FxOpen Review 2024 Innovative Broker of 2022, Best ECN Broker 2011
FXOpen is an ECN forex and CFD broker established in 2005, known for its advanced trading technology and competitive conditions. It serves a global clientele with multiple regulated entities and offers access to over 700 markets.
- Company
- FXOpen Markets Limited
- Founded
- 2005
- Headquarters
- Nevis
- Regulation
- FCA, CySEC, Financial Commission
- License No.
- 194/13
- Min Deposit
- $100
- Max Leverage
- 1:500
- Spreads From
- 0.0 pips
- Commission
- $1.50 - $3.50 per lot round turn
- Platforms
- MT4, MT5, TickTrader, TradingView
- Account Types
- ECN, Micro, Crypto, Islamic
- Base Currencies
- USD, EUR, GBP, AUD, CHF, JPY, SGD
FxOpen Review 2024 Pros & Cons
Pros
- Competitive ECN spreads from 0.0 pips.
- Multiple top-tier regulations (FCA, CySEC).
- Wide range of trading platforms including MT4, MT5, TickTrader, TradingView.
- Extensive selection of over 700 tradable instruments.
- Support for copy trading via PAMM accounts.
Cons
- Past alleged association with an unlicensed digital currency exchange (BTC-e).
- ASIC license was previously cancelled.
- PAMM and social trading not available for EU clients due to regulation.
- Minimum deposit for ECN accounts is $100, higher than some competitors.
- Some withdrawal methods may incur fees.
Trading Conditions
Tradable Instruments
FXOpen provides access to a comprehensive suite of over 700 financial instruments across five asset classes. Traders can engage in Forex trading with a wide array of major, minor, and exotic currency pairs.
Beyond currency pairs, the broker offers Contracts for Difference (CFDs) on global Indices, a variety of Commodities (including precious metals like Gold and Silver, and energies), Shares from leading companies, Exchange Traded Funds (ETFs), and a growing selection of Cryptocurrencies.
Accounts & Platforms
Account Types
FXOpen offers several account types tailored to different trading styles and capital, primarily focusing on its ECN structure. The ECN accounts are divided into four tiers: Basic, Classic, Advanced, and Elite, all featuring floating spreads from 0.0 pips. Commissions decrease as account equity and trading volume increase, starting from $3.50 per lot for Basic and going down to $1.50 for Elite.
A Micro account is available with a minimum deposit as low as $1, suitable for beginners. Crypto accounts are also offered for cryptocurrency trading. Additionally, FXOpen provides Islamic (swap-free) accounts to comply with Sharia law for eligible traders.
Opening an Account
Opening an account with FXOpen typically involves an online registration process. Prospective clients need to provide personal details, including email and mobile number, and set a secure password. Following this, identity verification (KYC) is required by submitting necessary documentation. Once verified, funds can be deposited to activate the trading account.
Trading Platforms
FXOpen offers a robust selection of trading platforms to meet diverse trader demands. This includes the industry-standard MetaTrader 4 (MT4) and MetaTrader 5 (MT5), known for their advanced charting tools, technical indicators, and support for Expert Advisors (EAs) for automated trading.
In addition, FXOpen provides its proprietary multi-asset platform, TickTrader, which offers advanced features like Level 2 Depth of Market, built-in trading micro-strategies, and extensive customization. TradingView integration is also available, providing its popular social trading features and powerful charting capabilities.
Deposits & Withdrawals
FXOpen supports a variety of funding methods for deposits and withdrawals. These include traditional options like Bank Transfers and major credit/debit cards such as Visa and Mastercard, with card deposits often being commission-free and instant.
E-wallets like Skrill and Neteller are also available, along with various Cryptocurrencies. While deposits are generally efficient, some withdrawal methods may incur fees, and processing times can vary depending on the chosen method. FXOpen maintains a strict policy against third-party payments, requiring all funds to originate from accounts registered in the trader's name.
Regulation & Safety
FXOpen operates under a multi-regulatory structure. FXOpen Ltd is authorized and regulated by the Financial Conduct Authority (FCA) in the UK under firm reference number 579202, providing robust investor protection including segregated client funds and access to the Financial Services Compensation Scheme (FSCS) up to £85,000.
FXOpen EU Ltd is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 194/13, ensuring client fund segregation and participation in the Investor Compensation Fund. FXOpen Markets Limited, the international entity, is registered in Nevis (Company No. C 42235) and is a member of The Financial Commission, offering dispute resolution services. It's important to note that FXOpen's ASIC license was previously cancelled for non-compliance.
Company Information
Frequently Asked Questions
Is FXOpen a regulated broker?
Yes, FXOpen operates under regulation from top-tier authorities like the FCA (UK) and CySEC (Cyprus), alongside its international entity registered in Nevis and a member of The Financial Commission.
What is the minimum deposit for FXOpen?
The minimum deposit for FXOpen's ECN accounts is $100. A Micro account is available with a minimum deposit of just $1.
What trading platforms does FXOpen offer?
FXOpen offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), its proprietary TickTrader platform, and TradingView for comprehensive trading.
Does FXOpen offer crypto trading?
Yes, FXOpen provides CFD trading on a variety of cryptocurrencies across its platforms.
Are Islamic accounts available at FXOpen?
Yes, FXOpen offers swap-free Islamic accounts to facilitate trading in compliance with Sharia law.
What is FXOpen's maximum leverage?
FXOpen offers maximum leverage of up to 1:500 for professional clients, while retail clients in the UK and EU are limited to 1:30.
Final Verdict
FXOpen presents itself as a well-established ECN broker with a strong focus on competitive trading conditions, offering spreads from 0.0 pips and a wide array of instruments. Its multi-regulatory framework, including FCA and CySEC licenses, provides a good level of security for client funds, although the past ASIC license cancellation and alleged historical association with an unlicensed exchange are points of concern that traders should be aware of. The broker's comprehensive platform offering, including MT4, MT5, TickTrader, and TradingView, caters to both novice and experienced traders. While it offers PAMM accounts, their availability is restricted in some regulated regions. Overall, FXOpen is a viable option for traders prioritizing ECN execution and platform choice, provided they are comfortable with its regulatory history and international structure.