FXOpen Review

FXOpen has a long-standing history in the financial service industry. The company was established in 2005 to provide a conducive trading environment, a wide range of financial assets,  innovative features, and flexible account types. 

Like our Longhornfx review, FXOpen has a global presence with offices in various countries, including Australia, the United Kingdom, and Egypt. 

The broker has earned notable recognition in the financial market and won numerous awards. These awards include Best ECN Broker in 2012 and 2013 and Best Forex Broker in the Middle East in 2020. The broker’s recognition and award prove its commitment to providing high-quality services to its clients.

Supported Countries

FXOpen is an international broker present in over 100 countries globally. These countries include Australia, Canada, Denmark, France, Germany, Hong Kong, India, Italy, Norway, Saudi Arabia, Singapore, South Africa, Sweden, Thailand, United Arab Emirates, and the United Kingdom. 

However, it is essential to note that some countries are specifically excluded from FXOpen's services due to legal or regulatory criteria. These include the United States of America, Belgium, and Japan. 

While 3,72% of FXOpen's clientele are from the United States, they are not necessarily residents of the United States. This percentage covers citizens of the United States resident in countries where FXOpen is licensed. 

Customer Service Rating

FXOpen currently has a 3.9 satisfactory rating on Trustpilot based on 161 positive and negative reviews. On the positive side, users commended the broker for its offerings, including competitive spreads, a wide range of trading instruments, fast execution of transactions, numerous funding options, and helpful customer support. 

On the other hand, some users have expressed their dissatisfaction with their isolated experience on the platform. Similar to the longhorn fx review, some of the negative reviews of FXOpen bothered around technical issues on the trading platform, such as login hitches, slow withdrawal processing, and limited educational resources. The broker has, however, responded to these reviews and assured its clientele of optimal trading service and experience.

Trading Platforms

FXOpen offers a range of trading platforms, each with unique features and benefits designed to suit the needs of traders at different levels of expertise and with varying preferences for trading. 

Whether you prefer automated trading or manual trading, technical analysis, or fundamental analysis, FXOpen has a platform that provides the tools and resources you need to trade confidently. These available platforms on FXOpen include;

• MetaTrader 4 (MT4): This platform enables custom indicators and automated trading, which may be advantageous for traders who wish to carry out transactions per pre-established regulations. Also, the integration of customizable charting tools and a wide selection of technical analysis tools and indicators on the MT4 platform makes it an appropriate platform for traders who rely on technical analysis to guide their trading decisions. FX Open traders can access this platform via desktop, web, and mobile apps. 

• MetaTrader 5 (MT5): This platform is designed for traders requiring advanced analytical tools and features. It offers similar but more advanced features to the MT4 platform. MT5 is a suitable platform for traders who want to test and optimize their trading strategies before deploying them in live markets. This platform can also be accessed via the web, desktop, and mobile apps.

• TickTrader: This is FXOpen’s proprietary trading platform built for FX and CFD trading using a TickTrader ECN account. This platform is accessible via PC and mobile apps and offers access to all the necessary tools to manage trade positions effectively. TickTrader also provides real-time market data and news feeds, which can benefit traders who require up-to-date information on market events and developments. Like the other platforms, TickTrader can be accessed on desktop and mobile apps.

• WebTrader: This internet-connected trading platform is browser-based and accessible from any device. It is recommended for traders who wish to access the markets from various devices and places without downloading or installing any software. WebTrader offers a range of features, including advanced trading tools and customizable charting tools, multiple order types and timeframes, real-time market data, and news feeds.

Trading Denominations

FXOpen offers a wide range of currency bases for trading.     The currency bases available for trading include AUD, BTC, CAD, CHF, CNY, DKK, ETH, EUR, GBP, HKD, IDR, JPY,  LTC, MXN, NOK, NZD,  PLN, SEK, SGD, TRY, USD, XAG, and XAU. These currency bases are subject to the trader’s preference.

Company Structure

FXOpen has a global presence with multiple subsidiaries and offices globally. While its headquarters is in Auckland, New Zealand, FXOpen has representative offices in various countries, including Russia, Indonesia, Malaysia, and Thailand. 

FXOpen has a management team that oversees the organization's operations and a customer support team to cater to the needs of its international clients. The team constantly works to improve the broker's services and offerings and extend them across new regions and borders.

Licenses and Regulatory Compliance

FXOpen operates under the regulations of different regulatory bodies to ensure that it offers its clients the best possible services. These regulators include:

• Cyprus Securities and Exchange Commission (CySEC): CySEC regulates FXOpen EU Ltd under license number 194/13.

