FXOpen Review

Review sections

• Investor Protection & Regulations
• Tradable Products
• Account Opening
• Deposit & Withdrawals options
• Web & Desktop Trading Platforms
• Mobile Trading Platforms
• Trading Features
• Commissions & Spreads
• Bonus & Promotions
• Customer Support
• Research
• Trader Education
• Trading Experience
• FAQ
• Conclusion

FXOpen Video Review

Investor Protection & Regulations

“FXOpen Markets Limited is a company based in Nevis and is not regulated. However, there are other FXOpen entities that are regulated from the UK Financial Conduct Authority, Cyprus Securities and Exchange Commission and the Australian Securities and Investments Commission.”

FXOpen Markets Limited, which operates www.fxopen.com, is a company based in Nevis and is not regulated by a financial authority. However, this entity is a member of the Financial Commission which provides a compensation fund for traders and acts as an external dispute resolution body but does not offer a negative balance protection policy.

FXOpen also operates other entities around the world which are authorised and regulated by the UK Financial Conduct Authority, Cyprus Securities and Exchange Commission and the Australian Securities and Investments Commission but these entities are not the subject of this review.

The broker does not provide services for United States residents.

Tradable Products

“FXOpen offers users the ability to trade on more than 70+ financial CFD instruments covering Forex, Indices, Shares, Cryptos and Commodities depending on the account type opened.”

FXOpen offers users the ability to trade on more than 70+ financial CFD instruments covering Forex, Indices, Shares, Cryptos and Commodities depending on the account type opened. Below is a list of just some of the available markets for trading:

* Details regarding the available assets are taken from the FXOpen website and trading platform and are correct at the time of this review.

Trading costs such as spreads, commissions and overnight funding (swap) rates vary depending on the instrument being traded and account type opened but are covered further down this review.

Account Opening

“FXOpen offers 4 main types of trading accounts called ECN, STP, Micro and Crypto for a range of commission-free and low commission-based trading options. The broker also offers access to demo trading accounts and Islamic swap-free accounts.”

FXOpen offers users the ability to trade from 4 main types of trading accounts called ECN, STP, Micro and Crypto. Each one comes with different features, tradable products and services designed for both beginner and advanced traders.

The ECN account offers the most number of markets to trade from with the Micro account the least but with a low minimum deposit. The Micro account can only be funded in USD but the other accounts offer a wide range of base currencies such as the ECN account (USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, mBTC).

Users can open an account in just a few simple steps by clicking on the Open Account tab on the broker’s homepage. This will then take the user to a registration page which asks for email, password, phone number and the acceptance of different agreements and terms and conditions. Users are then redirected to the FXOpen Client Portal page.

From this portal, traders can go through standard verification procedures for proof of identity and proof of address, as well as manage different trading accounts and withdrawals, as shown below:

Deposit & Withdrawals options

“FXOpen offers a wide variety of deposit and withdrawal methods such as Bank Wire Transfer, Credit/Debit Cards, China Union Pay, WebMoney, PerfectMoney, QIWI Wallet, EPay, AdvCash, Airtm, IntellectMoney, FasaPay and others.”

FXOpen offers a wide variety of commission-free deposit methods. The only commission-based deposit method is via bank wire transfer and WebMoney which is subject to a 0.8% fee. Withdrawals are commission-based and vary depending on the method. For example:

• Bank wire withdrawal fee = 50 USD
• Credit/debit card withdrawal fee = 2.5% + 3.5 USD / 2.5% + 3.5 EUR
• Perfect Money withdrawal fee = 0.5%

More information can be found on the broker’s website and other fees may apply.

Web & Desktop Trading Platforms

“FXOpen offers users the ability to trade on the globally recognised MetaTrader 4, MetaTrader 5 and TickTrader trading platforms for desktop and web.”

FXOpen offers a wide variety of different trading platforms suitable for both beginner and advanced traders to trade on multiple asset classes.

FXOpen MetaTrader 4

The FXOpen MetaTrader 4 trading platform is available for desktop download and via web browser for the ECN, STP and Micro Accounts and offers features such as:

• Manual trading with 3 types of execution (instant execution, market execution and execution upon request)
• Automated trading
• Customized charting features
• 50+ built-in technical indicators

FXOpen MetaTrader 5

The FXOpen MetaTrader 5 trading platform is available for desktop download and via web browser for only the ECN Account and offers features such as:

• Manual trading with 4 execution modes
• View 21 different timeframes
• 80+ built-in technical indicators
• Automated trading and signal trading

FXOpen TickTrader

The FXOpen TickTrader trading platform is available for desktop download and via web browser and offers features such as:

• Level 2 pricing
• Trading alert system
• Strategy backtester
• Advanced technical analysis tools
• One-click trading

A screenshot of the FXOpen TickTrader WebTrader trading platform is shown below and is also covered in more detail in the video review.

