FXOpen Forex Trade Platform and Broker Review

FXOpen Forex Trade Platform and Broker Review

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FXOpen Broker Review

FXOpen is a retail and institutional forex broker that offers online trading services via MetaTrader 4 and MetaTrader 5 to trade in currency pairs, precious metals, CFDs, and cryptocurrency pairs

FXOpen was founded in 2003 as a research and educational center but has operated as an FX trading broker since 2005. The broker has head offices in Perth in Australia, London in the United Kingdom, and Charlestown in Saint Kitts and Nevis. FXOpen has over 500 employees.

Is FXOpen Regulated?

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

FXOpen’s regulations guarantee the highest standards of safety for clients’ funds, ensuring that they are kept in major international banks and are fully segregated from the company’s own funds. 

Is FXOpen Regulated in the United States?

No, FXOpen does not provide services for United States residents and is not regulated in any state. 

Is FXOpen Regulated in Europe?

Yes. FXOpen UK is authorized and regulated by the Financial Conduct Authority (FCA). 

Is FXOpen regulated in a Tier-1 Jurisdiction?

According to the FXOpen website, FXOpen is regulated under Tier-1 jurisdictions, the FCA and ASIC. 

Tier-1 jurisdiction allows FXOpen to operate in specific countries, which include Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is FXOpen regulated in Tier-2 Jurisdiction?

Yes, according to official FXOpen sources, FXOpen is regulated under Tier-2 jurisdictions. Tier-2 jurisdiction gives FXOpen license to operate in the following countries: British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in FXOpen?

FXOpen offers traders MetaTrader 4 and 5 as trading platforms, as well as TickTrader (only for non-UK customers). 

  1. MetaTrader 4
  • FXOpen was the first broker to offer ECN and STP trading via MetaTrader 4 (MT4) and offers customizable features like the following:
  • 50+ built-in indicators & graphical objects for technical analysis
  • Three types of orders (market, limit, and stop)
  • Intuitive charting package
  • Automated trading (EAs)
  • Rich historical data
  • One-click trading
  • Trading signals
  • MT4 can be downloaded on Windows PCs and can be accessed from the ‘Platforms’ page on FXOpen’s website. 
  • FXOpen also offers a web-based version of MT4, which is beneficial for clients using Apple Mac PCs, because a direct download is not available for that. The WebTrader terminal sports the same features of the desktop version and is compatible with all major browsers.
  • MT4 is ideal for beginners and experts
  1. MetaTrader 5
  • FXOpen’s MetaTrader 5 (MT5) platform offers the same features as MT4 with several additional benefits like:
  • 80+ built-in indicators & graphical objects for technical analysis
  • 21 timeframes to track price movements
  • Multi-currency strategy tester
  • Netting & hedging allowed
  • Economic calendar
  • Cryptocurrency trading is not available on MT5.
  • MT5 is downloadable on Windows PCs and can be accessed from the broker’s website.
  1. TickTrader
  • FXOpen also offers TickTrader, a new trading platform with much of the same features as MetaTrader, but only for non-UK customers. 
  • This platform uses only one trading account, TickTrader ECN, which is suitable for both beginners and experts.
  • TickTrader’s key features are:
  • Advanced technical analysis tools (30+ indicators)
  • Customizable user-friendly interface
  • One/double click trading mode
  • Detailed charting system
  • Trading alert system
  • Strategy back tester
  • Level 2 pricing

Does FXOpen Have a News Blog for Forex News?

Yes, a free news blog is available on the FXOpen UK website. This news blog publishes live trading news, up-to-the-minute insight, and analysis of the forex markets to help traders make strategic trading decisions. 

Does FXOpen Have a Traders Dashboard?

Yes, the FXOpen Traders Dashboard gives traders an overview of current market events and updates on the latest news from the currency markets.

Does FXOpen Have an Educational Section?

Yes, FXOpen has an education section, albeit limited when compared to some other brokers. The section is called ‘What is a Forex Broker?’ and new Forex traders and visitors to the website can learn more about online trading and get a few tips on how to start trading Forex. 

What is the content of FXOpen Forex Education?

