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Overall

FXOpen is a long standing MetaTrader broker offering forex, CFDs, and cryptocurrencies, along with a diverse range of social copy-trading signals and PAMM accounts. The broker lacks in its offering of research and trading tools, but provides a competitive ECN account offering and a low minimum deposit across its three global brands.

By Steven Hatzakis / April 3rd, 2018 / Updated: July 16th, 2018

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Trust Score
Dislikes
  • Micro account provides less forex pairs than other account types
  • Lack of proprietary trading platform
  • Limited customer support

Review Sections:

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.

After launching an STP account offering in 2013, FXOpen reached $100 billion in monthly trading volume, and continues to operate predominantly as a MetaTrader broker. FXOpen obtained regulatory status with the UK’s FCA, and in Australia it also has an unregulated entity in Nevis that maintains membership with an External Dispute Resolution (EDR) organization.

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 50 currency pairs and nearly two dozen CFDs as well as some of the most popular cryptocurrencies in its MetaTrader4 and MetaTrader5 platforms.

Trust Score

Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.

Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of FXOpen.

FXOpen
Trust Score76
Year Founded2003
Publicly-Traded Company (Listed) No
Regulated in Major Hub Yes
Regulated in Emerging Hub No
Authorised in the European Union Yes
CFTC Registered (USA) No
FCA Regulated (UK) Yes
IIROC Authorised (Canada) No
FINMA Authorised (Switzerland) No
ASIC Authorised (Australia) Yes
SFC Authorised (Hong Kong) No
MAS Authorised (Singapore) No
FSA Authorised (Japan) No
FMA Authorised (New Zealand) No
CySEC Authorised (Cyprus) No

Offering of Investments

The following table summarizes the different investment products available to FXOpen clients.

FXOpen
Minimum Initial Deposit$100
Currency Pairs (Total Forex pairs)63
CFDs - Total Offered18
Exchange Traded Securities: US No
Exchange Traded Securities: International No
Cryptocurrency traded as actual Yes
Cryptocurrency traded as CFD Yes

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, yet average spreads published by FXOpen were not available to order to make a level comparison with other brokers.

Overall, FXOpen offers competitive pricing on its ECN account and across its various entities, depending on where you choose to establish your trading account. It can be a good choice for beginners and experienced traders compared to the MetaTrader offerings of forex brokers.

FXOpen
Average Spread EUR/USD - StandardN/A
All-in Cost EUR/USD - ActiveN/A
Active Trader or Premium/VIP Yes

Customer Service

For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test. To score each test, the tests were divided into three separate groups and scores were given for the time taken to connect with each support representative and the ability of each representative to professionally (and thoroughly) answer each question. A Net Promoter Score was also given for the overall experience.

Results:

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.66 / 10
  • Average Professionalism Score: 6.2 / 10
  • Overall Score: 7.0 / 10
  • Ranking: 18th (43 brokers)

Research

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.

FXOpen research

Overall, research is a little more than the bare minimum at FXOpen, and remains a category that has significant room for improvement in terms of broadening the scope and range of research tools available one the broker’s website and within its trading platforms. FXOpen finished 41st out of 43 brokers for Research in our 2018 Review.

FXOpen
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
AutoChartist No
Trading Central (Recognia) No
Delkos Research No
Acuity Trading No
Social Trading / Copy-Trading Yes
Social Sentiment - Currency Pairs No
Client Webinars No
Client Webinars (Archived) No
Videos - Beginner Trading Videos No
Economic Calendar Yes
Calendar Includes Forecasts No
Economic News Sentiment No
Trade Ideas - Backtesting Yes

Platforms & Tools

FXOpen is predominantly a MetaTrader-only broker. This means it offers the suite of platforms from MetaQuotes Software corporation, the developer of the widely popular MetaTrader4 platform for desktop, mobile, and web, and MetaTrader5 desktop software. To learn more about MT4, read our MetaTrader guide

 FXOpen MetaTrader4 Desktop

While hundreds of brokers offer the popular suite of platforms from MetaQuotes, including MT4 and MT5, a crucial aspect often overlooked is how each broker will configure the platform when it comes to how the execution is handled, yet this difference can be hard to see on the surface, such as whether a broker offers agency execution or operates a dealing desk. FX Open offers both options.

As far as charting tools are concerned, MT4 and MT5 come with several dozen technical indicators by default for the charting module, and is no different at FXOpen, which offers the opportunity to backtest an automated trading strategy, which is something for which the Metarader platforms are famous. Otherwise, the 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. .

FXOpen Metatrader 4 web platform

Before leaving the MT4 platform, 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. Furthermore, FX Open requires you to have an MT4 account to sync customer account data to these third-party services.

MT4 also offers its own signals market, which is available from within the platform, and like ZuluTrade, it uses a stringent process to vet signal providers that use live accounts, compared to Myfxbook.

 FXOpen MetaTrader4 Signals Market

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.

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.

Like any offering that offers many underlying investment vehicles to choose from, the quality of each one will be a key factor, including its strategy, fees, historical performance, and other quantitative and qualitative data. In 2017, FXOpen added Cryptocurrencies to its PAMM platform, which combined with the existing tools provided for sorting PAMM managers, giving the broker a diverse social trading offering.

 FXOpen PAMM

It’s worth noting that the PAMM offering is not available from FXOpen UK, and beyond the social-trading platforms, FXOpen is predominantly a MetaTrader broker.