Mobile Trading Platforms

“FXOpen offers users the ability to access mobile trading on the go from the MetaTrader 4 and MetaTrader 5 mobile trading apps for Android and iOS systems.”

FXOpen offers users the ability to access mobile trading on the go from the MetaTrader 4 and MetaTrader 5 mobile trading apps for both Android and iOS systems. The app download links can be found on the broker’s website, the Client Portal Area or in the Google PlayStore or Apple AppStore.

The TickTrader mobile app is available in the Google PlayStore and will appear in the Apple AppStore soon. Also, the FXOpen general app (which provides access to a client’s eWallet/cabinet) is almost ready for access in the Google PlayStore or Apple AppStore as well.

The mobile trading apps offer the majority of the same features and functionality as the corresponding web-based platform which includes the ability to access multiple markets, view real-time prices and trade directly from the app.

The FXOpen MetaTrader mobile trading app is covered in more detail in the video review.

Trading Features

“FXOpen offers a variety of additional trading features such as integration to social trading platforms MyFXBook and ZuluTrade, as well as to Trader’s Tools which includes a Level2 Plugin for MetaTrader desktop.”

FXOpen offers a variety of additional trading features such as:

• MyFXBook AutoTrade. This allows for mirror trading and provides analytics and trader competitions.
• ZuluTrade. This is an automatic trading platform that uses signals from other traders to manage trades in your account. Users can select signal providers of their choice.
• VPS service. ECN, STP and Crypto account holders can use a VPS for free for a month provided they have maintained equity of $5,000 at the end of the month.
• One-Click Trading and Level2 Plugin. A plugin for the MetaTrader trading platform which provides five levels of market depth, VWAP and advanced order functionality.
• PAMM. Users can open PAMM accounts to follow other fund traders or become a fund trader themselves.

Commissions & Spreads

“Trading costs with FXOpen vary depending on the account type opened, instrument traded but are competitive.”

Trading costs with FXOpen vary depending on the account type opened and instrument being traded.

Both the STP and Micro accounts offer commission-free trading with floating spreads and swaps payable. These can be viewed directly from the MetaTrader trading platform.

The Crypto Trading account has a commission of 0.5% for a half-turn and the Crypto 10 trading account has a commission of 0.25% for a half-turn, with floating spreads.

The ECN account commission varies depending on the platform being used, the amount of equity in the account and the volume traded. For example:

• ECN Tick Trader Platform Commissions:
  • Equity below 1,000 USD and less than 5,000,000 USD traded:
    • Forex and Metal CFDs = 0.0035% taker / 0.0035% maker
    • Crypto = 0.25% taker / 0.15% maker
    • US Stock CFDs = 0.1% taker / 0.1% maker
    • Index CFDs Group 1 = 0.0075% taker / 0.005% maker
• ECN MetaTrader Platform Commissions:
  • Equity below 1,000 USD and less than 5,000,000 USD traded:
    • Forex and Metal CFDs = 35 USD per million
    • Stock CFDs 0.1%
    • Crypto CFD 0.25%

Users can find more information on the broker’s website, as shown below:

The broker also charges an inactivity fee of 10 USD each month if no trades, deposits or withdrawals are made over a period of 90 days. To reactivate an inactive account, users will be charged a one-time fee of 50 USD.

Bonus & Promotions

“FXOpen does provide bonuses and promotions such as a No Deposit Bonus, Trader Contests and Cashback offers.’’

FXOpen does provide a variety of bonuses and promotions but these could change. Currently, the broker provides:

• A No Deposit Bonus of $10 is offered for TickTrader and STP accounts and cannot be withdrawn. However, the profit achieved can be withdrawn after the trading volume exceeds 2 lots. A No Deposit Bonus for Micro accounts is also available.
• FXOpen Cashback Program available for all accounts. The amount is determined in accordance with the total margin and the maximum is $1,000.
• Forex Trader Competitions. Traders can earn real money prizes and bonuses for live trading by entering ForexCup Trading Contests.

The broker also offers other bonuses which can be found on their website under the Forex Bonuses and Promotions page.

Customer Support

“FXOpen offers customer support 24/5 in multiple languages via Live Chat, Email, Phone and a Customer Support Portal.”

FXOpen offers customer support 24/5 in multiple languages including English, Chinese, Russian, German, French, Spanish, Portuguese, Malaysian, Indonesian and Arabic.

After logging into the Live Chat we were greeted by an agent within a few seconds who answered our question, all in around 50 seconds, as shown below:

Contact Information:

• Address:
  • Charlestown, Nevis, P.O. Box 590, Springates East, Government Road, Charlestown, Nevis
• Email: support@FXOpen.com
• Phone: +49-693-329-6294
• Social Media:
  • Facebook
  • Twitter
  • Linkedin
  • YouTube

Research

“FXOpen provides Forex Market Analysis, News and Insights from the FXOpen Blog.”

