Overall FXOpen is a trustworthy and low-risk broker with an overall rating of 7 out of 10. FXOpen is authorized and regulated by ASIC and offers leverage up to 1:500. FXOpen has a minimum deposit requirement of only $1 /R14.95.
FXOpen at the Glance
| ? Broker’s Name | FXOpen |
| ? Headquartered | UK, Australia, Nevis, and Saint Kitts |
| ? Year Founded | 2005 |
| ⚖️ Regulating Authorities | FCA, ASIC |
| ? Countries not accepted for trade | United Stated |
| ☪️ Islamic account (swap-free) | Yes |
| ? Demo Account | Yes |
| ? Institutional Accounts | Yes |
| ? Managed Accounts | Yes |
| ? Maximum Leverage | 1:500 |
| ? Minimum Deposit | $1/R14.95 |
| ? Deposit Options | Credit cards Debit cards Walao! Pay Local Wire Transfers (or Skrill) Local Deposits Alfa-Click China UnionPay Bank Wire Transfer, and more |
| ? Withdrawal Options | Credit cards Debit cards Walao! Pay Local Wire Transfers (or Skrill) Local Deposits Alfa-Click China UnionPay Bank Wire Transfer, and more |
| ? Platform Types | MetaTrader 4, MetaTrader 5 |
| ? OS Compatibility | Web browsers, Windows, MacOS, Linux, Android, iPhone, tablets, iPads |
| ? Tradable assets offered | Forex, Gold, Silver, CFDs, Indices, Cryptocurrencies |
| ?? Languages supported on Website | English, French, German, Russian, Spanish, and more. |
| ? Customer Support Languages | Multilingual |
| ? Customer Service Hours | 24/5 |
| ? Open a account | ? Click Here |
FXOpen Review –18 Key Point Quick Overview
FXOpen Overview
FXOpen Overview
According to research in South Africa, FXOpen was founded as an educational center offering courses in the field of technical analyses and financial markets. It became a brokerage company in 2005 with an aim to satisfy the growing need for fair and transparent trading conditions.
FXOpen was the first Forex broker to offer its clients ECN trading via the Meta Trader4 terminal, along with FXOpen’s unique proprietary price aggregating technology where you can benefit from the industry’s most competitive spreads and low trading commissions.
The ECN Model gives traders access to the Interbank market and clients receive real-time quotes from the industry’s largest liquidity providers. Apart from the general offering to trade Forex, the company continued to set the pace with its latest technologies and in 2014 offered Bitcoin trading.
Forex competitions are held regularly by the broker that assists in learning, as well as offers opportunities to gain valuable prizes. Today, the broker is a trusted partner to more than 1,000,000 customers from around 100 countries. FXOpen maintains its mission to provide clients with professional services in trading, analytics, and excellent customer support.
FXOpen Safety or Security
FXOpen Markets Limited is a company registered in Nevis, however, since 2013 within the FXOpen Group of Companies, a London-based company – FXOpen UK received the Financial Conduct Authority (FCA) license with registration number 579202.
The launch of the London office and the website brought huge company expansion among the EU countries and even further.
Since FCA licenses are among the most respected worldwide, traders’ assurance and peace of mind that funds are safe and secure at FXOpen, are provided by numerous ways and general safety guidelines on how the brokerage operates.
Client funds are held in fully segregated bank accounts in the UK and protected for up to £50,000 by the FSCS.
FXOpen Sign-up Bonus
FXOpen offers a no-deposit sign-up bonus of $10/R145.
For first-time traders who register a real STP account with FXOpen a sign-up bonus, deposit bonus, or welcome bonus of $10/R145 is offered.
This bonus cannot be withdrawn from the account until after the total volume of all closed transactions has reached 1 lot or 100 Micro lots.
The bonus is also only paid into the trader’s STP account once and cannot be withdrawn or transferred to any other account.
Only after the total trading volume of executed transactions has reached 2 lots the profit may be withdrawn.
Through these bonus offers brokers often attempt to draw new customers to partake in trading activities.
FXOpen Minimum Deposit
FXOpen has a minimum deposit requirement of only $1.
The minimum deposit amount of $1 when registering a live account is equivalent to ZAR14.95 at the current exchange rate between US Dollar and South African Rand on the day this review was written.
FXOpen falls under the strictest regulation entities in the UK, namely the FCA. Under its authority, the broker must keep client funds in segregated accounts. It can only be used by traders to conduct their trading.
Regulated brokers like FXOpen are also required to be a member of a compensation scheme or fund which pays out a certain amount to eligible clients in the case of company insolvency.
FXOpen Accounts Types
FXOpen is one of the world’s leading and fastest-growing Forex brokers. It offers attractive trading conditions, fast and error-free order execution, and the industry’s most advanced and innovative technological solutions.
FXOpen’s Forex trading accounts are designed for traders with different levels of experience and skills – from novice traders to savvy professionals. You can choose from four types of account that best suits your style of trading, capital, and risk tolerance.
