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FXOpen Review 2024

Written By

William Berg

Written By

William Berg

William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.

» William Berg Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Nov 12, 2024

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Overall Rating

3.7 / 5

FXOpen is #85 in our CFD broker rankings.

Customer Reviews (9)

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Customer Reviews

Regulation & Trust

4 / 5

Accounts & Banking

3 / 5

Assets & Markets

3.5 / 5

Fees & Costs

3.8 / 5

Platforms & Tools

4 / 5

Customer Support

3.5 / 5

Minimum Deposit $1

Trading Platforms MT4, MT5, TradingView

Instruments Forex, CFDs, Indices, Commodities, Cryptocurrencies, ETFs, Shares

Regulators FCA, CySEC, ASIC, AFM

Account Currencies USD, EUR, GBP, AUD, JPY, CHF, HKD, RUB

Payment Options Neteller, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, WebMoney, Volet, FasaPay

Awards

• Best ECN Broker 2012 - Masterforex-V
• Best Forex Broker in Australasia 2011 - World Finance Magazine
• Best Islamic Forex Broker 2011 - IB Times Trading Awards
• Best South-East Asia Forex Broker and Best ECN Forex Broker 2011 - IB Times Trading Awards
• Best Trading Platform 2010 - Falcon Awards

Pros

• No requotes
• Phone dealing
• News trading

Cons

• Withdrawal fees apply for some methods
• Inactivity fee
• No access to all instruments on some accounts

FXOpen is forex and CFD broker offering 600+ instruments using the MetaTrader 4 (MT4), MetaTrader 5 (MT5), TradingView, and TickTrader platforms. The company offers deep liquidity with spreads from 0.0 pips. Day traders can make use of either ECN or STP account types. This review will cover trading platform features, deposit and withdrawal fees, minimum deposits, and more. Find out if you should sign up with FXOpen.

FXOpen Details

FXOpen started as an educational center offering courses within financial markets. In 2005, a group of traders turned the company into a global brokerage with offices in the UK, Russia, New Zealand, and Australia.

Today, the broker offers services to over 1 million traders worldwide including Canada, Germany, Vietnam and Nigeria. It is now one of the world’s leading and fastest-growing forex brokers providing attractive trading conditions, fast order execution plus access to the industry’s most advanced and innovative technological solutions, including four leading trading platforms.

Regulation varies by trading entity. UK investors, for example, will trade under the FXOpen UK subsidiary, with oversight from the Financial Conduct Authority (FCA). European traders will be registered under the FXOpen EU entity with regulation from the Cyprus Securities and Exchange Commission (CySEC).

Trading Platforms

FXOpen offers four trading platforms; a proprietary platform named TickTrader, TradingView, plus MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

When we used FXOpen’s platforms, we were pleased with the relevant device compatibility. All terminals can be used directly through major internet browsers as a webtrader, downloaded to desktop devices or used via mobile apps. We review their key features below.

MetaTrader 4

FXOpen was the first broker to offer ECN and STP trading via MetaTrader 4 (MT4), an award-winning platform that boasts instant trade execution at competitive prices. MT4 is ideal for both beginners and experts, offering a range of customizable features, including:

• Trading signals
• Nine timeframes
• One-click trading
• Rich historical data
• Customizable charts
• Automated trading (EAs)
• Intuitive charting package
• Three types of orders (market, limit, and stop)
• 30+ built-in indicators & graphical objects for technical analysis

MetaTrader 5

FXOpen also offers the MetaTrader 5 (MT5) platform, providing all the features of MT4 with several additional benefits:

• Netting & hedging allowed
• Multi-currency strategy tester
• Integrated economic calendar
• 21 timeframes to track price movements
• 38+ built-in indicators & graphical objects for technical analysis

Note, cryptocurrency trading is not available on MT5.

TickTrader

FXOpen also offers TickTrader, a new, proprietary trading platform offering much of the same features as MetaTrader and more.

When we used the FXOpen bespoke platform, we were impressed with its simple navigation, fully customizable experience and clear price analysis charts. We are confident the platform provides all the features needed for both beginners and experienced traders.

