FXOpen Review 2023
In the arena of ECN trading, discerning a good broker is crucial. FXOpen, an established ECN forex broker, stands out significantly. Known for its innovative PAMM accounts, FXOpen provides a platform for automated trading, a feature that's appreciated by experienced traders who seek to capitalize on immediate price movements. The broker is especially noteworthy for offering ECN trading via sophisticated trading systems, ensuring direct access to the Forex market. This is complemented by their competitive low trading fees, making FXOpen an even more attractive option for traders. Uniquely, FXOpen is among the handful of brokers to offer Islamic accounts, showcasing its commitment to inclusivity in the Forex trading world. These various elements are what make FXOpen a compelling choice for those looking for a solid, reliable ECN broker.
FXOpen is a forex and CFD broker that was founded in 2003. The company is regulated by the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC) in Australia, among other regulators. FXOpen offers a range of trading accounts, including ECN, STP, and Crypto accounts, with competitive spreads and low commissions. The broker also provides access to a range of trading platforms, including MetaTrader 4 and MetaTrader 5, as well as a range of trading tools and educational resources. The broker has received multiple awards for its services and has a strong reputation in the industry.
Pros
FXOpen is a regulated broker with strict regulations and rules set by the financial authorities
Competitive spreads and low commissions
Crypto accounts
STP and ECN accounts
They provide trading tools and educational resources
Competitive spreads and low commissions
Crypto accounts
STP and ECN accounts
They provide trading tools and educational resources
Cons
Limited payment options
Withdrawal fees: FXOpen charges withdrawal fees
Does not accept clients from US & Canada, Germany, France and some other countries
Withdrawal fees: FXOpen charges withdrawal fees
Does not accept clients from US & Canada, Germany, France and some other countries
is FXOpen a legit broker?
Why we think you should have no worries using FXOpen:
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Regulated by FCA, ASIC, and FSC |
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Member of the Financial Commission |
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The broker has a long track record, it was founded in 2003 |
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Positive reviews from clients |
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FXOpen offers negative balance protection |
FXOpen Regulatory Compliance and Forex Broker Guidelines
FXOpen is regulated by the Australian Securities and Investments Commission (ASIC), which is a well-respected financial regulator that oversees financial markets and services in Australia. ASIC's main role is to enforce laws and regulations related to financial markets, including forex and CFD trading, to ensure the protection of consumers and maintain the integrity of the financial system.
As an ASIC-regulated broker, FXOpen is required to meet certain standards and adhere to strict rules and regulations to ensure the safety and protection of its clients' funds. This includes complying with minimum capital requirements, maintaining segregated client accounts, and participating in the Financial Ombudsman Service (FOS), which provides a dispute resolution process for clients.
FXOpen is also regulated by the Financial Conduct Authority (FCA) in the United Kingdom, which is one of the most respected financial regulators in the world. The FCA is responsible for regulating financial markets and services in the UK, and is tasked with ensuring the protection of consumers and maintaining the integrity of the financial system.
As an FCA-regulated broker, FXOpen is required to meet strict standards and adhere to a comprehensive set of rules and regulations to ensure the safety and protection of its clients' funds. This includes maintaining segregated client accounts, participating in the Financial Services Compensation Scheme (FSCS), and complying with minimum capital requirements.
FXOpen is also regulated by the Financial Services Commission (FSC) in Mauritius, which is a regulatory body responsible for overseeing financial markets and services in Mauritius. The FSC is dedicated to ensuring the stability and development of the financial sector in Mauritius, and works to promote transparency, accountability, and fairness in financial services.
As an FSC-regulated broker, FXOpen is required to comply with strict regulations and standards to ensure the safety and protection of its clients' funds. This includes maintaining segregated client accounts, complying with minimum capital requirements, and participating in the Investor Compensation Scheme (ICS), which provides protection to clients in the event that a financial institution is unable to meet its obligations.
 FXOpen AU Pty Ltd |
 FXOpen EU Ltd |
 FXOpen Ltd |
 FXOPEN Markets Ltd |
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|---|---|---|---|---|
| Regulations | Australia ASIC | Cyprus CySEC | UK FCA | St. Kitts and Nevis - Non regulated |
| Segregated Client Money | Yes | |||
| Investor Protection | ✖ | ✔ | ✔ | ✖ |
| Negative Balance Protection | Yes | ✖ | ||
| Maximum Leverage | 1:30 | 1:500 | ||
- Client Money
Protection - Regulatory
Deposit Insurance - Negative
Balance Protection - Professional
Indemnity Insurance
FXOpen provides client money protection through several measures to ensure the safety and security of its clients' funds.
