FXOpen has been offering Forex brokerage services since 2005 and is currently one of the most successful and fastest-growing Forex brokers. Since the very start FXOpen has been true and loyal to its goal - making Forex trading more professional, easy-to-access and secure. FXOpen was founded by a group of traders so everything we do has the traders' interests at its core.
FXOpen Information
FXOpen is a versatile trading platform known for its low fees, user-friendly trading apps, and a diverse range of trading instruments including Forex, indices, commodities, shares, and cryptocurrencies. However, traders should be cautious of its regulatory status, as the FCA license claimed by FXOpen is suspected to be associated with a clone firm.
Pros and Cons of FXOpen
FXOpen offers a diverse range of trading platforms and instruments, advanced security measures, and comprehensive customer support. However, the regulatory status in some jurisdictions raises concerns, and some fees and commissions may be higher compared to competitors.
Is FXOpen safe？
When considering the safety of FXOpen, it's essential to examine its regulatory status, funds safety, and security measures.
Regulations: FXOpen claims to be regulated by several prominent authorities, including the Financial Conduct Authority (FCA) in the United Kingdom, the Australian Securities and Investments Commission (ASIC), and the Cyprus Securities and Exchange Commission (CYSEC). However, it's important to note that the FCA regulation (License No.: 579202) claimed by FXOpen is suspected to be associated with a clone firm. This raises potential risks, and traders should exercise caution and verify the legitimacy of this regulatory claim.
Funds Safety: FXOpen states that it offers insurance for client account funds. This means that client funds are protected up to a certain amount, ensuring that in the event of any financial issues with the broker, clients' investments are safeguarded. The specific coverage amount and details of this insurance are not explicitly mentioned, so it is advisable for traders to directly inquire with FXOpen for precise information.
Safety Measures: To ensure the security of funds, FXOpen employs various encryption technologies. These measures include robust data encryption to secure the storage and transfer of funds, protecting against unauthorized access and cyber threats. Additionally, FXOpen implements stringent account security measures to prevent user information leaks. These may include two-factor authentication (2FA), secure password policies, and regular security audits to maintain the integrity of their systems.
What are securities to trade with FXOpen？
FXOpen offers a diverse range of securities for trading, including forex, indices, commodities, shares, and cryptocurrencies, all with competitive spreads and low commissions.
Forex trading with FXOpen includes over 50 FX markets available 24 hours a day from Sunday night until Friday night. As an ECN technology broker, FXOpen connects with major banks and other liquidity providers to ensure the best pricing, deep liquidity, and spreads starting from 0.0 pips. Traders can access major, minor, and emerging currency pairs, with examples such as EURUSD, GBPUSD, and USDJPY, offering leverage up to 1:500 and a minimum trade size of 0.01 lots.
Indices trading provides access to global index CFDs without commissions, featuring tight spreads and flexible contract sizes to suit various trading styles. Popular indices include the UK 100, US Tech 100, and Japan 225, with leverage ranging from 1:50 to 1:100 and a minimum trade size of 0.01 lots. The live spreads for these indices are competitive, such as a 2.2-point spread for the UK 100 and a 0.6-point spread for the US SPX 500 (Mini).
Commodities trading encompasses energy and metal CFDs, benefiting from the advantages of an ECN broker, such as fast execution and deep liquidity. Key commodities available for trading include XAUUSD (Gold), XAGUSD (Silver), XBRUSD (Brent Crude Oil), and XTIUSD (WTI Crude Oil), with leverage up to 1:500 and minimum trade sizes starting from 0.01 lots. For instance, Gold (XAUUSD) has a live spread of 0.18 and Silver (XAGUSD) has a live spread of 0.02.
Shares trading offers CFD trading on major US and Hong Kong stocks, providing access to market leaders like Apple, Amazon, Facebook, and Tencent Holdings. Traders can navigate these dynamic markets with tight spreads across FXOpen's trading platforms. For example, trading Tesla shares (TSLA) with a live spread of 0.46, leverage of 1:5, and a minimum trade size of 1 lot allows traders to participate in the price movements of these influential companies.
Cryptocurrency trading allows traders to engage in over 40 cryptocurrency CFD markets without owning the underlying assets directly. Available 24/7 on platforms such as MT4, MT5, and TickTrader, cryptocurrencies like Bitcoin (BTCUSD), Ethereum (ETHUSD), and Litecoin (LTCUSD) can be traded with tight spreads and deep liquidity. For instance, Bitcoin (BTCUSD) has a live spread of 6.102, Ethereum (ETHUSD) has a live spread of 0.339, and both offer leverage up to 1:3 with minimum trade sizes starting from 0.001 lots for Bitcoin and 0.01 lots for Ethereum.
