If you are looking for a MetaTrader broker that offers forex, CFDs, and cryptocurrencies, along with a diverse range of social copy-trading signals, FX Open provides a competitive ECN account offering and a low minimum deposit across its three global brands.

By Steven Hatzakis / April 4th, 2017 / Updated: January 30th, 2018

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Trust Score
  • Micro account provides less forex pairs than other account type
  • 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.  

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 in order to make a level comparison with other brokers.

Using data from a third party as a rough estimate, average spreads for the EUR/USD were recorded from 0.5 pips to 0.8 pips over the course of several hours at FXOpen, and like other brokers with variable spreads, floating spreads can widen even further during volatility or news events.

View All FeesFXOpenFxProOANDAAdmiral Markets
Commissions & Fees 3.5 Stars 4 Stars 3.5 Stars 4 Stars
Currency Pairs (Total Forex pairs)63707155
CFDs - Total Offered1821552106
All-in Cost EUR/USD - ActiveN/A1.2001.0001.200
Average Spread EUR/USD - StandardN/A1.2001.2001.200

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.

Customer Service

Starting with live chat, on the several occasions I interacted with FXOpen representatives across all of the brand’s entities via live chat, most of my questions were answered and staff were professional. However, on several occasions live chat was not available.

In these cases, live chat asked for a message to be left that automatically turned into a support ticket handled by email. Contacting staff via phone was also a similar experience in terms of availability as it is available only during local business hours and otherwise redirects to a voice mail system.

Depending on whether you open an account with the UK, Australia, or a Nevis entity, FXOpen keeps its customer support separate among its brands, so it is important to know that support is available only from the entity where your account is held, and customer support hours vary across each brand.

Making phone support and live chat more readily available 24 hours a day would help improve FXOpen’s low ranking in this category, as both were not always available during our tests. Nonetheless, customer service is not FXOpen’s strong point.


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 Economic Calendar

Overall, research is little more than the bare minimum at FXOpen, and remains a category that has room for improvement in terms of broadening the scope and range of research tools available on the broker’s website and within its trading platforms.

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.

 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 MetaTrader 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.

 FXOpen MetaTrader4 Web

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 among various money managers that are ranked by performance and other criteria within FXOpen’s PAMM platform, similar to the social trading platforms offered in terms of account linking as well as overall structure. Like any offering that offers a large number of investment vehicles, the quality of each system will be a key factor, including its strategy, fees, historical performance, and other quantitative and qualitative data.


The PAMM is not available from FXOpen UK, and besides the PAMM offering and social-trading platforms, FXOpen is predominantly a MetaTrader broker.

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.

FXOpen also offers its Tick Trader mobile app for Android, developed by Soft-FX (the same developer of the PAMM offering), yet this app was not available around the time of our review as it is undergoing some upgrades as confirmed by an FXOpen live chat operator.

Tick Trader was previously usable only for streaming prices, and now the company is working with the developer to enable trading from within the app, according to FXOpen staff, and until that upgrade has been completed, the MT4 or MT5 mobile apps are the only alternative when you want to use your smartphone to trade with FXOpen.

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 UK or Australia entity – it is available only from FXOpen’s unregulated entity in Nevis. 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.

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.

With a good range of forex and CFDs, and a low minimum deposit across all account offerings, FXOpen can be a suitable alternative to brokers that require a higher minimum order to qualify for active trader accounts.


For our 2017 Forex Broker Review we assessed, rated, and ranked 20 international forex brokers. Each FX broker was graded on 255 variables. Learn more.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to foreign exchange trading, 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 currency pair. 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.

View all FXOpen Fees & Features
Steven Hatzakis

Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Over the past 18 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Trading CFDs and FX involves a high degree of risk. All data was obtained from a published web site as of 4/05/2017 and is believed to be accurate, but is not guaranteed. The 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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