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Overall Rating
4.2
4.3
3.9
4.5
4.1
4.7
4.7
3.4
4.9
2.9
How Did We Test and Rate This Broker?
When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you.
The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
I performed my tests with demo and live ECN accounts using the TickTrader desktop/web platforms and mobile app, opened with the FXOpen Ltd entity, regulated by the UK Financial Conduct Authority (FCA). Some features and services may vary depending on where you reside.
The Big Picture
Founded in 2005, FXOpen provides access to trading in forex and CFDs on commodities, indices, shares, and cryptocurrencies. The London-based broker has an advanced proprietary platform called TickTrader and also offers trading via MetaTrader 4, MetaTrader 5, and TradingView. FXOpen was the first forex broker to offer its clients ECN trading via the MT4 terminal in 2009. The ECN model of order execution gives FXOpen clients access to the interbank market, where the counterparty to client trades is a liquidity provider, such as a bank, fund, or another trader. FXOpen has entities regulated by the top-tier FCA, CySEC, and ASIC and one offshore entity that is unregulated. Read on to learn about the ultra-low costs in forex trading and cutting-edge platforms I experienced at this broker.
FXOpen Key Takeaways in 2023
- My hands-on tests measuring spreads and commissions revealed that FXOpen excels in low costs for trading forex.
- A better-than-average selection of platforms and tools is available to clients.
- I found room for improvement in the education category, with relatively few available materials.
- After rigorously testing FXOpen for over a week, with dozens of interactions, I’m able to confirm that beginners can benefit from reliable customer support. Free demo accounts are available across all platforms — another important resource for new traders.
- Advanced traders can take advantage of tight spreads, advanced platforms, algorithmic trading, and multiple account types.
What Sets FXOpen Apart from Other Brokers?
FXOpen distinguishes itself with low trading costs and advanced software. Within FX, spreads and commissions are highly competitive. Platforms and tools can cater to advanced traders using algorithmic strategies. For example, a free virtual private server (VPS) offers increased stability for traders who need their trading platform to be kept on permanently for automated trading.
What types of traders are a good fit for FXOpen?
With its ECN model of order execution, narrow spreads, and low commissions, FXOpen is suitable for day traders and scalpers. The available platforms and tools also make it a good choice for algorithmic traders.
FXOpen Pros and Cons
| Pros | Cons |
|
|
FXOpen Main Features
| ☑️ Regulations | FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus) |
| 🗺 Supported Languages | English, Russian, French, Indonesian, Portuguese, Arabic, Spanish, Chinese, Malaysian |
| 💰 Products | Currencies, Stocks, Crypto, Indices, Commodities |
| 💵 Min Deposit | $300 |
| 💹 Max Leverage | 1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC ) |
| 🖥 Trading Desk Type | ECN, STP, No dealing desk |
| 📊 Trading Platforms | MT5, MT4, TickTrader , TradingView |
| 💳 Deposit Options | Wire Transfer, Credit Card, Visa, Mastercard |
| 💳 Withdrawal Options | Wire Transfer, Credit Card, Visa, Mastercard |
| 🤴 Demo Account | Yes |
| 🗓 Foundation Year | 2005 |
| 🌎 Headquarters Country | United Kingdom |
Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
FXOpen Full Review
Trust
4.3
How Did We Test the Broker's Trustworthiness?
Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
FXOpen is overseen by three top regulators: FCA, CySEC, and ASIC. However, the offshore entity of FXOpen is unregulated. FXOpen is a well-established broker with a substantial operating history of 18 years. All client funds are fully segregated from company funds. I rate FXOpen as having a good level of transparency and trustworthiness.
In our trust category, we place the most importance on how a broker is regulated. This section will cover how the different entities of FXOpen are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.
- FXOpen Ltd is registered in England and Wales under company number 07273392 and is authorized and regulated by the Financial Conduct Authority under FCA firm reference number 579202. We rate FCA as a Tier 1 regulator.
- FXOpen EU Ltd, authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 194/13. We rate CySEC as a Tier 1 regulator.
- FXOpen AU Pty Ltd authorized and regulated by the Australian Securities & Investments Commission (ASIC) AFSL 412871, ABN 61 143 678 719. We rate ASIC as a Tier 1 regulator.
