- Commissions & Fees
- Investment Offerings
- Trading Platforms
- Customer Service
- Education and Research
FXOpen is an early pioneer in the forex broker sector. FXOpen has many features and tools that have led to over 1 million traders making FXOpen their broker. Read our review to learn more about FXOpen and if it is right for you.
FXOpen is an industry pioneer. They have been around since 2003 when they started out as an education and research organization, helping traders learn more about trading and market analytics. They began to offer broker services in 2005, and were one of the first in the sector to offer both micro, and Islamic accounts. FXOpen has grown to their present position where they offer services to over 100 nations, and have amassed more than 1 million traders.
FXOpen offers four distinct account types to its traders. These are their Micro Account which was one of the first in the industry from any broker, STP account, ECN Account, and a Crypto account with dedicated trading in 43 crypto pairs.
This offers traders the opportunity to specialize their trading aims within the correct account. It is quite the opposite approach of some other major brokers like FXChoice who prefer to focus on one combined account type.
The minimum deposit required by FXOpen varies depending upon the account type you choose. They feature a 1 USD minimum deposit for opening a Micro Account. This is still one of the lowest in the industry. When it comes to the STP and Crypto accounts, the minimum deposit requirement is 10 USD, and finally for the ECN Account, a 100 USD minimum deposit is needed.
Overall, these represent excellent value when compared with other top brokers we have reviewed.
Availability and Ease of Opening
As stated, the broker offers service to most countries around the world, and currently features live traders from more than 100 nations. The only notable exception, as with most all brokers, is that residents of the United States are not allowed to trade.
Opening an FXOpen demo account could not be easier. This process can be completed within just a few minutes, and all that is required to get started is your verified email address and password. From here you have the choice of selecting which type of account you wish to open as a demo.
Opening an FXOpen Live account is a similar process with the additional steps of completing your personal information profile and electronically uploading both your proof of ID, and proof of residence documents. This process can also be completed within minutes to get you up and trading live in no time.
The broker makes extensive offerings across each market sector. These are primarily focused on currency pairs with a total of 95 offered, inclusive of 43 crypto pairs which are promoted by the broker. This makes their offering more extensive than many competitors in this area, and provides options for all manner of traders.
In terms of CFDs, FXOpen offering on the other hand is rather sparse. This numbers on 16, a total which may disappoint some more experienced traders hoping for a wider range of CFD offerings.
FXOpen Commissions and Fees
FXOpen offers commission-free trading on both their micro account, and the standard STP account. These accounts feature typical spreads of between 1.5 – 2.0 pips on major currency pairs. By the industry average, this could be consider as slightly high.
Moving to the ECN account. This account type offers the lowest available spreads starting from 0 pips. This account does charge commission from 15 USD per standard lot of 100,000 currency units traded. The brokers crypto account holder are also subject to a 0.25% charge on the transaction volume. These charges fall about in line with other major brokers in the industry.
For non-trading fees, the broker charges a percentage fee on almost all methods of deposit and withdrawal. This includes 2.29% on credit and debit card deposits, and 3.5% + 3.50 USD on withdrawals. Bank transfers also incur a high fee of 45 USD.
FXOpen also charge an inactivity fee of 10 USD per month after 90 days of inactivity. Furthermore, there is a reactivation fee of 50 USD for traders who wish to begin trading again once an account is deemed inactive.
FXOpen Platforms and Tools
FXOpen are a Metatrader only broker. This means they offer only MT4 and MT5 platforms from MetaQuotes. These platforms are offered in all their variations including desktop, web based, and mobile.
The broker offers both MT4 and MT5 in desktop and web based format. This is a popular and well-respected offering which hundreds of industry brokers have chosen to implement. Both platforms function in vastly similar ways regardless of the broker which offers them. This allows some comfort and uniformity to traders who can then easily transition between services.