Key functionality includes:

• Level 2 pricing
• Strategy back tester
• Trading alert system
• Detailed charting system
• 1200+ advanced trading tools
• One/double click trading mode
• Customizable user-friendly interface

TradingView

FXOpen also teamed up with TradingView in 2022.

The award-winning live trading platform has 30 million monthly traders and offers a suite of useful tools. This includes powerful charts and analysis functions, screeners, heat maps, and an economic calendar. Customers can also trade directly from charts and interact with TradingView’s extensive user base.

To get started, sign in to the FXOpen client portal and add a TradingView account. Next, fund your TradingView account through an internal transfer. Finally, sign up with TradingView and connect your profile with your FXOpen account.

How To Place A Trade

• Register with FXOpen and verify your account
• Select a trading platform; MetaTrader 4, MetaTrader 5, TickTrader or TradingView
• Fund your account using any available payment system. Log in to your trading account and start trading
• The trade panel within the user-dashboard on the left side of the interface can normally be used to open a position. You can search markets and asset symbols
• Create an order by selecting details such as the order type, validity, buy or sell, size of the trade, limit price and more
• Confirm the order

FXOpen Markets

The broker offers the following instruments:

• Indices – Trade nine global indices including the FTSE 100, DAX40 and S&P 500
• Commodities – Speculate on five commodity CFDs such as crude oil, gold and silver
• Cryptocurrencies – Trade over 40 crypto CFDs including Bitcoin, Ethereum, and Ripple
• US Shares – Invest in leading US companies via CFDs such as Amazon and Apple
• Currencies – Trade over 50 major, minor, and exotic currency pairs including GBP/USD and EUR/GBP
• ETFs – Speculate on the performance of a group of share baskets and diversify your exposure within a certain sector or region

Scalping, hedging, and automated trading strategies are permitted on FXOpen.

Spreads & Commissions

Trading fees vary depending on account type and instrument. Individuals investing via the ECN profile will trade on the raw price from banks and liquidity providers, and with this, pay a small commission fee. On the other hand, STP account holders will incur no separate commission fee. All costs are included within the spreads.

With ECN accounts, forex commissions are charged based on the account balance. Discounts apply for high-volume investors. Nonetheless, traders with an account balance less than $1000 will pay a $3.50 commission charge per lot traded. This reduces to $1.50 per lot for those with an account balance of $250,000 or more. Similarly when we traded commodity CFDs, we incurred a commission charge of 0.005 for lower account balances and 0.0025% for a balance over $250,000. Crude oil and natural gas were charged at either 0.005%, 0.0025%, or 0.0018% per side, depending on the account balance. For cryptocurrency CFD accounts, the commission is 0.5% per side.

It is also worth pointing out that 2023 saw FXOpen introduce commission-free trading on index CFDs, ensuring a competitive trading environment for investors.

When we used an FXOpen STP account we were offered tight spreads. For major forex pairs including EUR/USD and GBP/USD, spreads averaged around 0.2 pips, whilst for EUR/GBP, spreads were offered at 0.5 pips. The spread for the FTSE 100 index started from 0.8 points while for gold and silver, spreads start from 0.27 and 1.2 pips respectively. Crude oil spreads average around 4 points.

Other fees to be aware of include swap charges on positions held overnight. FXOpen also charges a $10 monthly inactivity fee after a profile has been dormant for six months. A $50 charge applies to reactivate an account.

Leverage Review

Leverage is available to all FXOpen retail clients, though maximum margin opportunities will vary by trading entity. UK and EU investors can utilize leverage up to 1:30, following ESMA restrictions introduced in 2018.

We were offered leverage of 1:30 on major currency pairs, 1:20 on indices investments and 1:10 for commodity trades. Global investors can apply leverage up to 1:500.

Although trading with significant leverage can increase profit prospects, it can also increase losses. Ensure you have appropriate risk management strategies in place.

Useful margin and pip value calculators are available on the broker’s website.

