FxOpen Forex Review 2018 - FX-trading with the social trading pioneer

Last updated & tested: 28.10.2018

FxOpen is a forex and CFD provider. Founded in 2005, FxOpen operates under 3 regulated divisions:

This is a very popular broker and has a huge amount of active accounts. So, is FXOpen a legitimate broker? Or is it just another scam hungry to gobble up all your money?

Something that is quite off-putting for people looking at using FXOpen is the fact that they don’t have a licence, and they are based in an off-shore area. This is very sketchy. But, on the other hand, some of the reviews it has gotten have been entirely positive.

Highlights
  • FxOpen forex broker is a social trading pioneer.
  • Is FxOpen legit? The answer is yes, they are safe and secure and highly regulated.
  • FxOpen Forex Trading - Review 2018 shows that FxOpen’s proprietary CopyTrader technology is the engine behind copy trading.
  • FxOpen huge amount of active accounts
20.
of 21 Forex Broker
FXOpen
FXOpen Experience
Trader Rating
Go to FXOpen opinions
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Risk warning: Capital can be lost. Terms and conditions apply.
Headquarters and regulation

St. Kitts and Nevis (FCA)

Fees and Spread

Depends on account type

Lever

up to 1:30

Market Model

STP/Market Maker

Trading platform

MT4, MT5, Broker-owned Software

Mobile Trading & Apps

Demo account

Yes

Trade Offering

47 Currencies

Minimum deposit

$ 1

Services & additional benefits

Live
Hotline
E-mail
Economic Calendar
Videos
Courses/Seminars

1. Trading Offer

1.) Forex Trading Offer: Trade across Spot FX, ETF’a and Enjoy Social Trading

47
Currencies
Number
0
Indices
Number
0
Raw materials
Number
0
Stocks
Number

What are the trade markets available on FxOpen? FxOpen forex broker is basically a forex and CFD provider. The trade markets on FxOpen include the following tradable assets and offers:

  • Tradable assets: The number varies reliant on the accounts number.
  • FX offer: Spot FX trading on FxOpen features from the major currencies to the minor and exotic currency pairs. A broker comparison – forex comparison will reveal that even though this number is not as much as you may find on other broker platforms, it provides a good geographical spread for global currency trading.
  • Exotic Assets: An FxOpen Forex Trading – Review 2018 of exotic asset listings.There are 13 choices for Crypto accounts which are ideal for PeerCoin traders, Namecoin, Litecoin, Bitcoin.
Tradable:
eur-flag
EUR/USD
usd-flag
usd-flag
USD/JPY
jpy-flag
gbp-flag
GBP/USD
usd-flag
usd-flag
USD/CHF
chf-flag
aud-flag
AUD/USD
usd-flag
nzd-flag
NZD/USD
usd-flag
usd-flag
USD/CAD
cad-flag

Apart from cryptocurrencies, ETFs are another asset class offered on FxOpen. A forex comparison will show that ETFs are not assets that are commonly listed on forex platforms. Examples of ETFs listed on FxOpen include IDEM.L (iShares MSCI Emerging Markets UCITS ETF), BOND and ACWI.

Trader Rating
FXOpenreview_summary_group_1_image
  • All assets can be traded individually or on a social basis (i.e. via copy trading).
  • Trading on FxOpen is leveraged. Therefore, positions that cost as much as $1000 to setup will only cost a trader on a leverage of 1:30, just $50 to execute.
  • ETFs are featured on FxOpen.
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Risk warning: Capital can be lost. Terms and conditions apply.
2. Costs

2.) Forex Trading Costs: Spreads starting at t 0.5 pips on EUR/USD

What are some of the things you have to consider when selecting the best forex broker? Ask traders this question, and you’ll get the same old answers. Best spreads, fast execution, support for automated forex software, reliable customer service, etc.

FxOpen costs you one dollar and can get you started on a small Forex account that does not have a big start-up size either. FxOpen has very nice and low spreads, like 0.5 pips on this currency pair. This combination saves you money and gives you ample time to roll the financial snowball.