Overall, FXOpen provides a broad array of trading instruments, ensuring competitive conditions, low costs, and access to multiple financial markets, making it a suitable choice for diverse trading strategies and preferences.
FXOpen Accounts
FXOpen offers several types of trading accounts tailored to different trading needs:
ECN Trading Accounts provide raw prices from banks and liquidity providers with a small commission, ideal for high-volume trades. These accounts support various assets such as FX, indices, stocks, commodities, and cryptocurrency CFDs, with leverage up to 1:1000 and a minimum deposit of $100.
STP Trading Accounts are suitable for novice traders, including the commission within the spread for simpler pricing. These accounts offer the same range of assets as ECN accounts, with leverage up to 1:500 and a minimum deposit of $10.
Forex Demo Accounts are available for practice without risking real money. They replicate real trading conditions, allowing traders to learn, practice strategies, and familiarize themselves with trading platforms like MetaTrader 4, MetaTrader 5, and TickTrader. Demo accounts are available in both ECN and STP formats.
Islamic/Swap-free Accounts cater to Muslim traders, compliant with Sharia laws. Instead of a swap, traders are charged an additional commission for overnight positions, equal to the swap. To convert an account to an Islamic account, traders need to email support@fxopen.com with their request and account number.
FXOpen Fees Review
FXOpen offers a detailed commission and swap structure designed to accommodate various trading needs.
For ECN accounts, the commission depends on the account balance. With a balance below $1,000, the commission is $3.50 per lot. As the balance increases, the commission decreases: $2.50 for balances between $1,000 and $25,000, $1.80 for balances between $25,000 and $250,000, and $1.50 for balances over $250,000. For FX pairs with a base currency other than USD, the commission is charged in units of the base currency.
High volume traders benefit from discounted commission rates. These discounts consider both account balance and traded volume over the last 30 days. For example, accounts with a balance below $1,000 can see their commission decrease from $3.50 to $1.50 per lot, depending on traded volumes ranging from $5 million to over $250 million.
The TickTrader platform offers additional discounts. For market orders, commissions range from $3.50 for balances below $1,000 to $1.50 for balances over $250,000. Limit orders are even more cost-effective, with rates ranging from $3.50 to $1.00 per lot.
Index CFD commissions are generally 0% across all account balances for most indices, including the UK 100, Germany 40 (Mini), and US SPX 500 (Mini). However, for commodities like US Crude, the commission varies from 0.005% for balances below $1,000 to 0.0018% for balances over $25,000.
For US shares, commissions on the MT4/MT5 platforms remain at 0.1% regardless of account balance, with a minimum commission of $1 per order. On the TickTrader Market, rates decrease for higher balances, from 0.1% to 0.08% for balances over $250,000.
In the case of Hong Kong shares, commissions apply only on the TickTrader platform. Rates start at 0.5% for balances below $1,000 and reduce to 0.3% for market orders and 0.2% for limit orders for balances over $250,000. The minimum commission per order is 20 HKD.
For cryptocurrency CFDs, commissions vary significantly. For balances below $1,000, the commission is 0.25% on MT4/MT5, while on TickTrader, it's 0.08% for both market and limit orders. These rates decrease to 0.10% on MT4/MT5 and 0.03% on TickTrader for balances over $250,000.
STP accounts incorporate commissions into the spread, simplifying cost understanding for traders.
Swaps apply to FXOpen accounts for overnight positions. These can be viewed on the MT4 or MT5 platform by selecting the instrument's specifications, where the swap values are displayed as “swap long” and “swap short.”
For traders requiring Sharia-compliant accounts, FXOpen offers Islamic accounts that are swap-free. Instead of swaps, these accounts incur an additional commission equivalent to the swap. Traders need to email FXOpen support with their request and account number to convert to an Islamic account.
FXOpens fee structure is designed to be versatile and scalable, benefiting traders with varying trading volumes and account sizes.
FXOpen App Review
FXOpen offers a variety of trading platforms to cater to different trading preferences and needs:
- MetaTrader 4 (MT4): This widely-used platform is favored for its user-friendly interface and robust features, including automated trading, advanced charting tools, and multiple order types. It is particularly popular for Forex trading.
- MetaTrader 5 (MT5): An upgraded version of MT4, MT5 offers additional features such as more timeframes, enhanced charting tools, and expanded order types, making it suitable for trading a broader range of financial instruments including Forex, stocks, and futures.
- TickTrader: A versatile, multi-asset trading platform that supports Forex, stocks, indices, commodities, and cryptocurrencies. TickTrader provides advanced features like Depth of Market, algo-trading, back-testing, and comprehensive technical analysis tools. It is accessible via web browsers without needing software installation.
