FXOpen Review |
|
| 📅 Year founded |
2005 |
| 📈 Multiple top-tier regulation |
Yes |
| 📍 Headquarters |
London, United Kingdom |
| 🌍 Country of regulation |
United Kingdom / Australia / Cyprus |
| ✅ Regulators |
FCA / ASIC / CySec |
| 📈 Execution Type |
Market Execution |
| 💰 Minimum Deposit |
$10 USD |
| 🛡️ Negative Balance Protection |
Yes |
| 📉 Trading Platforms |
MetaTrader4 / MetaTrader5 / TradingView / TickTrader |
| ☪ Islamic account |
Yes |
| 📉 Trading Instruments |
Forex / Indices / Commodities / Shares / ETFs / Cryptocurrencies |
| 📱 Mobile trading |
iOS / Android / Windows |
| 💳 Payment Types Accepted |
Debit and Credit Card / Bank Wire Transfer / Fasapay / Volet / UnionPay / Cryptocurrencies |
| 🎮 Demo Account |
Yes |
| ⓒ Copy Trading |
Yes |
| 🎁 Bonus Offer |
Forex Contests |
| 💰 Account Currencies |
USD / EUR / GBP / AUD / CHF / JPY / SGD / GLD |
| 📈 Minimum Trade |
0.01 Lots |
| 📈 Account Types |
PAMM / ECN / STP |
| 📈 Margin Trading |
Yes |
| 📈 Trading fees |
Low |
| 📈 Inactivity fee |
$10 USD per month |
| 💰 Withdrawal fee |
Withdrawal method dependant |
| ☎ Customer Support |
24/5 |
| 💰 Max. Leverage |
1 000:1 |
| ✔️ Hedging Allowed |
Yes |
| ✔️ Scalping Allowed |
Yes |
| 💰 Commission |
From $1.50 USD per lot |
| 💰 Spreads |
From 0.0 pips |
| 💰 Leverage |
Flexible |
| 💰 Currency Pairs (Total Forex pairs) |
50 + |
| 🔢 Number of clients |
1 000 000 + |
| 🥇 Instruments Offered |
600 + |
| 📙 Education |
Limited |
WHAT IS FXOPEN?
FXOpen is a globally recognised forex and CFD broker that was established in 2005. It began as an educational centre dedicated to offering technical analysis training but rapidly transitioned into a comprehensive brokerage firm.
A hallmark of FXOpen’s service is its robust regulatory framework, ensuring a high level of trust and security for its clients.
The broker is regulated by some of the most stringent financial authorities globally including the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC) in Australia and the Cyprus Securities and Exchange Commission (CySEC) in Cyprus.
These regulatory bodies ensure that FXOpen maintains the best practices in risk management, client fund protection and transparent market operations. This regulatory environment is conducive for traders who require assurance that their investments are handled safely and with integrity.
In addition to its strong regulatory framework, FXOpen is known for its advanced trading technology and client-focused services, providing traders with powerful platforms and tools to enhance their trading experience.
With a commitment to innovation and customer service, FXOpen continues to be a preferred choice for traders looking for reliable and efficient trading solutions in the forex and CFD markets.
INTRODUCTION
FXOpen, headquartered in London, UK, is a prominent player in the international forex and CFD trading landscape.
FXOpen is renowned not only for its comprehensive offerings in traditional trading markets but also for its involvement in newer financial markets such as cryptocurrencies.
The broker’s product portfolio is extensive, catering to a wide variety of traders interested in multiple asset classes. FXOpen offers trading in forex, indices, commodities, shares, ETFs and a variety of cryptocurrencies.
FXOpen’s operation base in London, a global financial hub, strategically positions the broker at the heart of the financial world, enhancing its ability to offer superior market access and trading conditions. This location, combined with its regulatory adherence to some of the most respected bodies like FCA, ASIC and CySEC, solidifies its reputation as a reliable and trustworthy broker.
The broker’s commitment to providing advanced trading tools, competitive pricing and a diverse range of products makes it an attractive choice for both new and experienced traders looking to diversify their trading strategies across different financial instruments.
PROS & CONS
PROS
- Comprehensive range of trading instruments.
- Multiple account types including ECN and STP accounts.
- Competitive spreads and low transaction costs.
- Access to MetaTrader and its own proprietary trading platform.
- Strong regulatory framework.
- High leverage of up to 1 000:1 is available.
CONS
- Limited educational resources for beginners.
- Withdrawal and deposit fees are charged by the broker.
- Account inactivity fees are applicable after 1 month of inactivity.
TRADING INSTRUMENTS
FXOpen provides its clients with an expansive suite of trading instruments across several asset classes, catering to a diverse range of trading strategies and preferences.
