Founded in 2005, FXOpen offers, as you may have guessed from its name, Forex and CFD brokerage services. It has been a fast-growing Forex broker for years, and its goal is to make Forex trading, “secure,” “easy to access,” and “more professional.” FXOpen was the first broker to offer its clients ECN (Electronic Communication Network) trading via MetaTrader 4. Clients can benefit from FXOpen’s technology, wide range of trading accounts, and competitive trade conditions.
Pros and Cons
Pros
- Great Technology
- Wide Range of Accounts
- Excellent Platform Selection
- Competitive Spreads
Cons
- Limited Educational Materials
Recommended For
While it would be inaccurate to say that FXOpen has no educational materials, compared to other brokers, it does not have as many. We recommend this broker for traders with moderate to advanced experience in the industry. They will benefit the most from the trading accounts, features, and conditions that FXOpen has to offer its clients.
Top Features
- Auto-Trading. Myfxbook AutoTrade allows traders to copy the trades of successful professionals. According to FXOpen, the broker only pays “strategy provider” when they make profitable trades. Traders with live accounts that have shown profitable performance for ninety days or longer (and who have met minimum deposit thresholds) are the only ones accepted to lead this copy-trading program. Note: this is only available for clients of FXOpen International.
- PAMM. PAMM stands for “Percentage Allocation Master Module.” This technology allows an FXOpen client, known as a “Follower,” to copy the strategy of another client called the “Master.” The Master operates his personal funds through PAMM, and the Follower’s account replicates his trades. Followers benefit from PAMM accounts because they can trade Forex without having to do research and in-depth work. Masters benefit because they are able to trade funds far larger than their own capital and receive a fee for doing so. Note: this is only available for clients of FXOpen AU and FXOpen International.
- Forex Contests. Promos and contests are always great ways for brokers like FXOpen and their clients to mutually benefit while having fun. At FXOpen, there are Forex contests like the ForexCup Trading Championship. This 2022 competition is available to anyone with an active ECN account, and the top prize is $50,000. The person with the most profit at the end of 2022 wins. Note: this is only available for clients of FXOpen UK and FXOpen International
- Demo Account. If you want to practice with virtual currency before signing up for a live account at FXOpen, you have the option to do so with the broker’s Demo Account. Registration is easy and only takes a few seconds, and you can gain valuable experience with no risk.
Overview
- Type of Broker Non-Advisory/Executionary Broker
- Regulation & Licensing The Financial Conduct Authority (United Kingdom), Cyprus Securities and Exchange Commission (Cyprus), Australian Securities and Investments Commission (Australia), The Financial Commission
- Clients Accepted from Not Accepted from: Countries that are currently subject to UN/EU/AU/UK financial sanctions, Countries that are currently defined by the FATF as High-Risk Jurisdictions subject to a Call for Action (Iran and North Korea), Countries that have in place internal relevant requirements, USA
- Assets Offered Forex, Indices, Commodities, Cryptocurrencies, Shares, ETF CFDs
- Platforms Available Web, Mobile, Download
- Mobile Compatibility iOS, Android
- Payment Types Accepted Swift, Visa, MasterCard, WebMoney
Account Types
|
ECN |
STP |
|
|
Features |
Best Prices, Spreads, Execution, No Dealing Desk, All Trading Styles Permitted, Affordable, Two Types of ECN Accounts on TickTrader |
No Limits on Auto-Trading, Expert Advisors, Scalping, Hedging, High Leverage |
|
Account Currencies |
USD, CHF, AUD, EUR, GBP, JPY, SGD, RUB, Gold, mBTC |
USD, GBP, EUR, RUB, JPY, Gold, CHF |
|
Available Leverage |
Dependent on Jurisdiction, Maximum 1:500 |
Dependent on Jurisdiction, Maximum 1:500 |
|
Minimum Deposit |
$300 |
$10 |
|
Commission Per Trade |
From $1.5 per Standard Lot ($100,000) |
$0 (Included in the Spread) |
|
Decimal Pricing |
Up to 5 |
Up to 5 |
|
Trading Instruments |
50+ FX Spot CFDs, 35+ Crypto CFDs, 600+ Shares CFDs, Index CFDs, Spot Metals CFDs, Commodity CFDs |
50 Currency Pairs, Gold and Silver |
|
Min. Lot Size Per Trade |
0.01 |
0.01 |
|
Spreads |
Floating From 0.0 |
Floating Depending on Buy/Sell Orders Available in ECN Account |
|
Demo Account |
Yes |
Yes |
|
Swap/Rollover Free |
Yes |
Yes |
|
Copy Trading Support |
Yes |
Yes |
|
Micro |
Crypto |
|
|
Features |
Denominated in U.S. Cents, Small Initial Deposit, Small Transaction Size, Low Margin Requirements, Similar Trading Conditions to STP Account |
Top Liquidity Providers Aggregate Liquidity, Order Execution Based on ECN Aggregator |
|
Account Currencies |
USD |
USD, EUR, GBP, JPY, RUB, ETC Bitcoin (mBTC), Litecoin (LTC) |
|
Available Leverage |
Up to 1:500 |
Up to 1:3 |
|
Minimum Deposit |
$1 |
$10 |
|
Commission Per Trade |
$0 |
0.5% Half-Turn |
|
Decimal Pricing |
Up to 5 |
N/A |
|
Trading Instruments |
28 Currency Pairs, Gold and Silver |
43 Cryptocurrency Pairs with BTC, EOS, Ripple, Monero, LTC, BCH, etc. |
|
Min. Lot Size Per Trade |
0.01 |
0.01 |
|
Spreads |
Floating |
Floating |
|
Demo Account |
No |
Yes |
|
Swap/Rollover Free |
Yes |
No, SWAP from 5$ per annum |
|
Copy Trading Support |
Yes |
Yes |
Trading Platforms
- MetaTrader 4 – Anyone familiar with the industry will know what MetaTrader 4 is. 90% of Forex market retail transactions are conducted using MT4. This platform offers technical analysis, trading robots, mobile trading, algorithms, and more.
