Our ForexBrokers.com team spent seven months and hundreds of hours assessing 43 different forex broker accounts
for trading FX. In total, over 6,000 data points were collected. For this review, we will compare FXCM vs FXOpen.
To start this comparison, first, we will take a look at the fees charged for trading forex. It's important to note this is no easy task. Not every broker shares their average spreads, spreads can be fixed or variable (floating), execution policies differ, and brokers can act as market makers (dealers) or act as agents for execution. To simplify things, we analyzed everything for you and provide a single star rating for cost. Both FXCM and FXOpen hold a 3.5 star rating.
Cost aside, we can now turn our focus to regulation alongside currency availability. For regulation, it's very important to select a broker you can trust with your money. FXCM and FXOpen both are regulated in a major hub. FXCM is a publicly traded company, while FXOpen is not. How many currency pairs are available to trade? FXOpen boasts an offering of 95 different currency pairs compared to FXCM's 39 available pairs.
To round out our comparison, let's look at the popular tools and features forex traders prefer. For platforms, some FX traders prefer MetaTrader. FXCM and FXOpen both offer Meta Trader. Within the trading platform, charting should be robust, so we counted the number of drawing tools and total technical indicators made available. FXCM and FXOpen offer the same number of charting tools, 31. Both FXCM and FXOpen provide clients with access to 51 total indicators (eg, moving averages).
Overall, FXCM comes out on top with 4 stars over FXOpen's 3 stars. And, when it comes to individual category awards, both FXCM and FXOpen found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research, Best in Class - Customer Service, Best in Class - Active Trading, Best in Class - Mobile Trading and Best in Class - Investor Education in 2018.