- WebTrader: This platform allows traders to access their accounts from any major web browser without the need for downloads or installations. WebTrader supports one-click trading and provides a secure and reliable trading experience across different operating systems, including Mac OS and Linux.
- TradingView: FXOpen has integrated TradingView into its suite of platforms, offering advanced charting tools, social trading features, and the ability to trade directly from TradingView charts. Traders can access over 600 trading instruments, deep liquidity, tight spreads, and ultra-fast order execution. TradingView is renowned for its powerful technical analysis tools and active community of traders who share scripts and trading ideas.
To link your FXOpen account with TradingView, you can sign up or use your existing TradingView credentials, add a TradingView account via the FXOpen client portal, and transfer funds to your TradingView account through internal transfer.
Research and Eduation
FXOpen provides a variety of educational and research resources to help traders enhance their knowledge and make informed decisions.
The Economic Calendar keeps traders informed about key economic events and indicators that may impact financial markets. This tool includes updates on interest rate decisions, employment reports, and GDP releases, enabling traders to stay ahead of market-moving events.
Market Analysis offers in-depth insights into market trends through technical and fundamental analysis. Regular updates help traders understand price movements and identify potential trading opportunities.
The News & Analysis section delivers timely financial news and expert commentary on various markets, including Forex, commodities, indices, and cryptocurrencies. This resource helps traders stay updated on global economic developments and their potential market impact.
With the Dividend Calendar, traders can track upcoming dividend payments from various stocks, aiding in strategic investment planning around dividend payouts.
The Forex Forum is a community-driven platform where traders can discuss strategies, share experiences, and seek advice. This forum serves as a valuable learning resource for both novice and experienced traders.
The Help Centre offers comprehensive support and information on FXOpens services and platforms. It includes FAQs, tutorials, and guides, making it easier for traders to navigate their trading experience.
Educational sections like What is CFD Trading？ and What is ECN Trading？ explain the concepts and benefits of Contract for Difference (CFD) trading and Electronic Communication Network (ECN) trading. These resources help traders understand different trading mechanisms and their advantages.
Lastly, What Is a Forex Broker？ educates traders on the role of Forex brokers, the services they provide, and how to choose a reliable broker, emphasizing the importance of selecting a trustworthy and regulated broker.
These resources collectively provide a solid foundation for traders to enhance their market knowledge and trading skills.
Customer Service
FXOpen offers comprehensive customer support to assist traders with any queries or issues they may encounter. The support team is available through multiple channels, ensuring accessibility and convenience for users. Live Chat support is available 24 hours a day, five days a week, providing immediate assistance during trading hours. This real-time support option is ideal for quick resolutions and urgent inquiries. Additionally, traders can submit queries through the support email (support@fxopen.com) or by submitting a ticket, available from 7 am Monday to 4 pm Friday GMT, ensuring that support is accessible throughout the trading week.
For more specific trading-related assistance, FXOpen has a dedicated Trading Desk available from 10 pm Sunday to 10 pm Friday GMT. Traders can contact the Trading Desk via email at trading.desk@fxopen.com or by phone at +64 9 801 0123. This dedicated line of support is crucial for addressing technical issues, trading inquiries, and other specific needs related to trading activities. Overall, FXOpens customer support structure is designed to provide timely and effective assistance through various means, ensuring traders have the help they need when they need it.
Conclusion
FXOpen is a versatile trading platform offering competitive fees, user-friendly apps, and a diverse range of trading instruments such as Forex, indices, commodities, shares, and cryptocurrencies. With account minimums as low as $10, it caters to both novice and experienced traders. However, caution is advised due to potential regulatory concerns regarding its FCA license. The platform features advanced security measures and comprehensive customer support, making it a robust choice for various trading strategies.
FAQs
Is FXOpen safe to trade？
FXOpen is regulated by several authorities, including ASIC and CYSEC. However, its FCA regulation is suspected to be linked to a clone firm, so traders should verify this claim independently and exercise caution.
Is FXOpen a good platform for beginners？
Yes, FXOpen offers various account types with low minimum deposits, user-friendly platforms like MT4 and MT5, and extensive educational resources, making it a suitable choice for beginners.
Is FXOpen legit？
FXOpen is a legitimate broker with regulation from ASIC and CYSEC. Despite concerns about its FCA regulation, it is a recognized name in the trading community and offers robust security measures and customer support.
Risk Warning
The information provided is based on WikiStock's expert evaluation of the brokerage's website data and is subject to change. Besides, online trading entails substantial risks, potentially leading to total loss of invested funds, so comprehending associated risks before engaging is crucial.
