77% of retail investor accounts lose money when trading CFDs with this provider.
FXOpen Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1-$300
- MetaTrader4
- MetaTrader5
- TradingView
- TickTrader
- ASIC
- FCA
- CySEC
- The Financial Commission
- 2005
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $1-$300
- MetaTrader4
- MetaTrader5
- TradingView
- TickTrader
- ASIC
- FCA
- CySEC
- The Financial Commission
- 2005
Our Evaluation of FXOpen
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
FXOpen is a moderate-risk broker with the TU Overall Score of 6.33 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by FXOpen clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
FXOpen is a reliable broker with years of experience in financial markets, and adjusting trading conditions for its clients based on the regulatory requirements of their jurisdiction.
Brief Look at FXOpen
FXOpen has been providing brokerage services since 2005 while offering clients STP and True ECN execution models, liquidity from reputable providers, an enviable variety of accounts, and trading instruments. The broker has global offices regulated by the financial supervisory commissions FCA (United Kingdom), CySEC (Cyprus), and ASIC (Australia). FXOpen provides access to trading with over 600 instruments (Forex and CFDs) with leverage up to 1:1000 on the MT4, MT5, and TickTrader platforms. The company serves over 1 million traders, but FXOpen does not have a presence in the U.S.
- Regulation by three reputable supervisory authorities and membership in the Financial Commission;
- Compensation of up to EUR 20,000 per client in case of the broker's bankruptcy or failure to fulfill withdrawal obligations;
- Use of STP (Straight Through Processing) and ECN (Electronic Communication Network) technologies that eliminate dealing center involvement;
- The opportunity for residents of many countries to start trading on STP accounts with $10 and on Micro accounts with $1;
- Trading with leverage up to 1:500 on MT4 and MT5 accounts, up to 1:1000 on TickTrader;
- Protection against negative balance for every retail trader.
- High minimum deposit for traders from the United Kingdom and EU countries, starting from $300 or equivalent;
- Limited range of educational content for beginners;
- Micro cent accounts are not available in all countries.
TU Expert Advice
Financial expert and analyst at Traders Union
The brokerage company FXOpen has been operating since 2005 and was among the first to offer micro and Islamic accounts to its clients. Several offices have been opened in different countries, and a Global division has been launched to make the holding's services available to traders worldwide. At the same time, FXOpen aims to operate within the legal framework, obtaining licenses from regulators in the UK, Cyprus, and Australia. The broker is also an active member of the independent organization, The Financial Commission.
Trading conditions at FXOpen depend on the trader's country of residence, with different types of accounts, leverage levels, and a range of tradable assets. Nevertheless, for all jurisdictions, the broker provides ECN and STP accounts with direct access to reputable liquidity providers, ensuring its clients trade at the best prices with no delays in order processing.
The FXOpen website is available in 13 languages, and technical support is also multilingual, with chat operating 24/5. The broker has received numerous awards and continuously adds new trading instruments and payment systems. Clients have access to bonuses, a partnership program, free market analysis, and trading education.
We checked the office of the FXOpen brokerage company in Cyprus, which is located at the following address according to the information on the company’s website:
38 Spyrou Kyprianou Street, CCS BLDG - Office N101, 4154 Limassol, Cyprus
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The company is located at the stated address
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We were able to speak to a company representative
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We were able to visit the office as clients
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Video of the company’s office
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FXOpen Summary
Your capital is at risk. 77% of retail investor accounts lose money when trading CFDs with this provider. CFDs 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.