With over 600 tradable instruments available, traders are never short of options and opportunities.
Forex
FXOpen offers a robust forex trading experience with access to over 50 currency pairs, including all the major pairs like EUR / USD, USD / JPY and GBP/USD, as well as a selection of minor and exotic pairs. This broad selection allows forex traders to capitalise on global economic events and forex market volatility.
Indices
Traders at FXOpen can engage with some of the world’s leading indices which include benchmarks from the USA, Europe, Asia and Australia. This allows traders to speculate on the overall performance of sectors and economies without having to select individual stocks.
Commodities
The commodity trading offering includes precious metals such as gold and silver, which are traditional safe havens during times of economic uncertainty.
Additionally, FXOpen also provides trading in energy commodities like crude oil and natural gas, offering traders a way to diversify their portfolios beyond forex and equities.
Shares and ETFs
FXOpen offers CFDs on shares and ETFs, covering major markets such as the US, Europe and Asia. This includes shares of technology giants, automotive companies and financial institutions, allowing traders to react to market news and economic changes quickly.
Trading ETFs allows for exposure to a collection of assets, providing built-in diversification and risk management in sectors like technology, healthcare and real estate.
Cryptocurrencies
Recognising the importance of digital currencies in modern trading, FXOpen has embraced this asset class by offering trading in popular cryptocurrencies such as Bitcoin, Ethereum, Litecoin and Ripple amongst others.
Cryptocurrency markets are known for their high volatility, which can present significant opportunities for experienced traders looking for substantial returns. The broker has expanded its cryptocurrency offering to now include over 40 different cryptocurrencies.
Each of these instruments is available through FXOpen’s advanced trading platforms which provide comprehensive tools and resources to analyse markets, execute trades and manage risk effectively.
By offering such a wide range of trading instruments, FXOpen enables its clients to explore opportunities in different markets and develop diversified trading strategies.
TRADING PLATFORMS
FXOpen offers a variety of trading platforms to accommodate the different preferences and needs of its traders, ranging from popular third-party platforms to their proprietary technology.
MetaTrader4 (MT4)
MT4 remains one of the most widely used forex trading platforms globally, renowned for its reliability, user-friendly interface and extensive functionality.
FXOpen’s integration with MT4 allows traders to utilise advanced charting tools, a plethora of technical indicators and automated trading capabilities through Expert Advisors (EAs).
The platform is particularly favoured for its robust data security and customisation options.
MetaTrader5 (MT5)
As the successor to MT4, MT5 offers all the esteemed features of its predecessor but with additional capabilities. These include more technical indicators, graphical objects, timeframes and an enhanced strategy tester for EAs.
MT5 also supports trading in stocks and commodities on top of forex, making it a versatile choice for traders looking to diversify their trading across multiple markets.
TradingView
Known for its exceptional charting capabilities, TradingView is integrated into FXOpen’s trading environment to provide traders with an intuitive and powerful analysis tool.
The platform features a vast array of chart types, drawing tools and technical indicators, making it ideal for conducting thorough market analysis.
Additionally, TradingView’s social networking features allow traders to exchange insights and strategies within a community of traders.
With the integration of the platform with FXOpen’s services, traders now have the ability to trade directly from the TradingView platform.
TickTrader
FXOpen’s proprietary platform, TickTrader, is a cutting-edge trading solution offering single and multi-asset trading across forex, CFDs, stocks and cryptocurrencies.
It provides a highly customisable trading environment with a sophisticated charting package, technical analysis tools and the ability to use both manual and algorithmic trading strategies.
TickTrader also supports one-click trading, level 2 pricing and comprehensive account management tools, making it a robust platform for both novice and experienced traders.
All of the above platforms are compatible with desktop and mobile devices, allowing traders to access their accounts and trade conveniently from their mobile devices.
Each platform provided by FXOpen is designed to enhance the trading experience by offering different strengths, such as advanced charting, social networking or multi-asset trading capabilities. This range ensures that all trading styles and strategies can be accommodated, providing FXOpen clients with the flexibility to choose a platform that best suits their trading needs and preferences.
ACCOUNT TYPES
FXOpen caters to a diverse range of traders by offering specialised account types, each tailored to different trading styles and strategies and each enjoying negative balance protection.
The two primary account types are the ECN Account and the STP Account, which are designed for traders looking for direct market access and efficient execution.
ECN Account
The ECN Account offered by the broker is a popular account and could be considered the broker’s flagship account. This account type requires a minimum deposit of $100 USD before traders gain access to a wide variety of features.
