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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 offers Investment accounts for PAMM account investors, in addition to its various account types, including STP, ECN, Micro, and Crypto trading accounts, providing access to 52 currency pairs and nearly two dozen CFDs as well as 43 pairs on some of the most popular cryptocurrencies in its MetaTrader4 (MT4) and MetaTrader5 (MT5) platforms.
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.
- Regulated in the UK and Australia.
- Micro account provides less forex pairs than other account types.
- Very narrow range of just 16 CFDs.
- Lack of proprietary trading platform.
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), one tier-2 regulator (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||No||No||Yes|
Commissions & Fees
While multiple account types are offered, all in all, pricing at FXOpen falls in line with the industry average.
- Depending on the account type you choose – ranging from ECN and STP to Micro, FXOpen offers several pricing options for its commissions and fees.
- In the ECN account, commission rates vary from $30-$100 round turn per 1 million traded (which equates to 0.3 – 1.0 pip), where the applicable rate is determined by several factors such as the amount of equity in your FXOpen account, and the volume traded in the past 30 days.
- FXOpen does offer a VIP ECN account through its Australian entity, where a deposit of at least 25,000 AUD will bring your default commission rate to $18 per side on 1 million units traded. This equates to $36 round trip per million and is irrespective of trading volume.
- FXOpen’s other account type, the STP account, has a commission equivalent imbedded within the prevailing spreads – like brokers with non-commission pricing where spreads are inherently wider.
|Minimum Initial Deposit||$100||$200||$200.00||£250.00|
|Average Spread EUR/USD - Standard||N/A||3.00||1.16||0.750|
|All-in Cost EUR/USD - Active||N/A||N/A||0.860||0.363|
|Active Trader or VIP Discounts||Yes||Yes||Yes||Yes|
|Commissions & Fees|
Platforms & Tools
Beyond the social-trading platforms ZuluTrade and Myfxbook, FXOpen is predominantly a standard MetaTrader broker.
- FX Open offers several social copy-trading platforms, including ZuluTrade, which requires live trading systems to forward test, and Myfxbook, which has a database of systems that are subject to instant backfill bias. FX Open requires you to have an MT4 account to sync customer account data to these third-party services.
- Moving into the managed account offering at FXOpen, investors can choose from various money managers that are ranked by performance and other criteria within FXOpen’s PAMM platform, which 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.
- Within MetaTrader, historical data shown in the charts will usually vary from broker to broker due to the inherent off-exchange nature of spot foreign exchange markets, as well as where prices are sourced from.
- 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.
- Best Forex Trading Platforms 2019
- Best FX Brokers for Copy Trading 2019
- Best MetaTrader Brokers 2019
|Virtual Trading (Demo)||Yes||Yes||Yes||Yes|
|Desktop Platform (Windows)||Yes||No||Yes||Yes|
|Social Trading / Copy-Trading||Yes||Yes||Yes||Yes|
|MetaTrader 4 (MT4)||Yes||No||Yes||Yes|
|MetaTrader 5 (MT5)||Yes||No||Yes||No|
|Charting - Indicators / Studies (Total)||51||67||51||22|
|Charting - Drawing Tools (Total)||31||14||31||17|
|Charting - Trade From Chart||Yes||No||Yes||Yes|
|Watchlists - Total Fields||7||6||7||12|
|Order Type - Trailing Stop||Yes||Yes||Yes||Yes|
|Platform & Tools|
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)
- View Infographic
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.
- FXOpen also provides an economic calendar that shows a forecast of upcoming events with the consensus estimate, as well as market news updates – both powered by FXStreet – on its UK, Australia, and Nevis websites.
- No specialty research tools provided.
|Daily Market Commentary||Yes||Yes||Yes||Yes|
|Forex News (Top-Tier Sources)||Yes||No||Yes||Yes|
|Trading Central (Recognia)||No||No||No||No|
|Social Trading / Copy-Trading||Yes||Yes||Yes||Yes|
|Social Sentiment - Currency Pairs||No||Yes||Yes||Yes|
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.
Mobile Apps Comparison
|Apple iOS App||Yes||Yes||Yes||Yes|
|Trading - Forex||Yes||Yes||Yes||Yes|
|Trading - CFDs||Yes||Yes||Yes||Yes|
|Alerts - Basic Fields||Yes||No||Yes||Yes|
|Watch List Syncing||No||Yes||Yes||Yes|
|Charting - Indicators / Studies||30||5||30||26|
|Charting - Draw Trend Lines||Yes||No||Yes||Yes|
|Charting - Trend Lines Moveable||Yes||No||Yes||Yes|
|Charting - Multiple Time Frames||Yes||Yes||Yes||Yes|
|Charting - Drawings Autosave||No||No||No||Yes|
Offering of Investments
The following table summarizes the different investment products available to FXOpen clients.
|Forex: Spot Trading||Yes||Yes||Yes||Yes|
|Currency Pairs (Total Forex pairs)||95||47||59||91|
|CFDs - Total Offered||16||1449||31||15000|
|Cryptocurrency traded as actual||Yes||Yes||No||No|
|Cryptocurrency traded as CFD||Yes||Yes||Yes||Yes|
|Offering of Investments|
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.
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.
Features that help FXOpen maintain an edge over other Metatrader brokers, beyond the competitive spreads in its ECN account, include its cryptocurrency account offering, PAMM for investors, and social copy-trading trading platforms on offer, although some of these offerings are available only from its unregulated entity in Nevis.
In addition, the broker offers numerous account types, low minimum deposits, and a respectable range of forex pairs and CFDs. FXOpen can be a suitable alternative to brokers that require a higher minimum across their account types, including for high volume traders who need large deposits to qualify for active trader accounts.
Benefits aside, 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.
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.