• Minimum Deposit

    • 50-500
  • Leverage

    • 500:1
    • 30:1
    • 400:1
    • 300:1
    • 200:1
    • 100:1
  • Regulation

    • Financial Commission Complete
    • FCA
    • CySec
    • ASIC

Full Breakdown Filters

Full Breakdown

Full Breakdown
Minimum Deposit
Leverage
Regulation
Platforms
Currency Pairs
Execution Model
Contract Sizes
Spreads
Languages
Additional Filters

Overview

A Complete FXOpen Review

Broker detail

Regulation and License FCA, ASIC, CySEC
HQ London, UK
Founding year 2003
Leverage range Maximum leverage is 1:30, 1:500 for PRO traders
Min deposit Depends on jurisdiction: EU and UK — EUR300, USD300, AU from AUD10
Platforms MT4, MT5, TickTrader
Tradable Instruments Forex, Indices, Cryptocurrencies, Commodities, Shares, ETFs
Demo account Yes
Base Currencies Multiple base currencies
Customer support In English, Russian, French, Indonesian, Arabic, Chinese, German
Active ClientsNot mentioned
Publicly tradedNo
CryptoYes
Websitehttps://fxopen.com/

Pro and Cons

Pros Cons
Supports multiple base currencies Not available to traders in the US
Quick account opening
Wide range of instruments
Multiple tradable markets
MT4 and MT5 support

FXOpen broker overview

It’s among the leading forex and CFD brokers. FXOpen offers trading in a wide range of financial instruments across multiple platforms, including MT4, MT5, and TickTrader.

The companies operating under the FXOpen brand are authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA). The platform was founded in 2003 and offered leverage of up to 1:500 for Pro traders and 1:30 for retail clients. The deposit depends on the jurisdiction and it starts from as minimum as AUD10.

It offers trading in forex, indices, cryptocurrencies, commodities, shares, and ETFs. In addition, the company provides a demo account and multiple base currencies. Customer support is available in English, Russian, French, Indonesian, Arabic, Chinese, German.

The platform does not disclose the number of active clients, and the company is not publicly traded. They also offer cryptocurrency CFD trading in all jurisdictions, but it is only available for Pro clients at the UK entity.

It’s among the leading forex brokers that offers a reliable and well-regulated platform covering a wide range of financial instruments and competitive trading conditions. In this detailed review, we will take a look at the critical features of the platform and assess whether it is the right broker for you.

FXOpen safety details

Fxopen company glance
FXopen company at a glance

As it's a regulated body by FCA, ASIC, and CySEC, it is a safe broker to trade with. Your capital is also protected as the company has segregated client funds. In segregated clients' funds' accounts, brokerages must hold clients' money in a different account to the company's operating funds. FXOpen UK Ltd is also a member of the Financial Services Compensation Scheme (FSCS) and FXOpen EU Ltd is a member of the Investor Compensation Fund (I.C.F).

In addition, they also offer negative balance protection, which means that you will never lose more than your account balance. In our FXOpen broker review, we found that they've implemented all the modern safety features that we look for in a broker.

They also take data security seriously and employ state-of-the-art SSL encryption to protect your personal and financial information. Overall, we believe that it is a safe broker that you can trust with your money. In addition, they offer a very transparent pricing structure with low spreads and no hidden fees.

Fees details

Fees Type FXOpen
Deposit fee Deposit fee varies depending payment method used
Withdrawal fee Depends on method used
Inactivity fee No inactivity fee for regulated entities
Fee rankingLow/ Average

Deposits are free but withdrawals are not entirely free, and there are certain charges depending on the method used. The deposit methods available for all entities are bank wire transfer, and credit/debit card.

The deposit fees charged depend on the method used; for example, there is no deposit fee if you use a bank wire transfer or credit/debit card for EU and UK entities, POLi for AU entities.

The withdrawal methods available are bank wire transfers, and credit/debit cards. The withdrawal fees charged also depend on the method used. For example, there is a EUR15 fee for bank wire transfers and they offer free withdrawals on debit/credit cards for UK and EU entities.

In addition to these charges, there is also an account inactivity fee which is USD50 upon reactivation. The account inactivity fee is charged when you don't log in to your account and trade for a certain period. However, there is no inactivity fee for regulated entities.

Overall, the fees charged by the platform are in line with the industry average.