- FXOpen Markets Limited is a company duly registered in Nevis under company No. C 42235, a member of The Financial Commission. FXOpen Markets Limited is unregulated.
Why is it important to know where your broker subsidiary (entity) is regulated?
Different regulators provide different levels of protection—for example, FXOpen clients in the United Kingdom benefit from the oversight of the FCA. The FCA requires that clients have negative balance protection, which means they cannot lose more than their deposit.
In addition, when trading with a broker authorized by the FCA, client funds are also protected by the Financial Services Compensation Scheme (FSCS). The FSCS protects investments of up to £85,000 if a firm becomes insolvent. By contrast, a trader working with a broker entity regulated offshore would not necessarily have these benefits.
The table below breaks down the protections and benefits by the entity, regulator, and region.
| Entity | FXOpen Ltd | FXOpen EU Ltd | FXOpen AU Pty Ltd | FXOpen Markets Limited |
| Country/Region | UK | EU | Australia | Nevis/Global |
| Regulation | FCA | CySEC | ASIC | Unregulated |
| Tier | 1 | 1 | 1 | n/a |
| Segregated Funds | Yes | Yes | Yes | Yes |
| Negative Balance Protection | Yes | Yes | Yes | No |
| Compensation Scheme | Yes (FSCS Up to £85,000) | Yes (ICF Up to €20,000) | No | No |
| Maximum Leverage (Standard account) | 1:30* | 1:30* | 1:30* | 1:500 |
*Professional clients can receive leverage of up to 1:500.
Regulatory requirements are subject to change. We gathered the data listed above in May 2023.
Is it Safe to Trade With FXOpen?
I assessed that the UK, EU, and Australian entities are relatively safe to trade with due to the protections guaranteed by the FCA, CySEC, and ASIC. Negative balance protection, segregated accounts, and compensation funds in the case of UK and EU entities give traders a degree of security. However, clients with the offshore (Nevis) entity have very few protections guaranteed to them in the event of broker insolvency. They also risk having a negative balance, which could easily happen when using high leverage.
Stability and Transparency
In our tests for the Trust category, we also evaluate factors relating to stability and transparency. Here, we focus on how long the broker has been in business, the size of the company, and how transparent they are in terms of information being readily available.
FXOpen has a long operating history of 18 years, placing it among the older forex and CFD brokers. The company is headquartered in London, UK, and has 201-500 employees according to their LinkedIn page.
In my research, FXOpen showed a good level of transparency in their regulatory status, with a clear explanation on their Why Us page. The information is easy to find since it is in the primary navigation of the website.
Live spreads of different financial instruments are detailed in the Markets section. Traders can see the live bid and ask prices along with the size of the spread, across all the different asset classes. The Terms and Conditions legal document is provided in the footer of the website. The document plainly outlines important data relating to areas such as fees, margin and negative balance protection.
FXOpen could improve by adding more information on the company’s history and its management. Overall, I rate FXOpen as having a high level of transparency, better than average for the industry.
To conclude, I regard FXOpen as a fairly reliable and stable broker due to the following factors:
- Regulated by three top-tier agencies.
- Lengthy operating history.
- Good level of transparency.
Fees
3.9
How Did We Test the Broker's Fees and Commissions?
Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
FXOpen offers competitive spreads and commissions via its ECN account, especially in forex. These low costs can be critical for reaching profitability, particularly for active, short-term traders. Swap fees and inactivity fees are average for the industry.
Trading Fees
I tested the spreads at FXOpen across different asset classes using the TickTrader platform at 8 a.m. GMT and 4 p.m. GMT on 8 May, 2023. I measured the spreads at two different times of day to allow for a greater perspective. 8 a.m. GMT is the London open when there is high liquidity in the forex market and tighter spreads in currency pairs. 4 p.m. GMT is during the New York trading session.
See FXOpen’s fees’ test results below
| Instrument | Spread AM | Spread PM |
| EUR/USD | 0 Pips | 0.2 Pips |
| GBP/JPY | 0.8 Pips | 0.7 Pips |
| Gold | 31 Pips | 25 Pips |
| Light Crude Oil | 6 Pips | 6 Pips |
| Apple | n/a | 29 cents |
| Tesla | n/a | 28 cents |
| Dow 30 | 2 Pips | 1.6 Pips |
| Dax 40 | 0.8 Pips | 0.8 Pips |
| Bitcoin/US Dollar | $2.81 | $2.78 |
My live tests showed the spreads at FXOpen to be highly competitive, with the exception of WTI crude oil.
