FXOpen Review and Tutorial 2020

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FXOpen Facts & Figures

FXOpen is a highly regulated FX & CFD broker offering multiple trading platforms.

Awards
• Best ECN Broker 2012 - Masterforex-V
• Best Trading Platform 2010 - Falcon Awards
Bonus$10 no deposit bonus (non-UK traders)
InstrumentsForex, CFDs, indices, commodities, cryptocurrencies
Demo AccountYes
Min. Deposit$300
Min. Trade0.01 lots
Regulated ByFCA, ASIC
MT4 IntegrationYes
MT5 IntegrationYes
Mobile AppsYes
Auto TradingYes
Trade SignalsYes
Islamic AccountYes
CFD
Trade CFDs on currency pairs, indices, & commodities with tight spreads.
FTSE Spread1.2
GBPUSD Spread0.2
Oil Spread4
Stocks SpreadN/A
Forex

Trade major, minor & emerging forex pairs with 1:30 leverage.

GBPUSD Spread0.2
EURUSD Spread0.2
EURGBP Spread0.5
Assets50+
Cryptocurrency

Trade on dozens of cryptocurrency coins with 1:2 leverage.

SpreadVariable
CoinsBTC, BCH, ETH, XRP, LTC, EOS, DASH, USDT, EMC, MIOTA
Risk Warning – Your capital is at risk

FXOpen is an ECN forex broker offering a range of CFD instruments using the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. This review will cover account types, fees, minimum deposits, and more. Find out if you should sign up with FXOpen.

FXOpen Details

FXOpen started as an educational centre offering courses within financial markets. Then 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’s thousands of traders can be found everywhere from Canada and Germany to Vietnam and Nigeria.

The FXOpen group operates under FX Markets Limited, a company registered in Charlestown, Nevis. FXOpen UK is authorised and regulated by the Financial Conduct Authority (FCA). FXOpen Australia is regulated by the Australian Securities and Investments Commission (ASIC).

Trading Platforms

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 and offers a range of customisable features, including:

MT4 is available for download on Windows PCs and can be accessed from the Platforms page on the broker’s website.

FXOpen also offers the web-based version of MT4 – a great option for those with Apple Mac PCs, where a direct download is not available. The WebTrader terminal has all the same features of the desktop version and is compatible with all major desktop browsers.

MetaTrader 5

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

Note, cryptocurrency trading is not available on MT5.

MT5 is available for download on Windows PCs and can be accessed from the broker’s website.

TickTrader

For non-UK customers, FXOpen also offers TickTrader, a brand new trading platform offering much of the same features as MetaTrader and more. Using one trading account – TickTrader ECN, the platform is suitable for both beginners and experts.

Key features include:

FXOpen TickTrader platform

A web-based version of TickTrader is also available. Supporting all the major browsers and operating systems, the TickTrader web terminal offers easy and quick access to trading without the need for a download and without compromising on any features. Users can access the web terminal from the FXOpen website.

Markets

FXOpen offers four key markets:

Spreads & Commissions

For major forex pairs including EUR/USD and GBP/USD, spreads average around 0.2 pips, whilst for EUR/GBP, spreads are around 0.5 pips. Spreads for the FTSE 100 start from 0.8 pips while for gold and silver, spreads start from 0.27 and 1.2 respectively. Crude oil spreads average around 4 points.

With ECN accounts, forex commissions are charged based on the account balance and start from $3.50 for accounts lower than $1,000 and reduce to $1.50 for account balances over $250,000. Discounted rates for high volume traders are available. Similarly, for CFDs indices and commodities, commissions start from $5 for lower account balances and reduce to $3.50 for higher balances. Crude oil and natural gas are 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.

With STP accounts, the commission is included in the spread.

Other fees to be aware of include swap charges on positions held overnight. FXOpen provides instructions on how to look up a swap fee on their website.

Leverage

Leverage is available from 1:2 for cryptocurrency trading and 1:30 for forex investing. Leverage for indices is set at 1:20 and for commodities, maximum leverage is 1:10, apart from gold which is available at 1:20. Professional clients can access leverage up to 1:500. Speak to the support team to change leverage levels.

