FXOpen is one of the more established online trading CFD brokers in the industry, having first started out in 2003 as an education center for the likes of technical analysis and then two years later they first opened their brokerage services.
In 2013 they launched their STP account option and it was also the year they reached monthly trading volume of $100 billion.
They are currently regulated by the FCA in the UK, which is one of the most respected authorities in the world.
There are many different investment accounts available and they have many CFDs and other financial instruments.
- Brokerage services started 2005
- STP account offered starting 2013
- $100 billion monthly trading volume 2013
- Regulated by the UK’s FCA
- 1. CFD Trading Offer: FXOpen offers a multitude of CFDs
- 2. CFD Trading Costs: FXOpen Generally Has Competitive Spreads
- 3. Accounts: Four Account Types at FXOpen
- 4. CFD Trading Platforms & Mobile Trading: One Option
- 5. Usability of the Website: FXOpen CFD broker is easy and straightforward to navigate
- 6. Customer Support: FXOpen offers live chat 24/5 support
- 7. Methods of Payment: Various FXOpen Depositing and Withdrawal methods
- 8. Additional Offers: Free FXOpen Broker Demo Account, Bonus Offers and Economic Calendar
- 9. Regulation & Deposit Protection: Your Money is safe with FXOpen broker
- 10. Awards: Media Reports about FXOpen
- 11. Conclusion: FXOpen review final thoughts
Trader Rating Total
St. Kitts and Nevis
depends on type of account
up to 1:30
1) CFD Trading Offer: FXOpen offers a multitude of CFDs
This review of FXOpen looks at the various products that they offer their users, whether it is through CFDs or traditional currency pair trading. All of this can be done under the same account with a single portfolio.
The financial instruments that you have available to trade depend on the type of account you choose. With the popular ECN account for example, you will have access to more than 70 financial instruments that range from CFDs to traditional currency pairs.
A CFD is an agreement that allows a trader to speculate on what the value of a given financial instrument is without needing to actually purchase this instrument.
Common CFDs track the price movements of crude oil, currency pairs, market indices, stocks and cryptocurrencies.
Leverage and spread also depends on the type of accounts being used and what instruments are being traded. Generally, with this FXOpen broker, you will be looking at leverage of around 1:30 for most CFDs and currency pairs.
This review of FXOpen showcases their extended range of CFDs on offer, as well as the option to receive significant leverage if you meet their requirements.
- 70+ financial instruments to trade
- Spreads and leverage also change depending on account type
- Generally, leverage of 1:30 on offer
2) CFD Trading Costs: FXOpen Generally Has Competitive Spreads
Just like with most brokers, there are going to be differences in trading costs when it comes to the different accounts that FXOpen offer.
With the Micro account, you will have a typical spread of 2 on EUR/USD, which is a bit high when compared to industry averages. This account type has floating spreads and no commission is charged. The reason this account charges higher spreads is because the deposit minimum is much lower.
On the STP account, there are tight spreads in place, depending on liquidity so these spreads are much more competitive. Overall, these spreads are competitive when it comes to the rest of the market. There are also no commission charge don this account type.
The ECN account is probably the most popular option for traders and it utilizes raw spreads and there is commission starting at 1.5 units per lot.
The last main type of account is that of the Crypto account and these exotic assets have tight spreads and there is a 0.25% commission charge on the transaction volume.
- 4 main account types and commission charged on two account types
- Spreads change depending on the account type
- Ability to choose the account type for your fee tolerance
3) Accounts: Four Account Types at FXOpen
This FXOpen review showcases the diverse account types on offer.
Micro account: typical spread of 2 on EUR/USD, which is a bit high when compared to industry averages. Floating spreads and no commission is charged. 28 financial instruments available to be traded, deposits can be as low as $1 and the minimum lot size is a 0.1 micro lot.
STP account: tight spreads in place, depending on liquidity so these spreads are much more competitive. Overall, these spreads are competitive when it comes to the rest of the market. There are also no commissions charged on this account type. There are 50 financial instruments available to trade and you can deposit as little as $10.
ECN account: raw spreads and there is commission starting at 1.5 units per lot. There are more than 70 types of financial instruments to trade with this account type, including CFDs. The minimum deposit is set at $100 and there is a lot size of 0.01 minimum.