Micro Account
Floating spread
NO Commissions
Currency pairs: 28 Gold & Silver
Deposit of 1 USD
micro lot min. lot size
STP Account
Tight spread
NO Commissions
Currency pairs: 50 Gold & Silver
Welcome Scalping & HFT
Deposit of 10 USD
min lot size
ECN Account (Most Popular)
Raw spreads
Commissions from 1.5 units per lot
Access to the interbank liquidity pool
Currency pairs 70+ including CFDs
Welcome Scalping & HFT
Deposit of 100 USD
min lot size
CRYPTO
Tight spreads
Commissions 0.25% of transaction volume
Crypto pairs 43 BTC, LTC, EOS, PPC, ETH, DASH, EMC
Deposit of 10 USD
min lot size
How to Open an FXOpen Account step by step
To open a trading account and start trading, you need to open an eWallet, a tool for managing your funds and trading accounts in the My FXOpen area, and then follow the steps:
Step 1 – Complete the online application
- It starts by visiting the official website of FXOpen.Once you are on the site, look for an option in the banner, “Try a free demo account.” We request you click that.
- Then, you will be routed to a new page with a simple account registration form. You need to fill it up and remember the credential. Then click on ‘Submit.’
Step 2 – Upload further information
- The eKYC verification will begin then. The representatives of the company will call you for all the documents. Now, you need to submit address proof, identity proof, and income proof.
- Once the representatives approve the submitted documents, you need to download the trading platform, which you will get from the website.
Step 3 –Verification email
- Log into your email to view the verification email which was sent and click on the embedded link to verify your account.
Step 4 –Start trading
- You can then log into the account and start virtual trading.
Once the process has been successfully completed, you will see the registration data for your new trading account.
To be able to start trading on a live account, add funds to your trading account via any available payment systems in My FXOpen and install MetaTrader or use Web Trader.
FXOpen also provides the opportunity to open a free FXOpen Demo account. This allows you to trade and experience real market conditions, without the risk of losing real money as you operate with virtual money.
FXOpen Trading Platforms
Metatrader4
MetaTrader4 has been the leading Forex trading platform. Over 70% of Forex brokers offer MT4 to their clients, and over 90% of all transactions on the retail Forex market are conducted via MetaTrader4.
In 2009 FXOpen was the first broker to offer its clients direct access to Interbank liquidity and ECN trading via the MetaTrader4 terminal. Standard Forex MT4 capacities have been extended and supplemented by FXOpen’s own revolutionary solution – Liquidity Aggregator.
Now FXOpen ECN ensures instantaneous and error-free order execution at the best prices from more than 10 banks and other liquidity providers (LPs).
For STP and Micro accounts you need a different modification of MT4. This is not the same one that you use for ECN accounts. Make sure you download the correct version of MT4 that is suitable for your trading account.
MetaTrader5
MetaTrader5 is a multi-asset trading platform developed by MetaQuotes Software Corp and is now the most popular free terminal for online trading.
MT5 provides the familiar user interface of MT4 with many new functions providing traders with all they need for successful Forex trading.
Only ECN trading accounts are currently supported in MetaTrader5.
FXOpen also offers full control over your trading accounts via a smartphone or a tablet PC.
FXOpen Fees and Spreads
FXOpen’s spreads start from 0.0 pips on EUR/USD which is low compared to other brokers.
The trading fees with FXOpen differ according to the account type chosen by the trader. Spreads, leverage, minimum deposit required, and commissions are as follows:
Micro Account – Minimum deposit of $1, zero commissions, floating spread, and leverage up to 1:500.
STP Trading Account- Minimum deposit from $10, zero commissions, floating spread depending on the buy/sell orders available in FXOpen ECN, and leverage up to 1:500.
ECN Account – Minimum deposit of $100, commissions from $1.5 standard lot at a volume of $100k, floating spreads from 0.0 pips, and leverage up to 1:500.
Crypto Trading Account – Minimum deposit from $10, 0.5% half-turn commissions, floating spreads, and leverage of 1:3.
Crypto 10 Trading Account – Minimum deposit from $10, 0.25% half-turn commissions, spreads from 0 pips, and leverage of 1:10.
FXOpen Deposit and Withdrawal
The payment methods accepted by FXOpen cover the most common options including debit/credit cards, UnionPay, bank transfers, local bank transfers, or local deposits.
Also included are local bank transfers supported too in the Latin America region, major e-wallets
| ?WebMoney | ||||
| ?Neteller | ||||
| ?Skrill | ||||
| ?minor Qiwi wallet | ||||
| ?Perfect Money | ||||
| ?Yandex Money | ||||
| ?Sorex Pay | ||||
| ?Intellect Money | ||||
| ?RBK Money |
Payments can also be processed via PaySafeCard or a newly established cryptocurrency payment (Bitcoin, Litecoin, Ethereum, Tether, and Emercoin).
The minimum deposits are set according to the trading account you choose and start from $1, which is indeed fantastic for traders of any size and experience level.