FXOpen provides some trader research from the FXOpen Blog. This includes an Analytics section for Forex Analysis, Cryptocurrency Analysis and Forex Market Insights. Users can also Forex Market News from the blog. The market analysis articles contain technical commentary and chart analysis, as shown below:

Trader Education

“FXOpen provides education articles from the FXOpen Blog and covers Forex Strategies, Forex Tools, Forex Trading Tips and more.’’

FXOpen provides education articles from the FXOpen Blog and covers Forex Strategies, Forex Tools, Forex Trading Tips, Forex PAMM, Brokers and Accounts and more. For example, in the Forex Strategies section the broker has an article explaining the Exponential Moving Average. The contents are shown below and is covered in detail:

Trading Experience

“FXOpen provides a simple trading offering for both beginner and advanced traders to trade on different account types ECN, STP, Micro and Crypto on a variety of trading platforms for desktop, web and mobile.”

From our observations, FXOpen provides a simple trading offering suitable for both beginner and advanced traders to trade on more than 70+ financial CFD instruments covering Forex, Indices, Commodities, Cryptocurrencies and Stocks.

Users can trade from a variety of accounts such as the commission-free STP and Micro account, as well as the commission-based ECN and Crypto account. The broker also offers the ability to trade from a variety of platforms including MetaTrader 4, MetaTrader 5 and TickTrader.

FAQ

Is FXOpen regulated?

FXOpen has 3 regulated entities under FCA, ASIC and CySEC as well as a non-regulated entity based in Nevis

Where is FXOpen based?

FXOpen headquarters is based at Charlestown, Nevis, P.O. Box 590, Springates East, Government Road, Charlestown, Nevis.

How does FXOpen make money?

FXOpen makes money mainly through spreads, swaps and commissions on certain trading accounts and asset classes.

How do I deposit in FXOpen account?

Funds can be deposited into a trading account via Bank Wire Transfer, Credit/Debit Cards, China Union Pay, WebMoney, PerfectMoney, QIWI Wallet, EPay, AdvCash, Airtm, IntellectMoney, FasaPay and others.

What is the min. deposit for FXOpen?

The minimum deposit is 1 USD.

How do I withdraw money from FXOpen?

Withdrawals can be made from FXOpen via Bank Wire Transfer, Credit/Debit Cards, China Union Pay, WebMoney, PerfectMoney, QIWI Wallet, EPay, AdvCash, Airtm, IntellectMoney, FasaPay and others.

What is the max leverage in FXOpen?

The maximum leverage offered by FXOpen is 500:1.

How do I open an account with FXOpen?

An account can be opened at the click of a button on the FXOpen website and can be done in just a few steps.

Does FXOpen use MetaTrader?

Yes, MetaTrader 4 and MetaTrader 5.

Conclusion

“FXOpen offers the ability to trade on more than 70+ financial CFD instruments covering Forex, Indices, Shares, Cryptos and Commodities from 4 account types (ECN, STP, Micro and Crypto) from the MetaTrader 4 and MetaTrader 5 trading platforms, as well as the TickTrader trading platform for desktop, web and mobile.”

FXOpen has a variety of entities around the world. FXOpen Markets Limited, which operates www.fxopen.com, is a company based in Nevis and is not regulated by a financial regulator and is the subject of this review. FXOpen does have other entities, that are authorised and regulated by the UK Financial Conduct Authority, Cyprus Securities and Exchange Commission and the Australian Securities and Investments Commission but these are not the subject of this review.

FXOpen offers a wide variety of different trading accounts suitable for both beginner and advanced traders. This includes ECN, STP, Micro and Crypto Accounts, as well as Islamic swap-free accounts and the use of a demo trading account. Through these accounts, users can trade on more than 70+ financial CFD instruments covering Forex, Indices, Shares, Cryptos and Commodities with the ability to access maximum leverage up to 500:1.

Users can access a mixture of commission-free trading accounts and commission-based trading accounts as low as 1.5 USD per lot for volumes above $250 million and 3.5 USD per lot for volumes below $5 million. The broker offers the ability to trade on the MetaTrader 4, MetaTrader 5 and TickTrader trading platforms for desktop, web and mobile with access to Trader’s Tools which includes calculators, Level2 plugins and social trading integration with MyFXBook and ZuluTrade.

The broker also provides access to market analysis and some educational articles through the FXOpen Blog. Customer support is provided in multiple languages 24 hours a day, 5 days a week and there are a variety of bonuses and promotional offers available.

• Commission-free trading available.
• ECN trading available.
• Can trade on MetaTrader 4, MetaTrader 5 and TickTrader platforms.
• 24/5 customer support.