FXOpen
Virtual Trading (Demo) Yes
Desktop Platform (Windows) Yes
Desktop Platform (Mac) No
Web Platform Yes
Social Trading / Copy-Trading Yes
Proprietary No
MetaTrader4 (MT4) Yes
MetaTrader5 (MT5) Yes
cTrader No
Currenex No
ZuluTrade Yes
MirrorTrader No
Charting - Drawing Tools (Total)31
Charting - Indicators / Studies (Total)51
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Mobile Trading

The native versions of the mobile app for MetaTrader4 and MetaTrader5 are available for Android and iOS devices straight from the developer and score highly as MetaQuotes was an early pioneer in forex platforms, including mobile trading apps. To learn more about the MT4 mobile app, read our MetaTrader guide

Metatrader4 mobile charts

FXOpen also offers its Tick Trader mobile app for Android, developed by Soft-FX (the same developer of the PAMM offering). The app has seen a major overhaul since our 2017 review, as it now is not only functional, but also includes numerous features. For example, new security policies prevent screenshots, which is becoming an industry standard for apps that support cryptocurrency trading.

Using Tick Trader was generally a smooth experience and the only bug worth mentioning was when indicators were added to a chart, they would not adjust when the timeframe was changed. For example, adding indicators to a 1-hour chart would be fine, but when switching to a daily chart, the transition would cause the indicators to become offset (requiring they be removed and re-added).

Aside from this bug, Tick Trader has made tremendous progress since our last review when it wasn’t even functioning. That said, FXOpen’s mobile experience still has a ways to go overall as it finished in the bottom half of FX brokers in our 2018 Review.

FXOpen
Android App Yes
Apple iOS App Yes
Charting - Draw Trend Lines Yes
Charting - Can Turn Horizontally Yes
Charting - Technical Studies/Indicators30
Watch List Syncing No
Trading - Forex Yes
Trading - CFDs Yes
Alerts - Basic Fields Yes

Other Notes

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. In lieu of regulations in the offshore island country of Nevis, FXOpen is a member of the Financial Commission, an External Dispute Resolution (EDR) organization based in Hong Kong. The Financial Commission can be a resource for FXOpen customers when it comes to trade disputes, while clients seeking greater regulatory oversight and protection can choose the UK or Australian entity.

The micro account is not available from FXOpen UK, and can be opened only with the Nevis entity, FXOpen Markets Limited, or with FXOpen Australia for 100AUD.

In 2017, FXOpen expanded the range of cryptocurrency CFDs available to a total of 28 crypto-to-fiat pairs, derived from seven underlying cryptocurrencies. Although as of early January 15 of those pairs are currently in close-only mode, leaving just 13 available, this is still a wider range pairs than any other broker we’ve reviewed thus far, showing that FXOpen’s early adoption of cryptocurrencies has given it a head start among the competition.

FXOpen cryptocurrency account

Final Thoughts

Features that help FXOpen maintain an edge over other MT4 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.

Pros aside, traders should keep in mind FXOpen provides little to no research and provides an overall trading experience (think platforms, tools) that ranks in the bottom half of the industry.

Methodology

For our 2018 Forex Broker Review we assessed, rated, and ranked 43 international forex brokers. Each FX broker was graded on 140 variables. Learn more.

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.


Steven Hatzakis

Reviewed by 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 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

FXOpen Competitors

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Ratings Overall

Summary

Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Education

Best in Class

2018
37 of 43

Overall
  • MT4
2017
20 of 20

Overall

Commissions & Fees

Commission Notes

FXOpen Ltd (UK):

  • For clients who open an ECN account with FXOpen UK, the minimum is 300 euros, and CFD trading also takes place via the ECN account with FXOpen UK.
  • FXOpen’s STP accounts, which can be opened with as little as $10, have their commissions imbedded into floating spreads that vary per currency pair and on market conditions and available liquidity within FXOpen’s ECN platform.
  • For clients who open an STP account with FXOpen UK, the minimum is 300 euros, and there are less options for the number of currencies you can hold in your balance in an STP account than what the ECN account offers.

FXOpen AU Pty Ltd (Australia):

  • The standard account at FXOpen Australia requires 1,000 AUD deposit, and defaults to a commission rate of $25 per side or $50 round turn per million.
  • Meanwhile, a micro ECN account is also offered at FXOpen Australia – starting with a minimum deposit of at least 200 AUD – and uses a commission-based pricing of $5 per 100,000 traded or $10 per 100,000 round turn ($100 RT per M).

FXOpen Markets Limited (Nevis):

  • With regard to the Nevis entity, when you deposit $100 or more of currency equivalent, your ECN account can be denominated in a wide range of currencies at FXOpen. These include USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, Gold, and even in thousandths of Bitcoin (BTC) also known as milli BTC (mBTC).
  • The micro account can only be opened with the Nevis entity where execution is via FXOpen’s dealing desk, and this account provides access to 28 currency pairs and only two CFDs (gold and silver) compared to the 50 pairs for STP accounts (plus gold and silver) and 70+ instruments for ECN accounts, which can access a broader range of index and energy CFDs.

ECN account:

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.

Active Traders:

  • 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.
  • Commission charges appear as soon as a trade is placed. For traders that do more than $250 million per month, FXOpen can review the commission rates you pay to see if they can be revised.

The applicable commission tier can be affected by larger balances, which can improve the rate if trading volumes exceed certain thresholds, whereas the volume traded alone can also influence the applicable tier on which you will be charged, irrespective of balance size.

The following table outlines commission tiers for clients of FXOpen (Nevis) who open an ECN account:

FXOpen Commission Discounts ECN

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.


Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All data was obtained from a published web site as of 4/03/2018 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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