FXOpen is no different, offering the robust traditional layout of both platforms with their highly customizable central consoles set to display up to four chosen markets. Much of the operation is controlled by the upper and left side taskbars which allow for everything from monitoring popular markets, to implementing automated trading strategies.
The ordering systems are both concise and powerful, providing all of the available options in a simplistic fashion with the focus much more on trading than appearance. The lack of visual frills which may be a challenge for new users to acclimatize to, also means the platform runs faster and smoother than many others in the industry. This is one of the major reasons MT4 has managed to stay in such widespread use for so many years.
The broker also manages to incorporate PAMM account, and social trading options through the likes of ZuluTrade.
Mobile Trading Platform
MT4 mobile harnesses many of the same positive attributes as the desktop variety when it comes to ease of use and functionality. It remains one of the only trading platforms where you can change your broker within the same application.
The mobile version also retains the vast and powerful charting capabilities, with many more indicators also available to implement than any other industry trading platform, third-party or otherwise.
Education and Research
Education and research opportunities with the broker are available primarily through their dedicated blog. This is compiled by their in-house team of experts and covers all manner of areas such as market analysis and updates, to providing top tips on how to become the best forex broker.
FXOpen also provides its economic calendar and market news updates courtesy of FXStreet. The available options in both categories are quite sufficient for both new and experienced traders, although considering the brokers original background in forex education, traders may expect a little more.
From making their first entry into the industry in 2003, the broker has spent the best part of two decades with some involvement in the forex field. This is already a huge differentiator when compared with almost all other competitors. This level of experience is something which should put FXOpen one step ahead of many in the sector when it comes to perception of trader’s needs.
The broker makes it very easy to get started. They have continued use of the Micro Account which they pioneered many years ago, and this acts as an ideal gateway for many new traders to become involved in forex trading. It is also an even more accessible entry point than the low deposit offerings of other brokers like FXTM.
FXOpen customer service channels are easy to access and available in multiple languages. These services include local telephone support, a web-based live chat, and an email support system. All of these options are available on a 24/5 basis from 7am – 4pm GMT.
The responsiveness of each support method when tested was good, on a par with any other offerings in the industry, and all of the information provided was pertinent to the questions being asked.
The broker also provides an extensive help section through their website which features detailed answers to a broad range of topics a trader may have.
As with all brokers, trustworthiness is one of the elements which is of paramount importance to traders. This is an area where the experience of FXOpen is visible. They are regulated in both the UK (FCA), and Australia (ASIC). These two bodies represent two of the most respected regulators in the world of finance.
Furthermore, having spent the majority of the last twenty-years involved in some shape or form with the industry, a high level of trust can be instilled in FXOpen. With in excess of 1 million traders globally, although some of the platform features or fees come in for criticism, the trustworthiness within the operations are clear and resolute.
FXOpen is strong in a number of areas, not least that they have a history steeped in pioneering decisions within the forex industry. These decisions, such as the opening of micro and Islamic account options undoubtedly led the broker to the head of the industry where many competitors followed.
They still do provide a top quality service to many brokers across the world, and continue to make the market as accessible as possible with the lowest deposits and ability to operate within the most stringent of global regulations for the protection of traders. That said, their fees are very high. These could really benefit from being reduced or reviewed if the broker wants to continue its long reign within the forex industry.
- A pioneer of the forex industry, they have promoted a sense of accessibility for the industry for a number of years. They still offer a range of accounts at very competitive low deposit levels. This undoubtedly makes it easier for traders to enter the industry.
- FXOpen provide a dynamic range of crypto trading pairs which is beyond many competitors in the sector.
- The broker is highly regulated by two of the most respected financial bodies in the industry, and has been decorated with many industry awards throughout the years.
- Fees, particularly on deposits and withdrawals are very expensive. This is a point which may detract some potential traders.
- The CFDs offering is limited when compared with other market offerings from FXOpen.
- For a broker with a history in forex education, they could certainly expand upon the education and research features available.