FXOpen maintains segregated client accounts, which means that clients' funds are kept separate from the broker's own operating funds. This ensures that clients' funds are protected in the event of any financial difficulties or insolvency.
FXOpen participates in various compensation schemes to provide additional protection to its clients. For example, the broker participates in the Financial Services Compensation Scheme (FSCS) in the UK, which provides compensation to clients in the event that the broker is unable to meet its financial obligations. FXOpen also participates in the Investor Compensation Scheme (ICS) in Mauritius, which provides protection to clients in the event of the broker's insolvency.
FXOpen participates in various compensation schemes to provide additional protection to its clients. For example, the broker participates in the Financial Services Compensation Scheme (FSCS) in the UK, which provides compensation to clients in the event that the broker is unable to meet its financial obligations. FXOpen also participates in the Investor Compensation Scheme (ICS) in Mauritius, which provides protection to clients in the event of the broker's insolvency.
FXOpen participates in various compensation schemes that provide additional protection to its clients in the event of the broker's financial difficulties or insolvency.
In the UK, FXOpen participates in the Financial Services Compensation Scheme (FSCS), which provides compensation to clients in the event that a regulated financial institution is unable to meet its financial obligations. The FSCS provides compensation of up to £85,000 per client per regulated entity, which includes FXOpen UK.
In Mauritius, FXOpen participates in the Investor Compensation Scheme (ICS), which provides protection to clients in the event of the broker's insolvency. The ICS provides compensation of up to MUR 500,000 (approximately USD 12,500) per client per regulated entity.
FXOpen offers negative balance protection to its clients, which means that clients cannot lose more than the funds they have deposited into their trading account.
If a client's account balance becomes negative due to market movements, FXOpen will automatically adjust the balance to zero, so the client will not be held responsible for any additional losses beyond the amount they have deposited. This helps to protect clients from unexpected losses and ensures that they can continue trading without fear of incurring significant debt.
FXOpen maintains professional indemnity insurance as part of its overall risk management strategy. Professional indemnity insurance provides protection to FXOpen and its clients in the event of negligence or other errors on the part of the broker or its employees.
If FXOpen were to make a mistake or act negligently, and this resulted in financial losses for its clients, professional indemnity insurance would provide coverage to compensate clients for their losses. This type of insurance is an important part of any broker's risk management strategy, as it helps to protect both the broker and its clients from unforeseen losses.
Overview of FXOpen Account Types, Spreads, and Fees
| ECN Account | STP Account | Crypto Account | Micro Account | |
|---|---|---|---|---|
| Trading Platform |
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Metatrader4 |
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| Commission | from $1.5 (per side) | $0.0 | $0.5% of trade volume (round) | $0.0 |
| Spreads | from 0.0 pips | floating | ||
| Minimum trade size | 0.01 lots | 0.01 microlots | ||
| Maximum trade size | No limitations | $1,000,000 | ||
| Minimum Deposit | $100 | $10 | $1 | |
| Maximum balance | No limitation | $3000 | ||
| Execution | Market | Instant | ||
| Requotes/Slippage | X requotes / ✔ Slippage | ✔ requotes / X Slippage |
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| Leverage | up to 1:500 | 1:3 | up to 1:500 | |
| Products |
i
50+ FX Spot CFDs 25+ Cryptocurrency CFDs Shares CFDs Index CFDs Spot Metals CFDs Commodity CFDs
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50 currency pairs + gold and silver | 43 pairs with BTC, LTC EOS, PPC, ETH DASH, EMC | 28 currency pairs + gold and silver |
| Hedging | ✔ | |||
| EA compatibility | ✔ | X | ||
| Scalping | ✔ | X | ||
| News Trading | ✔ | X | ||
FXOpen offers a variety of trading account types to cater to different traders' needs. The following are the account types offered by FXOpen:
ECN Accounts
These accounts provide access to the Electronic Communication Network (ECN), which allows traders to access deep liquidity and tight spreads. These accounts charge a commission per trade.STP Accounts
These accounts use Straight Through Processing (STP) technology, which means that orders are sent directly to liquidity providers without any interference from the broker. These accounts charge no commission, but the spreads are generally wider than the ECN accounts.Crypto Accounts
These accounts allow traders to trade in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. These accounts use the same technology as the ECN accounts and charge a commission per trade.Micro Accounts
These accounts are designed for beginners or traders who want to test their strategies with small trading volumes. These accounts have low minimum deposit requirements and allow traders to trade in micro lots.Demo Accounts
FXOpen also offers demo accounts that allow traders to practice their trading skills and test their strategies without risking real money.Each account type has its own unique features and benefits, and traders can choose the one that best suits their trading needs and preferences.