Commissions
The broker also charges comissions with the ECN account. All of them are listed in the tables below.
Forex Commissions
| Account Balance | Commission for 1 Lot |
| Below $1,000 | $3.50 |
| $1,000 – $25,000 | $2.50 |
| $25,000 – $250,000 | $1.80 |
| Over $250,000 | $1.50 |
Discounted FX Commission Rates for High Volume Traders
| Account Balance | Traded Volume of $5 Million over the past 30 days | Traded Volume of $5-$25 Million Million over the past 30 days | Traded Volume of $25-$250 Million over the past 30 days | Traded Volume of >$250 Million over the past 30 days |
| Below $1,000 | $3.50 | $2.50 | $1.80 | $1.50 |
| $1,000 – $25,000 | $2.50 | $2.50 | $1.80 | $1.50 |
| $25,000 – $250,000 | $1.80 | $1.80 | $1.80 | $1.50 |
| Over $250,00 | $1.50 | $1.50 | $1.50 | $1.50 |
Discounted Commission Rates on the TickTrader Platform
| Account Balance | Commission for 1 Lot: Market Orders | Commission for 1 Lot: Limit Orders |
| Below $1000 | $3.50 | $3.50 |
| $1000 – $25,000 | $2.50 | $2.00 |
| $25,000 – $250,000 | $1.80 | $1.50 |
| Over $250,000 | $1.50 | $1.00 |
CFD Commissions
| CFD Name | Symbol | Commission for 1 Lot with Balance <$1000 | Commission for 1 Lot with Balance of $1,000-$25,000 | Commission for 1 Lot with Balance of >$25,000 |
| UK 100 | #UK100 | 0% | 0% | 0% |
| Germany 40 (Mini) | #GDAXIm | 0% | 0% | 0% |
| France 40 | #FHCI | 0% | 0% | 0% |
| Europe 50 | #ESX50 | 0% | 0% | 0% |
| Wall Street 30 (Mini) | #WS30m | 0% | 0% | 0% |
| US SPX 500 (Mini) | #SPXm | 0% | 0% | 0% |
| US Tech 100 (Mini) | #NDXm | 0% | 0% | 0% |
| Japan 225 | #J225 | 0% | 0% | 0% |
| Australia 200 | #AUS200 | 0% | 0% | 0% |
| US Crude | XTIUSD | 0.005% | 0.0025% | 0.0018% |
| UK Brent | XBRUSD | 0.005% | 0.0025% | 0.0018% |
| US Natural Gas | XNGUSD | 0.005% | 0.0025% | 0.0018% |
My evaluation showed that commissions in forex and commodity CFDs are about average for the industry, the commissions on shares are rather high/expensive, while for CFDs on indices FXOpen doesn’t charge commissions.
Swap Fees
Swap fees (the cost of holding a leveraged position overnight) were average at FXOpen.
In the table below, you can see the Swap Long (the cost/credit of holding a buy position overnight) and the Swap Short (the cost/credit of maintaining a sell position overnight) for one full-sized contract. A full-sized contract is 100,000 units of the base currency (the first currency quoted in the pair). I recorded the data on 8 May 2023.
| Instrument | Swap Long | Swap Short |
| EUR/USD | Charge of $12.10 | Credit of $2.79 |
| GBP/JPY | Credit of $12.78 | Charge of $29.05 |
Non-Trading Fees
FXOpen doesn’t charge any inactivity fees for the accounts opened with the FCA entity. For the rest of the entities, the broker charges an inactivity fee of $10 per month for accounts that have been dormant for 6 months.
For FXOpen Markets Limited, if you do not access your trading account for 90 days, it will be deemed ‘Inactive’ and placed to archive. You can reactivate your account for $50. Also, a maintenance fee of $10 is charged for each month of keeping your account operation history in the archive.
Are Fees at FXOpen Competitive?
In some areas, the fees at FXOpen are highly competitive. For example, when trading EUR/USD, I often experienced spreads of 0 pips. The added commission on top of this would be, at most, $3.50 and could be less depending on your trading volume and account balance. This pricing means traders can buy or sell a full-sized lot in EUR/USD for as little as $1.50 to $3.50, while at most CFD brokers, it would cost more than $10, which is a massive difference. Low commissions and tight spreads are especially important for active traders constantly in and out of the market. All of a sudden, day trading and scalping become much more viable under such conditions.
