Fxopen Review 2020 - Verified Customer Reviews

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4.1
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Fxopen Review

Updated September 23, 2020
4.6
Score breakdown
Pricing: 5
Regulation: 5
Popularity: 4.5
User Rating: 4.1 (29)

Fxopen overall score rank: 3 out of 34

FXOpen forex broker review
KEY TAKEAWAYS

✔️ Availability of 40 cryptocurrencies crosses to trade
✔️ Accepts Japanese clients
✔️ Regulated in the UK and Australia
✔️ Fast deposits and withdrawals

Regulations and Money Protection

5.0 


Entity Name Regulation Client Money Protection Deposit Compensation Scheme Negative Balance Protection
FXOpen Markets Limited (Nevis) ✔️ - segregated client money
FXOpen AU PTY Ltd (AU) Australia ASIC License ✔️ - segregated client money
FXOpen Ltd (UK) UK FCA License ✔️ - segregated client money up to £85,000 ✔️

Regulation

  • FXOpen Markets Limited will be the counterparty for International retail customers. This entity, with registered address at P.O. Box 590, Springates East, Government Road, Charlestown, Nevis is incorporated in Nevis under the company No. C 42235. 

  • FXOpen AU PTY Ltd (ACN 143 678 719), located at Level 25, 108 St Georges Terrace, Perth, WA 6000, Australia, is licensed by the Australian Securities & Investments Commission (ASIC) with license number ASFL 412871. FXOpen AU PTY Ltd is registered to carry out financial services business in Australia, limited to the financial services covered by its AFSL license.

  • FXOpen Ltd is a company registered in England and Wales under number 07273392. Registered office: 80, Coleman St, London EC2R 5BJ, England. FXOpen Ltd is authorised and regulated by the Financial Conduct Authority (FCA) with registration number 579202.

Client Money Protection

  • FXOpen complies with the highest safety standards for client's funds. For this reason, FXOpen client's funds are kept in top-tier international banks, such as the Commonwealth Bank of Australia, Barclays Bank Plc and Lloyds Bank Plc, fully segregated from the company’s funds.

  • FXOpen also complies with the client money handling rules and employs strict policies and procedures regarding the maintenance and operation of these accounts. FXOpen holds client's money separately to the company funds and does not use these funds for any operational expenses or purposes.

Deposit Compensation Scheme

Only the UK company (FXOpen Ltd) offers a deposit compensation scheme. FXOpen Ltd is a member of the Financial Services Compensation Scheme (FSCS), an independent compensation fund of last resort for customers of authorised UK financial services firms. If FXOpen Ltd is unable to pay claims against it in the event the firm has stopped trading or has declared to be in default, clients might be entitled to compensation (up to the value of £85,000) per claim.

Negative Balance Protection

Only FXOpen Ltd offers NBP. The broker has an automated stop-out policy designed to minimise losses and to take action before the market moves further against open positions. The level at which FXOpen Ltd automated stop-out occurs depends on the platform used and the policy regarding covering negative balances varies depending on the circumstances.

Accounts, Instruments and Platforms

Accounts Instruments Platforms Social trading Maximum Leverage
✔️ ECN,
✔️ STP,
✔️ Micro*,
✔️ Crypto**
✔️ Swap-free Islamic Accounts
✔️ Forex,
✔️ Indices,
✔️ Stocks, 
❌ Futures, 
❌ Bonds, 
✔️ Commodities,
✔️ Cryptocurrencies
Metatrader 4, Metatrader 5, 
TickTrader
Myfxbook,
ZuluTrade
30:1 UK
up to 500:1
Rest of World

Account types and currencies

  • FXOpen has different types of trading accounts; ECN, STP, Micro*, Crypto** and swap-free Islamic accounts.

  • FXOpen also allows for social trading, including copy trading, via Myfxbook and ZuluTrade.

  • FXOpen has PAMM accounts alternatives for money managers.

