broker

FXOpen Review 2022

Updated:
4.2
Trust
3.8
Fees
4.4
Platforms and Tools
4.6
Customer Support
4.2
Tradable Instruments
4.3
Account Types and Terms
4.9
Deposit and Withdrawal
3.9
Research
4.0
Education
2.3

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.

While we adhere to strict editorial integrity, this page may refer to our partners' products. Here's how we make money.Learn how we make money and our review methodology.

Please note: In our review of FXOpen, we focused on the services provided by FXOpen Ltd (fxopen.com), regulated by the UK Financial Conduct Authority (FCA). We conducted our tests using a MetaTrader 4 ECN account. Some features and services may vary depending on where you reside.

The Big Picture

Founded in 2005, FXOpen is a broker providing access to forex and CFDs on commodities, indices, shares, and cryptocurrencies. FXOpen offers trading via the popular MetaTrader platform and also has a proprietary platform called TickTrader. The ECN model of order execution allows FXOpen to provide traders with access to the interbank market, where the counterparty to client trades is a liquidity provider, such as a bank, fund, or another trader. Four brokerage entities make up FXOpen: FXOpen UK, FXOpen EU, FXOpen AU, and FXOpen International.

Key Takeaways in 2022

  • We evaluated FXOpen across nine categories (Trust/Stability, Fees, Tradable Instruments, Account Types, Deposit/Withdrawal, Research, Customer Support, Education, Platform/Tools).
  • FXOpen excelled in fees, with tight spreads and low trading costs overall.
  • We found room for improvement in the education category, with relatively few available materials.
  • Beginners can benefit from reliable customer support and free demo accounts.
  • 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 platforms and tools. 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 strategies.

What types of traders are a good fit for FXOpen?

With its ECN model of order execution and narrow spreads, 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
  • Tight spreads.
  • Oversight by three top-tier regulators.
  • Reliable customer service.
  • Multiple account types.
  • MetaTrader and TickTrader Platforms.
  • Leverage up to 1:500 for professional clients.
  • Free Virtual Private Server (VPS).
  • Limited educational materials.
  • Clients of the offshore entity have few protections.

 

broker

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.

 

About the Author

Dan Blystone
Dan Blystone began his career in the trading industry in 1998. He worked as an arb clerk on the floor of the Chicago Mercantile Exchange (CME), flashing orders into the currency futures pits.
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How Do We Rate?

When trading forex and CFDs, it is crucial to know a broker's strengths and weaknesses. That is why FX Empire developed its proprietary rating system. We put the knowledge and expertise of our reviewers to work to bring you the most suitable brokers. A total of 200 variables have been analyzed to help you choose your broker wisely. This chart describes all the categories we evaluated and rated.
How Do We Rate Chart
Visit our methodology page to learn more about our review and rating process.
FXOpen Main Features
☑️
Regulations
FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus)
🗺
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Chinese, Indonesian, Malaysian
💰
Products (CFD)
Currencies, Commodities, Indices, Stocks, Crypto
💵
Min Deposit
$300
💹
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC)
🖥
Trading Desk Type
ECN, STP
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Check if...
unknownFXOpen accepts clients from your country:
Choose your country:

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.

FXOpen Full Review

Trust

3.8
How Do We Test A Broker's Trust?
When choosing a broker, trustworthiness is one of the most important things to keep in mind. Always check the broker's regulations, know how financially secure the firm is, and find out whether the broker is transparent and reliable. These factors, calculated into our score, will help you understand if your money is safe.

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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 long operating history of 17 years. We rated FXOpen as having a good level of transparency.

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.
FXOpen on the FCA Register

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
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
Standard Leverage 1:30 1:30 1:30 1:500

Regulatory requirements are subject to change. We gathered the data listed above in April 2022.

Is it Safe to Trade With FXOpen?

We judged 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 levels.

Stability and Transparency

In our tests for the Trust category, we also cover 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 17 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 our research, FXFlat showed a good level of transparency in their regulatory status, with a clear explanation on their Why Us page.

Live spreads of different financial instruments are covered in the Markets section. The Terms and Conditions legal document is in the footer of the website.

FXOpen could improve by adding more information on the company’s history and its management. Overall, we rated FXOpen as having a high level of transparency, better than average for the industry.

