FXOpen Overall rating

	Rating	Weight
User Rating	4.1 (54 reviews)	3
Popularity	3.7	3
Regulation	5.0	2
Pricing rating	5.0	1
Features	Not rated	1
Customer Support	Not rated	1

We tested FXOpen using real-money live accounts. Our reviews are unique in that they do not have any bias for or against any broker and are driven purely on the underlying data we compile from live account testing, regulatory data, and opinions from customers. We list all brokers and do not charge a fee for it. We offer additional visibility for a fee, but our review content cannot be influenced. Read our About Us page to read our editorial guidelines and how we make money.

Trustworthiness & Regulation

FXOpen is a well-established broker, having been founded in 2005. It is regulated by several reputable authorities, including the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CYSEC), and the Financial Conduct Authority (FCA) in the UK. These regulations ensure a level of trust and security for traders.

The broker has received 54 total user reviews, 39 of which are from verified real trading accounts, and holds an average rating of 4.1 out of 5. It is ranked 32 out of 815 forex brokers based on user ratings and 47 out of 815 based on expert ratings.

With a popularity rating of 3.8 out of 5, FXOpen is well-regarded among traders. The broker receives significant web traffic, with 217,064 organic monthly visits, ranking 76 out of 815 forex brokers for organic traffic.

It is important to note that even highly regulated and successful financial firms can fail. Thus, while FXOpen's regulatory status and user reviews are strong indicators of trustworthiness, investors should always remain cautious.

Company	Licenses & Regulations	Segregated Client Money	Deposit Compensation Scheme	Negative Balance Protection	Rebates	Max. Leverage Retail Clients
FXOpen AU PTY Ltd	Australia - AU ASIC					30 : 1
FXOpen EU Ltd	Cyprus - CY CYSEC		up to €20,000			30 : 1
FXOpen Ltd	United Kingdom - UK FCA		up to £85,000			30 : 1
FXOpen Markets Limited St Kitts and Nevis						500 : 1

Deposit Insurance

FXOpen provides various levels of deposit insurance and investor compensation depending on the regulatory jurisdiction. Under CYSEC and FCA regulations, client funds are protected through deposit compensation schemes, which offer compensation to investors if the broker fails.

Additionally, FXOpen ensures segregated client funds, meaning that client money is kept separate from the broker's operating capital. However, it's important to note that these protections do not apply under the St Kitts and Nevis non-regulated entity.

Spreads and Costs

When comparing average spreads and costs across asset classes, FXOpen's spreads can be considered moderate. For forex, the average spread is 4.83 pips, which is higher compared to some competitors but still competitive within the industry.

For commodities, FXOpen offers an average spread of 0.35, which is relatively low.

Combined Spread/Commission Costs by Asset Class Compared to Market Leading Brokers

Note: Crypto averages comprise (BTCUSD, ETHUSD), forex averages comprise (EURUSD, USDJPY, GBPJPY, EURGBP, AUDNZD, CADCHF), indices averages comprise (US30, AUS200), and commodities average comprises (XAUUSD, XAGUSD) and that data is sampled every 10 seconds for 24 hours to calculate the average. Forex is stated in pips, and the others are stated in base currency. All spreads including both spread and commission calculated in.

Our data comes from our sophisticated spread analyzer tool, which collects live account information and syncs with our performance analytics system. To compare all brokers and instruments with the latest live data, visit our spread analyzer tool. A spread is the difference between the bid (sell) and ask (buy) price of an asset and can vary widely between brokers and account types.

Some brokers charge higher spreads but no commission, while others charge both, making it crucial to assess the total cost, which includes both spread and commission. Our values reflect this all-in cost. Note that some brokers may set low costs on popular pairs like EURUSD but higher rates on other instruments.

Many brokers also advertise "as low as" spreads that may not reflect the true average or include commissions. Comparing true all-in cost averages across various instruments and asset classes is vital for accurate assessment.

Combined Spread/Commission Costs Per Instrument Compared to Market Leading Brokers

Swap Rates/Financing Fees

Swap rates, also known as financing fees, are charged when a position is held overnight. These fees can either be positive (earning the trader money) or negative (costing the trader money).

FXOpen's average swap rates are higher compared to the industry leaders. For example, the average swap rate for USDJPY is -3.60 for short positions and 1.45 for long positions, which is in line with other brokers, but worse for the XAUUSD pair with the rate at -56.16 points for long positions!

Does FXOpen Offer Islamic/Swap-free Accounts?

Islamic accounts, also known as swap-free accounts, are designed for traders who cannot earn or pay interest due to religious reasons.

FXOpen offers Islamic accounts to its clients. To open an Islamic account, traders need to contact FXOpen support and request the account type. These accounts are compliant with Sharia law and do not incur swap or rollover charges on overnight positions.

Other Fees

In addition to spreads and swap rates, FXOpen charges other fees such as withdrawal fees and inactivity fees. It is essential to consider these additional costs when choosing a broker.