FXOpen spreads

The broker is known for offering tighter spreads from 0.0 pips on major currency pairs like EUR/USD and USD/JPY.

For those who trade cryptocurrencies, spreads are tighter, with a commission of 0.5%. The broker offers two accounts, and the spread structure varies accordingly. For ECN accounts, the spreads are raw from 0.0 pips, for STP, the spreads are wider than ECN, but there is no trading commission.

Floating spreads are those that change according to market conditions. They are dynamic and can go up or down, depending on the liquidity in the market. On the other hand, fixed spreads are those that remain constant regardless of market conditions.

ECN accounts have raw spreads, meaning the spreads that you see on your platform are the actual spreads that are available in the market. Therefore, there is no markup or volume based commission in 1.5 - 5 units of base currency range.

Swap fee details

A swap fee is something that is charged when a position is kept open overnight. This fee is expressed as the interest rate differential between the two currencies involved in a trade. The swap fee is calculated based on the current market rates and is charged at 00:00 Server time. In addition, FXOpen also offers swap-free Islamic accounts.

To calculate the swap fee, the platform uses the following formula:

SWAP = (Transaction Amount X (Interest Rate Difference + Broker’s Commission) / 100) X Current price of the currency pair / Number of days per year

For example, if you buy one lot of EUR/USD at a price of 1.1000 and hold the position overnight, the swap fee will be calculated as follows:

SWAP = (1 X (0.25 + 0.02) / 100) X 1.1000 / 365 which equals 0.001229, or USD1.23 per lot.

The overall fee structure of this broker is very competitive. The deposit and withdrawal fees are reasonable, and the swap fees are on par with the industry average.

Deposit and withdrawal options

It offers a wide range of deposit and withdrawal options. Deposit options include bank transfers and credit/debit cards. Withdrawal options include bank transfers, and credit/debit cards.

The wire transfer FXOpen deposit method is free for all entities. In addition, debit/credit card deposit is also free for UK and EU entities. POLi is free for AU entities, on other methods, traders need to pay certain fees, as we discussed above.

FXOpen minimum deposit varies for different entities. For example, for UK and EU entities minimum deposit is EUR300 or USD300 for both ECN and STP accounts, FXOpen AU minimum deposit is AUD10 for the STP account and AUD200 for the ECN account.

For withdrawals, the platform charges a EUR15 fee for bank transfers and free withdrawals via debit/credit cards for FXOpen UK and FXOpen EU. Also, free bank transfer in AUD and 2.5% + 3.5 EUR fee for withdrawals via debit/credit cards for FXOpen AU. The withdrawal fees are transparent, and there are no hidden charges.

The broker has secured banking arrangements with major banks in Australia, the UK, and Cyprus. Client funds are held in segregated accounts. With the latest SSL implementation for both deposits and withdrawals, clients don't need to worry about the safety of their funds.

Moreover, as the broker is regulated, it has implemented KYC. Under this process, the broker collects certain documents from clients to verify their identity and address.

The documents required for account verification include a government-issued ID, passport, or driving license for proof of address.

In addition to KYC, they've also implemented AML policies and procedures to protect their clients from fraud and money laundering. AML or Anti-Money Laundering is the process of preventing the illegal use of the financial system for criminal activities.

Tradable markets available

They offer a wide range of tradable markets, including forex, indices, cryptocurrencies, commodities, shares, and ETFs. The company also provides a demo account. So let's dive into every tradable market in detail to understand better:

fxopen broker review
FXopen reason to trade

Forex

The foreign exchange (forex) market is the largest and most liquid market in the world, with a daily turnover of more than $5 trillion. They offer 50+ major, minor, and exotic currency pairs with leverage of up to 1:500 for PRO accounts.

You can trade forex on the MT4, MT5, and TickTrader platforms. Some popular pairs include EUR/USD, GBP/USD, USD/JPY, and AUD/USD. TickTrader platform also supports trading through a wide range of APIs.

As the spreads on forex trading at this platform are tighter, you can take advantage and trade with a lower risk. Also, there are no deposit or withdrawal fees charged on bank wire transfers for trading forex markets.

Indices

You can trade major global indices such as the US Dow Jones, Nasdaq 100, UK FTSE 100, and Japan Nikkei 225. Indices CFDs are available on the MT4, MT5, and TickTrader platforms with leverage of up to 1:20.

Indices are popular among traders as they offer exposure to a basket of assets rather than just one. Indices can be traded as CFDs. Moreover, the trading hours for indices are generally longer than in other markets, such as forex.

