FXOpen Review & Rating 2023
FXOpen has been offering Forex brokerage services since 2005 and is currently one of the most successful and fastest-growing Forex brokers.
FXOpen is an online broker offering Forex, CFD and cryptocurrency trading. The company has grown to become one of the largest brokers in the world with over a million clients from 196 countries.
FXOpen offers a variety of account types to suit different traders including ECN accounts with low spreads starting from 0.0 pips, micro accounts with minimum deposits of $50. In this FXOpen review, we are going to explore more about the broker to know whether it's a good broker or not. It's going to be a neutral review. AtoZ Markets is not responsible for any opinions expressed by the writer.
FXOpen Review: Company
Founded in 2003, FXOpen began as an education and research entity that aimed to help traders learn the ins and outs of trading and understand market analytics. In 2005, they started offering broker services and were one of the first in the market to introduce Islamic and micro accounts. Today, they have become industry pioneers and now offer their services to more than 100 countries and serve one million merchants.
If you look at the assets that you can trade on FXOpen, you will see that the broker offers extensive products on different financial markets. The broker's main focus is on currency pairs as there are a total of 95 available. These include over 4o cryptocurrency pairs.
In this regard, FXOpen's offerings are broader than any other broker and have something available for all types of traders. When it comes to CFDs, the deals can be a bit slim. You will have a total of 16 available.
FXOpen has a dedicated blog to provide education and research opportunities for its clients. The material has been compiled by the broker's in-house team of experts and covers different aspects of the market such as market updates and analysis. Traders can also find some great tips to get better at trading.
Pros And Cons of FXOpen
- Excellent customer support
- Demo account
- ASIC and FCA regulated
- Low minimum deposit to start an account.
- Limited withdrawal and deposit options
- US clients not accepted.
Let's now take a look at what the broker has to offer its clients:
Is FXOpen Trusted?
This element is of utmost importance as far as brokers are concerned and FXOpen has remained transparent and visible in this regard. They are regulated in Australia by the Australian Securities and Investments Commission (ASIC) and in the UK by the Financial Conduct Authority (FCA), both of which are some of the most respected regulators in the world. This means that the broker can be trusted.
To ensure that your funds are in the safe hands, all the funds of its clients are also stored in separate accounts from operational funds. The funds of traders, despite their nationalities, are protected by the amount of £50,00 from FSCS at the same time. It is to allow its clients to access their finances when unexpected events happen.
FXOpen Review: Trading Platforms
Another great aspect of FXOpen is that this broker supports the Metatrader trading platform. This means that they have both MT4 and MT4 platforms available and can be found in all its variations including web based, desktop and mobile. The desktop and web based format is quite popular due to the fact that many other brokers offer the same to their clientele.
FXOpen has kept the robust design of the MT4 and MT5 and its center consoles are quite customizable displaying approximately four select markets. As far as the ordering systems are concerned, they are powerful and concise and offer all the options in a simple way. Also, the MT4 trading platform is known to work faster and smoother than any other option in the industry.
The mobile version of MT4 has taken advantage of some of the same powerful and positive attributes of its desktop counterpart, particularly in the areas of functionality and ease of use. It remains one of the few trading platforms that allow traders to switch brokers in the same app. On top of that, the powerful and vast charting capabilities are kept in the mobile version and there are many more indicators available compared to any other trading platform in the industry.
FXOpen also offers a relatively new platform called TickTrader. This new trading platform making the rounds in the market is FXOpen's third addition to its lineup of platforms.
TickTrader is only available to clients outside of the UK and offers fairly similar features to the two MetaTraders. This platform is beneficial in its extensive offerings, including more than 30 advanced technical tools and indicators, a customizable interface, a charting system, a trading signal system, a strategy tester, and a one/double click trading mode.
FXOPEN Review: Account Types
Four different account options are available at FXOpen. The Micro Account is the first option, which was one of the first to be introduced in the market by any broker. There is also an ECN account, an STP account and a Crypto account, offering 43 cryptocurrency pairs for dedicated trading. These account options are considered an advantage because they give traders the opportunity to achieve their trading goals through the right account.
FXOpen Demo Account
To get acquainted with the capabilities of the broker's platform, you can open a free demo account that fully simulates real trading on the market, but using virtual money. Providing such an option to a trader is a sign of reliability and honesty of an organization that has nothing to hide from its client.
Also Read to Know: Is Swissquote a Legit Broker?