The FXOpen educational section only addresses a few topics like What is a Forex Broker, What is a Forex Trading Account, How to Start Trading with a Forex Broker, and How do Forex brokers make a profit. The following is discussed on every topic:

  1. What is a Forex Broker?

This section explains the role of the broker in the foreign exchange market and how it links the market and the trader and gives traders the opportunity to speculate on currency market moves via leverage. 

  1. What is a Forex Trading Account

This section explains why different types of trading accounts exist, their different trading conditions and how it depends on how the Forex trading broker’s activity is organized. 

  1. How to Start Trading with a Forex Broker

This section explains how to enroll with a broker and the steps to follow to open an account.

  1. How do Forex brokers make a profit?

This section explains how a Forex broker derives an income from the spread between the bid and the ask price, as well as commissions charged on the volume of each trade and the type of trading account.

Although not as comprehensive as offered by some other brokers, all novice traders should at least read through these articles before they open accounts and start trading. 

Is FXOpen Legit?

Yes, FXOpen is a legit Forex broker and trade platform since its parent company, FX Markets Limited, is registered in Charlestown, Nevis, and FXOpen UK holds certification from the Financial Conduct Authority (FCA) and FXOpen Australia from the Australian Securities and Investments Commission (ASIC) as proof.

Is FXOpen Safe?

FXOpen is reliable and safe in terms of regulation and additional safety protocols. The broker is regulated in more than one jurisdiction, as listed below:

  • The FCA regulates FXOpen in Europe
  • ASIC regulates FXOpen in Australia

User security is acquired with the MT4 and MT5 platforms that follow industry-standard security requirements, including 128-bit Secure Sockets Layer (SSL) encryption and two-step verification with login. 

Client funds are fully segregated at Barclays Bank Plc or Lloyds Bank Plc in London and FXOpen offers negative balance protection for its retail customers. 

Is FXOpen a Good Broker?

Yes, according to reviews like this one from Forex Suggest, FXOpen is a good broker when security, trading speed, online support, and the availability of cryptocurrency CFD-trading is considered. Its low spreads and commissions, as well as its strong track record, make it a good option, predominantly for high volume traders. 

In terms of trading speed, FXOpen offers access to a VPS server for traders looking for lower latency and super-fast execution speeds.

In terms of security, FXOpen requires 128-bit Secure Sockets Layer (SSL) encryption and two-step verification with login. 

In terms of online support, FXOpen offers email communication, access to a help center directly after registration, and support by telephone, a live chat option, or WhatsApp and Facebook Messenger.

Clients can trade cryptocurrencies as CFDs across a wide selection of currency options. 

What is the Offering of Investment in FXOpen?

FXOpen offerings are tabled below:

Feature FXOpen
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading  Yes

Does FXOpen have Nasdaq?

Yes, FXOpen offers traders the option of trading CFDs on the Nasdaq 100 Stock Index with their MT4 or MT5 ECN trading account. The Nasdaq exchange was created by the National Association of Securities Dealers and is the electronic global marketplace for trading securities. The Nasdaq100 consists of the traded shares of the largest 100 companies on the exchange by market capitalization. 

What are the Awards of FXOpen?

Forex Trading Platform FXOpen’s awards are listed below.

  1. Best ECN Broker 2012 – Masterforex-V
  2. Best Trading Platform 2010 – Falcon Awards.

How to Use FXOpen for Forex trading?

To use FXOpen for Forex trading, a person should open an account with the broker first. Conditions to be met in order to open an account, include: 

  1. The person should be 18 years or older
  2. Copies of identification documents are needed 
  3. A potential client must be able to afford the minimum deposit required for the specific account

If a Forex Trader meets the above conditions, he can open a forex trading account and start using FXOpen. 

How to open a Forex trader account with FXOpen?

To open a trading account and start trading with FXOpen, you need to open an eWallet a a tool for managing your funds and trading accounts. 

A trader can follow some easy steps to open a trading account with FXOpen.

