FXOpen Review 2024 - Is Legit or Scam | Forexing.com (2024)

FXOpen General Information

Our FXOpen Review

FXOpen is a clean and well-regulated forex and CFD broker. The broker was established in 2005. FXOpen offers 50+ FX currencies, 40+ cryptocurrencies and 15+ CFD’s with transparent trading conditions. Here we discuss and breakdown all features, benefits, liabilities, advantages, and disadvantages. This FXOpen broker reviews will help you to understand all things and stay with a good broker.

FXOpen Trust and regulation

FXOpen providing services for over 15 years, still positive reviews! The broker is regulated by the FSA (Financial Services Authority) under the 579202-license number. The parent company, FXOpen Markets Limited, truly registered in Nevis with the license No. C 42235. Also, FXOpen is a member of The Financial Commission. The broker eWallet account and eWallet related services are provided by XP Solutions Limited (New Zealand company number 3789182).

FXOpen AU Pty Ltd provides service in Australia. The company is regulated and authorized by the ASIC (Australian Securities & Investments Commission). Also, member of the FOS (Financial Ombudsman Service) in Australia.

FXOpen UK – authorized and regulated by the FCA (Financial Conduct Authority) under 579202.

FXOpen Ltd – authorized and regulated in Wales and England, under 07273392.

The head office is located at P.O. Box 590, Springates East, Government Road, Charlestown, Saint Kitts, and Nevis. The regional offices are located at Level 25 108 St Georges Terrace Perth WA 6000, Australia and 80 Coleman Street London EC2R 5BJ, United Kingdom.

Trading account types

FXOpen offers 3 types of account; these are micro, STP, and ECN. The Micro and STP accounts offer commission-free trading. All accounts have different terms. Here are the following features and benefits:

Minimum deposit:

• Micro account – the starting is $1.
• STP account – the starting is $10.
• ECN account – the starting is $100.

Trading platforms

• Micro account – MT4
• STP account – MT4
• ECN account – MT4 & MT5

FXOpen ECN Account Leverage

1:500 for accounts from a minimum of $100 to a maximum of $25,000.

1:200 for accounts from a minimum of $25,000 to a maximum of $100,000.

1:100 for accounts from a minimum $100,000 to maximum $1,000,000.

The leverage is negotiable for over $1,000,000.

All account offers Hedging, Islamic account, scalping, demo account, and Expert Advisors. The Phone dealing, Market depth with level 2 quotes, news trading, available on Micro, STP, and crypto account. You can open up to 20 orders at the same time on all accounts.

Crypto account

This account specially builds for crypto traders. It is an ECN based account. The minimum deposit is only $10, which offers a Maximum balance and Maximum transaction size without limitation.

FXOpen auto trading

Auto trading is a special feature; it is also known as Algorithmic trading. The automatic trading is conducted with the support of EA’s (Expert Advisors). This program helps to make a full or partial copy trading system.

FXOpen offers Zulutrade, MyFXBook, free VPs (2 GB RAM, 40 GB SSD, and Windows 2012 R2).

Trading platforms

FXOpen offers both MT4 and MT5 trading platforms, and the unique trading platform is TickTrader.

TickTrader

It is a new platform that offers trade cryptocurrencies, commodities, stocks, indices, and forex through a single trading account. This platform offers the following features:

Terminal: it available for Desktop, Mobile, and Web for direct use. You have to download the terminal for both desktop and mobile.

Analysis tool: offers advance technical analysis tools.

Customizable interface: you can optimize and customize the terminal as your need.

Trading mode: bot one click and double click trading mode is available for place an immediate order.

Also, it offers level 2 pricing, ultra-fast trading execution, multiple languages, Live interactive symbol charts, trading history, and more.

MT4 platform

FXOpen MT4 is available for all types of devices. You need to download for Desktop and mobile; the web version is accessible via any browser. This platform is available for all accounts. The offering features are:

• Three types of trading execution.
• Customized trading charts
• 50+ technical tools and indicators
• Automated trading

MT5 platform

It is also available for all devices and web platforms. But this platform is available only for the ECN account. The offering features are:

• Four type order execution
• 21+ different timeframes
• 80+ Built-in technical tools and indicators
• Signal and automatic trading

Commission and spread

The trading fees, charges, costs are different for different account types and trading instruments.

Both Micro and STP accounts offer commission-free trading but swaps charge and floating spread is applicable. The commission structure is:

ECN Tick Trader Platform

• Crypto = 0.15% maker / 0.25% taker
• US Stock CFDs = 0.1% maker / 0.1% taker
• Forex & Metal CFDs = 0.0035% maker / 0.0035% taker
• Index CFDs Group 1 = 0.005% maker / 0.0075% taker

ECN MetaTrader Platform

• Crypto CFD 0.25%
• Stock CFDs 0.1%
• Forex and Metal CFDs = 35 US Dollar per million

*Applicable for equity below $1,000 and less than $5,000,000

Deposit and Withdrawal

FXOpen offers a variety of trading methods in USD, EUR, and GBP currency. The funding is available via

VISA, Bank Wire, FasaPay, SEPA transfer, Local Bank Transfers, Poli, IntellectMoney, MasterCard, Maestro, Neteller, PayToday, PerfectMoney, China UnionPay, WebMoney, ePayments, JCB, CashU, Qiwi, RBK Money, AdvCash, Skrill, and Yandex Money.

Some options offer fees-free trading but some fees to be aware of: Deposit

• Neteller – 1%
• Skrill – 2%
• Webmoney – 3.5%
• Trustly – Free
• Credit/debit cards – Free
• Bank wire transfer – Free

Withdrawal

• Skrill – 2%
• Neteller – 1%
• Webmoney – 3.5%
• Credit/debit cards – Free
• Bank wire transfer – Free for GBP, 30 USD, or 15 EUR

The funding time takes 2 – 5 business days for whilst cards and 1 – 3 business days for bank wire transfer. The lowest and highest transaction depend on the payment system.

Customer support

FXOpen client service available 24/5 via live chat and email [emailprotected] (user only), If you are not a client, you can use this mail [emailprotected].

The virtual IP telephone support:

1. New Zealand – +64-9-801-0123
2. Germany – +49-693-329-6294
3. France – +33-979-998-040

You can also open tickets for finance, trading desk, sales, and support departments inquiry, which is available 7—16 (GMT) Mon-Fri.

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