Fees

4.4
How Do We Test A Broker's Fees?
Broker fees can be difficult to understand. We test the broker's platforms and examine commissions, spreads, and overnight fees to ensure that you can determine if trading with this broker is worth your time and money.

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FXOpen offers competitive spreads and commissions via its ECN account. This can be critical for reaching profitability, especially for active, short term traders. Swap fees and inactivity fees were average for the industry.

FXOpen Spreads

Trading Fees

We tested the spreads at FXOpen across different asset classes. We did the test at 8 AM GMT and at 4 PM GMT on April 27th, 2022. We made our tests at two different times to allow greater perspective. 8 AM GMT is the London open when there is a great deal of liquidity in the forex market and tighter spreads in currency pairs. 3 PM GMT is during the New York trading session.

Instrument Spread AM Spread PM
EUR/USD 0.1 Pips 0.3 Pips
GBP/JPY 2 Pips 2 Pips
Gold 22 Pips 10 Pips
Light Crude Oil 8 Pips 4 Pips
Apple n/a 0.29
Tesla n/a 1.63
Dow 30 1.9 Pips 1.5 Pips
Dax 40 0.7 Pip 0.7 Pip

Commissions

With the ECN account, commissions are also charged. Forex commissions are listed in the table below.

Account Balance $5 Million in traded volume over past 30 days $5-$25 Million in traded volume over past 30 days $25-$250 Million Million in traded volume over past 30 days >$250 Million in traded volume over 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 $250,000 $1.50 $1.50 $1.50 $1.50

Swap Fees

Swap fees (the cost of holding a 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). We recorded the data on April 27th.

Instrument Swap Long Swap Short
EUR/USD Charge of $5.28 Credit of $1.17
GBP/JPY Credit of $1.62 Charge of $7.70

Non-Trading Fees

FXOpen charges a fee of $10 per month for accounts that have been dormant for 6 months.

Are Fees at FXOpen Competitive?

With tight spreads and low commissions, we judged that trading costs are competitive at FXOpen. This is especially important for active traders who are constantly in and out of the market. Non-trading fees, such as the inactivity fee, are relatively standard for the industry.

Platforms and Tools

4.6
How Do We Test A Broker's Platforms and Tools?
Platforms are where you trade, so they must be secure, fast, and accessible while offering you the tools you need to succeed. Each broker's desktop, web, and mobile platforms are evaluated according to the order types, speed of execution, ease of use, and other 'need to know' features.

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FXOpen provides clients with the MetaTrader 4 and MetaTrader 5 platforms. They also offer their own TickTrader platform. Both are feature rich and powerful platforms, earning FXOpen a strong performance in this category.

MetaTrader 4 Desktop

FXOpen offers MetaTrader 4 and MetaTrader 5 for desktop, which includes advanced functions such as copy trading and automated trading. MetaTrader 4 is available in 39 languages, from Arabic to Vietnamese.

MetaTrader 4 Desktop

The platform provides popular features such as:

  • Alerts. This feature allows traders to be updated when an instrument reaches a specific price level. Alerts can be delivered via audio, email, or push notification to a mobile device.
  • Watchlists. Traders can set up 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. Being able to place a trade with a single click saves time 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. An order to buy or sell an instrument at the current best available price.
  • Limit Order. An order to buy or sell an instrument at a specified price or better.
  • Stop-Loss Order. An order to buy or sell an instrument that is triggered when price reaches a specified level.
  • Trailing Stop Order. A stop-loss order that can be set at a defined percentage or dollar amount away from an instrument’s current market price. Trailing stops allow you to secure profits when you are in a winning trade while not having to 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 Each instrument can be displayed in nine time frames, from one minute to one month.
  • 3 chart types. Traders can choose between 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 the activity of other traders in real-time automatically.
  • Automated trading. MetaTrader 4 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms. They find opportunities according to set parameters and then create a notification or automatically open a trade.

The MetaTrader 4 desktop platform is one of the most feature-rich and popular trading platforms globally. It does not have the most beautiful interface, and it does require some time and effort to learn, but that is typical of advanced platforms.

MetaTrader 4 Web

MetaTrader 4 Web Platform

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 enables 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

MetaTrader 4 Mobile App

For mobile trading, FXOpen offers the MetaTrader 4 mobile app 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 a broad range of 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 desktop and web, the interface is not the most intuitive, but the MT4 app offers an above-average range of features.