  1. Click the ‘Live Account’ button on the webpage to register a new FXOpen account. 
  2. You will be redirected to an ‘eWallet registration’ page where you can register quickly and securely with either Apple, Google, Facebook, Twitter, LinkedIn, VK or by filling in the given form with the following:
  3. Provide an email address
  4. Generate and confirm a password
  5. Provide a mobile phone number:
  6. Provide an anti-spam code and identify a Captcha image
  7. Accept FXOpen’s Client Agreement and eWallet Terms of Use.
  8. Consent to your personal data being processed according to FXOpen Privacy Policy. 
  9. Submit the form.
  10. Follow the prompts and upload the digital copies of the documents required.

What are the Forex Trader Account Types with FXOpen?

FXOpen's Forex trading accounts are designed for traders on all levels of experience and skills, from novices to professionals. Everyone can choose the type of account that best suits his style of trading, capital, and risk tolerance. A demo account and three account types are available: STP, ECN, and Crypto accounts. With the STP account, one can trade forex, gold, and silver. With the ECN account, one can trade forex, gold, silver, indices, and energy and the Crypto account is for trading cryptocurrencies. 

FXOpen also offers PRO versions of the STP, ECN, and Crypto accounts, with higher leverage of 1:500 and lower commission rates.

FXOpen available account types are listed below: 

  1. Demo Account

  2. Micro Account

  3. STP Account

  4. ECN Account

  5. Crypto Account.

  6. Islamic Account

  • Demo Account

The FXOpen demo account lets you trade in real trading conditions without the risk of losing real money. It offers a safe environment for beginners to learn, practice, and try different trading strategies. The demo account uses virtual funds and includes access to the latest market data in real-time, as well as the ability to build personal track records for analysis. Traders can then choose the right time to switch to trading with real funds. 

  • Micro Account

FXOpen Forex Micro accounts are denominated in US cents and are characterized by their minimal initial deposit ($1 only), small transaction size, and low margin requirements. Micro forex accounts offer basically the same trading conditions as STP accounts and can be used by all types of traders from a novice looking to learn to a seasoned professional looking to test new strategies, indicators, and expert advisors with minimal risk.

  • Spreads are floating
  • No commission is charged
  • Leverage of up to 1:500 is allowed
  • An Islamic version can be opened 
  • 28 currency pairs and gold and silver can be traded
  • Bonuses are available 
  • Expert Advisors are available 
  • Scalping and Hedging are allowed

 

  • STP Account

This account uses “Straight Through Processing” execution and the broker's trading commission is included in the variable spreads. Each order is executed on the real market. The minimum transaction size is as low as 0.01 lot and 1:500 leverage is available for accounts under USD 25 000.

The STP trading account offers a wide selection of tradable financial instruments, with no limitations on the use of automated trading, expert advisors, and scalping and hedging. 

  • Account currencies: USD, EUR, GBP, JPY, RUB, or CHF
  • Minimum deposit: $100
  • Floating spreads
  • No commission
  • Market execution
  • Leverage up to 1:500
  • Demo and Islamic accounts can be opened.

 

  • ECN Account

The FXOpen ECN is a unique electronic communication network that links different participants of the Forex market: banks, centralized exchanges, other brokers and companies, and private investors.

Reasons to choose the ECN account are:

  • Best prices, real market spreads from 0 pips, and seamless order execution.
  • There is no dealing desk and no conflict of interest between the trader and the broker.
  • All trading styles are allowed: scalping, news-trading, automated HFT, Expert Advisors.
  • $100 minimum deposit, 0.01 lot, and commissions starting from 1.5 USD per standard lot.
  • Two types of ECN TickTrader accounts available: Gross and Net, each can be used for different trading strategies. 

 

  • Crypto Account

FXOpen’s Crypto Account lets traders trade Bitcoin and Litecoin against USD, EUR, or RUB in the form of CFDs in a true ECN environment.

They get tight market spread and low trading commissions, with all popular Forex trading styles including scalping, hedging, and all types of expert advisors. 

  • Account currencies: USD, EUR, GBP, RUB, JPY, ETC, Bitcoin (mBTC), Litecoin (LTC)
  • Minimum deposit: from $10 (or equivalent in another currency)
  • Spreads are floating
  • Commission: 0.5% half-turn
  • Available leverage: 1:3.
  • A demo account can be opened but no Islamic option

 

  • Islamic Account

FXOpen offers swap-free Islamic accounts which are compliant with Sharia laws on ECN and STP accounts. Crypto accounts are not able to be converted to Islamic Accounts. Instead of a swap, traders are charged an additional commission equal to the swap for overnight positions. The additional commission is charged on rollover and is shown on the account.

