Verdict

/ 5

FXOpen review

By Abdullah Zeshan

Updated on Dec 20, 2024

13 mins read

88 customer reviews

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

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 a low cost experience with the potential for high gains. However, before making a final decision, it’s important to learn as much as possible, so you can make an informed choice.

Founded in 2005, FXOpen has its headquarters in New Zealand, along with offices in other countries, including Australia and the UK. With a positive reputation, this broker offers many tradable instruments, flexible account types, and many innovative features. To back up their claims, FXOpen has also won industry awards, including Best ECN Broker in 2012 and 2013. They also won Best Forex Broker in the Middle East in 2020.

Despite its international presence, it’s important to note that Belgium, Japan, and the US are excluded from FXOpen’s services. This is due to legal or regulatory criteria. However, 3.72% of the broker’s clients are from the US, although not resident there.

The main standout is that FXOpen offers low trading fees and commissions, which helps cut your trading costs from the start. Suitable for both beginner and advanced traders, FXOpen is a broker that deserves more exploration.

TL;DR

FXOpen offers competitive low-cost ECN forex trading.
Regulated by top-tier authorities like FCA, CySEC, and ASIC.
Provides multiple trading platforms including MT4, MT5, and TickTrader.
Suitable for both beginners and experienced traders.
Limited educational resources compared to some competitors.

FXOpen

What It’s Best Known For

FXOpen is a popular and successful forex broker with a range of features designed to minimize trading costs. With competitive spreads, a range of account types, and many trading platforms, this broker offers a comprehensive experience. However, choosing the right account is key to helping you maximize your trading. Each account offers different features and commissions.

To give you more information, this FXOpen review will cover all the main features as well as key points. Using this, you’ll be able to make an informed decision about whether FXOpen is the broker for you. We’ll also talk about some useful alternatives, if you find that this broker doesn’t suit your needs.

FXOpen offers many trading platforms of tradable instruments for all ability levels — Image Credit: FXOpen
From our FXOpen review, we’ve found that it’s a popular forex broker with a range of trading platforms.

Features

FXOpen has a large number of features to help make your trading experience smoother. It offers a range of account types to suit specific needs, and a large number of trading instruments. Whether you want to trade in forex, cryptocurrency, or commodities, there are options available.

Two key features are access to the PAMM service as well as auto-trading. Both of these features allow you to emulate and automate successful trades, therefore saving time and money. Another stand-out point is the ability to make deposits and withdraw funds using cryptocurrencies including Bitcoin, Litecoin, and Ethererum. Many brokers do not offer this feature, so it’s something to consider if digital currency is your preference.

Overall, with competitive spreads, fast execution times, and low commissions, you’re able to minimize your trading costs, and maximize your gains. You can also take part in a trading contest, which FXOpen holds regularly. These allow you to test your skills and compete for prizes against other platform traders.

Finally, FXOpen offers a VPS service, so you can use automated trading while you’re away from the platform. Again, this is a feature that not all brokers offer.

The only downsides are the limitation in educational resources and customer support. While there are some resources available, these could be more diverse and cater to different ability levels. Additionally, customer service is only available 25/7, and not 24/7.

Pros

FXOpen has many advantages. In this section, we will explore the pros of choosing this popular broker.

Low-Cost Trading

FXOpen offers low commission rates on trades, with a minimum deposit of between $1 – $100, allowing for low cost trades. The deposit amount depends on which account you decide to sign up for. Within this there are many tradable instruments to choose from, including forex, indices, commodities, cryptocurrencies, and shares. Forex trading covers 50 currency pairs, giving you plenty of potential for gains. As for leverage, this varies according to the trading instrument, but stands at 1:30 for forex.

FXOpen also makes it easy to deposit and withdraw your funds. You can make deposits and withdrawals via bank wire transfer, credit/debit card, cryptocurrency, and electronic payment systems. Withdrawals are fast and efficient, so you don’t have to wait too long for your funds to arrive.

Advanced Platforms

A real stand-out feature of FXOpen is its range of advanced platforms on offer. This allows you to choose the platform that suits your needs and trading preferences. Of course, each platform has its own features and benefits to consider before making a final decision.

FXOpen offers the industry-standard MetaTrader 4 & 5, which allows for automated trading and analysis via charting tools and indicators. MetaTrader is available on desktop and mobile apps, so you can trade on the go. While MetaTrader 5 has more in-depth features than MetaTrader 4, you can choose the one that you feel the most comfortable with.