FXOpen also charges a swap fee for holding positions overnight. The swap fee is the difference between the interest rates of the two currencies being traded, and it can be either positive or negative, depending on the position held.
Trading fees can change based on market conditions.
FXOpen Deposit and Withdrawal: Understanding Payment Methods
| Account currencies | AUD, CHF, EUR, GBP, JPY, NZD, SGD, USD, HKD |
| Standard/RAW (MT4/MT5) accounts minimum deposit | 10 currency units |
| Funding methods | Bank Wire, Broker to Broker, Credit/Debit Cards, Neteller, PayPal, Skrill |
| Deposit fees | FXOpen does not charge fees for deposits |
| Deposit processing times | from instant to 1 hour (bank wires up to 3 working days) |
| Withdrawal fees | FXOpen does not charge additional fees for withdrawals |
| Withdrawal processing times | variable, from instant to 1 day |
| Inactivity fee | FXOpen does not charge an inactivity fee |
FXOpen supports trading in a range of base currencies, including USD, GBP, EUR, AUD, CAD, CHF, JPY, NZD.
This holds importance for a couple of key reasons. For one, when you deposit funds into your trading account in the same currency as your bank account or trade assets using your account's base currency, you can sidestep any pesky conversion fees. Additionally, it makes keeping track of and managing your account's funds a breeze, as every transaction is carried out in the same currency.
This holds importance for a couple of key reasons. For one, when you deposit funds into your trading account in the same currency as your bank account or trade assets using your account's base currency, you can sidestep any pesky conversion fees. Additionally, it makes keeping track of and managing your account's funds a breeze, as every transaction is carried out in the same currency.
Deposit options
FXOpen offers a variety of deposit options to its clients, including:
- Bank wire transfer
- Credit/debit cards (Visa, Mastercard, Maestro)
- E-wallets (Skrill, Neteller, FasaPay, WebMoney, Perfect Money, Yandex.Money, Qiwi, Payza, AdvCash, Bitcoin, Ethereum, Litecoin, Tether)
- Local payment options (such as PayTrust88 in Asia or Ngan Luong in Vietnam)
The availability of deposit options may vary depending on the client's country of residence, the trading account type, and the selected currency. It's always best to check with FXOpen directly or refer to their website for the most up-to-date information on the available deposit options.
You can only deposit funds from accounts that are registered in your name.
You can only deposit funds from accounts that are registered in your name.
Withdrawal options
FXOpen offers a range of withdrawal options for its clients, including:
- Bank wire transfer
- Credit/debit cards (Visa, Mastercard, Maestro)
- E-wallets (Skrill, Neteller, FasaPay, WebMoney, Perfect Money, Yandex.Money, Qiwi, Payza, AdvCash, Bitcoin, Ethereum, Litecoin, Tether)
- Local payment options (such as PayTrust88 in Asia or Ngan Luong in Vietnam)
The availability of withdrawal options may vary depending on the client's country of residence, the trading account type, and the selected currency. It's always best to check with FXOpen directly or refer to their website for the most up-to-date information on the available withdrawal options.
FXOpen typically processes withdrawal requests within 24 hours, but the time it takes for the funds to reach the client's account will depend on the chosen withdrawal method and the client's bank or payment provider. It's also worth noting that some withdrawal methods may incur fees or additional charges, so it's important for clients to review the terms and conditions carefully before initiating a withdrawal.