Commodities

You can trade popular commodities CFDs such as gold, silver, oil, and natural gas at the platform. The broker uses a floating spread pricing model for commodities, with spreads starting from 0 pips. Leverage of up to 1:20 is available for commodity CFDs. Commodities are among the most popular assets to trade and are often used as a hedge against inflation.

This broker offers ample opportunities for commodity trading, and you can check the live spreads on the website. The minimum trade size for commodities is 0.01 lots, and you can trade on the MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TickTrader trading platforms.

Cryptocurrencies

You can trade popular cryptocurrency CFDs such as Bitcoin, Ethereum, Litecoin, and Ripple against the US dollar on the FXOpen MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.

In addition, you can also trade cryptocurrency pairs against other fiat currencies, such as BTC/EUR and BTC/JPY. There is a wide range of cryptocurrency pairs available on this platform. The main advantage of trading cryptocurrencies with this broker is that you don't need to open a cryptocurrency wallet as the broker offers CFDs.

Shares

You can trade a variety of shares, including those of major US companies such as Apple and Facebook.

The spreads on share CFDs are floating, and the available leverage for share trading on this platform is 1:5.

Available leverage

As per our research for the FXOpen broker review, the maximum leverage is 1:500 for Pro accounts and 1:30 for other accounts. The maximum leverage for all traders is 1:30, while for non-major currency pairs, gold, and major indices, the maximum is 1:20.

For other instruments, including minor currency pairs, exotics, commodities other than gold, and other indices, the maximum is 1:10.

Let's take an example, with leverage of 1:500 on a deposit of $50; a trader can open a position worth $25,000.

If the trade is successful and the price of the instrument increases by 1%, the trader will make a profit of $250. However, if the trade is unsuccessful and the price of the instrument falls by 1%, the trader will incur a loss of up to 90% of his deposit.

Leverage is a high risk and powerful tool that can magnify both your profits and losses. However, it is important to remember that leverage can work against you as well as for you.

You should, therefore, only use leverage when you are confident that you understand the high risk involved and when you have sufficient capital to cover your losses.

Available trading platforms

Being a popular multi-asset broker, the platform offers a wide variety of trading platforms for its clients. In addition, it has gained a lot of popularity among traders due to the MetaTrader 4 (MT4) platform. Let's look at all available trading platforms available at this broker.

FXOpen MT4

MetaTrader 4 is one of the most widely-used trading platforms in the world. It is a user-friendly platform that offers a wide range of features and tools for both beginner and experienced traders. The platform is available in three versions: desktop, web, and mobile.

Some of the critical elements of MT4 include technical analysis, advanced charting tools, a large selection of technical indicators, Expert Advisors (EAs) for automated trading, and much more.

FXOpen MT5

MetaTrader 5 (MT5) is the successor of MT4 and offers a number of improvements, such as improved charting tools, multiple timeframes, technical analysis and more advanced order types.

The platform is available in three versions: desktop, web, and mobile. Some key features of MT5 include advanced charting tools, a large selection of technical indicators, multiple timeframes, and more advanced order types.

TickTrader

TickTrader is a proprietary trading platform developed by the broker. It is available in three versions: desktop, web, and mobile. The platform offers a wide range of features and tools, including advanced charting tools, a large selection of technical indicators, multiple timeframes, and more.

In addition, TickTrader lets you trade directly from the charts and includes a built-in economic calendar.

Along with these options, the platform also offers a demo account that you can use to practice your trading strategies without risking any real money.

Available accounts

There are majorly two types of accounts that are available: an ECN and an STP account.

ECN

For ECN, the minimum deposit amount is AUD200 for FXOpen AU and EUR300 or USD300 for UK and EU jurisdictions and you get access to all trading markets, including shares, indices, and cryptocurrencies. The minimum transaction size on ECN is 0.01 lot, and the spreads are from 0.0 pips.

With available leverage of 1:30, you get a margin call of 100% and stop out of 50%. Moreover, the commission for a per lot at the ECN account starts from USD1.50. It’s among a few forex brokers that offers such flexibility to traders.

STP

STP or Straight Through Processing account is designed for those who want to send client orders directly to the market without passing through a dealing desk. The account is commission-free, but you have to pay the spread on each trade.

