FXOpen is a long standing MetaTrader broker with a narrow offering and few benefits beyond a standard MetaTrader experience coupled with social-trading platforms ZuluTrade and Myfxbook.
Top Takeaways for 2019
After spending several hundred hours testing 28 forex brokers over six months for our third annual forex broker review, here are our top findings on FXOpen:
- Founded in 2003, FXOpen is only regulated by one tier-1 regulator, making it a higher risk broker to trade forex and CFDs with.
- Compared to pricing leaders CMC Markets and FOREX.com, FXOpen is expensive and not a good choice for discount trading.
- FXOpen finished 7th in our ranking of the best MetaTrader brokers, making it a respectable offering, although next to no market research is offered.
- Thanks to offering social-trading platforms ZuluTrade and Myfxbook, FXOpen also finished 7th for our list of the best copy trading brokers.
- FXOpen offers average quality phone service. The broker finished 15th (out of 23) in our national testing from locations across the United Kingdom.
|Offering of Investments|
|Commissions & Fees|
|Platform & Tools|
Is FXOpen Safe?
FXOpen is considered average-risk, with an overall Trust Score of 74 out of 99. FXOpen is not publicly traded and does not operate a bank. FXOpen is authorised by one tier-1 regulator (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). FXOpen is authorised by the following tier-1 regulator: Financial Conduct Authority (FCA). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
Commissions & Fees
Depending on the account type you choose, ranging from ECN and STP to Micro, FXOpen offers several pricing options for its commissions and fees. All in all, pricing at FXOpen falls in line with the industry average. Note - Micro accounts are not available from FXOpen UK, and can be opened only with the Nevis entity, FXOpen Markets Limited, or with FXOpen Australia for 100AUD.
In FXOpen's ECN account, commission rates vary from $30-$100 round turn per 1 million traded (which equates to 0.3 – 1.0 pip) depending on account balance and monthly activity. FXOpen’s other account type, the STP account, has a commission equivalent embedded within the prevailing spreads, similar to brokers with non-commission pricing where spreads are inherently wider.
FXOpen also offers a VIP ECN account; however, it is only available through its Australian entity and requires a deposit of 25,000 AUD.
|Minimum Initial Deposit||$100|
|Average Spread EUR/USD - Standard||N/A|
|All-in Cost EUR/USD - Active||N/A|
|Active Trader or VIP Discounts||Yes|
Platforms & Tools
Beyond the social copy trading platforms ZuluTrade and Myfxbook, FXOpen is predominantly a standard MetaTrader broker. ZuluTrade would be my choice over Myfxbook and it also fares well with MT4’s own signals market, with the key takeaway being that commission rates and the available trading systems will vary across MT4, ZuluTrade, and Myfxbook.
PAMM offering: FXOpen also offers a managed account offering where investors can choose from various money managers that are ranked by performance and other criteria. All within FXOpen’s PAMM platform, the offering is closer to a managed account structure than a social trading platform. It’s worth noting that the PAMM offering is not available from FXOpen UK.
To score Customer Service, ForexBrokers.com partnered with customer experience research group Customerwise to conduct phone tests from locations throughout the UK. For our 2019 Review, 229 customer service tests were conducted over six weeks.
- Average Connection Time: <1 minute
- Average Net Promoter Score: 6.4 / 10
- Average Professionalism Score: 3.4 / 10
- Overall Score: 5.8 / 10
- Ranking: 15th (23 brokers)
Overall, research is a little more than the bare minimum at FXOpen and remains a category that has significant room for improvement. A team of analysts contributes to FXOpen’s blog with daily updates and analysis on Forex, CFDs, and cryptocurrencies, and content that is industry standard for most brokers.
Also industry standard, FXOpen provides an economic calendar that shows a forecast of upcoming events with the consensus estimate, including market news updates – both powered by FXStreet – on its UK, Australia, and Nevis websites.
FXOpen fails to bring any unique mobile apps to traders beyond the native MT4 and MT5 apps for Android and iOS. FXOpen also offers its Tick Trader mobile app for Android, developed by Soft-FX (the same developer of the PAMM offering). In summary, it’s nothing special to justify opening an account for.
Offering of Investments
The following table summarizes the different investment products available to FXOpen clients.
For traders who want to speculate on the price of digital currencies such as Bitcoin, the cryptocurrency account is not available from the firm’s Australia entity – it is available only from FXOpen’s unregulated entity in Nevis, and more recently from its UK entity regulated by the FCA.
|Forex: Spot Trading||Yes|
|Currency Pairs (Total Forex pairs)||95|
|CFDs - Total Offered||16|
|Social Trading / Copy-Trading||Yes|
|Cryptocurrency traded as actual||Yes|
|Cryptocurrency traded as CFD||Yes|
While FXOpen offers a respectable MetaTrader and copy trading experience, research is still an underserved area the broker should enhance, along with its trading tools, platforms offering, and range of CFDs, which remains very limited.
Founded in 2003 as an educational center for technical analysis, FXOpen launched its brokerage services in 2005 and was an early pioneer with micro contracts and Sharia-compliant accounts before building its own ECN bridge technology on the MetaTrader platform.
FXOpen Trading Features
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||Yes|
|Charting - Indicators / Studies (Total)||51|
|Charting - Drawing Tools (Total)||31|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
FXOpen Research Features
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||No|
|Social Sentiment - Currency Pairs||No|
FXOpen Mobile App Features
|Apple iOS App||Yes|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||No|
|Charting - Indicators / Studies||30|
|Charting - Draw Trend Lines||Yes|
|Charting - Trend Lines Moveable||Yes|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||No|
2019 Review Methodology
For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers over a six month time period. Each broker was graded on 81 different variables and, in total, over 60,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.