FXOpen Review

FXOpen is a global CFD and Forex broker, established in 2005.

The broker offering global ECN trading environment and is regulated by top-tier regulation from UK’s FCA, and Australian ASIC, also by CySEC in Cyprus.

FXOpen Highlights

🗺️ Regulated in	UK, Australia, Cyprus, Nevis
🛡️ Is FXOpen safe to trade	Yes
💵 EUR/USD spread	0.3 pips
🏦 Deposit	Bank Transfer, Cards
💰 Minimum deposit	US$300 for UK and Europe
🏦 Withdrawal	Bank Transfer, Cards
💻 Trading platform	MT4, MT5
💳 Trading markets	Forex and CFDs on Commodities, cryptocurrencies, indices, stocks, Spread Betting
📈 Number of product	120+
📉 Live chat response	Relevant answers

Regulation

License and regulation are the keys to trading security. We check two points the broker’s background with its licenses, and how trader is protected if something goes wrong.

Is FXOpen legit

FXOpen is fully regulated in each region it operates, firstly company was established in Nevis, that in fact lack serious regulation. And since 2013 opened UK entity under the license of the top-tier UK Financial Conduct Authority (FCA), also later maintained FXOpen Australia under ASIC regulations and CySEC regulated entity in Cyprus.

FXOpen Licenses and Regulatory status

Entity	Registered in	Regulator	License no.	Status
FXOpen Ltd	United Kingdom	Financial Conduct Authority (FCA)	579202	Currently Regulated
FXOpen AU Pty Ltd	Australia	Australian Securities & Investments Commission (ASIC)	AFSL 412871 – ABN 61 143 678 719	Currently Regulated
FXOpen EU	Cyprus	Cyprus Securities and Exchange Commission (CySEC)	194/13	Currently Regulated
FXOpen Markets Limited	Nevis	–	No. C 42235	Registered

Is FXOpen safe

We consider FXOpen safe because it is regulated by top-tier regulation. FXOpen is audited by top-tier FCA that provides highest levels of protection and controls, also Australian ASIC has good layers of security over regulated firms.  

However, each entity has differences between regulations, customer protection and compensation fund.

FXOpen Compensation Scheme

Entity	Compensation Amount	Negative Balance Protection
FXOpen Ltd	£85,000	Yes
FXOpen AU Pty Ltd	No Compensation	Yes
FXOpen EU	EUR20,000	Yes
FXOpen Markets Limited	No Compensation	No

We recommend registering your account with FCA regulated entity or ASIC entity and avoid Nevis subsidiary

FXOpen applies negative balance protection for all retail trader accounts, however regulations in Nevis do not demand this rule so protection is not guaranteed.

Markets and Products

There is a good range of trading products at FXOpen, including Forex and CFDs on Commodities, Indices, Stocks and Cryptocurrencies.

The main focus is on Forex and Cryptos, while other instruments are rather basic offering, besides instrument range is different in each subsidiary, also depending on the account type you use.

Markets	Instruments
Forex	50
Indices	10
Commodities	5
Cryptocurrencies	40
Shares	10

Account types

Fees and commissions

FXOpen fee levels we ranked as low for Forex and other instruments based on the instrument and compare to 150 brokers that we check through Live account spread.

Spread for popular instruments we collect for 6 markets and 150 brokers

Markets	Instruments	Low	Average	High
Forex	EUR/USD	0.1-0.9	1-1.5	1.6 or higher
Indices	US 500	0.1-0.4	0.5-1.4	1.5 or higher
Commodities	Gold	0.1-0.4	0.5-2	2.1 or higher
Stocks	Tesla	0.1-0.5	0.6-1	1.1 or higher
ETFs	US Russell 2000	0.1-0.4	0.5-1.4	1.5 or higher
Cryptocurrencies	Bitcoin	0.1-0.5%	0.6-0.9%	1% or higher

Spreads

FXOpen fees are different in each account type.  

ECN Accounts are offered with raw spread from 0 pips and commission based on account balance starting from 3.50$ per lot for Forex, and lowering up to 1.50$ which is considered low among industry.

Comparing the spreads derived from Live STP Account to industry benchmarks, where all fees are in spread we rank FXOpen Live Spread low for Forex and average for Stocks and Indices.

Also, spreads are slightly different in each entity and some conditions may apply.