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

Mobile Apps

FXOpen offers all of its trading platforms (MT4, MT5, and TickTrader) as mobile apps, compatible with iOS and Android smartphone and tablet devices. The mobile apps provide the same features as the desktop versions as well as added features including push notifications. The apps can be downloaded from the user’s App Store or Play Store.

FXOpen mobile trading

Payment Methods

Deposit

FXOpen offers several deposit options in USD, EUR, or GBP. Whilst some options are free, there are some fees to be aware of:

Minimum deposits range from 10 GBP, USD, or EUR for cards and go up to 300 for wire transfer. For Webmoney, Trustly, Neteller, and Skrill, minimum deposits in the chosen currency are 50.

There is no maximum deposit limit for wire transfer. For cards, the limit is 15,000 (GBP, USD, or EUR) and for e-wallets, maximum deposits are either 10,000 or 20,000.

Note that FXOpen also permits virtual prepaid cards for new clients. Local deposits are also available for Malaysia and Indonesia. Details of these can be found in the help centre.

Withdrawal

Withdrawal methods and fees are as follows:

Withdrawal times for bank wire transfer usually take 1 – 3 business days, whilst cards take 2 – 5 business 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. All other methods are either 10,000 or 20,000.

Demo Account

FXOpen offers a demo account in any of the three account options and with MT4, MT5, and TickTrader platforms. The demo account can be opened from the main page and gives users up to $1,000,000 in virtual funds. The 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

For non-UK customers, 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 currently no bonuses or promotions for traders located in the UK.

Regulation & Reputation

FXOpen UK Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. FXOpen Australia is regulated by the Australian Securities and Investments Commission (ASIC). The broker receives a decent trust rating in customer reviews.

FXOpen also offers negative balance protection for its retail customers.

Additional Features

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

Account Types

There are three account types available for UK customers: STP, ECN, and Crypto. Tradeable instruments with the STP account are forex, gold, and silver. With the ECN account, you can trade forex, gold, silver, indices, and energy. With the Crypto account, you can trade cryptocurrencies.

The minimum deposit across all three accounts is 300 GBP, USD, or EUR, which is fairly high compared to the likes of XM Trading and IC Markets. There are no commissions with the STP account, however, a commission is charged from $1.50 per lot in the ECN account and 0.5% half-turn in the Crypto account. Leverage goes up to 1:30 in the STP and ECN accounts and remains at 1:2 for the Crypto account. The minimum transaction size across all three is 0.01 lots.

FXOpen also offers PRO versions of the STP, ECN, and Crypto accounts, with higher leverage of 1:500 and lower commission rates. Details of this can be found in the Pro tab at the top of the broker’s website.

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

Benefits

If you look at FXOpen vs the likes of FXTM and FXPro, traders benefit from:

Drawbacks

Disadvantages of choosing FXOpen include:

Trading Hours

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.

Customer Support

There are several ways traders can contact FXOpen customer support:

The support team can help with ewallet and Bitcoin deposits, withdrawal problems, and proof of address queries.

User 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 at Barclays Bank Plc or Lloyds Bank Plc in London.

FXOpen Verdict

FXOpen is a good ECN broker providing a competitive trading environment with multiple platforms for active traders. Although education resources are fairly limited, the low spreads and commissions, as well as a strong track record make it an attractive option, particularly for high volume traders.

Accepted Countries

FXOpen accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use FXOpen from Belgium, Japan, United States.

FAQ

Is FXOpen regulated?

Yes, the brokerage holds licenses with the FCA in the UK and the ASIC in Australia. These are two of the most respected agencies and a strong indicator that FXOpen is trustworthy.

Is FXOpen a good broker for beginners?

Although FXOpen is aimed at both beginners and expert traders, there are limited resources available for beginners to learn how to trade. FXOpen also requires a minimum starting capital of £300 which is relatively high.

What leverage is available at FXOpen?

Leverage is available up to 1:30 for forex, indices, and commodities, while leverage rates up to 1:2 are available for cryptocurrencies.

What markets are available on FXOpen?

You can trade on 50+ FX markets, nine global indices, five commodities, and 40+ cryptocurrencies at FXOpen.

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.

FXOpen is a highly regulated FX & CFD broker offering multiple trading platforms.