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FXOpen Review 2024

Last updated Jun 17, 2024
FXOpen is trusted. Tested via live trading.

Highlights of FXOpen

FXOpen Logo
Register58-60% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Regulators:
Trading Assets
ForexPrecious MetalsIndicesStocksETFCryptocurrencyEnergy Carriers
Trading Platforms
MetaTrader 4MetaTrader 5TickTraderTradingView
Deposit/withdrawal:
WebMoney Logo
AdvCash Logo
FasaPay Logo
Visa Logo
Mastercard Logo
JCB Logo
Discover Logo
compare FXOpen trading accounts

FXOpen is a global broker regulated by organizations such as the FCA (UK), CySEC (Cyprus), and ASIC (Australia), ensuring a high level of client security and adherence to stringent industry standards.

This broker is renowned for its wide range of trading instruments, including currency pairs, CFDs on stocks, indices, commodities, and cryptocurrencies. Low spreads and commissions make it attractive for traders aiming to minimize trading costs. The variety of available trading platforms, such as MetaTrader 4, MetaTrader 5, TradingView, and TickTrader, provides flexibility and convenience for users, allowing them to choose the most suitable tool for trading.

Pros and Cons of FXOpen

Pros

  1. Wide range of trading assets.
  2. Low spreads and commissions.
  3. Support for various trading platforms.

Cons

  1. Lack of educational materials.

FXOpen Broker Overview

Foundation Year2004
Official Websitehttps://fxopen.com
Regulated in CountriesUnited Kingdom, Cyprus, AustraliaMore Details
Minimum Deposit
  • 1 USD
  • 10 EUR
  • 10 CHF
  • 10 GBP
  • 1500 JPY
  • 100 AUD
  • 100 SGD
Spreadfrom 0 points
Max Leverage1:500
Trading Assets
  • Forex
  • Precious Metals
  • Indices
  • Stocks
  • ETF
  • Cryptocurrency
  • Energy Carriers
Trading Platforms
  • MetaTrader 4
  • MetaTrader 5
  • TickTrader
  • TradingView
Email Support
  • sales@fxopen.com
Hotline Phones
Social Media

The main specialization of the broker FXOpen is online trading. It is an ECN company that provides trading without intermediaries; clients are also given access to STP and market-maker accounts.

Originally, FXOpen was a training center for technical analysis of financial markets. It was established in 2003. The company began providing brokerage services only two years later.

This broker came up with the idea of opening swap-free accounts and supporting beginners by providing micro-accounts.

Since 2009, it has provided investment services in trust management. The liquidity providers for the company include:

  • LavaFX;
  • Morgan Stanley;
  • Deutsche Bank AG;
  • UBS;
  • Barclay Capital;
  • Bank of America and others.

FXOpen is in the top 10 of the following ratings:

FXOpen Review Summary

Our ratings are based on comprehensive and objective analysis. Our experts thoroughly research various aspects of the broker's activities, including trading conditions, educational materials, analytics, technical support, and more. For detailed research methodology, please follow the link - Broker Evaluation Methodology.

Based on this approach, we create reviews that help traders make an informed choice. We hope that this review will be helpful to you. We invite you to continue reading the review to understand the FXOpen broker comprehensively.

Reliability and Regulation

Rating:5/5

Broker FXOpen is regulated by various financial authorities, which attests to its reliability and transparency. Here are some essential licenses and regulators overseeing FXOpen's activities:

Legal EntityRegulator
-

Regulation by various authoritative bodies confirms FXOpen's reliability and protection of client interests. This means that traders can be confident in the security of their funds and adherence to quality standards of provided services.

Account Opening

Rating:5/5

Opening an account with FXOpen is simple, convenient, and quick.

Registration

Here is a step-by-step guide to opening an account with FXOpen:

  1. Go to the official FXOpen website.
  2. Click on the "Open Account" or "Registration" button in the upper right corner of the homepage.
  3. Fill out the registration form with your details, such as first name, last name, email address, and phone number. Also, create a password for your account.
  4. Read and agree to the terms of service and privacy policy of FXOpen by checking the appropriate boxes.
  5. Click on the "Register" or "Create Account" button.
  6. You will receive an email with a link to confirm your registration. Follow the link to activate your account.
  7. Log into your FXOpen personal area using your email and password.
  8. Complete the verification process by providing the necessary documents, such as a copy of your passport and a document confirming your residence address (for example, a utility bill). Verification is required to comply with regulatory requirements and prevent money laundering.
  9. After successful verification, you can open a trading account by selecting the desired account type, currency, and platform.
  10. Make an initial deposit using one of the available account funding methods and start trading.