All trading instruments on offer may be traded on the ECN Account, with the maximum leverage available being as high as 1 000:1. Spreads are floating and available from 0.0 pips, ensuring precise entries and lightning fast order execution.
Commissions on this account type start from $1.50 USD per lot traded, representing one of the most cost efficient offerings available on the market.
STP Account
The broker’s STP Account also has great features and is more accessible to traders, with a minimum deposit of only $10 USD to start trading. Spreads on this account are floating, with zero commission being charged on trades.
Unfortunately, this account type does not enjoy leverage of up to 1 000:1, but its offering of leverage up to 500:1 is still more than enough for traders to succeed. Additionally, this account type only allows for trading forex and precious metals.
Both account types offer a swap-free, Islamic account, ensuring that all traders can access FXOpen’s services. Additionally, both accounts also offer a demo account version, ensuring traders can practice on the account of their choice.
FXOpen provides these differentiated account types to ensure that both novice and experienced traders can find an option that best suits their trading style and capital requirements. The choice between ECN and STP accounts should depend on a trader’s strategy, trading volume and cost considerations.
HOW TO OPEN AN ACCOUNT
Opening an account with FXOpen is straightforward and can easily be done via the broker’s website. Firstly, traders need to register a profile on the borker’s website, before providing the standard KYC documents required by regulated brokers.
Once these documents have been verified, traders are able to select their preferred account type, deposit funds and begin trading.
DEMO ACCOUNT
FXOpen offers two demo accounts, simulating the two account types that they have on offer. It’s an excellent way for new traders to practice trading strategies, get familiar with the platform and understand market conditions without using real money.
By providing demo accounts with the same conditions as their ECN and STP accounts, FXOpen ensures that traders have an accurate experience of their preferred trading conditions before opening an account with the broker.
SOCIAL TRADING AND COPY TRADING
FXOpen provides options for social and copy trading, allowing less experienced traders to mirror the transactions of successful traders. This is facilitated through the various trading platforms and is part of FXOpen’s commitment to accessibility and innovation in forex trading.
Additionally, the broker provides PAMM Accounts in the ECN and STP formats, allowing traders to have their accounts managed by experienced traders and facilitating a more passive approach to trading.
COMMISSIONS AND FEES
FXOpen is known for its low commission rates and competitive spreads. On the ECN Account, spreads are floating from 0.0 pips while commission is charged at only $1.50 USD per traded, representing fantastic value for money.
On the STP Account, the broker does not charge any commissions on trades as these are built into the floating spread offered by the broker.
The broker does charge an inactivity fee of $10 USD per month, starting from the first month an account is inactive, potentially the only drawback when it comes to the broker’s fees.
LEVERAGE
Leverage at FXOpen can be as high as 1 000:1 on the ECN Account, if traders utilise the broker’s TickTrader platform. The broker provides a clear leverage breakdown for account sizes as follows:
- Up to $25 000 leverage of between 1:1 and 500:1.
- $25 0001 – $100 000 leverage of between 1:1 and 200:1.
- $100 001 – $1 000 000 leverage of between 1:1 and 100:1.
- Above $1 000 000 leverage is negotiable.
- Traders in Australia, the UK and the EU have access to leverage of up to 30:1 unless they are professional traders in which case leverage of up to 500:1 can be accessed.
WITHDRAWALS AND DEPOSITS
FXOpen supports multiple deposit and withdrawal methods including bank wire transfers, credit and debit cards, Fasapay, UnionPay, Volet and cryptocurrencies. The broker is known for its quick processing times, though some methods may incur transaction fees.
Unfortunately, the broker does charge withdrawal and deposit fees, which are fairly low and used to cover third-party transaction fees. A detailed breakdown of these fees can be accessed on the broker’s website.
CUSTOMER SERVICE
FXOpen provides customer support through live chat, email and phone. Support is available in multiple languages, ensuring that traders around the globe can get assistance when needed.
The customer service at FXOpen is available 24/5, aligning with the times that trading markets are open.
SAFETY AND SECURITY
FXOpen is committed to maintaining the highest standards of safety and security for its clients’ funds and personal information.
This commitment is reinforced by the stringent regulatory frameworks imposed by several reputable financial authorities worldwide, ensuring that FXOpen operates with transparency, fairness and integrity.
Financial Conduct Authority (FCA) – United Kingdom
The FCA is renowned for its strict regulatory standards, which include rigorous capital adequacy requirements and compliance with financial services laws.
FXOpen UK is registered and regulated by the FCA, which ensures a high level of security for traders by safeguarding client funds in segregated accounts, separate from the company’s own funds.