| 💻 Trading platform: | MT4, MT5, TickTrader, TradingView |
|---|---|
| 📊 Accounts: | Demo, STP, ECN, Crypto, Micro, Islamic |
| 💰 Account currency: |
Primary currencies: USD and EUR; Additional currencies (depending on the country and account type): GBP, CHF, AUD, JPY, SGD, RUB, Gold, mBTC, LTC, etc. |
| 💵 Replenishment / Withdrawal: | Credit and debit cards, bank transfer, Neteller, WebMoney, FasaPay, Advcash, Paypaid, cryptocurrencies, instant bank transfer (UK), simple bank transfer (EU), Swift (Australia, EU, UK) |
| 🚀 Minimum deposit: | $1-$300 (depending on the country) |
| ⚖️ Leverage: | Up to 1:30, up to 1:500, up to 1:1000 (depending on the platform, trader status, and country) |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: |
STP — from 0.9 pips ECN, Micro — from 0.0 pips Crypto — from 1 pip |
| 🔧 Instruments: | Forex and CFDs on stocks, indices, spot metals, commodities, cryptocurrencies, and ETFs |
| 💹 Margin Call / Stop Out: | 20%-100%/10%-50% (depending on the account type) |
| 🏛 Liquidity provider: | Barclays, JPMorgan, Bank of America, Morgan Stanley, Standard Chartered, CRNX, Dresdner, SG Paris, and others. |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market Execution (STP, ECN, Crypto), Instant Execution (Micro) |
| ⭐ Trading features: | Expert Advisors (EAs), hedging, and scalping allowed |
| 🎁 Contests and bonuses: | Fee discounts on ECN accounts, welcome bonus, Forex contests |
Broker FXOpen offers traders the MetaTrader (4 and 5), TickTrader, and TradingView platforms, each available in three versions: Desktop, WebTrader, and Mobile App. The choice of available trading instruments for the trader depends on the account type, platform, and regulating country. The largest number of CFDs on MT4 and MT5 is available on ECN accounts (over 140 + Forex), while on TickTrader, there are only CFDs on stocks, totaling over 600. On micro accounts, instant execution is used, while on other account types, market execution is applied. Accounts can be opened in 8 currencies, as well as in digital coins and gold. However, the base currency for micro accounts is always USD.
FXOpen Key Parameters Evaluation
Share your experience
- Best
- Last
- Oldest
SAV 
UA Kropyvnytskyi 
really regulated and fulfills the requirements of regulators
moving away from microtrading
DE Frankfurt am Main
FR
FR
Trading Account Opening
The functionality of the user account involves managing accounts and funds, configuring security settings, downloading software, etc. Below is a brief guide on how to open and use it.
After navigating to the FXOpen company website and clicking on the user account button, the system redirects to the division that serves your region. This process is automatic, and the trader cannot choose another FXOpen representation.
Next, fill out the registration form, choose the account type (user, corporate), and customize it according to your trading needs. You can select the currency, leverage level, execution model (STP/ECN), and trading platform for the primary account. Additional accounts can be opened in the user account. You also need to answer questions about CFD trading, generate a secure password, and confirm your phone number and email.
To commence trading, follow these steps in your user account:
The user account menu also allows the client to:
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Download the desktop versions of trading platforms or access WebTrader;
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View data on open accounts such as number, password, and server;
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Change the login password and PIN code;
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Enable and configure two-factor authentication;
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View the list of IP addresses used to log into the account;
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Withdraw funds, exchange currencies, transfer money from one account to another;
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Communicate with technical support online in the chat.
Regulation and Safety
FXOpen is the collective name for four brokerage companies, each serving traders from specific regions.
The Australian division of FXOpen operates by the ASIC (Australian Securities and Investments Commission) license, the British division adheres to the FCA (Financial Conduct Authority), and the European one follows CySEC (Cyprus Securities and Exchange Commission). These regulators are among the financial monitoring bodies with the strictest requirements for licensees, mandating regular reporting on capital indicators and maintaining specific capital volumes. ASIC, FCA, and CySEC also require regulated brokers, including FXOpen, to keep client funds in segregated accounts, and offer protection against negative balances to retail traders.
In addition, clients of regulated FCA and CySEC brokers are protected by state-level insurance schemes. The Financial Services Compensation Scheme (FSCS) from the FCA provides coverage for trader losses up to £85,000, while the Investor Compensation Fund (ICF) from CySEC offers coverage up to EUR 20,000.
FXOpen Markets Ltd, the global representation of FXOpen, is a member of The Financial Commission. This organization acts as an independent auditor of financial markets and a third-party mediator in disputes between brokers and their clients. The Financial Commission has an internal compensation fund formed from contributions by its participants. Payments from this fund are disbursed to clients of companies that are unable to meet financial obligations, including due to bankruptcy or liquidation. The maximum payout per trader is EUR 20,000.
Advantages
- Compensation for losses is available to traders from any jurisdiction
- The broker's interaction with clients is regulated by an official agreement
- Protection against negative balances and storage of trader funds in segregated accounts
Disadvantages
- Conditions for compensation payouts vary for different countries
- The selection of the servicing division within FXOpen is automated, and traders cannot choose it themselves
- The leverage for retail clients of brokers regulated by CySEC, ASIC, and FCA does not exceed 1:30
Commissions & Fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| STP | From $9 | Depends on the payment system and the trader's country |
| ECN | From $0 | Depends on the payment system and the trader's country |
| Crypto | From $10 | Depends on the payment system and the trader's country |
| Micro | From $0 | Depends on the payment system and the trader's country |
For positions carried over to the next day, swap fees are charged, but this rule does not apply to Islamic accounts.