Please note that the verification process may take some time, depending on the workload of the support service and the quality of the documents provided.

FxOpen registration form
FxOpen registration form

Personal Area

The FXOpen Personal Area provides users many features and capabilities for managing their trading accounts, finances, and settings. Here are some key features available in the FXOpen Personal Area:

  1. Trading account management: opening new trading accounts and viewing information about existing accounts, including balance, leverage, and margin.

  2. Deposits and withdrawals: funding trading accounts, withdrawing funds to your bank account or e-wallet, and viewing transaction history.

  3. Internal transfers: transferring funds between your trading accounts or between accounts of other FXOpen users.

  4. Platform settings management: downloading trading platforms (such as MetaTrader 4 or MetaTrader 5), installing plugins and indicators, and changing platform settings.

  5. Education and analytics: access to educational materials, market news, economic calendar, and analytical reviews from FXOpen experts.

  6. Participation in promotions and contests: viewing current promotions and special offers, registering in contests on demo accounts or real accounts with the possibility of winning prizes.

  7. Affiliate program: Register in the FxOpen affiliate program, view statistics and reports on your referrals, and receive affiliate rewards.

  8. Support service: Contact FXOpen support service through various channels, such as online chat, phone, or email, and view the knowledge base and frequently asked questions.

The FXOpen Personal Area offers a convenient and functional interface for managing all aspects of your trading activity, allowing you to focus on trading and achieving success in the Forex market.

FXOpen Personal Area
FXOpen Personal Area

Minimum Deposit

The broker offers several types of accounts, each with its minimum deposit.

For an STP account, the minimum deposit is 10 US dollars. This type of account is ideal for traders looking for direct access to the interbank market without intermediaries.

ECN accounts are designed for traders who want to experience the whole trading experience on an ECN platform, with a minimum deposit of 100 dollars.

For those who want to start trading with minimal investments, FXOpen offers Micro accounts, for which the minimum deposit is only 1 dollar.

If you want to trade cryptocurrencies, the minimum deposit for Crypto accounts is 10 dollars. This is an excellent option for those who wish to participate in the rapidly growing cryptocurrency market with minimal investments.

It is important to remember that the minimum deposit is just the initial amount you need to deposit to open an account, and it does not guarantee the success of your trading operations.

Account Types

Rating:5/5

FXOpen provides a comprehensive trading experience, offering its clients a wide selection of trading accounts, additional services, and features, such as PAMM accounts, copy trading of successful traders, VPS, and trading contests.

Trading Accounts

FxOpen offers various trading accounts that can meet the needs of traders with different levels of experience and trading strategies. Here are the main types of FXOpen trading accounts:

STPECNMicroCrypto
Account CurrencyUSD, EUR, CHF, GBP, JPY, GLDUSD, EUR, CHF, GBP, JPY, AUD, SGD, mBTC, GLDUSDUSD, EUR, GBP, JPY, mBTC, LTC
Minimum Deposit10 $10 100 $100 1 $10 $10
Trading PlatformsMetaTrader 4MetaTrader 4MetaTrader 5TickTraderTradingViewMetaTrader 4
Spreadfloatingfrom 1 pipsfor EURUSD~ 1.2 pipsfloatingfrom 0 pipsfor EURUSD~ 0.1 pipsfloatingfrom 1 pipsfor EURUSD~ 1.2 pipsfloatingfrom 1 pipsfor BTCUSD~ 1.2 pips
Commission per Tradeper 1 lot~ 3.5 $per 1 lot~ 100 $
Trading AssetsForexPrecious MetalsForexIndicesStocksETFCryptocurrencyPrecious MetalsEnergy CarriersForexPrecious MetalsCryptocurrency
Opened Positionsup to 100
Leverage1:1-1:5001:1-1:3
Margin Call / Stop Out50% / 30%100% / 50%20% / 10%30% / 15%
Order ExecutionSTPECNMMECN
Demo Account
Islamic Account
RegisterRegisterRegisterRegister
  1. Micro account (Micro). This type of account is perfect for novice traders who want to try their hand at the Forex market with minimal risks. The Micro account offers a minimum deposit of just 1 USD and allows trading with micro-lots.

