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FXOpen Review

Steven Hatzakis

Steven Hatzakis | July 13th, 2019

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

The ForexBrokers.com Annual Review (3 years running) is among the most cited in the industry. Our Head of Research, Steven Hatzakis, is frequently referenced as a leading analyst covering forex brokers and cryptocurrency. Learn more.

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.

Review Summary

Rank: 25th (of 28)

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.

Benefits

  • Regulated in the UK and Australia.

Considerations

  • 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?

help 74
Trust Score

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.

Regulations Comparison

FeatureFXOpeneToroPepperstoneIG
Year Founded2003200720101974
Publicly Traded (Listed) No No No Yes
Bank No No No Yes
Tier-1 Licenses1226
Tier-2 Licenses0104
Tier-3 Licenses0000
Trust Score74887999

Commissions & Fees

Rank: 20th (of 28)

While multiple account types are offered, all in all, pricing at FXOpen falls in line with the industry average.

Benefits

  • 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.

Considerations

  • 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.

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Further Reading

Fees Comparison

FeatureFXOpeneToroPepperstoneIG
Minimum Initial Deposit$100$200$200.00£250.00
Average Spread EUR/USD - StandardN/A3.001.160.750
All-in Cost EUR/USD - ActiveN/AN/A0.8600.363
Active Trader or VIP Discounts Yes Yes Yes Yes
Commissions & Fees 3.5 Stars 3.5 Stars 4 Stars 4.5 Stars

Platforms & Tools

Rank: 24th (of 28)

Beyond the social-trading platforms ZuluTrade and Myfxbook, FXOpen is predominantly a standard MetaTrader broker.

Benefits

  • 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.

Considerations

  • 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.

Gallery

Further Reading

Tools Comparison

FeatureFXOpeneToroPepperstoneIG
Virtual Trading (Demo) Yes Yes Yes Yes
Proprietary Platform No Yes No Yes
Desktop Platform (Windows) Yes No Yes Yes
Web Platform Yes Yes Yes Yes
Social Trading / Copy-Trading Yes Yes Yes Yes
MetaTrader 4 (MT4) Yes No Yes Yes
MetaTrader 5 (MT5) Yes No Yes No
cTrader No No Yes No
Charting - Indicators / Studies (Total)51675122
Charting - Drawing Tools (Total)31143117
Charting - Trade From Chart Yes No Yes Yes
Watchlists - Total Fields76712
Order Type - Trailing Stop Yes Yes Yes Yes
Platform & Tools 3 Stars 4 Stars 3.5 Stars 4.5 Stars

Customer Service

Rank: 15th (of 28)

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.

Results

  • 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

Research

Rank: 27th (of 28)

Overall, research is a little more than the bare minimum at FXOpen and remains a category that has significant room for improvement.

Benefits

  • 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.

Considerations

  • No specialty research tools provided.

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Further Reading

Research Comparison

FeatureFXOpeneToroPepperstoneIG
Daily Market Commentary Yes Yes Yes Yes
Forex News (Top-Tier Sources) Yes No Yes Yes
Weekly Webinars No No No Yes
AutoChartist No No Yes Yes
Trading Central (Recognia) No No No No
Delkos Research No No No No
Social Trading / Copy-Trading Yes Yes Yes Yes
Social Sentiment - Currency Pairs No Yes Yes Yes
Economic Calendar Yes Yes Yes Yes
Research 2 Stars 3 Stars 4 Stars 4.5 Stars

Mobile Trading

Rank: 25th (of 28)

FXOpen fails to bring any unique mobile apps to traders beyond the native MT4 and MT5 apps for Android and iOS.

Benefits

  • None.

Considerations

  • 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.

Gallery

Further Reading

Mobile Apps Comparison

FeatureFXOpeneToroPepperstoneIG
Android App Yes Yes Yes Yes
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 Yes Yes Yes Yes
Watch List Syncing No Yes Yes Yes
Charting - Indicators / Studies3053026
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
Forex Calendar No No No Yes
Mobile Trading 2.5 Stars 4 Stars 3 Stars 4 Stars

Offering of Investments

Rank: 25th (of 28)

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

Offering Comparison

FeatureFXOpeneToroPepperstoneIG
Forex: Spot Trading Yes Yes Yes Yes
Currency Pairs (Total Forex pairs)95475991
CFDs - Total Offered1614493115000
Cryptocurrency traded as actual Yes Yes No No
Cryptocurrency traded as CFD Yes Yes Yes Yes
Offering of Investments 3 Stars 4 Stars 3 Stars 4.5 Stars

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.

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.

Final Thoughts

Rank: 25th (of 28)

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.

For our 2019 Forex Broker Review we assessed, rated, and ranked 28 international forex brokers. Each FX broker was graded on 81 variables. 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.


Steven Hatzakis

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.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published web site as of 02/18/2019 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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