TU experts calculated the average fee for FXOpen and then compared it with the previously calculated values for RoboForex and Pocket Option brokers. Below are the results:
| Broker | Average commission | Level |
|---|---|---|
|
$2.4 | |
|
$1 | |
|
$8.5 |
Account Types
FXOpen offers 2 types of accounts – user and demo. The demo account is an educational account where trading with real money is not available. To start earning real profits, open a trading account.
Account types:
In EU countries, the UK, and Australia, two types of accounts – STP and ECN – are available. FXOpen adjusts their conditions to meet the requirements of local regulators. Also, all traders from these countries are divided into retail and professional categories. For the latter, the broker provides Pro accounts with higher leverage (up to 1:100 or up to 1:500) and a wider range of assets.
FXOpen offers STP and ECN accounts, available on different types of platforms, allowing each trader to choose the most suitable trading option.
Deposit and Withdrawal
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Withdrawal requests submitted before 12:00 (GMT) are processed by FXOpen's financial department on the same day. Those submitted later are processed on the next business day;
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Funds are credited to bank accounts within 1-3 business days and to cards within 2-5 business days;
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The list of payment systems may vary depending on the FXOpen division;
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The withdrawal fee depends on the trader's chosen payment system and country of residence. Free withdrawal options are available. For instance, residents of the EU can withdraw profits without a fee to cards, and UK residents can use SWIFT transfers (in GBP upon request) and local bank transfers without a fee;
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Withdrawals to third parties are not allowed;
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The minimum withdrawal amount is USD/EUR 1.
Investment Options
FXOpen supports various types of investment solutions, allowing its clients to generate passive income, including those who are newcomers to financial markets. The broker offers a range of third-party services, as well as a PAMM system and a referral program.
Solutions for earning without active trading
For automated trading, FXOpen offers:
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Copy trading service. Clients can use the built-in tools in the MetaTrader trading platforms, enabling them to copy signals from experienced users of MT4 and MT5. The mirror trading service Myfxbook AutoTrade, compatible with the MetaTrader 4 platform, is also available. FXOpen does not provide a proprietary solution for social trading;
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Expert Advisors (EA). The use of expert advisors allows users to configure a trading system based on the algorithms specified by the EA developer. The MQL5 community market offers hundreds of ready-made trading programs (both paid and free). It is also possible to create a custom advisor;
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RAMM (Percentage Allocation Master Module). This system is designed for transferring funds under management. Unlike similar services in the stock market, in PAMM, an investor can invest small amounts – at FXOpen, starting from $200. The PAMM account manager uses investor funds only for trading within the system, and withdrawal or transfer to their own account is not possible.
FXOpen’s clients can combine the use of all these services. Moreover, investment activity is not the only way to earn additional income. Experienced traders can register as signal providers and account managers, and earn a share of the trading profit from their subscribers.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership program of FXOpen
FXOpen's referral program is two-tiered. Through it, active broker clients can earn additional income from the trading activity of referred traders. The standard reward rates for different account types are as follows:
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2.4 pips for STP;
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15% of broker fees per trade for Crypto and ECN;
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0% for micro.
Further partnership reward calculations depend on the partner's level. A level 1 partner receives 100%-350% of the standard fee, and a level 2 partner receives 35%-175%. The higher the trading volumes of the referred traders, the higher the fee for the traders they’ve brought in. The referral program is available only to residents of the UK and clients of FXOpen Markets Limited’s global representation.
FXOpen also offers partnership programs for introducing brokers (IBs), regional representatives, and White Label participants. The IB level 1 reward is up to 52.5%, level 2 is up to 26.25%, and level 3 is up to 15% of FXOpen's trading fee.
Customer Support
The working hours of different FXOpen divisions vary. The EU office is available from 9:00 to 20:00 (Eastern European Time), the UK office from 8:00 to 18:00 (London Time), the Australia office from 8:00 to 18:00 (Sydney Time), and the Global office from 7:00 to 16:00 (GMT) from Monday to Friday. Chat operates 24/5.
