FXOpen Review

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. 

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. 

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. 

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. 

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.