Additionally, FXOpen has a proprietary platform for FX and CFD trading, called TickTrader. This platform allows you to stay up-to-date with market developments in real-time. It can also be accessed on desktop and mobile devices. The mobile FXOpen TickTrader app also allows you to trade wherever you are, at any time. It is available on both iOS and Android devices.

WebTrader is another option offered by this broker. To use this, you will need a web browser and you don’t need to download or install any software. This is preferable for some traders. This platform offers many features, such as charting tools, multiple order types, and real-time market data.

Regulated by Top-Tier Authorities

For your peace of mind, FXOpen is regulated by several bodies. These include CySEC, the FCA in the UK, and ASIC in Australia. However, there is also an offshore entity, which is unregulated. This may be a concern for some, but the strong regulation elsewhere should alleviate any concerns.

In addition, FXOpen prioritizes customer protection in several ways.

Firstly, the broker has professional insurance to protect clients in the event of errors or emissions. Secondly, the site uses SSL encryption to protect information. Additionally, FXOpen uses segregated accounts to protect you in the event of insolvency. Finally, negative balance protection ensures that your balance cannot go below zero at any time.

Suitable for Various Trader Levels

It doesn’t matter if you’re a beginner or an advanced trader, FXOpen offers several accounts that cater to your specific needs. If you’re a beginner, the Micro Account is a good choice. Here, you can trade with any size of budget and you only need $1 as a minimum deposit. This account also has a floating spread and is commission-free. This account can only be used on the MT4 platform, which offers plenty of features.

The STP Account is ideal if you want to trade with lower spreads and no commission. This account requires a minimum deposit of $10 and a floating spread. Again, this account is only available on the MT4 platform, and it has a maximum leverage of up to 1:500. If your preference is the MetaTrader 5 platform, you will need to upgrade to the ECN Account.

If you’re an advanced trader, the ECN Account will meet your needs. This account gives you direct market access along with tight spreads. You will need a minimum deposit of $100 and it offers floating spreads. However, this account does feature commissions, and they start at $1.50/lot. You can access the ECN Account on the MetaTrader 4 & 5 platforms, along with TickTrader. The difference with this account is that you can access the interbank liquidity pool.

If cryptocurrency is your interest, the Crypto Account is the ideal option. You can trade with cryptocurrencies as your base currency, which is a feature unavailable through all brokers. You will need a minimum deposit of $10 of any digital currency, and you can only use the MT4 platform. The maximum leverage is 1:3.

Finally, FXOpen also offers an Islamic Account for swap-free trading, with no rollover fees or swap charges.

Our FXOpen review uncovered that this platform makes it easy to choose and open a trading account — Image Credit: FXOpen
FXOpen offers several accounts with specific features and trading conditions.

Cons

To keep our FXOpen review as balanced as possible, we will now explore the downsides of choosing this broker.

Limited Educational Resources

Compared to other similar brokers, FXOpen lacks a wide library of educational resources. It does offer some webinars, tutorials, and ebooks, however these are aimed mostly at beginners.

If you are an experienced trader and you’re looking to increase your skills, you may find these resources lacking.

No 24/7 Customer Support

FXOpen has good quality customer support, however it is open only 24/5. This could be an issue if you have a problem outside of working hours. Customer support is available in several languages, including English, Arabic, Chinese, and Russian. The support team can be reached by phone, email, or live chat. If you email, you will usually receive a reply within 24 hours.

Ultimately, while the customer support quality is high, being unavailable two days out of the full week may be an issue.

Unavailable to US Users

A large downside of FXOpen is its unavailability within the United States. While the platform has many US users, these are citizens who live in other countries. If you’re based in the US, you will not be able to use FXOpen’s services.

Criteria Evaluation

Regulation and Trustworthiness: 4/5

Trading Platforms: 5/5

Trading Costs: 4.5/5

Available Instruments: 4/5

Account Types: 4/5

Customer Support: 4/5

Educational Resources: 3/5

Deposit and Withdrawal Options: 4/5

User Experience: 4/5

Community Reviews and Expert Recommendations

It’s important to explore FXOpen reviews before making your final decision. Overall, FXOpen receives high praise from customers and industry experts. Users particularly enjoy the low cost experience that FXOpen provides, along with the several trading platforms on offer. Other users also rate access to the PAMM service and auto-trading features. The range of account types on offer allows users to find a fit that suits their needs. This is another commonly mentioned point.