  2. STP account (STP). The STP account provides direct access to the interbank market without dealer intervention. This type of account is characterized by higher spreads but no commission on trades. The minimum deposit to open an STP account is 10 USD.

  3. ECN account (ECN). ECN account offers traders access to the Electronic Communication Network (ECN), where they can trade directly with other market participants. Tight spreads and transaction commissions characterize ECN accounts, and they are intended for experienced traders and professionals. The minimum deposit to open an ECN account is 100 USD.

  4. Crypto account (Crypto). The Crypto account specializes in cryptocurrency trading and offers access to more than 40 cryptocurrency-based instruments. Low commissions and special conditions for cryptocurrency trading characterize this type of account. The minimum deposit to open a crypto account is 10 USD.

Demo account

The FXOpen demo account allows you to practice trading on different types of accounts risk-free and without any cost to your wallet. You can open a training account directly from the company's website by completing a form. If you have already registered a personal account, you can open a demo account through it, simplifying the process.

You can open an ECN, STP, or Crypto account in virtual US dollars for training. You can choose the deposit amount and leverage yourself from the dropdown menu. It's better to select the amount you plan to start trading.

PAMM account

PAMM accounts at FXOpen are designed for joint fund management by traders and investors. Managers open PAMM accounts for trading, and investors invest funds in these accounts. Profits are shared among the account participants according to their share of participation. Here are the main features of PAMM accounts at FXOpen:

  1. Manager. The manager opens a PAMM account and trades on it using their invested funds. The manager sets the terms for investors, such as the size of the management fee and the minimum contribution. Successful managers attract investors and earn a commission based on their trading results.

  2. Investor. Investors choose managers based on their trading history, risk level, and other parameters. Investors allocate funds to the managers' PAMM accounts, and their share in the account determines the proportion of profit or loss they receive from the manager's trading. Investors can add or withdraw funds from the PAMM account at any time.

  3. Managers' Rating. FxOpen ratings PAMM account managers based on various parameters, such as total profit, risk level, and trading stability. This allows investors to compare managers and choose those matching their investment goals and risk appetite.

  4. Fund Security. Investors' and managers' funds are kept in separate accounts, and FxOpen provides an automatic profit and loss distribution feature among participants of the PAMM account. This ensures that the manager cannot withdraw the investor's funds, and investors can control their funds at any time.

  5. Transparency. FxOpen's PAMM system ensures complete transparency of trading results for all participants. Investors can track the managers' activity in real-time, while managers can showcase their results and attract investors based on their successes. This creates trust between managers and investors and allows investors to make informed decisions when choosing managers.

  6. Flexibility. Investors can invest in multiple PAMM accounts with different management strategies and risk levels, allowing them to diversify their investments and reduce overall risk. Additionally, investors can change their managers anytime if they are unsatisfied with the trading results.

  7. Monitoring and Analysis. FxOpen offers robust tracking and analysis tools for investors and managers to evaluate trading results and refine their strategies. Managers can use these tools to identify the strengths and weaknesses of their strategies, while investors can assess managers' performance over different periods and market conditions.

PAMM Account Rating on FXOpen
PAMM Account Rating on FXOpen

FXOpen PAMM accounts offer a unique opportunity for experienced traders who want to increase their profits by providing fund management services and investors who wish to invest in the Forex market without needing to trade on their own. The FXOpen PAMM system combines transparency, security, and flexibility to make joint fund management as convenient and effective as possible for all participants.

PAMM account trading data on FxOpen
PAMM account trading data on FxOpen

Automated Trading

FxOpen offers several services for automated trading, which can be helpful for traders who prefer to use algorithmic strategies or copy the trades of successful market participants. Here are the primary services available at FXOpen:

  1. Trading Robots. FXOpen supports trading robots created based on the popular MetaTrader 4 and MetaTrader 5 trading platforms. Traders can use existing robots or develop their own to automate their trading strategies.

  2. MyFxBook SignalStart. FxOpen collaborates with the MyFxBook platform, one of the best platforms for copy trading. MyfxBook SignalStart allows users to connect their FXOpen trading accounts and select signals from professional traders worldwide. The platform provides various tools for analyzing and evaluating signal statistics so traders can choose the most suitable signal provider.

