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Checking if FXOpen is a legit broker? FXOpen scam or safe? The spread is high or low? How to deposit or withdraw funds?

We provide answers to all the questions in this FXOpen Review.

We check FXOpen licenses and regulation status. Compared FXOpen fees like spread & commission from its live account to other 150 brokers. The time for deposit & withdrawal and many more findings you can get in this Review.

What is FXOpen

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

πŸ—ΊοΈ Regulated inUK, Australia, Cyprus, Nevis
πŸ›‘οΈ Is FXOpen safe to tradeYes
πŸ’΅ EUR/USD spread0.3 pips
🏦 DepositBank Transfer, Cards
πŸ’° Minimum depositUS$300 for UK and Europe
🏦 WithdrawalBank Transfer, Cards
πŸ’» Trading platformMT4, MT5
πŸ’³ Trading marketsForex and CFDs on Commodities, cryptocurrencies, indices, stocks, Spread Betting
πŸ“ˆ Number of product120+
πŸ“‰ Live chat responseRelevant answers


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

EntityRegistered inRegulatorLicense no.Status
FXOpen LtdUnited KingdomFinancial Conduct Authority (FCA)579202Currently Regulated
FXOpen AU Pty LtdAustraliaAustralian Securities & Investments Commission (ASIC) AFSL 412871 β€“ ABN 61 143 678 719Currently Regulated
FXOpen EUCyprusCyprus Securities and Exchange Commission (CySEC) 194/13Currently Regulated
FXOpen Markets LimitedNevis–No. C 42235Registered
FXOpen Review - Register FCA
FXOpen Review – Register FCA

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

EntityCompensation AmountNegative Balance Protection
FXOpen LtdΒ£85,000Yes
FXOpen AU Pty LtdNo CompensationYes
FXOpen EUEUR20,000Yes
FXOpen Markets LimitedNo CompensationNo

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.


Account types

FXOpen has different account in each subsidiary. There are two main accounts ECN Account and STP Account that differ in fees and minimum deposit. Plus Australian entity has separate Crypto Account and international entity has additional Micro account.


ECN account is the most popular choice among traders with true ECN trading environment based on commission charges and raw spreads.


You can login FXOpen from the official website, there are four domains including EU, UK, AU and FxOpen international entity domains.

FXOpen Review – Australia Accounts
FXOpen Review – Australia Accounts

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

ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS 5000.1-0.40.5-1.41.5 or higher
CommoditiesGold0.1-0.40.5-22.1 or higher
StocksTesla0.1-0.50.6-11.1 or higher
ETFsUS Russell 20000.1-0.40.5-1.41.5 or higher
CryptocurrenciesBitcoin0.1-0.5%0.6-0.9%1% or higher


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.

MarketsInstrumentsSTP AccountOther brokers’ avg spread
IndicesUS S&P5000.80.5-1.4
ETFsUS Russell2000–0.5-1.4

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 ConditionsYes/No
Hedging AllowedYes
Scalping AllowedYes
Change Leverage AllowedYes

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 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.


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 MethodFunding TimeFee
Bank TransferWithin few daysFree
Credit CardInstantFree

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$.


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 MethodWithdrawal TimeFee
Bank Wire1-3 business days15 GBP / 15 EUR / 30 USD
Credit Card2-5 business days15 GBP / 15 EUR / 30 USD
FXOpen Review – Deposit and withdrawal – Withdrawal Australia
FXOpen Review – Deposit and withdrawal – Withdrawal Australia


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.

FXOpen Review – Bonuses
FXOpen Review – Bonuses

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.  


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.

FXOpen platform
FXOpen Review – Platform

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
FXOpen Review – Research
FXOpen Review – Research


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 Review – Customer Service
FXOpen Review – Customer Service

FXOpen email response is quick speed, the agents are helpful

Question AskedWe ask about Crypto trading.
Time of ReplyWe sent and email and got answer within a day
Quality of ReplyThe answer was informative, referring to restriction for UK Crypto trading.


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

Author of this review

By Jimmy O'Brien

Author of this review

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

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