TickTrader

TickTrader Web Platform

In addition to MetaTrader 4 and 5, FXOpen provides their proprietary platform, TickTrader, for desktop, web, and mobile (Android and iOS). The platform is geared towards experienced, active traders. Key features of TickTrader include:

  • An intuitive and customizable interface.
  • Advanced tools, such as level 2 data, heatmaps, and strategy backtesting.
  • Level 2 pricing shows the market depth up to 200 levels, and your limit orders are visible inside the order book.
  • Trading alerts. The trading alert system allows you to customize alerts and choose how they are received.
  • Algorithmic trading strategies and custom EAs can be deployed via the platform.
  • One-click order entry, making scalping and algorithmic trading more efficient.
  • Advanced order types, including market orders, limit orders, and stop orders with settings for volume units, stop levels, and slippage. Time in force conditions such as Good-Til-Cancelled (GTC) are available for limit orders.
  • API integrations. Trading can be managed through the platform or a FIX, REST, or WebSocket API.

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.

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.

Tradable Instruments

4.3
How Do We Test A Broker's Tradable Instruments?
In this section, we check the broker’s market offering and how varied the instruments and asset classes are. It will allow you to check if they offer what you're looking for and what you can trade.

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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 CFD industry giants.

CFDs (Contract for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. Tradable instruments at FXOpen include the following assets:

  • 50 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.
  • 10 Index CFDs. An index is a basket of trading instruments used to gauge a market sector, stocks within an exchange, or a country’s economy.
  • 10 Stock CFDs. A stock is a security that represents partial ownership of a corporation. Keep in mind that when trading stock CFDs, you speculate on the price of a stock without actually taking ownership of the underlying company.
  • 5 Commodity CFDs. Commodities are raw products, such as gold, oil, and metals.
  • 11 Cryptocurrency CFDs. Cryptocurrencies, such as Bitcoin, are digital currencies that are secured by cryptography.
Available Markets at FXOpen

In the tables below, you can see a selection highlighting the variety of instruments available at FXOpen:

Forex Major Forex Minor
EUR/USD | GBP/USD | USD/JPY | USD/CHF GBP/JPY | EUR/NZD | EUR/GBP | AUD/CHF
CFDs on Indices CFDs on Commodities
UK100 | Japan 225 | Wall Street 30 | Australia 200 Gold | Natural Gas | Brent Crude Oil | Silver
CFDs on Shares CFDs on Cryptocurrencies
Goldman Sachs | Microsoft | Netflix | Tesla Dash | Ethereum | Ripple | Litecoin

FXOpen is strongest in the area of forex and has room for improvement in the range of CFDs on shares and indices.

Customer Support

4.2
How Do We Test A Broker's Customer Support?
Traders tend to underestimate customer support, but it might be a crucial feature in moments of crisis. In our rating, we check the contact methods available, how accessible a live agent is and how helpful the responses are. This information will allow you to know if a broker can provide full support when you need it.

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FXOpen shines in customer support with fast responses and helpful, knowledgeable agents. Help is available via phone, and live chat from 8 AM to 6 PM London Time. Email support is also available.

FXOpen provides support during office hours, five days a week. Support responses were fast across each medium. Via chat, we were able to reach an operator almost immediately. FXOpen answered calls within a couple of rings. We received responses to most email inquiries the same day.

Chat Support at FXOpen

We tested support with a wide range of questions, covering subjects like processing times for the withdrawal of funds and the order execution model used. We were able to get all our questions answered quickly. We made a high volume of customer service inquiries and judged that FXOpen has reliable customer service, better than average for the industry.

Across all entities, FXOpen offers Customer Support in ten languages.

Customer Support Languages
English | French | Spanish | Portuguese | Ukrainian | Indonesian | Malaysian | Russian | Arabic | Chinese

Deposits & Withdrawals

3.9
How Do We Test A Broker's Deposit and Withdrawal?
The deposit or withdrawal process can be a tricky one. You may discover that there are hidden fees, or that withdrawal times are longer than you anticipated. We check these factors and others so you know what to expect when trading with this broker.

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Clients of FXOpen can make deposits and withdraw funds using bank transfers, Visa, Mastercard, and Trustly. Deposits are free, but there may be a fee for withdrawals by bank transfer, depending on the currency used. Deposits and withdrawals are processed fast, better than average for the industry.

