Regulators: FCA, ASIC
Minimum Deposit: $1
Maximum Leverage: 1:500
My Score: 6.8
Today, I am going to introduce you to FxOpen. The broker was founded in 2003 as an educational center offering courses in the field of technical analyses and financial markets.
In 2005, FxOpen launched its brokerage service. You can learn a lot of information about the broker in this FxOpen review. For example, FxOpen was the first Forex broker who offered Micro accounts and swap-free accounts in the forex industry.
According to the broker’ website, fxopen.com, the company behind the broker is FxOpen Markets Limited. The company’ registration address is P.O. Box 590, Springates East, Government Road, Charlestown, Nevis.
You are going to take answers to these questions. Is FxOpen regulated? What is the minimum deposit of FxOpen? How many different account types does it offer? What are the trading conditions such as spreads, leverage ratio? Is FxOpen scam or reliable?
I am going to start with regulation as always I do.
Regulation of FxOpen
FxOpen has been offering forex brokerage services since 2005. The broker regulated in the United Kingdom and Australia.
The company behind the broker is FxOpen Ltd. This company regulated and authorized by the Financial Conduct Authority (FCA).
On the other hand, there is also a company which is registered in Australia. FxOpen AU Pty Ltd. is licensed by the ASIC (Australian Securities and Investments Commission).
In addition, there is also an offshore organization, FxOpen Markets Limited, which is registered in Nevis.
The broker has licenses from one of the most reputable watchdogs worldwide. They are reputable because they have strict rules to provide by the brokers.
Both UK’s FCA and Australia’s ASIC require brokers to must keep client funds in segregated accounts, separate from the companies operating funds.
Aussie forex brokers must maintain at least $ 1 million as proof of financial stability and UK-based brokers must maintain a net tangible asset of at least EUR 730 000.
There is also the Financial Services Compensation Scheme (FSCS) for the clients of FCA regulated brokers. The FSCS secures the client’s funds up to a maximum of £50,000 per investor if the company bankrupt.
But, there is no any compensation scheme for Aussie brokers who regulate by ASIC.
FxOpen offers 4 account types which design for traders with different level of experience and skills from newbie to professionals.
These account types are Micro, STP, ECN and Crypto. The broker offers investment accounts for PAMM account investors.
There is also swap-free account which known Islamic account for traders who believes in Islam.
Besides, the broker claims to be the first forex broker to offer swap-free accounts and Micro accounts.
|Account type||Minimum trade size||Minimum deposit||Average Spreads (& Commission)||Maximum leverage||Execution|
|ECN||0.01||$100||0.5 pips + $5 - $2.5 commission per lot||1:500||Market|
|Crypto||0.01||$10||0.0 pips + 0.5% commission half-turn||1:3||Market|
Let’s examine the account types one by one.
The micro account offers just $1 minimum deposit and this is a really attractive offer. There are few reputable and well-organized brokers, such as FxOpen, which provide a low minimum deposit.
Minimum trade size of the micro account is 0.001 lot and the maximum leverage is 1:500. The average spreads are 2 pips and no commission.
The STP account offers $10 minimum deposit. As different from the micro account minimum trade size is 0.01 lot. Maximum leverage is same 1:500 and spreads are 1.6 pips with no commission.
The ECN account offers $100 minimum deposit and the highest one for the broker. Minimum trade size is same as STP and it is 0.01 lot. Maximum leverage also same with STP and it is 1:500. The ECN account’ spreads are 0.5 pips + $5 – $2.5 commission per lot.
And the last one Crypto account offers $10 minimum deposit, 0.01 lot minimum trade size, 1:3 maximum leverage and spreads are from 0.0 pips + 0.5% commission half-turn.
In comparison, IPT Markets offers Platinum account and it is similar to ECN account. However, there is no commission at IPT Markets and spreads are very competitive especially for a fixed spread account.
You can check out my top forex brokers list for more information and you can compare them.
The broker offers various trading platforms. These are MT4, MT5, Web Trader and FxOpen mobile trader.
MetaTrader 4 is the leading forex trading platform. Year after year the platform continues to receive prestigious awards.
There are some benefits of MT4:
- User-friendly interface
- Advanced charting package
- A number of technical indicators
- Extensive back-testing environment
- Variety of Expert Advisors (EAs)
According to the FxOpen claim, the broker is the first broker to offer its clients direct access to Interbank liquidity and ECN trading with MT4 in 2009.
Now FxOpen ECN ensures instantaneous and error-free order execution at the best prices from more than 10 banks and other liquidity providers on two trading platforms MT4 and MT5.
MT5 is the new version of MT4. MT5 provides the similar user interface of MT4 with many new functions providing traders with all they need for successful forex trading. Only ECN account is currently supported in MT5 in FxOpen.
In addition, FxOpen has a partnership with ZuluTrade and Myfxbook to offer its investors advanced auto trading options.
The broker offers also VPS service, you can use FxOpen VPS for free during 1 month if you maintain equity of $5,000 in your accounts at the end of the month or have traded volumes of $10,000,000 (per calendar month)
Thanks to the accessibility advantage of VPS, you can log into your MT4 platform from any computer anywhere in the world. Also, it has flexibility and speed advantageous. For more info, you can check the broker website.
The broker provides access to +50 currency pairs, Commodity CFDs, as well as some of the most popular cryptos such as Bitcoin, Litecoin, Ripple, Monero, Ethereum etc.
FX Open support a wide range of languages including English, Arabic, Farsi, Turkish, Espanol, Portuguese, French, Deutch, Russian, Thai, Malay, Bahasa.
There is also Live-chat and they respond quickly. When I asked anything about the company they gave me the answers honestly.
FxOpen Withdrawal and Deposit Methods
The broker offers a wide range payment methods. These are credit/debit cards, (Visa, MasterCard, Maestro), bank wire, e-wallets such as Skrill, Neteller, Payza, WebMoney, SorexPay, Yandex Money, FasaPay, IntellectMoney, OKPAY, RBK Money, China Union Pay.
And cryptos such as Bitcoin, Litecoin, Ethereum, Tether, and Emercoin. Also, you can use FxOpen Prepaid Cards to fund your account instantly.
FxOpen is a well-regulated broker which have more than 10 years of experience. Product portfolio offering by the broker is full range and it has competitive conditions. The broker has various trading platforms that you can trade which you want.
FxOpen is one of the most reputable brokers among forex industry and you can trade with them in comfort.
Commissions and fees6.5/10
Platform & Tools6.5/10
- Strong regulations (FCA, ASIC,)
- MT4 & MT5 supported
- ECN Account's competetive pricing
- High leverage, low min. deposit
- Micro account provides less forex pairs than other account types