Crypto account: these exotic assets have tight spreads and there is a 0.25% commission charge on the transaction volume. There are 24 different crypto pairs that can be traded and the minimum deposit is $10.
Leverage is set at 1:30 for the majority of the financial instruments.
This is one of the most comprehensive offerings you can see when doing a broker comparison.
- 70+ financial instruments on offer
- Generally 1:30 leverage
- Reasonable minimum deposit sizes
4) CFD Trading Platforms & Mobile Trading: One Option
FXOpen offer their customers the ability to use the industry standard MetaTrader 4 platform. Currently, more than 70% of brokers in this sector offer MetaTrader 4 to their clients and in the forex market, there are more than 90% of transactions conducted through this platform. It has been the most popular platform since 2005 and it continues to go from strength to strength.
This includes the desktop and mobile version of this trading platform.
Most experienced traders will already have used this platform and know how to operate it, but do note that if you have a STP or Micro account, there is a different modification of MT4 that you need to use. This means that you should make sure you are using the correct version.
There is a multitude of technical indicators available in addition to an environment for back-testing. You are also allowed to automate your trades through this platform, which will be useful for many experienced traders.
This automated trading is made possible thanks to the partnership with Expert Advisors.
The mobile version is available for both Android and iOS. The mobile platform has just as many features available to you and it operates well considering you are using a mobile device.
- MetaTrader 4 is the sole trading platform on offer
- Web version is available so no download is needed
- Mobile version is Android and iOS compatible
5) Usability of the Website: FXOpen CFD broker is easy and straightforward to navigate
When it comes to websites in the industry, FXOpen has one of the best in terms of easiness to navigate. There is a white and orange colour scheme that blends in nicely, meaning that you won’t be distracted from your task at hand.
It is a very minimalist website, with no excess information clogging it up and confusing people when they are trying to find key information.
Everything from the signup process to the payment platform are very straightforward to use and only take a matter of minutes to get up and running.
There are fourteen languages catered for on the FXOpen broker website, which are English, Arabic, Russian, French, Chinese, Arabic, German, Indonesian, Malaysian, Portuguese, Spanish, Turkish, Persian and Thai.
FXOpen are in the business of keeping their users happy and they don’t want to cause them any unnecessary stress that may negatively affect their trading experience. They also offer mobile trading through their app and desktop and Webtrader through MetaTrader 4. There is a download version available too which is suitable for people trading from their own terminals, whereas Webtrader can be logged into from anywhere.
- Easy to navigate website and platform with 14 languages catered for
- Basic colour scheme
- Clear and concise menus
6) Customer Support: FXOpen offers live chat 24/5 support
FXOpen want to look after the needs of their customers and they have been doing so successfully since 2005. A major part of this process is ensuring that the customer support team is easily contacted and that they know how to quickly solve their user’s problems.
FXOpen have numerous options by which you can get in touch with the customer support team. You can file a ticket by email whereby you describe the issue you need resolved and you will shortly get a response.
There are also six different international telephone numbers you can ring depending on where you are in the world and what type of language you need to communicate with.
Finally, there is a live chat feature which allows you to get in touch with a customer support team member almost instantly. While these people may not always be able to solve the more complex issues, for general queries and issues they will be the perfect fit for your needs
The live chat feature is available 24 hours a day on business days, while the emails are answered by the respective department between 7AM and 4PM GMT during the week.
- 24/5 live chat support, Restricted hours for email enquiries
- Telephone numbers depending on the language you need
- Customer support teams from across the world
7) Methods of Payment: Various FXOpen Depositing and Withdrawal methods
When depositing, you can do so through a bank wire transfer, with seven different currencies. The deposit takes 1 to 3 business days to process and there is a minimum deposit of $25.
There are a number of debit and credit cards options available, with the most common being Visa and MasterCard. Eight currencies are catered for and the payment will be instantly processed. There is a minimum required deposit of $1. The deposit fee for this method is usually around 2.3%.
There are also a variety of e-wallet options which have instant processing times and they have minimal minimum deposits. There is a deposit fee of around 2.3%. There are also a number of cryptocurrencies accepted for deposits, including the likes of Bitcoin, Litecoin and Ethereum.
For withdrawals, bank wire transfer takes 1 to 3 days to process and there is a minimum required withdrawal of $100. There is usually a $45 fee.
With credit or debit cards, there is a minimum withdrawal of $10 and a maximum withdrawal of $2,000 with these withdrawals processing in about 24 hours. Fees are usually in the 2% range.