  • FXOpen maximum leverage is 30:1 for accounts opened in the UK (up to 500:1 for professional clients) and 500:1 for accounts opened in other countries around the world.

  • Currently, FXOpen trading accounts are only available in USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, BTC, mBTC (depending on jurisdiction and contracted entity).

    *Not available in the EU & UK
    **Not available in the UK


Financial instruments

Trading with FXOpen can be done via the Metatrader 4, Metatrader 5 and TickTrader platforms. All the trading platforms are available for web, desktop and mobile trading. The broker offers a limited selection of about 115 assets to trade, including Forex, indices, stocks, commodities and cryptocurrencies.

  • FX market - 50 currency pairs (including Minor and Exotic crosses).

  • Indices - 10 world indices including including UK 100, NIKKEI 225 and AUS 200.

  • Stocks - 10 shares from American top companies and banks, such as Nike, Citigroup, Netflix or Facebook.

  • Commodities - 5 commodities CFDs available for trading; 2 metals (Gold and Silver), 3 energies (UK Oil, US Oil and Nat Gas).

  • Cryptocurrencies - 40+ CFDs crosses for trading, including Bitcoin, Ethereum, Dash and Litecoin.

Pricing

5.0 


Pricing/
Account
ECN STP Micro Crypto
Spread EUR/USD from 0.0 pip from 1.0 pip from 1.0 pip floating
Commissions from 3 USD 0.5% of trade volume, round turn
Minimum Deposit from 100 USD from 10 USD from 1 USD from 10 USD

Spreads

FXOpen trading fees are, in general terms, lower when compared with other brokers. With an STP (or Micro) account there are no trading commissions. The spread for the EUR/USD starts at 1.0 pip with an average of 1.3 pip. Low starting deposit of 10 USD for the STP account. For the Micro account the minimum deposit is just 1 USD and the maximum balance allowed is 3,000 USD.

The FXOpen ECN account is more competitive, compared with the STP, with lower spreads. For the EUR/USD pair the spread starts at 0.0 pip, with a typical spread of 0.3 pip. To get the benefit of the lower spread, FXOpen charges a commission. The standard lot commission for 1 lot (100,000 units) starts at 3.00 USD (1.50 USD per side, per lot), or the equivalent on your account currency. To note here, that this low commission is for an account with a balance of $250,000!

If a trading account balance is below $1,000, the standard lot commission will be 7 USD. For accounts with a balance between $1,000 - $25,000 the standard lot commission will be 5 USD. Accounts with a balance between $25,000 - $250,000 will be charged a standard lot commission of 3.60 USD.

Rollover Rates

FXTM swap rates, as of 23-09-2020, for 1 lot EUR/USD (100,000 units) stands at an average rate of -5.00 for holding overnight a long 1 lot contract and at -1.00 for holding overnight a short 1 lot contract. We consider FXOpen swap rates to be slightly higher when compared with the rollover rates offered by other top Forex brokers.

Deposits/Withdrawals and Other Fees

  • Deposit fees - Trading accounts can be opened in 10 different currencies and maintained via 18 different funding methods (depending on jurisdiction), including cards, bank wires, e-payments such as Webmoney, Perfectmoney, Yandexmoney or FasaPay and through FXOpen own prepaid card and prepaid codes. Deposited funds are available almost instantly. FXOpen offers commission free deposits via any payment system available, except for bank wires and WebMoney (0.8% transaction fee).

  • Withdrawals fees - For withdrawals, FXOpen fees vary, from 0% to 45 EUR/ 50 USD/ 1500 RUB/ 42 GBP/ 67 CHF/ 38 AUD/ 2700 JPY/ 35 CAD for bank wire withdrawals. Also, as a result of international anti-money laundering regulations, withdrawals can only be sent via the payment methods by which you funded your account.

  • Inactivity fee - FXOpen charges an inactivity fee after 90 consecutive days of non-use (no trades or open positions, no deposits or transfers or withdrawals) and every successive month at 10 USD/month. An inactivity fee will be deducted from the value of the customer's trading account. Traders can ask FXOpen to re-activate an inactive account. The reactivation charge is a one-time fee of 50 USD.