Advantages
- Round-the-clock access to chat on weekdays
- Support in multiple languages
Disadvantages
- Traders cannot request a call back from an FXOpen representative
- Technical support is not available on Saturdays and Sundays
If a trader wishes to communicate with technical support, they can do so using the following channels:
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Chat, available on the website and in the user account;
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Phone call;
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Email inquiry;
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Request a call back from the website.
Registered clients with the broker can create a ticket in their user account.
Contacts
| Foundation date | 2005 |
|---|---|
| Registration address | FXOpen Markets Ltd., Charlestown, Nevis, P.O. Box 590, Springates East, Government Road, Charlestown, Nevis, Saint Kitts and Nevis |
| Regulation | ASIC, FCA, CySEC, The Financial Commission |
| Official site | fxopen.com |
| Contacts |
+64-9-801-0123, +49-693-329-6294, +33-979-998-040, +7-499-346-0960
|
Education
The education provided on the FXOpen website is introductory and is designed for a general understanding of the Forex market rather than an in-depth exploration of the subject. The basics of trading on the over-the-counter market can be found in the Resources section. Additionally, the website features a Help Center with a detailed description of FXOpen's services and conditions.
The company does not offer personalized education, advanced courses, webinars, seminars, or podcasts. To learn how to place orders correctly and calculate the margin level, FXOpen recommends that you start your trading on demo accounts.
Comparison of FXOpen with other Brokers
| FXOpen | RoboForex | Pocket Option | Exness | FreshForex | Forex4you | |
| Trading platform |
TickTrader, TradingView, MT4, MT5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Pocket Option, MT5, MT4 | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MobileTrading | MT4, MobileTrading, MT5 |
| Min deposit | $300 | $10 | $5 | $10 | No | No |
| Leverage |
From 1:1 to 1:500 |
From 1:1 to 1:2000 |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:10 to 1:2000 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 0.9 points | From 0 points | From 1.2 point | From 1 point | From 0 points | From 0.1 points |
| Level of margin call / stop out |
20% / 100% | 60% / 40% | 30% / 50% | No / 60% | 40% / 20% | 100% / 20% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution |
| No deposit bonus | No | No | No | No | $30 | No |
| Cent accounts | Yes | Yes | No | No | Yes | Yes |
Detailed review of FXOpen
The broker FXOpen consistently expands the range of products and services available to its clients. For passive income, PAMM accounts were developed; for advanced trading with increased leverage, the TickTrader platform was added, and for professional analysis, the TradingView platform was selected. The company ensures reliable protection of client data and funds through the use of two-factor authentication, deposit segregation, and information encryption.
FXOpen by the numbers:
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Over 18 years of operation;
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Over 1 million registered traders;
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4 regional offices;
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Over 193,000 users on the Forex forum;
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600+ assets available for trading.
FXOpen is a broker that provides services in strict compliance with the requirements of its regulators
Trading conditions at FXOpen vary depending on the trader's country and the regulator serving its branch. For example, retail clients from the EU and the UK cannot use leverage higher than 1:30, while traders from other countries have values available up to 1:500 for MT4/MT5 accounts and up to 1:1,000 for TickTrader accounts. In addition, clients with Pro status have access to trading with leverage up to 1:500 and an extended range of assets: residents of Australia and the UK can trade CFDs on cryptocurrencies only if they qualify as professional clients.
Requirements for the minimum deposit amount also differ. For residents of the UK and the EU, trading can start on any of the accounts after depositing USD/EUR 300. Traders from Australia need to deposit $10 for STP account activation, and $200 for ECN. For other countries, more lenient conditions apply: $10 for STP and crypto, and $100 for ECN, while trading on a cent account can begin after replenishing it with $1.
Useful functions of FXOpen:
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Calendar of important events in the economy and finance;
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Market news and analysis;
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Useful articles and tools to enhance trading quality;
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Margin and pip cost calculators;
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Dividend payout schedule for U.S., EU, and Asian companies with earnings per share;
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Forum for discussing FXOpen's conditions and products.
Advantages:
Access to a virtual private server for Forex (VPS) is free or for $30 per month;
PAMM service for capital managers and investors;
Variety of trading instruments and platforms;
Trading on the TradingView platform with advanced analytical capabilities;
Partnership programs for different audiences with multi-level rewards;
Comprehensive analytics and statistics for each service, whether it's trading, partnership programs, or PAMM investments.
User Satisfaction