While spreads and commissions in forex were very favorable in my tests, CFDs on commodities, indices, and shares were closer to the industry average. When testing CFDs on shares, I was surprised that the commission to enter a trade of 100 shares of AAPL was $17.26. I questioned customer service about this—why so high, when your FX commissions are so low? The agent explained that it is primarily due to the fact that FX is their primary product. The support operator saw my point and said he would bring up the issue with the company’s directors.
Platforms and Tools
4.5
How Did We Test the Broker's Trading Platforms?
We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
FXOpen boasts a robust range of platforms and tools, from their flagship TickTrader platform to MetaTrader 4 and 5 platforms and TradingView. I rate this lineup of a first-class proprietary platform, along with three other leading platforms, as way better than the average for the industry. Some of the platforms are user-friendly, but on balance, this is an offering catering to sophisticated traders.
TickTrader Desktop
TickTrader, FXOpen’s proprietary platform, allows traders to access multiple asset classes from a single log-in, including forex, stocks, commodities, indices, and cryptocurrencies. I found the look and feel of TickTrader desktop to be similar to MetaTrader — for example, in the layout and menus. Some features, such as API integrations, are not available in MetaTrader.
This is a robust platform designed for advanced and professional traders. Here are some of its key features:
- One/double click trading mode.
- Trading from the chart.
- Trading alerts.
- Choice of a net or gross account. With a gross account, you can have multiple positions open in the same market, as well as the ability to open an opposite position on the same market.
- Robust charting and technical indicators.
- Level 2 Market data.
- Automated trading and strategy backtesting.
Charting within the desktop platform is solid, with 44 available indicators, 27 drawing tools, 11 time frames, 4 chart types.
The TickTrader platform offers basic and advanced order types, including market orders, limit orders, and stop-loss orders, with volume units and slippage settings. Traders can view Level 2 data in the order panel, with market depth and the ability to see your limit orders inside the order book.
TickTrader Web Terminal
The Web Terminal provides access to TickTrader from any computer connected to the internet. It has a more user-friendly interface and features charts from TradingView. The Web Terminal also incorporates popular features such as Level 2 market data and one-click trading.
TickTrader Mobile App
FXOpen TickTrader is available for Android and iOS. The app is well-designed and intuitive and has advanced features often lacking among broker apps, such as alerts, one-click trading, and Level 2 market data. The app features TradingView charts with a full range of indicators, chart types, and available time frames. Standard market and pending order types (market, limit, stop loss) are available. A convenient feature is that you can enter your take profit and stop loss orders simultaneously with your initial order.
TradingView Desktop
The TradingView platform offers one-click trading, trading from the chart, watchlists, market news, and trading ideas. In my experience, placing trades and managing open positions and pending orders from the platform is easy — this is a user-friendly platform.
The industry-leading TradingView charts feature 11 time frames, 11 chart types, and over 100 technical indicators. Various drawing tools, from trend lines to Fibonacci retracements, are also available. The range of available order types is above average. Market orders, limit orders, stop-loss orders, and trailing stop-loss orders are available. Traders also have the option to apply time-in-force conditions such as Good-Til-Canceled (GTC).
I found that the massive, active community on TradingView is very helpful, thanks to features such as the ideas stream. The TradingView platform has the rare combination of being powerful in its functionality and intuitive with a well-designed interface.
TradingView Desktop allows traders to set up and restore a multi-monitor workspace without any of the limitations of using browsers. Trading via the TradingView desktop platform is also faster than using a browser. Users can sync layouts, watchlists, and settings between the browser and desktop.
TradingView Web
The TradingView web platform interface is almost identical to the desktop platform and can easily be accessed without downloading software. Trading via the TradingView mobile app is not yet available at FXOpen.
MetaTrader 4 Desktop
MetaTrader 4 for desktop is a robust platform including advanced functions such as copy trading and automated trading.
Traders can access the platform in 39 different languages, from Arabic to Vietnamese. Here are some of its essential features:
- Alerts. This feature updates traders when an instrument reaches a specific price level.
- Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
- One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. It enables traders to operate faster and is especially useful for short-term traders.