Popularity

4.5  


Forex
Education
Funding
Methods
Deposit/Withdrawals Fees Non expiring demo account Customer
Support
Webinars,
Video Tutorials, Fundamental & Technical Analysis, Market Insights
Cards,
Bank Wire,
E-payments
✔️ 24/5 Support,
Multi language,
Live Chat

With currently 1,000,000 registered traders around the globe (according to their corporate website) and operating in 96 countries for the past 15 years, FXOpen seem to have their fair market share and is capturing the attention of more traders.

FXOpen is also a popular broker amongst traders for the cryptocurrencies offering - over 40 crosses available to trade. FXOpen is also very popular with traders for their PAMM accounts offering, suitable for Masters and Followers. On top of that, FXOpen good promotions and contests attract lots of new traders to the broker's trading platforms.

  • Trading accounts - The FXOpen ECN account is a popular choice with traders looking to save on trading costs, with a lower spread and a commission of $7.00 per lot traded. Extra points for FXOpen's policy of no fees on deposits.

  • Forex education - FXOpen loses a couple of extra popularity points for their limited range of Forex education materials, available through the Education tab. FXOpen clients can find only a market analysis, market news and a couple of calculators.

Funding Methods Bank Wire, Bitcoin, China Union Pay, FasaPay, IntellectMoney, Litecoin, Neteller, PayZa, Perfectmoney, QIWI Wallet, RBK Money, Skrill (Moneybookers), Yandex, Webmoney, ePayments, SorexPay
Support Languages Arabic, Chinese, English, Farsi, French, German, Indonesian, Portuguese, Russian, Spanish, Thai, Turkish

  • Minimum deposit - Opening a trading account with FXOpen is fast and very easy, all done via the web. The minimum deposit requirement with FXOpen vary. For an FXOpen ECN Account, funding with cards, bank wire or e-payments is 100 units of the account currency. For an FXOpen STP Account the minimum deposit is 10 units of the account currency. For a Micro Account the minimum deposit is 1 unit of the account currency. For FXOpen PAMM traders the minimum deposit for an ECN Account is 1000 units of the account currency and 200 units for an STP Account.

  • Customer support - FXOpen multi language customer support service is available 24 hours, 5 days a week, in 12 languages. FXOpen's support is available via phone call, contact form, email and live chat directly from the broker's website.

Broker Profile

FXOpen was founded as an educational center offering courses in the field of technical analysis and financial markets. The company launched its brokerage services in 2005 in order to satisfy the need for fair and transparent trading conditions with an excellent customer support.

Headquartered in Saint Kitts and Nevis, FXOpen Markets Limited is duly registered in Nevis under the company No. C 42235 and is a member of The Financial Commission. FXOpen was the first Forex broker to offer its clients ECN trading via the Meta Trader 4 terminal. And with FXOpen’s unique proprietary price aggregating technology clients can benefit from the industry's most competitive spreads and low trading commissions. 

FXOpen client's can choose from a variety of trading accounts (STP, Micro, ECN and free unlimited demo accounts) and enhance their trading via Myfxbook and Zulutrade automated trading systems. FXOpen also offers its own PAMM technology allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading, guaranteeing automatic distribution of profit and loss between the strategy provider and the strategy followers. 

Overall, on our FXOpen review, the broker scores a great 4.6 out of 5. On the plus side it is a good choice for traders looking for a reputable broker with good regulations in place and safety of funds (applicable to the UK and Australia entities). Also positive, the variety of cryptocurrencies available for trading. On the minus side, the lack of educational material available from the broker’s Education tab should be reviewed to increase popularity with traders.


Data supplied in partnership with CashBackForex - Forex Rebates places FXOpen on the top 20 brokers for popularity with traders opening an account in 2020.


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Fxopen Products

Forex
Cryptocurrencies
Indices
Metals
Oil/Energies