FXOpen typically processes withdrawal requests within 24 hours, but the time it takes for the funds to reach the client's account will depend on the chosen withdrawal method and the client's bank or payment provider. It's also worth noting that some withdrawal methods may incur fees or additional charges, so it's important for clients to review the terms and conditions carefully before initiating a withdrawal.
Exploring FXOpen Trading Platforms: Leverage and Promotions for Traders
MetaTrader 4 (MT4)
MetaTrader 4 is a popular and widely-used platform that supports trading in multiple asset classes, including forex, stocks, commodities, and cryptocurrencies.
MetaTrader 5 (MT5)
A newer version of the MT4 platform that includes additional features and functionality is the MetaTrader 5, such as more advanced charting tools and the ability to trade more asset classes.
WebTrader
A web-based trading platform that can be accessed from any internet-connected device, with no software downloads or installations required.
MobileTrader
A mobile app that allows clients to access their trading accounts and trade on-the-go from their smartphones or tablets.
Variety of Markets, Forex, and CFDs Products at FXOpen
FXOpen offers a range of markets and products for its clients to trade, including:
Forex
Contracts for Difference (CFDs)
Clients can trade CFDs on a range of asset classes, including stocks, commodities, and cryptocurrencies.
Cryptocurrencies
FXOpen offers trading in a range of popular cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Tether.
Metals
Clients can trade gold and silver CFDs with FXOpen.
Indices
FXOpen offers trading in a range of global stock indices, including the US30, UK100, and GER30.
Comprehensive FXOpen Forex Research for Better Trading Decisions
FXOpen provides a range of research and analysis tools to help its clients stay informed about market developments and make more informed trading decisions. Some of the research and analysis tools provided by FXOpen include:
Economic calendar
FXOpen provides a calendar of upcoming economic events, including announcements and data releases that can impact the markets.
Market news
Clients can access the latest market news and analysis, including market commentary and technical analysis.
Trading signals
FXOpen offers free trading signals to its clients, which can be used as a source of trading ideas and inspiration.
Market analysis
FXOpen provides daily market analysis and research reports, including technical and fundamental analysis, to help clients understand market trends and develop trading strategies.
Educational resources
FXOpen provides a range of educational resources, including webinars, trading guides, and tutorials, to help clients improve their trading skills and knowledge
Education and Learning Resources for FXOpen Traders
FXOpen's YouTube channel provides a range of educational materials for traders of all levels, but it primarily focuses on basic trading concepts. The channel's content is designed to help beginners understand the fundamentals of trading and develop a strong foundation in the financial markets.
The educational videos on the FXOpen YouTube channel cover a range of topics, including basic trading strategies, technical analysis, and risk management. Some of the most popular videos on the channel include "What is Forex Trading," "How to Use the MT4 Platform".
While the FXOpen YouTube channel primarily focuses on basic trading concepts, it can be a useful resource for traders who are just starting out in the markets. The videos are concise and easy to understand, making them accessible to traders with little to no prior trading experience.
However, for traders who are looking for more advanced educational materials, the FXOpen YouTube channel may not be sufficient.
Customer Support at FXOpen: A Review of their Service Quality
FXOpen has a dedicated customer service team that is available to assist clients with any questions or issues they may have. The FXOpen customer service team can be reached through various channels, including:
Live chat
FXOpen offers a live chat service that allows clients to connect with a customer support representative in real-time. The live chat service is available 24/5 and can be accessed directly through the FXOpen website.
To use the live chat service, clients simply need to click on the "Live Chat" button located at the bottom right-hand corner of the website. This will open a chat window where clients can enter their name, email address, and a brief description of their question or issue. A customer support representative will then be available to assist them.
The live chat service is a convenient way for clients to get immediate assistance with any questions or issues they may have. It's important to note that wait times may vary depending on the volume of requests, and some issues may require further investigation, which may take longer to resolve. However, in general, FXOpen is known for its responsive and helpful customer service team, and clients can expect prompt and professional assistance via the live chat service.
To use the live chat service, clients simply need to click on the "Live Chat" button located at the bottom right-hand corner of the website. This will open a chat window where clients can enter their name, email address, and a brief description of their question or issue. A customer support representative will then be available to assist them.