- Trading from the Chart. MT4 also allows users the convenience of trading directly from the chart.
MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:
- Market Order. Traders use market orders to buy or sell an instrument at the best current price.
- Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
- Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
- Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to immediately exit the position.
Charting features are robust. MetaTrader 4 offers:
- 30 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
- 23 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
- 9 Time Frames. Traders can choose from nine time frames, from one minute to one month.
- 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.
MetaTrader is also popular due to its copy trading and automated trading features.
- Trading Signals. Signals in MetaTrader 4 allow users to copy other traders’ activity in real time.
- Automated Trading. MetaTrader 4 allows users to develop, test, and run Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.
The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms. It does not have a slick interface and requires some time and effort to learn, but that is typical of advanced platforms.
MetaTrader 4 Web
The MetaTrader Web Platform (Web Trader) is a slightly stripped down version of the desktop platform. It allows you to trade without any additional software, only an internet connection is required. The Web Platform allows users to trade directly from any browser and operating system.
Popular features include:
- One-click trading.
- Trading from the chart.
- Watchlists with real time quotes.
- Trade History.
- Advanced charting with 30 indicators for technical analysis.
Copy trading and automated trading are also only available on the MT4 desktop platform.
MetaTrader 4 Mobile App
FXOpen offers the MetaTrader 4 mobile app for mobile trading, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.
The MetaTrader 4 mobile app also provides many order types, including pending and stop-orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT4 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface is not highly intuitive, but the MT4 app offers an above-average range of features.
To conclude, I judged that FXOpen has an excellent range of platforms available to suit a range of client profiles. MetaTrader 4, MetaTrader 5, and TickTrader desktop platforms can cater to advanced and algorithmic traders. Meanwhile, the TickTrader web and TradingView platforms are intuitive and user friendly enough to accommodate beginners.
Order Execution
FXOpen uses the ECN model of order execution. This gives traders access to the Interbank market where the counterparty to client trades is a liquidity provider such as a bank, fund, or another trader. There is no intervention from FXOpen, no dealing desk, and no requotes.
Liquidity is aggregated from different trading venues such as Integral, Hotspot, Currenex, TrueFX, and LMAX Exchange. Banks like Swissquote, other brokers, and proprietary market makers are also among the liquidity providers.
In my view, for serious traders, the ECN model offered by FXOpen is clearly preferable to the market maker model (where the broker is the counterparty to your trades).
Tradable Instruments
4.1
How Did We Test the Broker's Tradable Instruments?
For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
FXOpen offers a broad range of trading instruments, including forex and CFDs on indices, commodities, shares, and cryptocurrencies. The breadth of tradable instruments is good but does not match that of the largest players in the industry.
CFDs (Contracts for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. I found the range of tradable instruments at FXOpen to be quite comprehensive, including the following:
- 58 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
- 5 Commodities. Commodities are raw products, such as gold and oil.
- 514 Global Stock CFDs. FXOpen offers trading in stock CFDs from exchanges ranging from the NASDAQ to the Hong Kong stock exchange. A stock is a security that represents partial ownership of a corporation. *Keep in mind that when trading stock CFDs, you are speculating on the price of a stock without actually taking ownership of the underlying asset.
- 11 Indices. Available instruments at FXOpen range from Japanese to UK stock indices. An index is a basket of trading instruments that is used to gauge a market sector, stocks within an exchange, or the economy of a country.
- 34 Cryptocurrency CFDs. Cryptocurrencies, such as Bitcoin, are digital currencies that are secured by cryptography.*
*Cryptocurrency CFDs are not available for retail clients in the UK and in Australia.
In the tables below, you can see a selection highlighting the variety of instruments available at FXOpen:
| Forex Major | Forex Minor |
| USD/JPY | GBP/USD | EUR/USD | CHF/JPY | EUR/CAD | GBP/AUD |
| Commodities | Indices |
| Silver | Natural Gas | UK Brent Crude Oil | Australia 200 | Japan 25 | France 40 |
| Shares | Cryptocurrencies |
| Merck | Starbucks | Alphabet | Litecoin | Ethereum | Bitcoin |
Customer Support
4.7
How Did We Test the Broker's Customer Support?
Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
FXOpen shines in customer support. I was positively impressed by fast responses and helpful, knowledgeable agents. Support is available via phone, and live chat from 8 a.m. to 6 p.m. London time. Email support is an additional option. Despite not having 24/7 availability, I rated support as better than average for the industry.