  3. VPS. To ensure the stable operation of trading robots and other automated systems, FXOpen offers a Virtual Private Server (VPS) service. VPS hosting allows the installation and operation of trading robots on a remote server, which ensures continuous operation and minimizes downtime caused by internet connection or power issues on the client's computer. This is especially relevant for trading strategies that require a quick response to market condition changes.

  4. MQL5 Signals. FxOpen also provides access to MQL5 signals integrated into the MetaTrader 4 and MetaTrader 5 trading platforms. MQL5 Signals is a service that allows subscribing to signals from experienced traders directly in the trading terminal. By subscribing to signals, traders can automatically copy signal providers' trades, enabling them to diversify their trading and leverage the knowledge and experience of other market participants to make a profit.

FxOpen offers various automated trading services that can meet the needs of different traders - from beginners to experienced professionals. These tools allow traders to optimize their trading, save time, and improve results with minimal effort. However, before using any automated trading tool, traders are advised to study its functionality and potential risks and conduct testing on a demo account.

Forex Contests

FXOpen regularly conducts Forex trading contests. These contests allow traders to test their skills and knowledge in the market by competing against other participants for cash prizes and other rewards. Contests usually occur on demo accounts, allowing participants to trade without risking their funds.

Examples of such contests at FXOpen include:

  1. ForexCup and Forex.game. ForexCup and Forex.game are a series of trading contests conducted on demo accounts. Participants can choose a contest that suits their experience level, trading style, and interests. The prize pool of the competitions can vary and usually consists of cash prizes, bonuses to trading accounts, or even tangible goods. Participants can track their results and rank on the FXOpen website in real-time.
  2. Social media contests. FXOpen also conducts contests and promotions on its social media pages. Participants can win prizes and bonuses by completing tasks and participating in interactive events held as part of these contests.

  3. Affiliate contests. FXOpen also has contests for its affiliates, such as representatives, agents, and webmasters. Participants can compete for additional rewards, bonuses, and prizes by promoting FxOpen services and attracting new clients.

  4. Special contests. From time to time, FxOpen may conduct special contests or promotions related to specific events, holidays, or company anniversaries. Participants can win unique prizes or receive special bonuses for such events.

Before participating in a contest, it is recommended to familiarize yourself with its rules and conditions to understand the criteria for evaluating results and how prizes will be distributed. Participation in FXOpen contests can be an excellent way for traders to improve their skills, gain new knowledge and experience, and earn additional funds or prizes. These contests also promote friendly competition and the exchange of experience among participants, which can benefit their further professional growth in the Forex world.

Commissions

Rating:3/5

FxOpen's commissions are average for the market. Let's explore why we believe this.

Trading Commissions

The central trading commissions are spreads, swaps, and the transaction fee on an ECN account.

Transaction Fee

The commission per lot on an ECN account is flexible and depends on the balance and trading volume, calculated in USD over the last 30 days.

Account Balance

Trading Volume

$5 million

$5-$25 million

$25-$250 million

>$250 million

Less than $1,000

$3.50

$2.50

$1.80

$1.50

$1,000 - $25,000

$2.50

$2.50

$1.80

$1.50

$25,000 - $250,000

$1.80

$1.80

$1.80

$1.50

More than $250,000

$1.50

$1.50

$1.50

$1.50

The maximum commission of $3.5 is average for the market. Below is the commission per lot for the EURUSD pair at different Forex brokers:

BrokerIC MarketsRaw SpreadPepperstoneRazorFXOpenECNRoboforexECNFxProStandard
Commission per lot$3.5$3.5$3.5$2.16$0.00

Spreads and Swaps

FxOpen's spreads are competitive and comparable to competitors' spreads. However, swaps are somewhat inflated compared to other Forex brokers. Because of this, it may be disadvantageous for traders to engage in long-term trading with FXOpen.

Below is a table of spreads and swaps for some currency pairs.

AssetAverage spreadSwap longSwap short
EURUSD1.1 pips-8.81 pips0.18 pips
GBPUSD1.5 pips-5.84 pips-4.29 pips
USDJPY2.2 pips15.57 pips-30.69 pips
AUDUSD1.1 pips-5.17 pips-0.11 pips
NZDUSD1.1 pips-2.64 pips-2.21 pips
USDCAD1.8 pips-3.74 pips-7.15 pips
USDCHF1.2 pips4.95 pips-13.20 pips

Inactivity Fee

It is important to note that FXOpen charges an inactivity fee for dormant trading accounts.

