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Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

4.4
/ 5

FXOpen review

By azeshan
Updated on Nov 6, 2024
|
13 mins read

Overview

Finding the best forex broker for your needs takes time and effort. Whether you’re a beginner or an experienced trader, FXOpen is a quality choice. This broker offers...
See full overview for FXOpen
Countries
+8
Devices
Max insured
Yes
Our Verdict
4.4
/ 5
Commissions & Fees
4.7
/ 5
Deposit & Withdrawal
4.1
/ 5
Customer Support
4.3
/ 5
Account Opening
4.7
/ 5
Regulation & Safety
4.4
/ 5

Our 5-step process of verification and evaluation – How do we obtain information?

 

General inspection – 30%

Trading experience – 30%

Technical audit – 20%

Collective experience from collaborations with the broker – 10%

Interviews with real traders – 10%

 

See the entire process here.

Pros

  • Low-Cost Trading

  • Advanced Platforms

  • Regulated by Top-Tier Authorities

  • Suitable for Various Trader Levels

Cons

  • Limited Educational Resources

  • No 24/7 Customer Support

  • Unavailable to US Users

General details

Type of accounts
Unlimited Demo Accounts
ECN accounts
STP accounts
Micro accounts
Trading platforms
Execution Model
ECN
STP
MM
Deposit currency
USD
EUR
JPY
GBP
RUB
AUD
CHF
SGD
Regulatory complience
ASIC
FCA
Deposit payment systems
Withdrawal payment systems
Support Languges
English
Arabic
Indonesian
Spanish
Chinese
Malay
German
Persian
Portuguese
Russian
Thai
Turkish
Ukrainian
French
Autotrading
Zulutrade MyFxBook Autotrade MT4 EA MT5 EA TickTrader
Contact details
[email protected] +64-9-801-0123

Customer reviews

Read real reviews from traders all over the world:

S
Syomkin Aleksandr
18 April 2024
Advantages: More than 15 years on the market
Disadvantages: Different spread in the terminal and in the cabinet when exchanging.
I haven't done too much research on the subject of brokers. It so happened that back in 2009 this broker became my main and then the only one. In principle, this service is enough for me. All I need in my case is to trade profitably, the broker fulfills its part.
S
S Med
16 April 2024
Advantages: Long period of work on the market, favorable trading conditions, convenient personal account, instant execution.
Disadvantages: No automatic withdrawal of profits.
I was attracted by the fact that this broker has been working on the market for more than 15 years. The spreads are some of the smallest in the industry (from 0 pips in ticktrader), I like to trade scalping, so such spreads are very profitable for me and give me the opportunity to earn more. The stability of the terminal is also very important.
See all 88 customers reviews

Accounts

Type of Trading Accounts

FXOpen offers different trading accounts to meet all its users’ specific goals and needs. Although these accounts share similar features, each has unique trading features from which trades can choose based on preference.

  • Micro Account: This account is designed for beginner traders who want to start trading with a small or limited budget. The account requires a minimum deposit of $1 and has a floating spread. The account is only available on the MT4 trading platform, and it is commission-free. While it has a 0.01 lot minimum transaction size, the maximum leverage for the Micro account is up to 1:500.
  • STP Account: This account is designed for traders who want to trade with no commissions and lower spreads. The spreads here are much lower than that of the Micro account. This account requires a minimum deposit of $10 and a floating spread. The STP account is commission-free and is only available on the MT4 trading platform. While it has a 0.01 lot minimum transaction size, the STP account’s maximum leverage is up to 1:500.
  • ECN Account: This account is designed for advanced traders who require direct market access and tight spreads. It requires a minimum deposit of $100 and offers floating spreads. The commissions charged on this account start from $1.5/lot. The ECN account is available on the MT4, MT5, and TickTrader trading platforms. Unlike the previous two accounts, the ECN account provides access to the interbank liquidity pool and has a minimum transaction size of 0.01 lot. The maximum leverage for the ECN account is up to 1:500.
  • Crypto Account: This account is designed for cryptocurrency traders. With these accounts, traders can trade with cryptocurrencies as the base currency. The crypto account requires a minimum deposit of $10 worth of cryptocurrency and offers a floating spread. This account is only available on the MT4 trading platform. A commission of 0.25% of transaction volume is charged, and the minimum transaction size is 0.01 lot. The maximum leverage for the Crypto account is 1:3.
  • Islamic Account: The Islamic account is designed for traders who follow Shariah law and require swap-free trading. It is available for all account types and offers no swap charges or rollover fees.
ECN Account - FXOpen
Swap-free account
Phone trading
Scalping
Hedging
Trading with expert advisers
Trading 24 hours a day
Trailing stop
Trading Platforms
METATRADER 4 Meta Trader 4 Mobile
Deposit currency
USD
EUR
JPY
GBP
SGD
RUB
AUD
CHF
Trading instruments
Forex
1:500
Number of currency pairs: 9
AUD
CAD
EUR
GBP
HKD
NOK
NZD
SGD
USD
1:500
1:500
1:500
Stop Out
50%
Minimum position size
0.01 units
Execution type
market
Spread type
Floating
Decimal places
5
Margin Call
100%
Commission
1.8-2.5 units of base currency (per lot)
Other
Swap free
VIP account
Phone trading
Scalping
Hedging
Spread type
Trading with expert
Trading 24 hours a day
Trailing stop
Interest on free balance
Mailing the documents
SPT Account - FXOpen
Swap-free account
Phone trading
Trading Platforms
METATRADER 4 Meta Trader 4 Mobile
Deposit currency
USD
EUR
GBP
JPY
SGD
AUD
CHF
RUB
Trading instruments
Forex
Number of currency pairs: 10
AUD
CAD
EUR
CHF
GBP
HKD
NOK
NZD
SGD
USD
Stop Out
30%
Minimum position size
0.01 units
Execution type
market
Spread type
Floating
Decimal places
4
Margin Call
50%
Other
Swap free
VIP account
Phone trading
Scalping
Hedging
Spread type
Trading with expert
Trading 24 hours a day
Trailing stop
Interest on free balance
Mailing the documents
Micro Account - FXOpen
Phone trading
Hedging
Trading with expert advisers
Trading 24 hours a day
Trailing stop
Trading Platforms
METATRADER 4 Meta Trader 4 Mobile
Deposit currency
USD
Trading instruments
Forex
1:500
Number of currency pairs: 5
AUD
EUR
GBP
NZD
USD
1:500
Stop Out
10%
Minimum position size
0.1 units
Maximum position size
1000 units
Execution type
instant
Spread type
Floating
Decimal places
5
Margin Call
20%
Commission
For maintenance of inactive account 10 USD per month
Other
Swap free
VIP account
Phone trading
Scalping
Hedging
Spread type
Trading with expert
Trading 24 hours a day
Trailing stop
Interest on free balance
Mailing the documents
Crypto Account - FXOpen
Phone trading
Scalping
Hedging
Trading with expert advisers
Trading 24 hours a day
Trailing stop
Trading Platforms
METATRADER 4 Meta Trader 4 Mobile
Deposit currency
USD
EUR
JPY
GBP
RUB
Trading instruments
Cryptocurrencies
Stop Out
15%
Minimum position size
0.01 units
Execution type
market
Spread type
Floating
Decimal places
5
Margin Call
30%
Commission
For maintaining an inactive account 10 USD per month
Other
Swap free
VIP account
Phone trading
Scalping
Hedging
Spread type
Trading with expert
Trading 24 hours a day
Trailing stop
Interest on free balance
Mailing the documents