The FCA also mandates that FXOpen adhere to fair practice codes and participate in the Financial Services Compensation Scheme (FSCS), which can protect investments up to a an amount of 85 000 GBP in the event of broker insolvency.
Australian Securities and Investments Commission (ASIC) – Australia
ASIC regulation emphasises transparency and fair competition. FXOpen AU complies with ASIC’s operational standards, including regular financial audits, strict supervision of client funds and adherence to consumer protection laws.
ASIC’s oversight helps ensure that FXOpen provides its services with a focus on client interests, enhancing the safety and reliability of the trading environment.
Cyprus Securities and Exchange Commission (CySEC) – Cyprus
FXOpen EU is regulated by CySEC, which involves compliance with EU-wide directives such as MiFID II (Markets in Financial Instruments Directive). This regulation enhances the security of client funds through stringent operational requirements, including capital adequacy and fund segregation.
CySEC also ensures that FXOpen offers transparency in its trading operations and financial reporting, which contributes to the overall trustworthiness and reliability of the broker within the EU.
Beyond regulatory compliance, FXOpen implements several additional safety measures including advanced encryption technologies, risk management tools and their own regular audits.
These tools and regulatory practices put in place by the broker highlight FXOpen’s commitment to ensuring a safe and reliable trading environment for their clients.
PROMOTIONS
FXOpen does not currently offer any promotions or bonuses, however they do provide a Forex Contest where winners can win prizes up to the value of $50 000 USD. These are trading competitions with leader boards and are contested yearly between clients of the broker.
RESEARCH
FXOpen provides in-depth research tools to cater to the needs of their traders. These tools include an economic calendar, market analysis, news and analysis, a dividend calendar and of course, the various features provided by the trading platforms provided by the broker.
The research tools on offer by the broker are extensive and ensure that their traders have access to complete information in order to make informed trading decisions.
EDUCATION
While FXOpen provides some educational resources, they are relatively limited compared to other major brokers. Available resources include tabs on their website to address new traders’ questions including:
- What is CFD trading?
- What is ECN trading?
- What is a forex broker?
These tools are fairly limited, but with the wealth of educational tools available online, this is certainly not a deal breaker for potential clients of FXOpen.
GLOBAL AWARDS
Over the years, FXOpen has been recognised with several awards, reflecting its service excellence and innovation in forex trading technology. Some of their most recent awards include the following:
- Most Innovative Broker of 2022 (2022) – Traders Union.
- Best ECN Broker (2022) – Traders Union.
- Best Forex Broker in Australasia (2011) – World Finance Magazine.
- Best Islamic Forex Broker (2011) – IB Times Trading Awards.
- Best South-East Asia Forex Broker (2011) – IB Times Trading Awards.
- Best ECN Forex Broker (2011) – IB Times Trading Awards.
- Best Trading Platform (2010) – Falcon Awards.
SAFE OR SCAM?
FXOpen has established itself as a reputable and reliable broker in the forex and CFD trading industry through the implementation of various features dedicated to their clients’ safety.
FXOpen is regulated by several top-tier authorities, including the FCA in the UK, ASIC in Australia and CySEC in Cyprus.
Compliance with these regulatory bodies ensures that FXOpen adheres to strict financial standards and operational guidelines, which include the protection of client funds, regular audits and transparent business practices.
Over the years, FXOpen has received various awards and recognitions that reflect its commitment to providing excellent service and reliable trading conditions. These accolades are a testament to its legitimacy and respected status in the financial markets.
FXOpen implements several protection measures such as segregated client accounts, negative balance protection and participation in compensation schemes like the FSCS. These measures ensure that clients’ investments are protected to a significant extent against unexpected market volatility and company insolvency.
FXOpen maintains a high level of transparency in its trading operations and has consistently received positive feedback from its user base. The availability of detailed trading terms and conditions, accessible customer support and educational resources further support its credibility and help build a trusting relationship with clients.
Considering these factors, FXOpen can be regarded as a safe broker for trading forex, CFDs and other financial instruments. While all trading involves risk, the regulatory oversight and client protection strategies employed by FXOpen significantly mitigate concerns of scams and enhance the safety of trader investments.
CONCLUSION
FXOpen stands out as a reliable forex broker that caters to a diverse range of traders. With its advanced platforms, variety of account types and competitive conditions, it is suitable for both novice and experienced traders.
The broker is easily accessible to all traders with low minimum deposit requirements, while still providing a world class trading environment. With the wide range of trading instruments on offer, traders are never short of options when partnering with FXOpen.
After conducting the above review, the team at Brokersuggest.com highly recommends FXOpen as a forex broker and considers them to have one of the best offerings in the industry for both new and experienced traders.