A trading account is considered inactive if there has been no:

  • trading activity;
  • deposits or withdrawals;
  • transfers between accounts.

FXOpen charges a monthly fee of 10 USD to maintain an inactive account. The cost is automatically deducted from the account. If the balance of a dormant account falls to zero or becomes negative, the account is archived (blocked).

To reactivate a blocked account, one must contact customer support.

A one-time fee of 50 USD is charged for account reactivation.

Instead of reactivating an old inactive account, you can also open a new account in your area.

Deposit and Withdrawal

Rating:4.2/5

FxOpen offers a wide range of funding and withdrawal methods, including traditional payment systems and cryptocurrencies, providing flexibility for traders.

Funding Methods

Payment SystemCurrenciesDeposit FeeOperation Limit
WebMoneyWebMoney
USDEUR
4%
from 1 to 1000000 USDfrom 1 to 1000000 EUR
AdvCashAdvCash
USDEURGBP
0.5%
from 3 to 1000000 USDfrom 3 to 1000000 EURfrom 3 to 1000000 GBP
FasaPayFasaPay
USDIDR
0%
from 0.01 to 75000 USDfrom 10000 to 700000000 IDR
VisaVisa
USDEUR
7%
from 5 to 1000 USDfrom 5 to 1000 EUR
MastercardMastercard
USDEUR
7%
from 5 to 1000 USDfrom 5 to 1000 EUR
JCBJCB
USDEUR
7%
from 5 to 1000 USDfrom 5 to 1000 EUR
DiscoverDiscover
USDEUR
7%
from 5 to 1000 USDfrom 5 to 1000 EUR
CryptocurrencyBlockchainDeposit FeeOperation Limit
Логотип BitcoinBTC (Bitcoin)BTC
0%+ 0.0001 BTC
from 0.001 to 1000000 BTC
Логотип Bitcoin CashBCH (Bitcoin Cash)BCH
0%
from 0.001 to 10000000 BCH
Логотип LitecoinLTC (Litecoin)LTC
0%
from 0.01 to 1000000 LTC
Логотип EthereumETH (Ethereum)ERC20
0%+ 0.001 ETH
from 0.01 to 1000000 ETH
Логотип TetherUSDT (Tether)ERC20
0%+ 5 USDT
from 5 to 1000000 USDT

It is important to note that the broker does not charge a fee for depositing or withdrawing funds. However, fees may be incurred by the payment provider.

Withdrawal Methods

Payment SystemCurrenciesWithdrawal FeeOperation Limit
WebMoneyWebMoney
USD
0.8%
from 1.01 to 1000000 USD
AdvCashAdvCash
USDEUR
0.5%
from 1 to 1000000 USDfrom 1 to 1000000 EUR
FasaPayFasaPay
USDIDR
0.5%
from 1 to 25000 USDfrom 25000 to 250000000 IDR
VisaVisa
USDEUR
3.5%
from 10 to 2000 USDfrom 10 to 2000 EUR
MastercardMastercard
USDEUR
3.5%
from 10 to 2000 USDfrom 10 to 2000 EUR
CryptocurrencyBlockchainWithdrawal FeeOperation Limit
Логотип BitcoinBTC (Bitcoin)BTC
0%+ 0.0005 BTC
from 0.001 to 1000000 BTC
Логотип Bitcoin CashBCH (Bitcoin Cash)BCH
0%+ 0.0005 BCH
from 0.001 to 10000000 BCH
Логотип LitecoinLTC (Litecoin)LTC
0%+ 0.005 LTC
from 0.01 to 1000000 LTC
Логотип EthereumETH (Ethereum)ERC20
0%+ 0.0015 ETH
from 0.01 to 1000000 ETH
Логотип TetherUSDT (Tether)ERC20
0%+ 15 USDT
from 30 to 1000000 USDT

Please note that FXOpen may require additional verification of your identity or payment methods before processing a withdrawal. Furthermore, some deposit and withdrawal methods may include fees or currency exchange processing, so it is recommended to review the terms and conditions of each method before use.

Withdrawal requests are processed within 2 business days.

Markets and Products

Rating:4.6/5

FXOpen offers a wide range of trading assets and different conditions for each.

However, it should be noted that soft commodities are absent. This may limit trading opportunities for traders, especially those who want to diversify their portfolios.