A demo account will allow not only to study the functionality of the platform offered by the broker, but also to try to conduct the first transactions here, test strategies and indicators , make sure that the terminal works, the professionalism of technical support managers, and the honesty of the company. Of course, such a decision will help the market beginner to become more confident in his abilities, he will get rid of the fears of trading, etc.
As far as the minimum deposit is concerned, it depends on the type of account you select. You can open a Micro account with a minimum deposit of $1, which is one of the lowest deposit requirements in the industry. As far as Crypto and STP accounts are concerned, the minimum deposit to be made is $10, while a minimum deposit of $100 is required for an ECN account.
When it comes to opening an account with FXOpen, it couldn't be easier, both for demo and live accounts. For a demo account, you just need to enter a verified email address and password and then you can decide which demo account you want to open. For the Live account, the process is similar, but you must provide additional personal information. In addition, you must also upload proof of identity and proof of residence electronically to verify your account. It takes a few minutes to complete the process, as long as you have the documents ready and you can trade live in no time.
Deposit And Withdrawal Methods
FXOpen clients have a large number of options for making quick transactions in the system, from which a trader can easily find the most convenient service for himself.
So, for depositing funds into the account are offered:
- bank transfers,
- Bank cards Visa/MasterCard, China UnionPay, etc.,
- Payment systems (WebMoney, Qiwi, Neteller, Skrill, OKPAY, IntellectMoney, Yandex.Money , PerfectMoney , etc.),
- Cryptocurrencies: Bitcoin, Tether, Litecoin, Ethrereum, etc.
Earnings Are Withdrawn Using:
- bank transfers,
- Bank cards Visa/MasterCard,
- Electronic systems (WebMoney, Qiwi, Neteller, PerfectMoney, etc.),
- Cryptocurrencies: Bitcoin, Litecoin, Tether, Emercoin, etc.
What cryptocurrencies can you trade at this online broker? Since you cannot actually buy and sell the actual cryptocurrencies at FXOpen, this broker lets you trade cryptocurrencies in the form of contracts for differences (CFDs). CFDs allow you to potentially profit from the price movement of a cryptocurrency without actually having to buy the asset.
That said,with FXOpen, you can trade over 40 cryptos including Bitcoin, Ethereum, and Ripple.
To trade these cryptocurrencies, you are required to verify your identity when you open a crypto account. You must also pass the process in order to submit any withdrawal requests.
Fees and Commissions
One of the best things about FXOpen is that they offer commission-free trading on their standard STP account and micro accounts. You will find typical spreads offered on these accounts, which are in the range of 1.5 to 2.0 pips on the major currency pairs. As far as the ECN account is concerned, they have some of the lowest spreads, starting from 0 pips. However, commission is charged on this type of account. Moving to the Crypto account, traders are required to pay a 0.25% commission on the transaction volume.
In the case of a non-trading fee, a percentage fee is applied on almost all deposit and withdrawal methods. This includes a 2.29% fee on debit and credit card deposits and a 3.5% withdrawal fee on deposits plus $3.5. The highest fee applies to bank transfers, which is $45. An inactivity fee of $10 per month applies if you don't use your account for 90 days.
Do you have any questions or are experiencing any issues that need the attention of FXOpen? If you do, you should reach FXOpen's support to get the information that you need.
The customer service channels provided by FXOpen are available 24/5 and easily accessible and can be found in multiple languages.
These services include a web-based live chat, local phone support, and also an email support system. Each support method is responsive and provides relevant and pertinent information. Aside from that, the broker also offers a detailed help section on its website where you will find answers to a variety of questions.
Regulation of FXOpen
Is FXOpen legit or scam? FXOpen is a brokerage company offering trading services for clients since 2003 with offices in Australia, United Kingdom, Russian Federation, Saint Kitts and Nevis.
FXOpen is regulated by ASIC 412871 and FCA (UK) 579202. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of the regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.
As you can see from the review of FXOpen, this broker can rightly be called one of the most experienced and professional companies that does a lot to make its service simple, comfortable and functional for a user of any skill level.
Excellent services, different options for deposit and withdrawal, being well regulated, having offices in different cities of the world,and a large number of positive user reviews, etc. - all this distinguishes a reliable platform like FXOpen from other similar brokerages.
Having become acquainted with the service and capabilities of the broker in more detail, today we can confidently say FXOpen is not a scam.