As for negative feedback, the lack of diverse educational resources and limited customer service opening hours are regularly mentioned. Users appreciate the fast response times and quality of advice given, but the limited availability is concerning for some.

Industry experts concur with user feedback and particularly praise the types of accounts that FXOpen offers. The range of tradable instruments is also a positive aspect, along with the ability to emulate successful trades.

Price

FXOpen has no fixed monthly charges on any of its offered accounts. Additionally, spreads start from zero on ECN Accounts. However, there are commissions depending on the type of account you choose and how much you’re trading.

For that reason, ensure you consider your needs carefully before choosing an account type.

Where to Find

More information on accounts and fees can be found on the FXOpen website. There, you can sign up for an account and start trading.

FXOpen’s app allows you to trade on-the-go, at any time, anywhere. — Image Credit: FXOpen
From our FXOpen review, we learned that there are several trading platforms and an app, so you can choose your trading experience with FXOpen.

Alternatives to FXOpen

After reading this FXOpen review, you may feel that another broker would suit your needs and preferences better. In that case, there are many alternatives available. Here are some of the most notable.

eToro

eToro is one of the most popular brokers, and for good reason. With a range of features, including copy trading, this broker offers attractive trading opportunities for all ability levels. Similar to FXOpen, eToro offers low fees and commissions, along with several account types. For more information, visit our eToro review.

Pepperstone

Another popular broker is Pepperstone. The major advantage of choosing this broker is that it is heavily regulated, giving you peace of mind during trading. With several account types to choose from, Pepperstone also offers social trading and advanced charting tools. To learn more, read our Pepperstone review.

Forex.com

Forex.com is a high quality broker, and a good alternative if you find FXOpen isn’t for you. It offers low trading fees on forex with competitive spreads. US citizens can apply for an account, which FXOpen doesn’t allow. This is a good broker for beginners in particular, with an easy to navigate platform. You can learn more in our Forex.com review.

AvaTrade

Our final alternative is AvaTrade, which is regulated by several authorities and offers a high level of transparency for peace of mind. With several trading platforms to choose from, you can find the option that suits you best. Additionally, this broker offers a large number of resources for all ability levels. Learn more in our AvaTrade review.

FXOpen offers many tradable instruments for beginner and advanced traders. (1) — Image Credit: Money
Forex trading is an enjoyable and profitable way to trade.

Final Thoughts

Throughout this FXOpen review we have given you as much information as possible about this popular broker. With strong regulation and low-cost trading, FXOpen has become an industry giant.

One of the main advantages of choosing this broker is the multiple platforms on offer. There are also many different types of accounts to choose from, with different leverage and commission levels. The ability to automate your trades also gives you a more well-rounded trading experience. Finally, the app allows you to trade on-the-go, no matter where you are. The addition of a VPS is another positive point. Of course, there are other brokers who offer this service, and you can learn more in our best forex VPS guide.

Like all other brokers, FXOpen also has some drawbacks that you must weigh up before making a final decision. Many users state that the customer service quality is good, but availability is limited to 24/5. This is an issue if you have a problem that needs attention outside of these working hours. Additionally, educational resources are available but they’re limited and specifically aimed toward beginners. Compared to some similar brokers, FXOpen falls short in this category.

At Top Brokers, we understand that identifying the best broker can be a difficult process. To that aim, we offer a range of reviews, comparisons, and resources to help you make your final decision.

That said, FXOpen certainly sits amongst the best MT4 forex brokers, but it’s important to do careful research before making a final choice.

Countries

+223

Devices

Max insured

Yes

Our Verdict

4.4

/ 5

See our process of evaluating brokers

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

METATRADER 4

METATRADER 5

Execution Model

ECN

STP

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:

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 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

CFD's

1:500

Amount of assets: 70

Promotions

Indices

Products

Metals

1:500

Gold

Silver

Energy Source

1:500

Oil

Gas

Stop Out

50%

Minimum position size

0.01 units

Execution type

market

Spread type

Floating

Decimal places

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

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

Metals

1:500

Gold

Silver

Stop Out

10%

Minimum position size

0.1 units

Maximum position size

1000 units

Execution type

instant

Spread type

Floating

Decimal places

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

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

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.

Top 5 similar brokers See all similar brokers

FxGlory Best Leverage

Start trading
Forex.com Best Trading Platforms

Start trading

73%-77% of retail investor accounts lose money when trading CFDs with this provider.
OANDA US Clients

Start trading
Fullerton Markets Best For Multi Asset Trading

Start trading
Colmex Pro

Start trading