- MetaTrader 5 – MT5 is the more advanced version of MetaTrader 4. It offers flexibility, professional analysis, signals, fundamental tools, and web and mobile trading.
- TickTrader – TickTrader is FXOpen’s brand-new trading account, and it allows clients to trade Forex, commodities, stocks, crypto, and indices via a TickTrader ECN account. The multi-asset platform has advanced tools, pricing, trading models, and a user-friendly interface. You can use TickTrader through a Desktop Terminal or via mobile app.
- WebTrader – FXOpen WebTrader is the in-browser way to trade. It requires no download for Mac OS or PC, and it is compatible with nearly every operating system. It offers one-click trading, reliable data protection, and supports all major browsers.
Trading and Investment Tools
- Economic Calendar This handy tool summarizes news and other important information about Forex trading around the world. This fundamental data affects the prices of small and large markets, and this makes the economic news calendar is a first-tier tool for those trading Forex.
- Market News & Analysis Market news includes updates about current events that could impact global and domestic markets. Market analysis, provided by FXOpen, includes predictions and breakdowns of what said market news means for traders.
- Blog The FXOpen Blog contains up-to-date information that traders of all experience levels will likely find valuable. Topics from which to choose include Analytics, Trading, Strategies, Contests, and News.
- Forex Forum The FXOpen Forex Forum is a social feature. It is a discussion community for account holders who want to talk about Forex, Stock, CFDs, and other trading topics du jour. You can post questions or recommendations directed towards community members or FXOpen’s customer service.
- Trader’s Tools These tools, available on the FXOpen website, provide calculations of margin, pip value, ECN commissions, and SWAPs. They can help you estimate potential risks, gauge potential profits, and optimize lot sizes. Essentially, these calculators allow you to plan your trading (as much as can be planned).
- VPS This Virtual Private Server is available to traders with Crypto, ECN, and STP accounts. It has 2GB RAM memory, 40 GB SSD disk space, and its operating system is Windows 2012 R2. With this VPS, you can log into your MT4 account from any computer in the world.
Compliance & Regulation
As mentioned, FXOpen is authorized and regulated by the FCA, CySec, and ASIC, three well-known regulatory bodies. It is also a member of the Financial Commission, an organization with which some traders may not be familiar. The Financial Commission is based in Hong Kong, and it is an independent, self-regulatory body dedicated to overseeing the Forex industry and executing external dispute resolutions.
Pricing
There are a few fees to note when trading with FXOpen International, including an inactivity fee. If your account is inactive, you will be charged $10 per month. If your account is disabled, you will be charged $50 to reopen the account.
Service Details
- Date Founded 2005
- Offices Australia, Cyprus, London, Nevis,
- Server Locations London, United Kingdom
Reliability & Security
On TrustPilot, FXOpen has a 4.5/5 review, marking it as an “Excellent” broker. The broker appears to be quite reliable, and it even has won accolades for its high quality. In 2021, at the International Association of Forex Traders, FXOpen International (FXOpen Markets Ltd.), won the title of “Best ECN Broker.”
User Experience
Often, there is a lot to be learned about a broker based on its online ratings. The reviews seem to be, overall, very positive about FXOpen. These ratings include above-average write-ups from publications like:
- 55Brokers: 5/5
- FXEmpire: 4.2/5
- Forex-Ratings: 3/5
- SAShares: 5/5
- MyFXBook: 3.3/5
- TopBrokers: 4.9/5
Final Thoughts
FXOpen is an excellent broker. It offers a wide variety of accounts, in-depth market range, competitive spreads, and multiple high-quality platforms. Traders with moderate to advanced experience levels will enjoy working with FXOpen, which is one of the fastest-growing brokers in the industry.
Contact Info
80 Coleman Street, London, EC2R 5BJ, United Kingdom
FAQs
Q: How do I sign up for an account?
A: Go to https://www.fxopen.com/open-account/. You will first select your country of residence to ensure that you are permitted to trade with FXOpen. If allowed, FXOpen will direct you to its secure server, where you can complete your verification and online application. After completing the application, you will get your username, password, and access to the MyFXOpen client portal, where you can deposit funds and begin trading.
Q: What are FXOpen’s customer service hours?
A: Live chat, where you can access general information about products and services, is available 24/5. Tickets to FXOpen’s support, trading, and financial departments are available from 7-16 (GMT), Monday through Friday.
Q: How do I submit a customer support ticket?
A: To submit a customer support ticket, go to https://support.fxopen.com/portal/en/newticket. Choose where you want to submit your ticket, and then fill in your information into the form provided.
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