Mobile Apps

FXOpen offers all of its trading platforms (MT4, MT5, TickTrader, & TradingView) as mobile apps, compatible with iOS and Android smartphone and tablet devices.

The mobile applications provide the same features as the desktop versions as well as added functionality including push notifications and SMS alerts. Users can also view their account and trading history, execute trades in one click, and toggle between live charts and graphs.

The apps can be downloaded from the relevant App Store or Play Store.

FXOpen Payment Methods

Deposits

FXOpen offers several deposit options in many account currencies including USD, EUR, and GBP. Typically, all payments are processed by the broker within one hour. Whilst some options are free, there are some fees to be aware of:

• Skrill – Free
• FasaPay – Free
• Neteller – Free
• ADVcash – 0.5%
• Credit/debit cards – No charge
• Bank wire transfers – No charge
• WebMoney – 0.8% fee (withdrawals only)

Some payment methods have their own minimum deposit requirements, though these vary by location. For example, deposits made via bank wire transfer must be a minimum of $300 or equivalent currency for European clients, and $25 for Asia-Pacific clients.

Withdrawals

Withdrawal methods and fees are as follows:

• Skrill – 2% fee
• Neteller – 1% fee
• WebMoney – 3.5% fee
• Credit/debit cards – No charge
• Bank wire transfers – Free for GBP, 30 USD, or 15 EUR

Withdrawal times for bank wire transfers typically take one to three business days, whilst card payments can take between two to five working days.

The minimum withdrawal for bank wire transfer is 50 GBP, USD, or EUR, and for all other methods, the minimum is 10. There is no maximum withdrawal limit for bank transfers, but for card withdrawals, the limit is set at 15,000 GBP, USD, or EUR.

Demo Account Review

FXOpen offers a free demo account on any of the platform options. You can sign up for the demo profile directly via the broker’s homepage. When we registered for the profile, it took less than two minutes.

You can access up to $1,000,000 in virtual funds to trade risk-free and test platform features.

The ECN or STP demo server will remain accessible as long as you log in each month. You can then upgrade to a live real-money account when you’re ready.

Bonuses & Promotions

FXOpen offers a $10 no deposit bonus (NDB) for the ECN TickTrader account and the STP PAMM accounts. There is also a $1 welcome bonus for Micro accounts and a ForexCup Trading Contest bonus, subject to demo contest terms and conditions. See the broker’s website for the latest promotional codes.

There are no bonuses or promotions for traders located in the UK or EU, aligned with ESMA restrictions on financial incentives.

Regulation & Reputation

Licensing varies, depending on your country of residency. Nonetheless, when we used the services of FXOpen, we were assured of top-tier regulatory oversight and consumer protection. This includes negative balance protection for retail customers and access to third-party compensation schemes in the case of business insolvency. It is good to see the broker also receives a decent trust rating in other customer reviews.

• FXOpen Australia is regulated by the Australian Securities and Investments Commission (ASIC)
• FXOpen UK Ltd is authorized and regulated by the UK Financial Conduct Authority (FCA)
• FXOpen EU is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) and holds a cross border license, authorizing the company to provide services to all European Union Member States

Additional Features

FXOpen offers several additional features, suited to both beginner and expert traders:

• FIX API trading
• One click trading Level 2
• Margin and pip calculator
• Integrated economic calendar
• Help Center –  A knowledge base and support options beginners
• Copy Trading – Myfxbook and ZuluTrade services available (non-UK only)
• ‘Market Pulse’- A blog style forum with the latest market news and trending topics
• Strategy Ideas – Overview of popular forex strategies plus top-tips from professional investors
• Financial Market News – Country specific macroeconomic news based on your country of residency
• VPS (Virtual Private Server) available – A stable environment for traders that require a platform to run permanently, allowing strategies to execute constantly

FXOpen Account Types

There are four account types available to day traders; the Micro account, the STP account, the ECN account, and the Crypto account. Trading conditions and features vary between profiles:

Micro Account

• Commission-free
• Tight floating spreads
• MT4 trading platform only
• $1 minimum deposit requirement
• 0.01 micro lot minimum transaction size
• Access to 28 currency pairs, gold and silver