What markets are available?

BrokerIC MarketsFXOpenPepperstone
Forex616697
Precious Metals7320
Energy Carriers534
Soft Commodities816
Indices251226
Stocks2175553986
ETF3856108
Bonds10
Cryptocurrency214130

Leverage

Leverage at FxOpen may vary for different types of instruments.

Trading InstrumentMax. Leverage for Retail Traders
Forex
1:30
Precious Metals
1:20
Energy Carriers
1:10
Indices
1:20
Stocks
1:5
ETF
1:5
Cryptocurrency
1:2

Trading Platforms

Rating:5/5

FxOpen offers a variety of trading platforms to meet the needs of different traders. The choice of platform depends on the trader's preferences, experience, and trading strategies. To determine the most suitable platform, it is recommended to try each of them on a demo account and decide which one best meets your requirements and trading style. Regardless of your chosen platform, FxOpen provides all the tools and resources for successful trading in the forex and other financial markets.

MetaTrader 4 (MT4)

MT4 is one of the world's most popular and widely used trading platforms. It offers robust tools for market analysis, charting, and trade execution. MT4 supports trading robots (Expert Advisors) and allows custom indicators, templates, and scripts to be used. The platform is available on various devices, including computers, smartphones, and tablets.

MetaTrader 4
MetaTrader 4

MetaTrader 5 (MT5)

MT5 is a more modern version of the MetaTrader platform that includes all the functionalities of MT4 and several additional tools and options. MT5 provides advanced market analysis capabilities, a more significant number of indicators and graphical objects, and support for trading robots and custom indicators. Moreover, MT5 allows trading in currency pairs and other assets such as stocks, indices, and commodities. The platform is also available on different devices, including computers, smartphones, and tablets.

MetaTrader 5
MetaTrader 5

TickTrader

TickTrader is FxOpen's proprietary trading platform, specifically designed for traders active in the cryptocurrency markets. The platform offers an intuitive interface, charts from TradingView, fast order execution, and a comprehensive set of tools for analyzing and trading cryptocurrencies. TickTrader is available on computers, smartphones, and tablets.

TickTrader platform from FxOpen broker
TickTrader platform from FxOpen broker

WebTrader

WebTrader is a web version of the trading platform that allows FXOpen clients to trade directly through an internet browser without installing additional software. WebTrader offers a simplified interface and essential functions for market analysis, trade execution, and trading account management. This platform is ideal for traders who prefer to trade on various devices or cannot install software on their computers.

Web MT5 platform by FxOpen broker
Web MT5 platform by FxOpen broker

TradingView

TradingView is a modern financial visualization platform that is available as a web service. It provides extensive technical analysis capabilities, including various charts, asset screeners, and trading signals, and allows you to execute trades directly on the platform.

The main feature of TradingView is its social component, which enables users to exchange trading ideas and strategies, share forecasts, and actively discuss current market trends. Trading ideas can be easily visualized and made available to all platform users.

TradingView is widely used by novice and experienced traders and analysts. It supports the analysis of most types of financial instruments, including stocks, currencies, futures, options, and cryptocurrencies.

How do I connect my FXOpen account to TradingView?

FXOpen is fully integrated with TradingView, allowing traders to analyze the market and trade directly through the TradingView interface. Here are the steps to get started:

  1. Log in: Log in to your TradingView account.
  2. Opening the trading panel: Go to www.tradingview.com/chart and activate the trading panel.
  3. Select FXOpen as your broker: On the trading panel, select FXOpen and enter your live or demo account login details.

These steps will give you access to TradingView's powerful analytical and trading features, enhancing your trading strategy with FXOpen.

FXOpen account integration with TradingView platform
FXOpen account integration with TradingView platform

Analytics

Rating:4/5

FXOpen provides a comprehensive suite of analytical tools and services, including proprietary market reviews, forecasts, and economic calendars, and additional services such as a margin and commission calculator. These resources can be handy for traders when making trading decisions.

However, the broker could offer more materials and services for traders, including managing forex signals, more detailed analytical reports, and extended news coverage. Moreover, the lack of translation of some materials into other languages can be a limitation for some clients.

What analytical materials are available?