Tradable instruments

Tradable instruments on FXOpen trading platforms include:

Currencies
50
Indices
N/A
Commodities
N/A
Cryptocurrencies
-2
Stocks
N/A

Frequently asked questions

Find the right answer to your question below.

Is FXOpen a reliable broker?

FXOpen is a well-established, reliable broker with customers from all over the world. With high quality regulatory oversight, you have peace of mind during your trading, along with many features to help you. However, it’s important to mention that along with quality regulators, FXOpen also has an unregulated offshore entity. This may be concerning for some, so it’s important to think carefully before making a decision.

What trading platforms does FXOpen offer?

One of FXOpen’s biggest advantages is the range of trading platforms on offer. Along with industry standard MetaTrader 4 & 5, this broker also has its proprietary platform, TickTrader, and a web platform. Additionally, there is an app for on-the-go trading. This means you can find a platform that suits your needs and preferences. The app is available on both iOS and Android.

How do FXOpen's trading costs compare to other brokers?

FXOpen’s trading costs are famously low and competitive. With no monthly fees for accounts, you simply pay commission, which varies depending on your account and trade amount. This is one of the reasons why FXOpen is such a popular choice. 

Compared to other brokers, FXOpen offers a solution to keeping your trading costs as minimal as possible. However, it isn’t available to US customers residing in the US itself. For that reason, read our forex brokers for US traders guide for more options available to you.

What types of accounts does FXOpen offer?

FXOpen offers several accounts for different needs. The Micro Account is suitable for beginner traders, with a low minimum deposit, no commission, and floating spreads. The STP Account is another option that is commission free, with leverage up to 1:500. The ECN Account is suitable for advanced traders, with tight spreads and a minimum deposit of $100.  

This broker also offers a specific account for cryptocurrency, called the Crypto Account. Traders can use cryptocurrency to trade, with a maximum leverage of 1:3. Finally, the Islamic Account is another choice, offering swap-free trading. 

What customer support options does FXOpen provide?

Many users state that FXOpen’s customer support could be improved. While it offers quality advice via the phone, email, and live chat, it is only available 24/5. The majority of the time, this won’t be an issue. However, if you do encounter a problem outside of working hours, you will need to wait until the next working day. Emails usually receive a reply within 24 hours, depending upon when they were sent.

FXOpen compared with alternative brokers

To see the full broker review click “See review”, to see the complete table and compare more brokers visit our Comparison page.

  • Overall verdict
  • Trading
  • Minimum deposit
  • Maximum leverage
  • Fees
  • Withdrawal fee
  • Deposit fee
  • Safety
  • Top-tier regulators
  • Investor protection
FXOpen
  • Free VPS hosting
  • 24/7 instant money withdrawal
  • Specialized trading accounts
  • 4.4
    / 5
  • 4.1
    / 5
  • N/A
  • N/A
  • 4.7
    / 5
  • N/A
  • N/A
  • 4.4
    / 5
  • ASIC, FCA
  • Yes
  • See review
  • 4.1
    / 5
  • 4
    / 5
  • N/A
  • N/A
  • 4.1
    / 5
  • N/A
  • N/A
  • 4
    / 5
  • VFSC
  • Yes
  • See review
IQ Option
  • Specialized trading accounts
  • 24/7 instant money withdrawal
  • 4.1
    / 5
  • 4.2
    / 5
  • 10$
  • 1:500
  • 4.4
    / 5
  • 2%
  • 0%
  • 3.8
    / 5
  • CYSEC
  • Yes
  • See review
  • 4.1
    / 5
  • 4.3
    / 5
  • N/A
  • N/A
  • 4.2
    / 5
  • N/A
  • N/A
  • 4
    / 5
  • N/A
  • Yes
  • See review
  • 3.9
    / 5
  • 4
    / 5
  • N/A
  • N/A
  • 4.1
    / 5
  • N/A
  • N/A
  • 3.7
    / 5
  • CYSEC, FSC
  • No
  • See review
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