FXOpen provides support during office hours, five days a week. Support responses were fast across each medium. Via chat, I was able to reach an operator almost immediately. An agent typically answered my calls within a few rings, and I received responses to most email inquiries the same day.
I challenged support with some tricky inquiries. For example, when asking questions relating to complex themes like regulation and the commission structure, I was always able to get a satisfactory response.
| Customer Support Languages |
| English | French | Spanish | Portuguese | Indonesian | Malaysian | Russian | Arabic | Chinese |
Deposits & Withdrawals
3.4
How Did We Test the Broker's Deposit and Withdrawal Process?
The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
Clients of FXOpen Ltd. can make deposits and withdraw funds using bank transfers, Visa, Mastercard, and instant bank payment. Deposits are free, but there is a fee of $30 for withdrawals via bank transfer. Deposits and withdrawals are processed fast, better than average for the industry. FXOpen could improve by cutting the bank wire withdrawal fees and adding some alternative payment methods, such as PayPal.
In the tables below I break down the fees and processing times for each deposit and withdrawal method.
Deposits
| Deposit Method | Accepted Currencies | Commissions and Fees | Minimum Amount | Maximum Amount | Processing Time |
| Bank Wire Transfer | USD / GBP / AUD / CHF / EUR | Free | 300 USD / GBP / AUD / CHF / EUR | No limit | 1 business day |
| Visa / MasterCard | USD / GBP / EUR | Free | 10 USD / 10 GBP / 50 EUR | 10,000 USD / GBP / EUR | Instant |
| Instant Bank Payment | GBP | Free | 50 GBP | 20,000 GBP | Instant |
Withdrawals
| Withdrawal Method | Accepted Currencies | Commissions and Fees | Minimum Amount | Maximum Amount | Processing Time |
| Bank Wire Transfer | GBP / USD / EUR / CHF / AUD | 0 GBP / 30 USD / 15 EUR / 15 CHF | 30 GBP / USD / EUR / CHF / AUD | No limit | 1-3 business days |
| Visa / MasterCard | GBP / USD / EUR | Free | 10 GBP / USD / EUR | 15,000 GBP / USD / EUR | 2-5 business days |
| Instant Bank Payment | GBP | Free | 50 GBP | 20,000 GBP | 1-3 business days |
Account Types and Terms
4.9
How Did We Test the Broker's Account Types and Terms?
When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
The account opening process at FXOpen is almost effortless. It’s fully digital, and I completed the application via the broker’s website within just 10 minutes. FXOpen UK offers two types of trading accounts, ECN and STP, each with unique features, suitable for different trading needs
At FXOpen, both ECN and STP trading accounts use market execution. There is no dealing desk, no requotes, and trades are executed at the best available price. Traders using Electronic Communication Network (ECN) accounts can access the raw price from the banks and liquidity providers and pay a small commission.
In the case of Straight Through Processing (STP) accounts there is no separate commission, as it is already included in the spread. STP accounts are geared towards beginners and general simplicity.
The table below breaks down the main features of each account type.
| Account Feature | STP Account | ECN Account |
| Base Currencies | GBP, USD, EUR | GBP, USD, EUR |
| Minimum Deposit | 300 GBP/USD/EUR | 300 GBP/USD/EUR |
| Spread | Floating | Floating, from 0 Pips |
| Commission (Per 1 Lot) | None | From $1.50 |
| Minimum Transaction Size | 0.01 Lot | 0.01 Lot |
| Leverage | Up to 1:30 | Up to 1:30 |
| Available Instruments | Currencies, CFDs on Metals | Currencies, CFDs on Cryptocurrencies, Metals, Energies, Indices and Shares |
Account Application
To open an individual account at the FXOpen Ltd, prospective clients must answer the following questions.
- Country of residence.
- Email.
- Name.
- Account type (personal or corporate).
- Reason for trading (speculation or hedging).
- Employment status, industry.
- Level of trading experience and how often you trade.
- Annual income, value of savings/investments, how much you can afford to lose.
- Mobile phone number, SMS verification.
Demo Accounts
FXOpen offers demo accounts via all of their platforms: TickTrader, MetaTrader 4, MetaTrader 5, and TradingView. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money.
The demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once users have gotten up to speed on a demo account, they can easily switch to a live version.
Professional Accounts
For clients in the UK, FXOpen offers a Professional Account, which allows greater leverage of 1:500 and access to trading CFDs on cryptocurrencies. Professional Account holders are not subject to ESMA’s restrictions which came into force in September 2019 to protect retail investors. To apply for a Professional Account, the trader must meet at least two of the following three criteria:
- You must have carried out significantly large transactions in the relevant market, on average 10 per quarter over the previous four quarters.
- The size of your financial instrument portfolio, including cash deposits and financial assets, must exceed 500,000 EUR.
- You currently work or have worked in the financial sector for at least one year in a professional position.
Islamic Accounts
FXOpen offers Muslim traders a swap-free Islamic account that adheres to the principles of Sharia law.
Leverage
One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.
The maximum leverage for retail clients in the UK is 1:30. This means that with an account of $1,000, you can control up to $30,000 worth of positions in the market. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.
Supported Countries
FXOpen takes clients from most countries around the globe. However, clients are not accepted from Afghanistan, Central African Republic, Iran, Iraq, Libya, North Korea, Palestine, Syria, USA, Western Sahara and Yemen.
Research
4.7
How Did We Test the Broker's Research Tools?
Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
I was impressed by the quality of the research materials at FXOpen. While the range and scope are not as broad as some larger brokers, I found the material to be actionable and insightful. FXOpen does not offer any third-party research tools, such as Trading Central or Autochartist, though.
The Market Pulse section, led by veteran analyst Gary Thomson features in-depth coverage of various markets, including forex, indices, shares, commodities, and crypto. The articles include fundamental and technical analysis, and I gleaned some interesting trading ideas from the insights shared.
Gary also presents a video called the Weekly Market Wrap, available on the FXOpen website and their YouTube channel, which looks back at the major news stories that impacted the markets. Gary does a great job of breaking down complex subjects like inflation and highlights key market levels to watch. The videos are in-depth and astute, and I consider them to be better than average for the industry.
Traders can refer to the economic calendar on the FXOpen website to stay abreast of breaking data and upcoming releases.
FXOpen offers FXStreet news via its website. Multiple daily updates include headline news, technical forecasts, and economic data. The brief updates are helpful for both beginners and experienced traders to orient themselves throughout the trading session.
Education
2.9
How Did We Test the Broker's Education Offering?
Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
FXOpen has limited educational materials but offers some interesting articles in the Market Pulse section of the website. The YouTube channel also has a handful of educational videos covering basic trading concepts and platform-related themes. While the quality of the existing content is good, I rate the available educational materials as relatively meagre compared to the industry average.
In the Market Pulse section of the website, FXOpen offers articles covering trading strategies, technical indicators, and chart patterns. I liked these articles’ practical and actionable themes, which go into a good level of depth. This material is geared mainly towards active traders with at least some experience.
The FXOpen YouTube channel has a collection of brief educational videos covering basic themes like ‘what is leverage’. I was pleased to see some helpful platform-related videos covering topics like how to add an expert advisor (EA) to MetaTrader. FXOpen could improve by introducing courses, live webinars, and expanding their range of articles and video content.
The Bottom Line
FXOpen is a compelling broker for serious FX traders. Rock bottom trading costs in forex beat out most other brokers by a wide margin. I suspect this is a major part of why FXOpen has one of the lowest percentages of retail traders losing money (60%) compared to the industry average of around 75%. That says a great deal. Reliable customer support is another area of strength at this broker, and I received a personal touch and great follow-through during my work in writing this review.
FXOpen’s greatest weakness is in its limited educational materials. The addition of popular features such as webinars and interactive courses would help to round out its offering. My only other quibble is with the surprisingly high commissions for CFDs on shares.
The range of platforms and tools is exciting for both the beginner and advanced trader, with cutting-edge design and usability from TradingView and highly sophisticated features available in TickTrader. Overall, I recommend this broker to both advanced, active traders and ambitious beginners eager to grow in the field.
FAQ
Where is FXOpen based?
The headquarters of FXOpen is at 80 Coleman Street, London EC2R 5BJ, United Kingdom.
Is FXOpen safe?
FXOpen is regulated by three top-tier regulators (FCA, CySEC, and ASIC), guaranteeing a good level of safety for clients. Clients of the offshore entity do not enjoy the same protections.