1:30
Max Lever
Micro-Lot
Trading size
$ 1
Minimum deposit
STP/Market Maker
Market Model

FxOpen forex trading offers leverage. When you open a FxOpen forex trading account, you will typically be offered leverage, which is the amount the broker is prepared to lend you in addition to the amount you put into a trade. For instance, if you are operating at 1:30 leverage, you can open a $10,000 position while only tying up $200 of your own capital.

For the most part, they are said to be a good, quality broker. Payments are always made, and they are made very quickly, which is a very important aspect to look at. Some people say they have had a bad experience with payments, but those people are few. The majority say they received payments in a timely manner.

Trader Rating
FXOpenreview_summary_group_2_image
  • FxOpen costs you one dollar and to get started
  • FxOpen forex has very nice and low spreads
  • FxOpen offers leveraged trading
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Risk warning: Capital can be lost. Terms and conditions apply.
3. Account

3.) Accounts: A selection of trading accounts with different conditions

Choosing an online forex broker can be a daunting task especially when many online forex brokers today offer the same bells and whistles – frequent up to date forex economic news and all the fancy charts and technical indicators that you can look at. The problem is that you normally need to sign up for an account to determine if the broker is the right one for you.

This FxOpen Forex Trading – Review 2018 shows you why FXOpen is an excellent choice to be considered.

  • Low spreads – Besides your forex trading strategies, the most important factor determining your profits is the spread, and FXOpen offers some of the lowest spreads around, sometimes as low as 0.5 pips.
  • Low capital required – FXOpen only requires $1 for you to start trading on a micro account and $25 for a standard account. Although I suggest you start off with a minimum of $500, this flexibility is good for those unwillingly to part with too large an initial capital outlay.
  • Leverage – Although I discourage using leverage too recklessly, FXOpen offers leverage as high as 1:30. This flexibility is welcome although please be advised of the risks involved.
  • Islamic accounts – FXOpen does not practice swap trading which makes it suitable for Islamic traders.
Trader Rating
FXOpenreview_summary_group_3_image
  • Leverage is up to 1:30
  • demo account is offered for all accounts as well as STP, ECN, and Crypto
  • Spread from 0 pips
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Risk warning: Capital can be lost. Terms and conditions apply.
4. Platform

4.) Forex Trading Platforms & Mobile Trading – Trade at Home or On the Go

FXOpen supports Metatrader 4 on the computer, the smartphone and on the PDA. It supports the MetaTrader 4 platform which allows you to use an automated forex trading system.

FXOpen gives the quickest execution speed compared to other similar products, and the two should work together for the customers so he can get quicker access to market news as well as identifying the patterns of the price movements.

Though there are many good online forex brokers out there, this FXOpen forex review shows that FXOpen is one of the best forex brokers and has all you need to support you on your online forex trading journey.

MT4
metatrader
MT5
metatrader
IOS
Android
Broker owned Software

Usage of the trading software on FxOpen comes at no cost apart from transfers between banks.

Though there are many good online forex brokers out there, this FXOpen review shows that FXOpen is one of the best forex brokers and has all you need to support you on your online forex trading journey.

Trader Rating
FXOpenreview_summary_group_4_image
  • FXOpen review shows that FXOpen is one of the best forex brokers
  • MT4 platform recognized
  • Auto signals, Forex robots, and one click trade execution are this platform great options
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Risk warning: Capital can be lost. Terms and conditions apply.
5. Usability

5.) Usability of the Website: A clean user interface and easy to use website

One thing that stands out is how well arranged the FxOpen platform is. An FxOpen Forex Trading – Review 2018 shows that the website interface of the browser and mobile versions of the platform are devoid of clutter, feature text with legible fonts, and are arranged in a manner that is pleasing to the eye. Users can easily navigate their way around the site and obtain relevant information in a jiffy. The only issue is that the tab to click to search for top traders to copy (the Discover People tab) is hidden: you need to scroll down the Watchlist page to locate it at the bottom of the screen.

The navigation menu is simple and provides all the relevant information needed at a glance or at a click of a button. Users can access the privacy policy, legal terms of use, asset listings, the FxOpen blog, educational suite and trading portal from a very simple navigation menu.

