FXOpen Review 2024


3.7 / 5
FXOpen is #94 in our CFD broker rankings.

FXOpen is a good, reliable all-round broker with competitive pricing that will especially suit high-volume traders who can benefit from fee discounts.

- Daytrading Review Team

FXOpen is a multi-asset broker with regulation from several trustworthy bodies including the UK's FCA. The broker offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies and ETFs via the MetaTrader 4 & 5 and TradingView platforms.

MT4, MT5, TradingView
Forex, CFDs, Indices, Commodities, Cryptocurrencies, ETFs, Shares
-
USD, EUR, GBP, AUD, JPY, CHF, HKD, RUB
Neteller, Skrill, Visa, Wire Transfer, Mastercard, Credit Card, Debit Card, WebMoney, ADVcash, FasaPay

Forex Trading

FXOpen clients can trade 50+ forex pairs (28 on micro accounts) with leverage up to 1:30. Fees are competitive with spreads starting from zero with a small commission on ECN accounts, and slightly wider spreads and no commission on STP accounts.

Stock Trading

FXOpen users can trade CFDs on 10 US shares including Boeing and Tesla with leverage up to 1:5. Nine stock indices are also available to trade with leverage up to 1:20. While a modest selection of equities, trading conditions are competitive and leading platforms are available.

CFD Trading

FXOpen offers CFDs on multiple assets including forex, stocks, commodities, indices, cryptocurrencies and ETFs. Leverage and spreads vary by instrument, with spreads starting from zero and fast order execution.

Crypto Trading

FXOpen offers CFDs on 40 cryptocurrency pairs, including cross-pairs with BTC as well as pairs with various fiat currencies such as GBP, USD and JPY. Crypto CFDs are tradeable with leverage of 1:2. Only pro traders can access crypto derivatives in the UK.

Copy Trading

FXOpen offers copy trading, enabling users to follow and copy the positions and strategies of other traders. Myfxbook and ZuluTrade are supported, two of the highest-rated and easiest to use third-party copy trading platforms on the market.

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
  • 600+ instruments
  • True ECN model
  • Scalping permitted
  • Multiple payment methods
  • Bonuses and trading contests
  • Unlimited demo account
  • Copy trading (global traders)
  • Low minimum deposit (global traders)
  • MT4, MT5, TradingView & TickTrader platforms

✗ Cons

  • Inactivity fee
  • Withdrawal fees apply for some methods
  • 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:

FXOpen Platform Review
MetaTrader 4

MetaTrader 5

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

FXOpen reviews
MetaTrader 5

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:

FXOpen broker review
TickTrader

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.

FXOpen TradingView platform
TradingView

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

FXOpen Markets

The broker offers the following instruments:

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:

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:

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.

Additional Features

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

FXOpen trader's tools
Margin & Pip Calculator

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

STP Account

ECN Account

Crypto Account

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:

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:

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. Pepperstone – Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
    Go to Pepperstone
  2. IC Markets – IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
    Go to IC Markets
  3. Vantage – Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
    Go to Vantage

FXOpen Comparison Table

Compare FXOpen With Similar Brokers
FXOpen Pepperstone IC Markets Vantage
Rating 3.7 4.8 4.8 4.7
Markets Forex, CFDs, Indices, Commodities, Cryptocurrencies, ETFs, Shares CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
Demo Account Yes Yes Yes Yes
Minimum Deposit $0 $200 $50
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Regulators FCA, CySEC, ASIC FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB ASIC, CySEC, FSA FCA, ASIC, FSCA, VFSC
Bonus 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Education No Yes Yes Yes
Platforms MT4, MT5, TradingView MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade ProTrader, MT4, MT5, TradingView, DupliTrade
Leverage 1:30 (EU), 1:500 (Global) 1:30 (Retail), 1:500 (Pro) 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) 1:500
Payment Methods 10 11 14 12
Visit Visit Visit Visit Visit
Review Pepperstone
Review
IC Markets
Review
Vantage
Review

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.

Compare FXOpen Trading Instruments
FXOpen Pepperstone IC Markets Vantage
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No Yes No Yes
Silver Yes Yes Yes Yes
Corn No Yes Yes No
Crypto Yes Yes Yes Yes
Futures No No Yes No
Options No No No No
ETFs Yes Yes Yes Yes
Bonds No No Yes Yes
Warrants No No No No
Spreadbetting No Yes No Yes
Volatility Index No Yes Yes Yes

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
  2. Pepperstone vs FXOpen

Customer Reviews

  5 / 5

This average customer rating is based on 7 FXOpen customer reviews submitted by our visitors.

If you have traded with FXOpen we would really like to know about your experience - please submit your own review. Thank you.

  5

This broker is reliable because I have tested their ECN trading account and, on many conditions, when the market was moving in a high volatile manner still, I was able to close my trades at the rates which were being displayed in my Meta Trader. I will continue using them.

✍ Oscar | 🌐 United Kingdom | April 30, 2024
  5

Since I trade scalping, I was looking for a broker with tight spreads and instant execution. I chose FXOpen. What did I like? Spread 0.0-0.2 for the EUR/USD pair, excellent execution of orders, the terminal works without freezing. Profits are withdrawn quite quickly. I recommend

✍ OlDEm | 🌐 Serbia | April 23, 2024
  5

Overall, my experience with FXOpen has been positive. They’ve got the essentials covered. reliable platforms, competitive pricing, regulatory compliance, and responsive support. Of course, trading always carries risks, but with FXOpen, I feel like I’m in good hands.

✍ scalperfx | 🌐 Singapore | April 19, 2024
  5

The experience of forex trading with FXOpen using Metatrader 4 is satisfactory, I only started using the platform in early 2024. In terms of trading platforms, I like Metatrader 4 perhaps because I am familiar with this platform which is also used by the broker I used before.

✍ Kriyutdr | 🌐 United Kingdom | April 11, 2024
  5

I have very good experience with this broker because of the ECN account and also trade ETF so i am highly satisified with withdrawl as well. Sometimes i think Website needs to be updated

✍ Hres | 🌐 Germany | April 5, 2024
  5

Good broker. Works for me. There are probably better ones out there than him, but I don’t see the point in looking for an alternative. I am satisfied with the basic parameters.

✍ Alex | 🌐 Ukraine | March 28, 2024
  5

I usually trade forex on several major pairs with tight spreads such as EURUSD, GBPUSD, USDJPY with scalping techniques, withdrawals have been smooth so far, the trading platform now has Ticktrader which is quite impressive because it can access multi-market CFDs

✍ Zombiefx | 🌐 France | March 5, 2024

Submit Your Own Review of FXOpen

If you have experience trading with FXOpen please share your personal review of the broker and what you think are strong and weak points. Thank you.

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FXOpen is a multi-asset broker with regulation from several trustworthy bodies including the UK's FCA. The broker offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies and ETFs via the MetaTrader 4 & 5 and TradingView platforms.