
    Since about 2004 I have been searching for ways to profit on the Internet and I have been doing this for several years until I realized that all of this was not working.
    And then I heard about Forex brokers that I also couldn’t believe in
    Until some friends advised me to try FXOpen and I did it already and since around 2018 until now I am trading with them
    And I have already found that I can profit on the Internet by trading forex, as sometimes I can win not a small amount of money and this is beside the pleasure of trading
    I advise all new traders to try forex trading through FXOpen, because they are a respectable and honest company and have many licenses and also have many trading platforms and they also have their own new platform and a novice trader can open a demo account and trade on the demo account so that he can train on Trading knows that FXOpen is a respectable company
    And another advice for a novice trader, do not rush before opening deals. Just watch the market well and when the trend stabilizes and analyze the market well, then you can make the decision to open deals.

  6. I have been trading with FXOpen since 2012. I like the trading conditions that the company provides to its clients. Low Wednesdays – especially for XAUUSD gold. On an STP account, the spread for five-digit quotes for this instrument is only from 10 to 30 pips. I am especially attracted by the fact that you can trade gold with a leverage of 1: 500. This is a unique advantage at FXOpen because I can trade gold with a small deposit. For me, FXOpen is the best broker in this regard. In addition, over the years of cooperation, I have never had problems with the withdrawal of my profits – always quickly.
    In addition to trading, I regularly participate in contests held by FXOpen. I remember the Forex School contest in September 2017, when I was among the prize-winners who received a prize PAMM account of $ 200 from the company. It was super! FXOpen has its own PAMM service. This is an opportunity to get additional profit not only from trading, but also from investments.
    I am happy to have found a reliable broker with an FCA license.

  7. When 8 years ago I started trading on Forex, I was looking for a broker that conducts demo contests – I wanted to learn how to trade without risking my deposit, and I wanted to get an initial deposit without investing my own funds. I found FXOpen – this broker runs many contests for beginner traders. On the one hand, the broker is interested in training its new clients, and on the other hand, it helps them to become professional traders and gives real prizes – they can be used for trading or simply withdrawn as a profit. Over the years, I have repeatedly won prizes in various contests from FXOpen and have used these prizes both for trading and for withdrawing. Real prizes in contests are a feature of the company, because now it is quite rare to find a contest with withdrawable prizes. The company also has its own forum where contests are held. Now there is a very popular weekly contest from FXOpen “Competition from 10 TO 100”. I opened a real STP account for only $ 10, traded on it and not only withdrew my profit for trading, but periodically got into the winners and received additional real money in this contest. At the same time, the company provides very good trading conditions on a real account, so that I can even trade XAUUSD gold, having a small deposit – a leverage of 1: 500 and a low spread. I am very happy with my broker, because the withdrawal of profits is always quick and hassle-free. The company has professional technical support.

  8. FXOpen Broker has the Best Trading conditions that it gave me and this is why i choose to trade with them.

    If you want a Reliable and Best ECN Broker then go with FXOpen.

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