The analytics section and FXOpen blog offer proprietary reviews and market forecasts, including in the language. Also available to clients are the economic calendar, trading schedule, and English-language industry news. For the convenience of users, the broker additionally offers several services:

  • one-click trading;
  • margin and pip value calculator;
  • currency rate history;
  • commission calculator.
FXOpen blog
FXOpen blog

Education

Rating:2/5

FXOpen does not conduct educational events for beginners or offer specialized literature. Its knowledge base is limited to articles on basic trading concepts and a small glossary.

In this regard, FxOpen has room for growth.

Customer Support

Rating:4.5/5

FXOpen has many communication channels, including email, phone, and live chat. Support responds quickly and professionally.

However, their support service does not operate 24/7, which can cause delays in responding to inquiries on weekends (for example, when trading cryptocurrencies on a weekend day).

Support Service Hours

Customer support operates 24/5.

Email inquiries are processed from 7:00 to 16:00, five days a week.

How to contact support?

You can contact the service team by phone or email or by submitting a ticket on the customer service portal.

  • +64-9-801-0123

  • sales@fxopen.com

In addition, FxOpen's website offers live chat and various messengers for quick communication with support.

Conclusion

FXOpen is a highly regulated broker with licenses from leading international bodies, which guarantees the safety of investments and compliance with strict standards. The broker offers a wide range of trading instruments, allowing traders to diversify their portfolios. Low spreads and commissions make FXOpen an attractive choice for those looking for a cost-effective trading environment. The availability of various platforms gives traders the flexibility to choose a trading instrument.

FXOpen is ideal for experienced traders who can analyze the market independently and make informed trading decisions without significant educational support. The broker is especially attractive to those who seek variety in trading tools and prefer to use advanced trading platforms.

FAQ

Is FXOpen legit?

Yes, FXOpen is a legitimate broker. It is regulated by several reputable financial authorities, including the FCA (UK), CySEC (Cyprus), and ASIC (Australia).

Which country is FXOpen from?

FXOpen was originally founded in Egypt but now has a global presence with headquarters in several locations, including the UK, Cyprus, and Australia.

Is FXOpen an ECN broker?

Yes, FXOpen offers ECN trading accounts, allowing clients to trade directly with other market participants without a dealing desk intervention.

How does FXOpen make money?

FXOpen makes money through spreads, commissions on trades, and other fees such as overnight swap charges.

Is FXOpen good for beginners?

Yes, FXOpen is good for beginners. It offers a demo account for practice and user-friendly trading platforms.

Does FXOpen offer a demo account?

Yes, FXOpen provides a demo account that allows traders to practice trading with virtual funds in a risk-free environment.

How can I open an account with FXOpen?

To open an account with FXOpen, you need to visit their website, fill out the registration form, verify your identity, and make an initial deposit.

How can I delete my FXOpen account?

To delete your FXOpen account, you need to contact FXOpen's customer support team and request the closure of your account.

What is the minimum deposit for FXOpen?

The minimum deposit for FXOpen varies depending on the account type. For Micro accounts, it starts as low as $1, while for ECN accounts, it starts as low as $100.

What is the maximum leverage on FXOpen?

The maximum leverage offered by FXOpen can go up to 1:500, but it depends on the account type and the regulatory jurisdiction.

How do I deposit funds in an FXOpen account?

You can deposit funds into your FXOpen account using various methods, including bank transfers, credit/debit cards, cryptocurrencies, and online payment systems like Skrill and Neteller.

How do I withdraw money from FXOpen?

To withdraw money from FXOpen, you need to log into your account, go to the withdrawal section, select the preferred withdrawal method, and follow the instructions.

Does FXOpen provide VPS?

Yes, FXOpen offers a VPS (Virtual Private Server) service to ensure stable and fast trading execution, which is especially useful for automated trading strategies.

Is FXOpen suitable for scalping?

Yes, FXOpen is suitable for scalping. The broker allows scalping strategies on its trading platforms.

Is FXOpen suitable for auto-trading?

Yes, FXOpen supports auto-trading and is compatible with various automated trading systems, including Expert Advisors (EAs) on MetaTrader platforms.

Is FXOpen suitable for hedging?

Yes, FXOpen allows hedging, enabling traders to open multiple positions in the same or opposite direction to manage risk.

Is FXOpen suitable for spread betting?

No, FXOpen does not offer spread betting services. The broker primarily focuses on forex, CFDs, and cryptocurrency trading.

Visit FXOpen58-60% of retail investors lose money when trading CFDs with this broker

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.