The live chat service is a convenient way for clients to get immediate assistance with any questions or issues they may have. It's important to note that wait times may vary depending on the volume of requests, and some issues may require further investigation, which may take longer to resolve. However, in general, FXOpen is known for its responsive and helpful customer service team, and clients can expect prompt and professional assistance via the live chat service.
FXOpen provides email support to its clients as one of the ways to contact their customer service team. Clients can send an email to the FXOpen support team, and a representative will respond as soon as possible.
When sending an email to the support team, it's important to provide as much detail as possible about the issue or question being raised. This helps the support team to better understand the problem and provide an accurate and timely response.
Email support may take longer than other channels, such as live chat or phone support. The response time may vary depending on the volume of emails received, the complexity of the issue, and the support team's workload. However, FXOpen is known for its responsive and helpful customer service team, and clients can expect a professional and thorough response to their email inquiries.
When sending an email to the support team, it's important to provide as much detail as possible about the issue or question being raised. This helps the support team to better understand the problem and provide an accurate and timely response.
Email support may take longer than other channels, such as live chat or phone support. The response time may vary depending on the volume of emails received, the complexity of the issue, and the support team's workload. However, FXOpen is known for its responsive and helpful customer service team, and clients can expect a professional and thorough response to their email inquiries.
Phone
FXOpen provides phone support during business hours to its clients as one of the ways to contact their customer service team. When calling the FXOpen phone support, it's important to have the necessary account information and details about the issue or question being raised. This helps the support team to better understand the problem and provide an accurate and timely response.
Wait times may vary depending on the volume of calls received, the complexity of the issue, and the support team's workload. However, FXOpen is known for its responsive and helpful customer service team, and clients can expect a professional and thorough response to their phone inquiries.
Wait times may vary depending on the volume of calls received, the complexity of the issue, and the support team's workload. However, FXOpen is known for its responsive and helpful customer service team, and clients can expect a professional and thorough response to their phone inquiries.
Online contact form
FXOpen provides a contact form on their website for clients to submit inquiries, feedback, or any other issues they may have. The contact form can be found under the "Contact Us" section on the FXOpen website.
To use the contact form, clients will need to provide their name, email address, subject of inquiry, and message. Once the message is submitted, a customer support representative will respond to the inquiry via email as soon as possible.
To use the contact form, clients will need to provide their name, email address, subject of inquiry, and message. Once the message is submitted, a customer support representative will respond to the inquiry via email as soon as possible.
FXOpen also provides a comprehensive FAQ section on its website, which covers a range of topics, including account registration, deposits and withdrawals, trading platforms, and more. Clients are encouraged to check the FAQ section before contacting customer support, as many common questions and issues may be addressed there.
Overall, FXOpen is known for its responsive and helpful customer service team, and clients can expect prompt and professional assistance with any questions or issues they may have.
FAQ
What makes FXOpen a unique Forex broker?
FXOpen is renowned for offering one of the industry's most competitive spreads, thanks to FXOpen's unique proprietary price aggregating technology. This tool allows Forex traders to take full advantage of price movements in the market.
What currency can I use for my initial deposit with FXOpen?
The initial deposit in an FXOpen broker account can be made in several currencies, including the US Dollar.
Does FXOpen offer PAMM accounts?
Yes, FXOpen offers a PAMM account service. This feature allows traders to take advantage of Forex trading by copying the trades of more experienced traders.
Can I trade Forex without violating Sharia law at FXOpen?
Absolutely. FXOpen is an online broker that offers Islamic accounts, allowing for Forex trading without violating Sharia law.
Does FXOpen offer demo accounts?
Yes, FXOpen offers free unlimited demo accounts. This gives new clients the chance to practice their trading strategies before signing up for a real account.
How can clients benefit from FXOpen's unique proprietary price aggregating technology?
This technology allows FXOpen to provide extremely competitive spreads, helping clients enhance their trading capabilities. In addition, FXOpen's platform supports one-click trading for quicker and more efficient operations.
Does FXOpen offer integration with Myfxbook and ZuluTrade?
Yes, FXOpen provides trading capabilities with Myfxbook and ZuluTrade. These platforms offer ZuluTrade automated trading systems, allowing traders to follow and copy the trades of successful traders automatically.
What is the minimum lot size that I can trade with at FXOpen?
The minimum lot size at FXOpen varies based on the account type. You can find more details on their official website or by contacting their customer service.
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