Comparison to other Brokers

FXOpen stands out among forex brokers with its strong regulatory framework, being regulated by ASIC, CYSEC, and FCA. This provides a high level of trust and security for traders. The broker's user reviews are generally favorable, with an average rating of 4.1 out of 5, and it ranks 32nd based on user ratings and 47th based on expert ratings among 815 forex brokers.

In terms of spreads and costs, FXOpen's forex spreads are higher compared to some competitors, but its commodity spreads are relatively low. The broker's swap rates are competitive, making it an attractive option for traders who hold positions overnight.

FXOpen's popularity is evident from its significant web traffic, with over 217,000 organic monthly visits, ranking 76th in organic traffic among forex brokers. The broker has been in business since 2005, establishing itself as a reliable and trusted entity in the industry.

Compared to industry-leading brokers such as IC Markets, Tickmill, Pepperstone and Axi, FXOpen offers a robust trading experience with a wide range of trading platforms and a high level of regulatory oversight, making it a competitive choice for traders looking for other ways of trading and funds safety.

Trading Platforms - Mobile, Desktop, Automated

FXOpen offers a range of trading platforms suitable for various types of traders. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are popular choices among forex traders due to their robust features and support for automated trading using MQL4 and MQL5 programming languages, respectively. These platforms are available on desktop, mobile, and web.

TickTrader is another versatile platform provided by FXOpen, supporting automated trading with the C# programming language, known for its ease of use. TradingView, available on web and mobile, also supports automated trading through its Pine Script language, which is relatively easy to learn.

Each platform offers unique features and tools for charting, technical analysis, and trading automation, catering to both beginner and experienced traders.

What Can you Trade?

FXOpen offers a diverse range of tradable instruments across multiple asset classes. These include over 50 forex pairs, 29 cryptocurrency CFDs, 43 stock CFDs, 10 stock index CFDs, 5 commodities CFDs, and 33 ETFs. The broker does not offer options or futures CFDs.

Traders can choose from a variety of instruments to diversify their portfolios and take advantage of different market opportunities. CFDs, or Contracts for Difference, allow traders to speculate on the price movements of assets without owning the underlying asset. This means traders can go long (buy) or short (sell) on instruments, potentially profiting from both rising and falling markets.

CFDs also offer leverage, which allows traders to control a larger position with a smaller amount of capital. However, leverage can amplify both gains and losses, so it is important to use it cautiously. To see the full list of available instruments, visit FXOpen's tradable instruments page.

Available Leverage

FXOpen offers different leverage levels depending on the instrument and the regulatory entity. Retail clients under ASIC, CYSEC, and FCA regulations can access leverage up to 30:1.

For professional clients or those trading under the St Kitts and Nevis entity, leverage can go up to 500:1. This high leverage allows traders to control larger positions with less capital, but it also increases the risk of significant losses.

Prohibited Countries

FXOpen cannot open client accounts for residents of certain countries due to regulatory restrictions. These countries include the United States, Canada, and several others. For a complete list of prohibited countries, visit FXOpen's website or contact their support team.

FXOpen Account types

	STP	PAMM STP	ECN	PAMM ECN
Commission	-		From 1.5 to 5 units for ECN Accounts
Maximum leverage	500:1	100:1	500:1	100:1
Mobile Platform	MT4 Mobile, MT5 Mobile	-	MT4 Mobile, MT5 Mobile	MT4 Mobile
Trading platform	MT4, MT5, WebTrader	-	MT4, MT5, WebTrader	-
Spread Type	Variable Spread
Minimum Deposit	10	200	100
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	STP
Maximum leverage	500:1
Typical Spread	1 - 1.2
Trading platform	MT4MT5WebTrader
Mobile platform	MT4 MobileMT5 Mobile
Spread type	Variable Spread
Minimum deposit	10
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	PAMM STP
Maximum leverage	100:1
Typical Spread	1 - 1.2
Spread type	Variable Spread
Minimum deposit	200
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	ECN
Commission	From 1.5 to 5 units for ECN Accounts
Maximum leverage	500:1
Typical Spread	0.0-0.4
Trading platform	MT4MT5WebTrader
Mobile platform	MT4 MobileMT5 Mobile
Spread type	Variable Spread
Minimum deposit	100
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	PAMM ECN
Commission	From 1.5 to 5 units for ECN Accounts
Maximum leverage	100:1
Typical Spread	0.0 - 0.4
Mobile platform	MT4 Mobile
Spread type	Variable Spread
Minimum deposit	100
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

FXOpen Web traffic

Our web traffic data is sourced from SimilarWeb and sums the traffic data of all websites associated with a broker. Organic visits are visits the broker didn't pay for, based on the available data. This data updates once monthly and can be based on data purchased from internet service providers, traffic metrics sourced by a third party such as Google Analytics that the company chooses to share with SimilarWeb, etc.

FXOpen Profile

24 hour support

Segregated Accounts

Islamic Accounts

Accepts Canadian clients

Accepts Japanese Clients

Non expiring demo

Trading API

Cent accounts

Negative balance protection

Social trading

Regulatory deposit insurance

Trailing stops

Bonuses

Interest on margin

Fixed spread

Variable spread