FXOpen Fees and Minimum Deposit - TU Expert review
Assessing the size of the fees is the second most important factor for choosing a broker after reliability. The lower the fees, the more diverse their structure, the more beneficial it is to trade with the broker. Minimum deposit is another important factor that may tip the scale in favor of a certain broker. This is particularly important for novice traders, who cannot afford to invest a lot at the beginning. Traders Union analysts have prepared an analysis of FXOpen fees and also assessed the size of its minimum deposit.
Short introduction of 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.
| 💰 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. |
| 🚀 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) |
| 💱 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) |
FXOpen Pros and Cons
👍 Advantages of trading with FXOpen:
•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.
👎 Disadvantages of FXOpen:
•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.
Key types of fees on Forex
A broker is an intermediary between a trader and an exchange. Therefore, brokers charge fees for their services. The fees may have different structure.
There are the following fees in the Forex market:
-
Spread – the difference between the buy and the sell price of an asset.
-
Commission per lot.
-
Commission per trade.
Broker fees may differ depending on the trading account type. For example, on some accounts spread is used as a trading fee, and on others – commission per lot.
FXOpen Commissions and Fees
The fee on ECN accounts depends on the asset and the trader's trading activity over the last 30 days. The higher it is, the lower the fees are. For Forex, it is as follows: on MT4 and MT5 accounts, it is $1.5-3.5; on TickTrader, it is $1.5-3.5 (market orders); and $1-3.5 for limit orders. The ECN fee is used for CFDs. For indices, it is 0%; for energy resources, it is 0.0018%-0.005%; for stocks, it is 0.04%-0.1% (but not less than $1); and for cryptocurrencies, it is 0%-0.25%. The trading fee on STP and Micro accounts is included in the spreads. On the Crypto account, spreads start from 1 pip + a fee of 0.5% of the transaction amount is retained. The monthly fee for inactive accounts is as follows. From 90 to 365 days, it is $10; and from 365 days, it is $100. The fee for reactivating an account with zero balance is $50. The withdrawal fee (depending on which country) by electronic payment systems, is 0.5%-2%; by SWIFT, it is $30 / EUR 15-25 / GBP 0-20; for cards, it is free or 2.5% + $3.5 / EUR 3.5. The deposit fee is 0%-5.5% of the deposit amount.
| 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 |
Why is it important to assess minimum deposit?
It is important for beginners and traders with limited financial capabilities to assess the minimum deposit of the broker. Different brokers offer different levels. Some companies focus on working with professional traders and their entry threshold is usually in the thousands or tens thousands of US dollars. Brokers that work with beginners offer low minimum deposit. It could be $500 or $100, or even $1.
In addition minimum deposit may differ depending on the account type. This is also an important factor to analyze. If a broker offers a low entry threshold, traders can get better conditions and still not spend too much money on funding their account.
FXOpen Minimum deposit
Guide on how traders can start earning profits
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.
Brokers similar to FXOpen
When analyzing FXOpen, it is important to compare it with other similar companies. Before you choose a broker, it is important to compare its trading conditions with competitors. Traders Union analysts have prepared a comparison of the minimum deposit and other trading conditions of FXOpen and other brokers.
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, Mobile Trading |
MT4, Mobile Trading, MT5 |
|
Min deposit |
$300 |
$10 |
$5 |
$10 |
No |
No |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:10 |
|
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 |
No |
No |
No |
No |
No |
No |
|
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 |
Expert Opinion
When comparing FTMO to similar prop firms, its conditions seem generally competitive and a balanced offering. With reasonable fees, enough leverage for many styles and an achievable cost starting from €155, it presents a solid choice for prop traders to evaluate further. There are also no added commissions on top of the spread which keeps trading costs low.
Some traders may find the testing requirements to be on the strict side, but this ensures people have proven themselves capable of managing risk before gaining access to larger funded accounts.
Overall, for those interested in prop trading and wanting the guidance of a funded program, FTMO offers a decent option to consider. Just be prepared to treat the challenge period like the job interview that it is.
Conclusion
Analysis of FXOpen shows that the broker has a rather high minimum deposit. It could pose a problem for traders, who are only starting their path in trading. Nevertheless, the fees are low. Therefore, the broker will be a good choice for professional traders.
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FAQs
Can the minimum deposit differ depending on the trading account type?
Yes. Brokers often encourage clients to deposit large amounts to the account by offering better trading conditions.
What fees may be charged on ECN accounts?
As a rule, the fees are minimal on ECN accounts, with the spread rarely above 0.1 pips. Commission per lot may be charged.
Is there a dependence between the fees and the deposit amount?
If a broker offers several account types, there is often a dependence. The more money you deposit, the higher the level of your account will be, and, accordingly, the lower the fees.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!