The FxOpen forex trading website clearly states the liquidity provider (LP). It is an insurer or a market maker who is a substantial holder of a particular fx product (fx currency pair) and facilitates the trading of currency pairs.

Trader Rating
FXOpenreview_summary_group_5_image
  • Clean design with white background for better user engagement.
  • Easy switch from demo to live account.
  • Legible display of content and buttons.
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Risk warning: Capital can be lost. Terms and conditions apply.
6. Support

There is a need for channels of communication to exist between broker and client, and FxOpen has taken cognisance of this to provide several channels of communication. The broker is accessible in Arabic, Spanish, German, French, and Russian.

Another important aspect of selecting FxOpen as your broker is the level of customer service that they offer. Since forex markets operate 24 hours a day, you should select FxOpen as a broker since it offers 24 hour customer service as well. There is nothing to stop you from calling up customer service and asking them questions. Make sure that they answer you quickly and professionally, and that you are satisfied with their answers. If you aren’t, look for another broker.

E-Mail
Telephone
Live-Chat
On the spot

These contact options are as follows:A live chat facility is available round the clock for one-on-one settlement of complaints and issues. This is multilingual.Email: There is an email addresses: one for general inquiries ([email protected]) There is a phone number for users: New Zealand | +64 9 801 0123
Russia | +7 499 346 0381

The ability and approachability levels are equal for all. Both live chat and email provides the most responsive service.

Trader Rating
FXOpenreview_summary_group_6_image
  • Strong social media presence which can be used as customer communication channels.
  • Relatively fast replies to inquiries and complaints.
  • No VIP customer services; everyone gets the same treatment.
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Risk warning: Capital can be lost. Terms and conditions apply.
7. Payment

7.) Methods of Payment: Choose the Options That Work for You

The one big feature that many traders miss out is the withdrawal options available. Think about it; we’re all in the business of making money. And when you’ve made a profit, always remember to withdraw your funds regularly because money sitting in your trading account isn’t going to help pay your bills or that shiny new car you’ve been eyeing. One of the best features of FXOpen is the wide variety of withdrawal options they provide. Let’s take a look at them:

Wire transfer – this is the optimal method of withdrawal for most people and is provided by many brokers. Money gets transferred from your FXOpen account to your bank account.

  • banktransfer
  • creditcard
  • paypal
  • neteller
  • skrill

However, if your bank is unable to accept this, fortunately, FXOpen provides a few other avenues including WebMoney, Liberty Reserve, AlertPay, PerfectMoney, cash,,U c-gold

Whatever forex broker you decide, always visualise yourself withdrawing your profits regularly and make sure that the process is as smooth as possible. Online forex trading can be very profitable if done properly, but you do not want to go through a whole lot of trouble every time you want to take your profits.

Trader Rating
FXOpenreview_summary_group_7_image
  • FXOpen forex broker has wide variety of withdrawal options they provide
  • Failure to withdraw your profits may prove disastrous
  • Best spreads, fast execution, support for automated forex software, reliable customer service, etc
Go to Broker
Risk warning: Capital can be lost. Terms and conditions apply.
8. Offers

8.) Additional Offers : automated trading available through FXOpen

Automated currency trading software programmes are very popular right now regardless of the thoughts of many that this is often a scam. We can’t blame folks for this concept, but it is automated that folk are sceptical when they hear about a profit-making opportunity, as predicted. Many have proven that this works, which is why there is an amazing increase in some users as of this writing. Find out more about reviews on automated Forex trading systems and robots. Do you know that an automated Forex trading system makes as much as 25% of all Forex trades? Softwares used FxOpeneir users tons of cash on autopilot.

E-Mail
Economic calendar
E-Book
Videos
Courses or Seminars
Demo Account

FxOpen offers the capabilities and trading conditions that you want. To start with, it provide you with trading software that is well known and easy to use, such as MetaTrader. It also offer trading in the currency pairs that you want to trade.