How does FXOpen make money?
FXOpen profits from commissions, spreads, swap fees, and miscellaneous account fees.
How do I deposit funds in an FXOpen account?
Funds can be deposited via bank wire, Visa, Mastercard, and instant bank transfer.
What is the minimum deposit for FXOpen?
The minimum deposit is 300 EUR/USD/GBP.
How do I withdraw money from FXOpen?
Funds can be withdrawn via bank wire, Visa, Mastercard, and instant bank transfer.
How long does it take to withdraw money from an account at FXOpen?
Withdrawals via bank transfer take 1-3 days to reach your account.
How much is the maximum leverage at FXOpen?
The maximum leverage is 1:30 for standard accounts and 1:500 for professional accounts.
How can I open an account with FXOpen?
To open an account at FXOpen, clients should select their account type, provide personal details, and upload a proof of identity.
What platforms does FXOpen offer?
FXOpen offers TickTrader, MetaTrader 4, MetaTrader 5 and TradingView.
What are the withdrawal fees at FXOpen?
There is a $30 fee for withdrawals via bank wire.
Is FXOpen good for beginners?
FXOpen has good customer service and a demo account, both important for new traders.
Does FXOpen offer a demo account?
Yes, FXOpen allows clients to trade demo accounts via TickTrader, MetaTrader 4, MetaTrader 5 and TradingView.
See FXOpen Full Information
| Headquarters Country | United Kingdom |
| Foundation Year | 2005 |
| Regulations | FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus) |
| Publicly Traded | No |
| Number Of Employees | 180 |
| Trading Desk Type | ECN, STP, No dealing desk |
| Trading Platforms | MT5, MT4, TickTrader , TradingView |
| Restricted Countries | North Korea, Iran, Iraq, Afghanistan, United States, Yemen, Syria, Central African Republic, Libya |
| Supported Languages | English, Russian, French, Indonesian, Portuguese, Arabic, Spanish, Chinese, Malaysian |
| Min Deposit | $300 |
| Max Leverage | 1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC ) |
| Deposit Options | Wire Transfer, Credit Card, Visa, Mastercard |
| Withdrawal Options | Wire Transfer, Credit Card, Visa, Mastercard |
| Time to Withdrawal | 3 |
| Time to Open an Account | 8 |
| Crypto | Bitcoin, NEO, Litecoin, Dash, EOS, Ethereum, IOTA |
| Products | Currencies, Stocks, Crypto, Indices, Commodities |
| Demo Account | Yes |
| OCO Orders | Yes |
| Offers Hedging | Yes |
| Automated Trading | Yes |
| API Trading | Yes |
| Guaranteed Stop Loss | Yes |
| Guaranteed Limit Orders | No |
| Guaranteed Fills / Liquidity | Yes |
| Economic calendar | Yes |
| Trading From Chart | Yes |
| One-Click Trading | Yes |
| Expert Advisor | Yes |
| Social Trading | Yes |
| Autochartist | No |
| Trading Signals | No |
| Platform Languages | Norwey, Turkish, Korean, Hebrew, English, Filipino, Danish, Urdu, Afrikaans, Russian, Norsk, Hindi, French, Indonesian, Dutch, Portuguese, Latvian, Punjabi, Thai, Slovak, Taiwanese, Georgian, Polish, Czech, Arabic, Estonian, Hungarian, Bulgarian, Azerbaijani, Italian, Slovenian, Albanian, Spanish, Bengali, Chinese, Croatian, Finnish, Lithuanian, Tamil, Farsi, Japanese, Tagalog, Swedish, Ukrainian, Greek, Serbian, Vietnamese, Malaysian, German, Bosnian, Multi-lingual, Romanian, Brazilian, Norwegian |
| 24 Hours Support | Yes |
| Support During Weekends | No |
| Live Chat | Yes |
| Daily Market Commentary | No |
| News (Top-Tier Sources) | Yes |
| Webinars | No |
| Deposit Fee | No |
| Withdrawal Fee | Yes |
| Inactivity Fee | No |
About the Author
Dan BlystoneBroker Analyst
Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.
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FXOpen Ltd: 60% of retail investor accounts lose money when trading CFDs with this provider | FXOpen EU Ltd: 77% of retail investor accounts lose money when trading CFDs.