The tables below break down the fees and processing times for each deposit and withdrawal method.

Deposits

Deposit Method Fees Processing Time
Bank Wire Transfer 0% The same business day upon receipt by FXOpen.
Visa 0% Instant
Visa Electron 0% Instant
Mastercard 0% Instant
Trustly 0% Instant

Deposits are free, and the processing time for bank wire transfers is good.

Withdrawals

Withdrawal Method Fees Processing Time
Bank Wire Transfer Varies by currency used: 30 USD, 15 EUR, 15 CHF, GBP transfers are free. 1-3 business days to reach your account.
Visa 0% 2-5 business days to reach your account.
Visa Electron 0% 2-5 business days to reach your account
Mastercard 0% 2-5 business days to reach your account.
Trustly 0% Same day.

We judged that fees for withdrawals for bank wire transfers are reasonable and processing times are relatively fast.

The range of deposit and withdrawal methods at FXOpen is standard. It does not include as many options as some competitors, who also offer methods such as Skrill, Neteller, and PayPal.

Account Types and Terms

4.9
How Do We Test A Broker's Account Types and Terms?
In order to achieve your trading goals, you need to choose the right account. We evaluate each broker's account types, how easy it is to open an account with them, and the steps involved, so you can decide if it is worth your time to open an account.

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The account opening process at FXOpen is fully digital, and individuals can complete the application via the company website within 15 minutes. FXOpen UK offers two types of trading accounts, ECN and STP.

Account Application

To open an individual account at FXOpen, prospective clients must select their account type (personal, joint, or corporate), provide their name, address, date of birth, phone number, ID number, and answer the following questions:

  • How long have you been trading FX, CFD, Spreadbetting or similar leveraged products?
  • How often do you trade FX, CFD, Spreadbetting or similar leveraged products?
  • How long have you been trading non-complex products e.g., shares, futures, bonds and other products that do not require leverage?
  • How often do you trade non-complex products e.g., shares, futures, bonds and other products that do not require leverage?
  • What is your main reason for trading?
  • What is your employment status?
  • What is your total annual income?
  • Value of saving and investments (excluding property)?
  • What is the amount available for trading each year that you can afford to lose?

Proof of identity (passport or national ID) and address (bank statement or utility bill) must be uploaded as part of the application.

Opening an Account at FXOpen

ECN and STP Account

ECN and STP are the two major account types. The various features of ECN and STP accounts are outlined in the table below.

Feature ECN Account STP Account
Base Currency GBP, USD, EUR GBP, USD, EUR
Business Model ECN STP
Minimum Deposit £300, $300, €300 £300, $300, €300
Spread Floating, from 0 pips Floating
Commission (per 1 lot) From $1.50 No
Execution Market Market
Leverage Up to 1:30 Up to 1:30
Instruments Forex, CFDs on cryptocurrencies, metals, energies, indices, and shares Forex, CFDs on metals

The main difference is that the ECN account has tighter spreads but charges commissions, while the STP account is spread only. Also, it’s important to note that a wider variety of trading instruments are available via the ECN account.

Demo Accounts

FXOpen offers demo accounts for MetaTrader 4 and MetaTrader 5. Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking any 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 over to a live account.

Professional Accounts

The UK entity of FXOpen offers FCA-regulated professional accounts with leverage of up to 1:500. To be eligible for an FXOpen UK Pro account, you need to be able to answer yes to two of these three questions:

  • Have you placed 10 relevant trades of a significant size per quarter in the last year?
  • Do your cash and financial instrument portfolio exceed €500,000?
  • Do you, or have you, worked in the financial sector for at least 1 year?

Islamic Accounts

FXOpen offers a swap-free Islamic account that adheres to the principles of Sharia law.

Leverage

One of the reasons 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.

With a standard account at the UK, EU, and Australian entities of FXOpen, the maximum leverage for CFD trading 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. Traders with the offshore entity of FXOpen have access to leverage of up to 1:500.

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 the majority of countries globally. However, clients are not accepted from USA, Iran, Israel, and North Korea.

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.

Research

4.0
How Do We Test A Broker's Research?
Research options provided by brokers may not be seen as the most important feature for some traders, but they can give you an edge over the competition. Staying on top of important market news announcements and being aware of big themes can be very helpful. The rating system provides a clear picture of how well your broker fulfills this service.