But to optimize these automated Forex androids for maximum profits, you will have to find the ideal broker. This FXOpen review determines if FXOpen is the best broker to be used. Automated currency trading software programmes are very popular

Trader Rating
FXOpenreview_summary_group_8_image
  • Expert advisor has revolutionized the Forex market
  • FxOpen offers the capabilities and trading conditions that you want
  • It also offer trading in the currency pairs
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Risk warning: Capital can be lost. Terms and conditions apply.
9. Regulation

9.) Regulation & Deposit Protection: Regulation across the Globe

Is FxOpen forex legit? The only way to answer this question is to check on the regulatory status of FxOpen in its areas of operation. FxOpen is a licensed FX and CFD provider in New Zealand, Australia, UK and many other jurisdictions.

In New zealand, FxOpen (Europe) Ltd is authorized and licensed as a Financial Service Providers Register.

In the UK, FxOpen is authorized and licensed by the Financial Conduct Authority (FCA), using FRN 583263.

FCA
Regulatory Authority
MIFID II
Yes
0
Dep. Protection

In Sydney, FxOpen is authorized and licensed by ASIC (Australian Securities and Investments Commission)

Furthermore, FxOpen complies with the requirements of segregation of funds belonging to traders, and also carries out strict Know Your Customer (KYC) verification processes to protect all users and to ensure the integrity of dealings on the platform.

Strict attention is also paid to protection of user information. FxOpen has the latest cyber-security systems that protect user data. SSL is used for connections, and data is encrypted.

Trader Rating
FXOpenreview_summary_group_9_image
  • Broker requires verification when creating an account.
  • FCA regulation ensures that traders on FxOpen UK are registered with the Financial Services Compensation Scheme (FSCS.
  • Trader capital is segregated with top banks, offering protection from unlikely event of broker bankruptcy.
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Risk warning: Capital can be lost. Terms and conditions apply.
10. Awards

10.) Awards: Trade with an Award-Winning Company

3 awards from IB Times Trading Awards as Best Islamic Forex Broker 2011, Best South-East Asia Forex Broker and Best ECN Forex Broker. The gold medal as the Most Popular Product at the 9th International Shanghai Money Fair and many more. Fxopen also comes with a stealth feature that causes it to be invisible to brokers.

Awards given by credible bodies within the financial services industry lend credence to how well a broker’s product is received in the marketplace. Overall, if you are looking for a good quality broker, FXOpen is high up on the recommended list. Go ahead and try it out with one of their demo accounts, or jump right into it. If you’re still worried about their reliability, just start out with a few dollars and see how it goes from there. You’ll be profiting in no time.

Awards are given for excellence and a review of FxOpen’s award chest is testament to its performance in the market since 2005.

Trader Rating
FXOpenreview_summary_group_10_image
  • FxOpen has been in the industry for 13 years and still going strong.
  • The brand has won multiple awards spanning several award categories.
  • FxOpen is probably the first true social trading provider in the FX market.
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Risk warning: Capital can be lost. Terms and conditions apply.

Conclusion: Professional, Social Trading Environment for You

Another good aspect that is talked about a lot is that they don’t distinguish between high end and low-end traders. Some brokers choose to give higher end traders more attention while ignoring the small traders. FXOpen does not do this and gives a fair service to everyone.

Overall, few people say they have had problems with depositing and withdrawing, and there are next to no reports of glitches or mistakes while trading. They also have demo accounts available for newbies who want to take a look at the system before getting into it, and there have been no troubles with those. So, the system appears to be of top quality.

There have been complaints about the quality of the client support. The support staffs are reportedly slow and a bit unhelpful at times, however, they do end up fixing whatever the problem is. This is an area they could use some work on.

They aren’t regulated either, and this could be a reason to look elsewhere. On the other hand, many good forex brokers are not regulated, and they are still legitimate brokers.

FXOpen does appear to stay close to market values most of the time. FxOpen is a profitable Forex brokerage as a result of proper planning, consideration of key risks, and the development of a loyal client following. Be patient and employ the techniques detailed in this review to achieve these objectives, and long-term and sustainable profitability.

Strengths

  • Strong regulation
  • ECN trading environment available with competitive pricing
  • Different leverage levels, low initial deposit
  • Special cryptocurrency trading account available
  • MT4 and MT5 available, as well as access to advanced auto trading

Weaknesses

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    Risk warning: Capital can be lost. Terms and conditions apply.

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