In the competitive world of forex trading, finding a reliable and feature-rich broker is essential for success. FXOpen has established itself as a trusted name in the industry, offering traders a robust platform, competitive pricing, and a range of tools to enhance their trading experience. But is FXOpen the right broker for you? In this in-depth review, we’ll explore everything you need to know about FXOpen, from its history and regulatory compliance to its trading platforms, fees, and customer support. Whether you’re a beginner or an experienced trader, this review will help you decide if FX Open is the best forex broker for your needs.
Company Background
History and Reputation
FXOpen was founded in 2005 and has since grown into a well-respected name in the forex trading industry. Over the years, the broker has built a reputation for transparency, innovation, and customer-centric services. With a global presence, FX Open caters to traders from over 100 countries, making it a truly international broker.
Regulatory Compliance
One of the most critical factors when choosing a forex broker is regulatory oversight. FXOpen is regulated by several reputable authorities, including:
- FCA (Financial Conduct Authority) in the UK
- CySEC (Cyprus Securities and Exchange Commission)
These regulatory bodies ensure that FXOpen adheres to strict financial standards, providing traders with a secure and trustworthy trading environment.
FxOpen Pros and Cons
- Regulated by reputable authorities
- Wide range of tradable instruments, including cryptocurrencies
- Negative balance protection
- Advanced trading platforms like Tradingview
- No Client Segregated Funds for International traders (countries outside UK and EU)
- Has only one account type
Trading Platforms & Features
MetaTrader 4 and MetaTrader 5
FXOpen offers three of the most popular trading platforms in the industry: MetaTrader 4 (MT4) , MetaTrader 5 (MT5) and Tradingview .All platforms are known for their user-friendly interfaces, advanced charting tools, and automated trading capabilities.
- MT4: Ideal for forex traders, MT4 offers 9 timeframes, 30 technical indicators, and support for Expert Advisors (EAs).
- MT5: A more advanced platform, MT5 supports additional asset classes like stocks and commodities, along with 21 timeframes and 38 technical indicators.
- TradingView, a renowned charting and social networking platform for traders.
Unique Features
- FXOpen Copy Trading: This feature allows beginners to copy the trades of experienced traders, making it easier to learn and profit.
- Trading Tools: FX Open provides a range of tools, including economic calendars, market news, and advanced analytics, to help traders make informed decisions.
Account Types & Minimum Deposit
FXOpen offers one Account type which is an ECN
- ECN Account: Best for professional traders, the ECN account offers raw spreads and charges a commission. The minimum deposit is $100.
ECN account are suitable for scalpers since the spreads are always ranging around 0 pips , meaning that you will trade with low to no spreads but then instead they will take commission from your trades of which I will talk about it below.
Spreads, Fees & Commissions
FXOpen is known for its tight spreads, starting from 0.0 pips on ECN accounts.
- ECN Accounts: Charge a commission $1.5 per lot per side if your account balance is over $250,000 but if it is less than $1000 then they charge $3.5 per lot you trade each side . This is disadvantaging for people who have less capital , but I would advice you trade with a broker like FXView , they only charge $1 per lot per side regardless of your account balance and their spreads are always ranging around 0 pips and I often find then on zero on pairs like EUR/USD. But then if you are from the UK , please use FP Markets because FxView does not accept UK clients.
- No Hidden Fees: FXOpen is transparent about its fees, with no hidden charges on deposits or withdrawals.
Customer Support & User Experience
Quality of Support
FXOpen offers 24/5 customer support via live chat, email, and phone. The support team is knowledgeable and responsive, ensuring that traders receive timely assistance.
User Experience
The broker’s website is well-designed and easy to navigate, with a wealth of educational resources, including tutorials, webinars, and articles.
User Reviews & Reputation
FXOpen has generally positive reviews from traders, with a 4.2/5 rating on Trustpilot. Users praise the broker’s low fees, reliable platforms, and excellent customer service. However, some traders have noted occasional delays in withdrawal processing.
FX Open Details