Markets	Instruments	STP Account	Other brokers’ avg spread
Forex	EUR/USD	0.3	1-1.5
Indices	US S&P500	0.8	0.5-1.4
Commodities	Gold	0.22	0.5-2
Stocks	Tesla	2.37	0.6-1
ETFs	US Russell2000	–	0.5-1.4
Cryptocurrencies	Bitcoin	154.364	0.6-0.9%

Other Fees

FXOpen non-trading fees are average. There is no fee for deposits but withdrawals adds on fee, also broker will charge an inactivity fee.

Trading Conditions

FXOpen trading conditions are good all trading strategies scalping and hedging are allowed.

Trading Conditions	Yes/No
Hedging Allowed	Yes
Scalping Allowed	Yes
Change Leverage Allowed	Yes

Hedging is allowed with no restrictions on positions.  

Scalping strategy is also available, Expert Advisors (EAs) and Free VPS service is available for traders, but not for international traders.

Leverage

Leverage and the change of leverage ratios are different in each entity according to regulation. The maximum level is 1:400 for Australian and 1:30 European traders on Forex.

Deposit

FXOpen has no deposit fees, the methods are different according to entity regulations. Typically you can use Bank Transfer, Credit or Debit cards, e-wallets and more methods including Bitcoin and other options are available only for international traders

Deposit Method	Funding Time	Fee
Bank Transfer	Within few days	Free
Credit Card	Instant	Free

Minimum Deposit

Likewise, the Minimum deposit is set in each jurisdiction and entity rules individually. EU and UK traders can open STP or ECN account with 300$, Australian with 200$ and international entity starting from 1$.

Withdrawal

FXOpen withdrawal fees are different in each subsidiary.

European clients can only use bank wire and cards for withdrawal, and Australian can use extra methods like WebMoney, see snapshot below. And numerous other ways including e-wallets and Cryptocurrencies for international clients.

FXOpen confirm and process withdrawal requests within 48h plus additional days for payment provider processing.  

Withdrawal Method	Withdrawal Time	Fee
Bank Wire	1-3 business days	15 GBP / 15 EUR / 30 USD
Credit Card	2-5 business days	15 GBP / 15 EUR / 30 USD

Bonus

Bonuses, cashback programs, no deposit bonuses or contests are solely available through international offshore Nevis. Other entities of FXOpen restrict any bonuses or promotions due to regulations.

Trading Platform

FXOpen has different platforms depending on the entity. EU, UK and Australia entities offer MetaTrader technology for both MT4 and MT5 platforms. The international proposal mainstays on proprietary TickTrader.  

MT4

You can select between MT4 and newer MT5 platforms and use them on any device including desktop Windows or Mac, App or Web version across all range of instruments.

Research and Tools

Research at FXOPEN is good.

Research and tools mainly inbuilt into the platforms including technical analysis tools, News feed and trading insights, plus you can find Economic Calendar and PAMM proposal for international subsidiary.   

From downsides technical analysis, fundamental data from leading providers are not provided.

FXOpen Research tools available on:

• FXOpen Platforms
• Resources section on website

Education

FXOpen does not provide deep educational materials essential for beginners like Webinars, Courses or education videos.

You can only access trading tools, auto-trade and analysis inbuilt in platforms.

At FXOpen you can learn:

• Demo account
• Help Center articles

Customer Service

FXOPEN customer supported is good. Customer service agents are helpful, we got relevant answer via email.

From the downsides there is no Live Chat.

FXOpen Customer Service supports:

• Phone lines and Call back
• Email

FXOpen email response is quick speed, the agents are helpful

Question Asked	We ask about Crypto trading.
Time of Reply	We sent and email and got answer within a day
Quality of Reply	The answer was informative, referring to restriction for UK Crypto trading.

Conclusion

FXOpen considered a safe broker, it is regulated by top-tier authorities FCA in the UK and ASIC.  FXOpen operates four entities ad is legal in each jurisdiction, however we recommend not to trade with international entity due to lack of serious regulations.

FXOpen trading proposal is good quality with very low fees, from the cons there is no deep education, and conditions re different in each subsidiary so be sure to check correct proposal.

We recommend FXOpen for traders with experience who prefere to use MetaTrader as platform and get low spreads with ECN or STP execution