STP Account

• Commission-free
• Tight floating spreads
• Scalping & HFT welcome
• MT4 trading platform only
• 0.01 lot minimum transaction size
• $10 minimum deposit requirement
• Access to 50 currency pairs, gold and silver

ECN Account

• Raw spreads
• Commission-free
• Scalping & HFT welcome
• Access to interbank liquidity pool
• 0.01 lot minimum transaction size
• $100 minimum deposit requirement
• MT4, MT5 and TickTrader trading platform
• Access to 50 currency pairs, 25 crypto CFDs, shares, commodities and indices

Crypto Account

• Tight spreads
• 0.5% commission fee
• Access to 43 crypto pairs
• MT4 trading platform only
• 0.01 lot minimum transaction size
• $10 minimum deposit requirement

Note that the FXOpen UK entity is unable to provide PAMM accounts.

How To Create An Account

It is quick and easy to register for a new account. When our experts opened a live profile, we followed the steps below:

• Complete the online form providing an email address, phone number and password
• Verify your new profile by uploading identity documents
• Fund the account with an accepted payment method and began trading

FXOpen Trading Hours

Trading hours vary by instrument. Trading hours for forex, indices, and commodities run from 22:00 on Sunday to 22:00 on Friday (UK time). All crypto instruments are tradable 24 hours a day, 7 days a week.

Check the timezone in your area and published market opening times.

Customer Support

There are several ways traders can contact FXOpen customer support:

• Email – support@fxopen.co.uk
• Help Center – submit a ticket after registration
• Customer Support Telephone – +44 (0) 203 519 1224 (8am – 6pm GMT)
• Trading Desk Telephone – +44 (0) 203 519 1224 (10pm Sunday – 10pm Friday GMT)
• Live Chat Including WhatsApp & Facebook Messenger – located in the bottom right-hand corner of the website

The support team can help with several issues and questions including e-wallet and Bitcoin deposits, withdrawal problems, and proof of address queries.

Safety & Security

Both the MT4 and MT5 platforms follow industry-standard security requirements, including 128-bit Secure Sockets Layer (SSL) encryption and two-step verification upon login. All client funds are fully segregated in top-tier banks. Anti-money laundering and know-your-customer protocol is adhered to.

FXOpen Verdict

FXOpen is a suitable ECN and STP broker for both beginners and experienced investors. The regulated service provides a competitive trading environment with multiple platforms for active traders. The low spreads and commissions, as well as a strong track record make it an attractive option, though only high volume traders are rewarded with discounted fees. FXOpen also offers more platforms, apps and trading tools than the majority of its competitors.

FAQs

Is FXOpen Regulated?

Yes, the brokerage holds licenses with the FCA, CySEC and ASIC. These are three highly respected agencies and are a strong indicator that FXOpen is trustworthy.

Is FXOpen A Good Broker For Beginners?

FXOpen is aimed at both beginners and expert traders. Nonetheless, a low minimum deposit requirement and access to educational content is ideal for novice traders. Check out the broker’s demo account before you get started.

What Leverage Is Available At FXOpen?

Maximum leverage varies by trading entity. UK and EU investors can utilize leverage up to 1:30 and global investors can apply for leverage up to 1:500. You can change margin within your client order. Ensure you have risk management strategies in place if trading with high leverage.

What Markets Are Available On FXOpen?

You can trade on major global indices, FX, commodities, ETFs, shares and cryptocurrency. Over 600 instruments are available.

How Do I Open An Account With FXOpen?

From the broker’s website, you can choose to either open a live account or a demo account from the top right-hand corner. You will need to select which account type you wish to trade and verify your identity and proof of address.

Top 3 Alternatives to FXOpen

Compare FXOpen with the top 3 similar brokers that accept traders from your location.

1. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
   Go to IG
2. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
3. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex

FXOpen Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by FXOpen and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

FXOpen vs Other Brokers

Compare FXOpen with any other broker by selecting the other broker below.

The most popular FXOpen comparisons:

1. IC Markets vs FXOpen
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