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FXOpen offers FXStreet news via their website. The multiple updates throughout the day include headline news, technical forecasts, and economic data. The material is useful for both beginners and experienced traders. The FXOpen website also includes a calendar that allows traders to keep up with upcoming releases, and a blog that provides detailed analysis.

Research Materials at FXOpen

Market news from FXStreet includes analysis citing key technical levels, coverage of significant economic releases, and top geopolitical news stories. Dozens of stories are published each day. The analysis is short form and largely geared towards the forex market.

FXOpen also provides in-depth analysis via their blog. At least a couple of stories are published daily, covering various assets from forex to cryptocurrencies. Fundamental data such as Fed policy is covered and in depth technical analysis highlights technical patterns and key support and resistance levels. The analysis is written in-house and provides some high quality insights.

FXOpen Blog

Education

2.3
How Do We Test A Broker's Education?
Educating yourself on how to trade the financial markets can make the difference between success and failure. We check the educational content provided by the broker, its quality and suitability for beginners and advanced traders.

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FXOpen has a handful of educational articles on its website and a YouTube channel with a few dozen videos, including material covering trading basics. The material is more geared towards beginners than experienced traders. The existing content is good, but the amount of material is limited, leaving room for improvement in this category.

FXOpen Educational Materials

In their resources section, FXOpen has three educational articles covering important topics: what is CFD trading, what is ECN trading, and what is a forex broker. The FXOpen YouTube channel has videos explaining key trading-related subjects such as leverage and technical analysis. There are also videos covering platform-related themes like how to withdraw funds. FXOpen could improve in this category by adding more educational material such as articles, videos and courses. We would also like to see more content catering to experienced traders.

The Bottom Line

With low trading costs and advanced tools, FXOpen provides a compelling offering for experienced, active traders and can cater well to algorithmic traders. Reliable customer support is an area of strength at this broker.

The range of tradable instruments is solid, but more depth could be added. For new and casual traders, the available platforms are not the most intuitive on the market, and there is room for improvement in the educational materials available.

With respect to the broker’s trustworthiness, top-tier regulators oversee the UK, EU, and Australian entities, but clients of the offshore entity should be aware that protections are limited. Overall, we rate FXOpen as a strong and innovative broker with much to offer.

FAQ

Where is FXOpen based?
The headquarters of FXOpen is in London.

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?
Clients can make deposits via bank wire, Visa, Mastercard, and Trustly.

What is the minimum deposit for FXOpen?
The minimum deposit is 300 EUR/USD/GBP.

How do I withdraw money from FXOpen?
Clients can withdraw funds via bank transfer, Visa, Mastercard, and Trustly.

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, and MetaTrader 5.

What are the withdrawal fees at FXOpen?
There is a $30 fee for withdrawals via bank wire.

Is FXOpen suitable for beginners?
FXOpen has good customer service and a demo account, both important for new traders.

Does FXOpen offer a demo account?
 

broker

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.

See FXOpen Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
United Kingdom
Foundation Year
2005
Regulations
FCA (United Kingdom), ASIC (Australia), CySEC (Cyprus)
Publicly Traded
No
Number Of Employees
201
Trading Desk Type
ECN, STP
Trading platforms
MT4, MT5
Restricted Countries
United States, Japan, Canada, South Korea, Iran, Somalia
Supported Languages
English, Spanish, German, French, Arabic, Russian, Portuguese, Chinese, Indonesian, Malaysian
Min Deposit
$300
Max Leverage
1:30 (FCA), 1:30 (ASIC), 1:30 (CySEC)
Deposit Options
Wire Transfer, Credit Card, Skrill, Neteller, Trustly, Visa, Mastercard
Withdrawal Options
Wire Transfer, Credit Card, Cryptocurrencies, Skrill, Neteller, Visa, Mastercard
Time to Withdrawal
1
Time to Open an Account
8
Cryptocurrencies
Bitcoin Cash, Bitcoin, NEO, Litecoin, Ripple, Monero, Dash, EOS, Ethereum, IOTA
Products (CFD)
Currencies, Commodities, Indices, Stocks, Crypto
Demo Account
Yes
Islamic Account
Yes
Segregated Account
Yes
Managed Account
No
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IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMERS
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.