In addition, the hustle-free funding option available by the Prepaid Card worth $25 up to $10 000 can be ordered from FXOpen’s official resellers, and FXOpen Pre-paid Codes allow transferring funds between FXOpen eWallets with no commission.
Some of the payment methods may incur transfer fees, which FXOpen charges according to the various payment conditions and regions respectively.
FXOpen Best Countries by Traders
Please take note, the following information is based on FXOpen.
| ? Country of Trade | ? % of Traders |
| ? Brazil | 19.19% |
| ?Malaysia | 11.71% |
| ?Zimbabwe | 10.24% |
| ?Ukraine | 4.66% |
| ?United States | 4.36% |
FXOpen vs Etoro vs XM Comparison Table
| ? Broker | ?FXOpen | ? eToro | ? XM |
| ? Minimum Deposit | $1/R14.95 | $1000 USD | $5 USD |
| ? Sign-Up Bonus | No | ☑️ Yes | ☑️ Yes |
| ➕ Max. Leverage | 1:500 | 1:400 | 1:888 |
| ? Currency Pairs | 4 | 47 | 57 |
| ? Open an Account | ? Click Here | ? Click Here | ? Click Here |
FXOpen Current Popularity Trend
As According to Google Trends, here is an overview of how frequently the search term – “FXOpen” is entered into Google’s search engine over a given period of time.
FXOpen Customer Reviews
There’s nothing new with bitcoin
There’s nothing new with the bitcoin price manipulation….dumping and liquidating millions of dollars in the process. If you want to be safe just trade and don’t hold. The bottom line in bitcoin has always been volatility. So perhaps rather than clutching to the idea of just holding and waiting for the price to go up every time, why not start trading with a reliable strategy from a good crypto expert? I have been following the same approach by trading with Luis’s strategy and I’ve watched my portfolio increase exponentially since April. he’s definitely one of the best crypto experts you can rely on and his signals are mostly 99% accurate, efficient, and easy to execute in your daily trades. For those who need a better understanding of trading cryptocurrency profitably. I would urge everyone to take the train now. You can contact Mr. Luis T via Telegram @LuisT62
Excellent service allround.
Excellent service allround.
Good trading platform
Very good support team
No issues look
5/5 Definitely would recommend it for beginners and pros alike.
Great broker I have been using them since 2019.
Whenever I had an issue I could always contact either the live chat or submit a ticket and have it quickly resolved.
FXOpen Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tight spreads and low commissions | High fees |
| Deposits with cryptocurrencies | No US clients |
| One click trading and Level2 Plugin | Restricted leverage |
| Multiple cryptos | Limited educational material |
| Electronic communication network | No fixes spread accounts |
Conclusion
Overall, FXOpen was the first broker to offer ECN and STP trading via MetaTrader 4 (MT4), an award-winning platform that boasts instant trade execution at competitive prices.
Disclaimer
Foreign Exchange Trading is highly speculative and is only suitable for customers who understand and are willing to assume the economic, legal, and other risks involved, and are financially able to assume losses up to or in excess of Margin or Deposits.
No return is guaranteed. Future returns may differ from past returns and investors may lose some or all their money invested, According to research in South Africa.
You might also like: FXOpen Account Types Overview
You might also like: FXOpen Demo Account – Step by Step
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You might also like: FXOpen Minimum Deposit
You might also like: FXOpen Sign-up Bonus
Risk Management
Risk management is a critical aspect of trading in the foreign exchange (FX) market. It involves identifying and assessing potential risks and implementing strategies to minimize or mitigate those risks. FXOpen, as a broker, offers several tools and resources for risk management to its clients. These may include:
- Leverage: The ability to trade with a larger amount of capital than what is available in the trading account, which can magnify both profits and losses. FXOpen offers flexible leverage options to help traders manage their risk.
- Stop-loss orders: A type of order that automatically closes a trade when the market price reaches a specified level, helping to limit potential losses.
- Margin calls: A margin call is a demand from the broker for a trader to deposit additional funds into the trading account to maintain the minimum required margin level.
- Negative balance protection: FXOpen provides a guarantee that the trading account balance will never go below zero, thereby preventing traders from losing more than their deposit.
It’s important to note that even with these tools, FX trading carries a high level of risk and is not suitable for everyone. Traders should carefully consider their risk tolerance and investment objectives before entering the FX market.
Frequently Asked Questions
Is FXOpen a fake or a scam?
Yes, 100 %
What are the advantages of trading with FXOpen?
Advantages of forex trading with FXOpen · One platform with multiple instruments and markets ·
You’re trading with a true ECN broker · Highly customizable
Which trading platforms are supported by FXOpen?
MetaTrader 4.
MetaTrader 5.
FXOpen Tick Trader.
What is the overall rating for FXOpen out of 10?
FXOpen overall rating is 8/10.
What type of broker is FXOpen?
FXOpen is a retail and institutional forex broker offering online trading services.
Featured SA Shares Writer and Forex Analyst.
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