There is generally a $10 minimum withdrawal for e-wallets also, with processing times being in the 24 hour range and a 1% fee.
- Many deposit and withdrawal options with varying withdrawal fees depending on payment method used.
- Quick processing times for e-wallets and cards
- Cryptocurrency is accepted
8) Additional Offers: Free FXOpen Broker Demo Account, Bonus Offers and Economic Calendar
There is a demo account available for users of the FXOpen platform. This is ideal for beginner traders as it will allow them to get to grips with how a trading platform works and it will allow them to get some experience trading before putting their own money on the line.
It is also a good way for more established traders to test out new strategies and techniques without having to take any risk on board in case they do not work out too well.
There are always numerous bonuses and offers being provided by the team at FXOpen. For example, STP accounts get a no deposit bonus of $10. There are also regular contests and there is a cashback program depending on the amount you are trading.
There is a comprehensive economic calendar available on the FXOpen website. You can use this in order to keep up to date with all the latest events having across the world that may have an effect on the markets.
It is always worthwhile keeping an eye on the economic calendar for some key dates during the year.
They also have a variety of market news and analysis content that is updated regularly.
- Variety of analysis and news content on offer
- Comprehensive economic calendar
- Variety of promotions including deposit bonuses and cashback offers
9) Regulation & Deposit Protection: Your Money is safe with FXOpen broker
You may be forgiven for asking is FXOpen legit because it is important to do your due diligence when deciding upon a trading platform and broker to partner up with. That is what this FXOpen trading platform review is for, so there isn’t much need to worry.
FXOpen are regulated with one of the most trusted authorities in Europe, the UK’s Financial Conduct Authority (FCA), so there are no worries on this front for those depositing funds with FXOpen.
Player funds are kept separate from the company’s operational funds which mean in the case of bankruptcy; creditors cannot get their hands on these funds. There is also compensation of up to £50,000 available to traders in the case of insolvency.
They also have some regulation in Australia where one of their platforms is based, having membership with the External Dispute Resolution Organisation.
As they are involved with one of the best regulators in the land, your money should be safe with FXOpen.
- Compensation of up to £50,000 available to users as this firm is regulated by the FCA (Financial Conduct Authority)
- Relationship with Australian regulator
- Deposit funds should remain safe
10) Awards: Media Reports about FXOpen
As FXOpen has been around since 2005, they must be doing something right. If they were trying to pull a fast one over their customers, they would have been found out in the decade and a half that they have been in operation for. This long standing history pays testament to the fact that this is a serious broker, with the right intentions.
There have been some interesting news reports in recent times about updates coming to FXOpen
It was in October 2017 that it was revealed they were in the process of transitioning from the MetaTrader 4 platform to the new and improved MetaTrader 5 platform.
It was also around the same time that they announced their launch of cryptocurrency CFDs, offering a leverage of up to 1:2. This came after there was increasing demand for more financial instruments related to cryptocurrencies, with the market having boomed throughout 2017.
It is clear that they are intent on staying on the cutting edge of the latest innovations and technology. They want to offer the best experience possible to their clients, something which their media coverage reasserts.
- Positive media reports since launch in 2005
- Transitioning to MT5 platform from MT4
- Launched cryptocurrency CFDs in mid-2017
Conclusion: FXOpen review final thoughts
Is FXOpen legit and is FXOpen a good broker?
Having gone in-depth with this FXOpen review, you can clearly see that they are a quality broker.
They have a comprehensive offering in terms of the financial instruments on offer and they are always looking for new potential markets in which they can offer tradeable products.
They are well-regulated thanks to the UK’s FCA which is one of the most stringent around, as well as being regulated in Australia.
In terms of their spreads, depending on the type of account you choose, they are fairly competitive. There are a plenitude of account types to decide between depending on your specific needs.
They are constantly running great promotions for their users and they always put the needs of their users first. They have a good customer support team in place and the trading platform is reliable.
As showcased by this FXOpen trading platform review, they keep your funds safe and secure and are transparent with their dealings.
To conclude this FXOpen review and CFD broker comparison, FXOpen is clearly an established force in the industry and they are certainly not going anywhere. They are certainly seen as being one of best CFD brokers in the industry.
- Innovative financial instrument offering
- 4 different account types
- Certain accounts have high spreads