A request to convert your account to an Islamic account can be e-mailed to [email protected]

How to Withdraw Money from FXOpen?

To withdraw money from FXOpen, the following applies:

  • Withdrawal forms received before 12:00 (GMT) will be processed the same business day but those received after 12:00 (GMT) or on a weekend, will be processed the next business day.
  • Withdrawals made by Bank Wire Transfer usually take 1-3 business days to reach the trader’s account.
  • Withdrawals made by card usually take 2-5 business days to reach an account, depending on the bank.
  • Any International Telegraphic Transfer (TT) Fees charged by the broker’s banking institution are charged to the client.

How many days do deposits take with FXOpen?

Deposits with FXOpen usually take one working day for all the available deposit methods. Deposits must come from a bank account in the trader’s name. 

What are the costs and fees with FXOpen?

Trading fees are charged when a trade is placed and can include spreads, commissions, overnight and rollover fees, even currency conversion fees if applicable.

Non-trading fees make up the cost of using some brokers and include payment fees and inactivity fees.

Spreads are the difference between the bid and the asking price and are presented in pips. 

Commissions are charged on round trades and may apply to certain accounts. Swap fees are interest charged on positions held overnight. 

The Forex Trading Fees with FXOpen are as follows. 

FXOpen Micro Account Fees:

  1. Spreads are floating and may be increased with news or another high/low volume condition.
  2. No commission is charged

FXOpen STP Account Fees:

  1. Floating spreads
  2. No commission

FXOpen ECN Account Fees:

  1. Spreads are floating, from 0 pips
  2. Commission is from $1.5 per Standard lot ($100,000)

FXOpen Crypto Account

  1. Spreads are floating
  2. Commission: 0.5% half-turn

What are the Trading Fees with FXOpen?

FXOpen does charge swap fees, which is interest accrued on positions held overnight. 

FXOpen offers several deposit options of which some options are free, but others have a cost of 1% to 3,5% charged.

What is the minimum deposit in FXOpen?

The recommended minimum initial amount required to open a Micro Account is only $1, but a deposit of at least $100 is needed for the other accounts.

What are the contract specifications in FXOpen? 

Feature FXOpen
Forex Trading Yes
CFDs 40+
Forex Pairs 50+
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 3
Social Trading  Yes

Does FXOpen have promotional offers?

Yes, FXOpen does provide promotional offers or bonuses to its new or existing clients, but not for clients in the United Kingdom. Non-UK customers can qualify for a no deposit bonus (NDB) for the ECN TickTrader account and the STP PAMM accounts. There is also a welcome bonus for Micro accounts and a ForexCup Trading Contest bonus, subject to demo contest terms and conditions. 

Does FXOpen have a welcome bonus?

Yes, FXOpen offers a $1 welcome bonus for Micro accounts for non-UK customers. The details to qualify for such a bonus are set out on the broker’s website. Although there are currently no bonuses or promotions for traders located in the UK, they can still benefit from the favorable trading conditions offered by FXOpen.

Does FXOpen have a deposit bonus?

Yes, FXOpen does offer a $10 no deposit bonus (NDB) for the ECN TickTrader account and the STP PAMM accounts. There are no deposit bonuses for traders located in the UK, due to the FCA regulation.

Is there a commission-free trade bonus in FXOpen?

No, FXOpen offers no commission-free trade bonuses but non-UK customers can either benefit from a $10 no deposit bonus (NDB) for the ECN TickTrader account and the STP PAMM accounts, a $1 welcome bonus for Micro accounts, or a ForexCup Trading Contest bonus.

Is there a VIP bonus in FXOpen?

No, FXOpen does not offer a bonus exclusively for VIP clients, but they already benefit from an improved trading environment and more features. 

Can you start trading with no money at FXOpen?

Yes, some non-UK clients can start trading with no money at FXOpen, because the broker offers a $10 no deposit bonus (NDB) for the ECN TickTrader account and the STP PAMM accounts. 