• Financial Conduct Authority (FCA): FXOpen Ltd operates under FCA with reference number 579202.

• Australian Securities & Investments Commission (ASIC): ASIC oversees the operations of FXOpen AU Pty Ltd. The company operates under the license number AFSL 412871 – ABN 61 143 678 719.

Customer Support

FXOpen offers customer support through various channels and languages. The support team is available 24/5; clients can reach them in Russian, Chinese, English, or Arabic. Here are some of FXOpen's customer support options:

• Phone support: Clients can reach the support team at +44 (0) 203 519 1224.

• Email support: Clients can email the support team at [email protected]. The support team typically responds to emails within 24 hours.

• Live chat: The website has a live chat feature that allows clients to chat with the support team and get quick responses to their queries.

• Social media: FX Open is active on various social media platforms, including Facebook, Twitter, and LinkedIn. Clients can reach out to the support team through these platforms.

Customer Protection

Customer Protection is a priority at FX Open; hence the company has put specific protective measures in place. Some of these measures include:

• Insurance: FXOpen has obtained professional indemnity insurance to protect clients in the case of any errors or omissions by the broker or its employees.

• Regulation: FXOpen is subject to the regulations covering customer protection under the Financial Conduct Authority (FCA) in the United Kingdom, the Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and the Australian Securities and Investments Commission (ASIC) in Australia. 

• Client portal security: FXOpen portal uses SSL encryption. This protects clients' personal and financial information from unauthorized access.

• Segregated accounts: Client funds are kept in segregated accounts to ensure that the funds are protected in the event of the broker's insolvency.

• Negative balance protection: FXOpen has implemented negative balance protection, ensuring clients' account balances cannot go below zero. This protects clients from losing more money than they have deposited.

Trading Information

FX Open reviews suggest the broker offers its clients various products, from Forex to Indices, shares, commodities, and Cryptocurrencies. The broker offers its clientele a vast range of trading instruments with unique features that enhance their trading experience, skill, and profit.

Tradable Instruments

The available instruments on FXOpen are:

• Forex: FXOpen offers over 50 currency pairs for trading, including majors, minors, and exotics.

• Indices: FXOpen offers CFD trading on major indices.

• Commodities: FXOpen offers CFD trading on commodities, including crude oil, natural gas, and other energy products. 

• Cryptocurrencies: FXOpen offers trading in popular cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

• Shares: FXOpen offers a wide range of shares selection, including those listed on major exchanges in the United States, the United Kingdom, Europe, and Asia. 

FXOPEN Leverage

The leverage at FXOpen depends on the trading instrument. However, in line with directives from its regulatory authorities, the leverage is up to 1:10 for commodities, 1:30 for forex products, and 1:5 for CFDs. 

Deposits and Withdrawals

This FX review gathered that the broker provides a variety of deposit and withdrawal methods to ensure that clients can easily fund and withdraw their earnings from their accounts. The minimum deposit amount ranges from $1 for the Micro account to $300 for the ECN account. Deposits can be made via bank wire transfers, credit/debit cards, electronic payment systems, and cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple. Withdrawals can also be made through the same methods.

Deposits 

Withdrawals

Trading Education and Training

FXOpen provides educational resources for traders via webinars, video tutorials, eBooks, and market analysis. The broker also offers a demo account to help traders practice trading strategies without risking real money. The educational resources provided by FXOpen can serve both novice and experienced traders.

FAQs

• Is FXOpen regulated in the U.S.?

No, FXOpen has no regulatory license to operate in the U.S.; hence there are no FXOpen U.S clients. The broker is, however, regulated by other authorities such as the CySEC, ASIC, and FCA.

• What trading platforms are available on FXOpen? 

FXOpen offers a variety of trading platforms, including MetaTrader 4, MetaTrader 5, TickTrader, and WebTrader.

• Is FXOpen a scam?

Based on FXOpen reviews, you can rest assured that the broker is not a scam. FXOpen is a reputable financial service provider with many accolades to the credit for its quality trading services.

Conclusion

This FXOpen review has gathered that the broker is a reputable financial service provider offering its clientele individual trading accounts, platforms, and financial instruments. The broker provides favorable trading terms, top-notch customer service, and a robust regulatory environment to safeguard clients' funds. 

FXOpen's acceptance of cryptocurrency deposits and withdrawals sets it apart from other brokers and makes it a dependable option for traders around the globe.

For more top brokers, make sure to check out our IC Markets review.