FXOpen Review

FXOpen is a well-established forex broker that has been offering online trading to over 1 million clients across the globe all the way back to 2005. They are an ECN broker that has tight spreads, reliable execution speeds and competitive commissions. FXOpen can cater to both retail and institutional traders with services including retail trading accounts and PAMM accounts. FXOpen use some of the biggest liquidity providers including Barclays Capital, Bank of America, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST and GOLDMAN. In addition to forex trading, the broker also provides access to trades cryptocurrency, commodities, stocks and more.

FXOpen Review - ECN Model Overview
FXOpen Review – ECN Model Overview

FXOpen Review Introduction

In this FXOpen review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.

You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including FXOpen.

FXOpen Platforms & Tools

FXOpen supply traders with the MetaTrader 4 and MetaTrader 5 platforms that are developed by MetaQuotes. Since 2005, MetaTrader has been one of the leading trading platforms. It is known for being user friendly, fully customisable and having a range of built in trading tools to assist traders with their market analysis. The MetaTrader 5 platform is similar to the MetaTrader 4 platform with some additional features for the more advanced traders. The platforms can be downloaded and used to trade on desktop, web and mobile devices.

FXOpen clients benefit from some additional trading tools other than those included within the MetaTrader platforms. There is a one click trading and level 2 pricing plugin, trade calculators to help plan trades and an economic calendar to keep up to date with the latest market happenings around the globe.

FXOpen integrates Myfxbook autotrade and ZuluTrade so that clients can copy trading signals of other traders or to provide their own trading signals and receive a commission depending on the success of their trading strategies. Qualifying clients can also apply for a free virtual private server (VPS).

FXOpen Review - MetaTrader Platform
FXOpen Review – MetaTrader Platform

FXOpen Research & Education

There are frequently updated market news and analysis on the FXOpen website which can be used to help identify trading opportunities. There is not currently a trader’s academy with educational materials although they do have some guides related to platforms, accounts and markets.

FXOpen Trading Accounts

FXOpen have a selection of trading accounts to cater to the differing needs of traders. They offer micro, STP, ECN and crypto accounts. The primary differences between the accounts are the size of the spreads and commissions. Some have tighter spreads but charge a commission, others have no commission charge but instead have a spread mark-up. Each account requires a minimum deposit, starting from just $1. There are demo accounts available for those who want to practice their trading strategies.

FXOpen Account Funding

FXOpen support a variety of account deposit and withdrawal methods including bank transfer, credit card, Skrill, Neteller and Cryptocurrency. The time funding takes and fees involved depend on the method used. Accounts can be opened in multiple different currencies.

FXOpen Customer Service

FXOpen offer clients multilingual 24/5 customer support through online chat, telephone and email. Support tickets are answered during GMT working hours whilst there are local phone numbers in multiple countries. There is a knowledge base and FAQ on the brokers website which covers some of the most common queries traders may have.

FXOpen Regulation

FXOpen AU is regulated by the Australian Securities and Investments Commission (ASIC) and FXOpen UK is authorised and regulated by the Financial Conduct Authority (FCA). Using a regulated broker can give traders some protection that non-regulated brokers cannot. A regulated broker must comply to strict rules and regulations which are put in place to give traders the peace of mind that they are using a broker which can be trusted and operates with integrity and transparency.

FXOpen Review Summary

Overall, FXOpen are a long standing and well-respected forex broker that have a complete offering for retail forex traders across the globe. They are regulated and provide very competitive competitions to clients of all experience levels.

It is worth mentioning that some of the trading products and services in this FXOpen review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the FXOpen broker website which you can visit by using the link below.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FXOpen

8.2

Spreads

8.0/10

Liquidity

8.0/10

Commissions

8.0/10

Support

8.0/10

Regulation

9.0/10

Features

  • Competitive spreads & commissions
  • MetaTrader platforms
  • Mobile trading
  • Multiple regulation
  • Minimum $1 deposit
  • Demo accounts
  • PAMM accounts
  • Forex, Stocks, Commodities & Cryptos
  • 24/5 multilingual support
  • ECN brokerage model