How does leverage work with FXOpen?

Leverage is actually funds borrowed from a broker that allows a trader to increase his trading position by opening larger positions. Leverage can increase potential profits, but it can also increase losses. Leverage with FXOpen is available from 1:2 for cryptocurrency trading and 1:30 for forex trading. Leverage for indices is set at 1:20 and for commodities, at a maximum of 1:10, apart from gold which is available at 1:20. 

Professional clients can access leverage up to 1:500. 

The broker’s support team can assist traders to change leverage levels.

Where are the headquarters of FXOpen?

FXOpen Markets Limited is headquartered at Springates East, Government Road, Charlestown, Nevis.

FXOpen UK is headquartered at 80 Coleman Street, London, EC2R 5BJ, United Kingdom.

Who is FXOpen’s CEO?

The CEO of FXOpen appears to be Alexey Stepanov. The company does not give any details regarding the CEO or his qualifications and background.

What are the social media accounts of FXOpen?

Traders can follow FXOpen on the following social media accounts:

  • Twitter
  • Facebook
  • Telegram
  • LinkedIn

How many employees do work for FXOpen?

FXOpen has over 500 employees.

What are the opinions about FXOpen?

FXOpen receives a decent trust rating in several customer reviews. FXOpen further has a good reputation in the industry for its competitive trading environment with multiple platforms for active traders. Although education resources are limited, the low spreads and commissions and strong track record make it an attractive option for high volume traders.

What are FXOpen Contests?

FXOpen runs the ForexCup Trading Contest bonus, which is subject to demo contest terms and conditions. ForexCup offers regular weekly and monthly trading contests for demo accounts.

FXOpen and ForexCup invited traders to participate in Money Managers, a contest with real PAMM accounts during 2020 and during August of that year, the broker also ran “Forex School” a free educational contest on demo accounts.

Does FXOpen have online support?

Yes, FXOpen offers online support via a Live Chat option, email for FXOpen clients or potential clients, as well as a Customer Support Portal on the website.

Traders can submit a ticket to any department by logging into the Customer Support Portal and using their email and MyFXOpen password.

Does FXOpen offer demo accounts for Forex trading?

Yes, FXOpen offers free demo accounts for new traders. The demo account can be opened with the following steps:

  1. Navigate to the demo account registration portal on the FXOpen website
  2. Choose for what type of account you want to open a demo version and complete the registration form with your full name, email address, and contact details
  3. Accept the FXOpen Client Agreement and eWallet Terms of Use.
  4. Give consent to your personal data being processed according to FXOpen Privacy Policy.
  5. A confirmation email will be sent to your inbox. Confirm the link in the email to open the account. 

Does FXOpen have a mobile app for Forex trading?

Yes, FXOpen offers trading terminal versions for the most popular mobile platforms – iOS and Android. With these, traders can access their trading accounts on the go since the mobile versions of the trading terminal offer the same essential features as the MT4 desktop terminal.

Traders can do the following with FXOpen’s mobile Forex trading apps:

  1. Place market and pending orders
  2. Analyze market trends with built-in technical indicators
  3. Use interactive charts
  4. View account history and statements, detailing open trades and account balance
  5. Receive push notifications when important events occur.

Does FXOpen publish an economic calendar?

FXOpen does offer an economic calendar that can be used as a resource for Forex traders to remain up to date on relevant economic information that is scheduled to be released, which may impact the currency markets. An economic news calendar is one of the first-tier tools for real-time analysis if you decide to trade foreign exchange.

FXOpen’s economic calendar summarises news and other important publications to be published during trading sessions. These are fundamental data that can affect the prices of small and large markets. 

What is the communication information of FXOpen?

FXOpen Markets Limited states its registered address as Springates East, Government Road, Charlestown, Nevis.

FXOpen UK states its registered address as 80 Coleman Street, London, EC2R 5BJ, United Kingdom.

The following email addresses and telephone numbers are published on the broker’s official website:

Customer Support – [email protected]

+44 (0) 203 519 1224

Trading Desk – +44 (0) 203 519 1224

Media Enquiries – [email protected]

+44 (0) 203 514 2318