The minimum deposit for STP is AUD10 for FXOpen AU and EUR300 or USD300 for UK and EU jurisdictions, and the minimum trade size is 0.01 lot. The spreads start from 1.0 pips, and you get a margin call of 50% and stop out at 30%. Moreover, the leverage available at the STP account is 1:30.

What is the FXOpen registration process?

Follow the below steps to open an account:

  1. Go to the website and click "Open an Account."
  2. Select your account type and fill in your personal details.
  3. Upload the required documents for account verification.
  4. Once your account is verified, you can make a deposit and start trading.

Customer support information

They provide customer support in English, Russian, French, Indonesian, Arabic, Chinese, German. In addition, the company offers support through live chat, phone and email, making it easier for customers to get in touch when they need assistance. The customer support team is responsive and helpful, providing timely service and guidance when required.

The company has a global presence with multiple locations in London, Limassol, Charlestown, and Perth, WA.

Trading tools

The platform offers a variety of trading tools to help you make informed trading decisions. These include:

Margin and Pip Value Calculator

This calculator helps you determine the margin requirements and pip values for your trades. Margin is something that you need to be aware of when trading with leverage, as it can magnify both your profits and losses.

Pip is the unit of measurement for the change in value between two currencies. Traders can use this calculator to see how changes in the margin and pip values can impact their trading strategy.

One Click Trading

This tool allows you to place trades with just one click. This is helpful if you want to take advantage of market opportunities quickly. Using this tool, you can also modify your position size and the stop-loss and take-profit levels.

Commission Calculator

This calculator helps you determine the commission that you will be charged for your trades. The commission is based on the instrument that you are trading and the volume of the trade. Moreover, the commission is charged on a per-trade basis.

Currency Exchange Rates

This tool allows you to see the current exchange rates for all major currency pairs. You can use this information to help you make informed trading decisions.

Economic Calendar

This calendar provides you with information on upcoming economic events that could impact the markets. The calendar includes the date, time, currency, event, and impact. It is a valuable tool for traders as it can help them to make informed trading decisions.

Available resources

They offer market news covering the Forex market and other markets, including stocks, commodities, and indices. Traders can access this either through their website or the trading platform.

There is also an economic calendar on the website, which is updated daily and covers all the key events that could impact the markets.

FXOpen broker review in a nutshell

It is a regulated online broker offering forex and CFD trading on the popular MT4, MT5, and TickTrader platforms. The company is headquartered in London, UK, and is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and the Australian Securities and Investments Commission (ASIC). They offer a wide range of tradable assets, including forex, indices, cryptocurrencies, commodities, shares, and ETFs. Overall, It is a reliable and well-regulated broker that offers a wide range of financial instruments and competitive trading conditions.

FAQ

What is the minimum deposit on this platformm?

The minimum deposit is AUD10 for FXOpen AU and EUR300 or USD300 for FXOpen UK and FXOpen EU.

What is the maximum leverage offered?

The maximum leverage offered is 1:500 for PRO traders, 1:30 for all other traders.

Do they offer a demo account?

Yes, they offer a full-fledged demo account.

Is FXOpen a regulated broker?

Yes, it is a regulated broker. The companies operating under the FXOpen brand are authorised and regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC).

What are the deposit and withdrawal methods available?

There are multiple deposit and withdrawal methods available, including wire transfer, and credit/debit card.

How to open your account with the broker?

You can open your account with the broker by going to their website and filling out the online registration form.

Does this platform support MT4 & MT5?

Yes, they support both MT4 and MT5.

What are the spreads available on this platform?

The spreads start from 0.0 pips.

What is the minimum trade size for this broker?

The minimum trade size is 0.01 lots.

How to contact customer support?

You can reach out to their customer support via live chat, email or telephone.

Do they offer educational content?

Yes, they offer a wide range of educational content including an in-depth blog, market news and various tools to help you trade successfully.

Can US residents open accounts with this broker?

As of now, US residents can't open an account with this broker.

How can I change my password on this broker platform?

You can change your password by going to the client portal and clicking on the "change password" button.

What account types do they offer?

Mainly they offer two accounts — ECN and STP. Deposits for both accounts vary based on different jurisdictions, and it's AUD200 for ECN and AUD10 for STP and FXOpen AU. For UK and EU entities, it’s EUR300 or USD300.

Is this broker good for scalping?

This broker is suitable for scalping.

Full Breakdown Filters

Full Breakdown

Full Breakdown
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Additional Filters

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