FXOpen Review

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FXOpen were one of the first online brokers that I had an account with many years ago and remain one of the most popular until this day. They are a regulated ECN broker offering you some of the best possible trading conditions with low spreads, fast trade execution speeds and competitive commissions. You can get access to user-friendly trading platforms for web, desktop and mobile devices. They enable you to trade hundreds of instruments across multiple asset classes and have a range of convenient account funding options for you to choose from. The impressive range of services include trading accounts, trading platforms, managed accounts, analytical tools, trading signals, free VPS, convenient funding and excellent customer service. I have never had any issues when it comes to trading or funding with them, plus the regulation gives me comfort that my funds are safe.

Summary

FXOpen is an established online trading broker founded by a group of traders in 2005. Since then they have grown to become one of the leading brokers across the globe with over 1 million accounts opened in more than 100 countries. They have ECN liquidity which ensures you get tight spreads and fast trade execution speeds. There are low commission fees across multiple instruments and markets including CFDs on Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals & Energies.

You will find that they have a range of flexible trading accounts to choose from with support for implementing third party automated trading systems from Myfxbook and Zulutrade. There is PAMM technology for money managers and followers. Sharia compliant swap free accounts are also available. They provide professional trading services to retail and institutional investors alike. This means that you can day trade with them and send orders with large volumes without compromising on quality.

Trading Conditions

The broker uses a true electronic communication network (ECN) model via the popular MT4 & MT5 platforms. An ECN is a bridge that gives you access to the interbank market through liquidity providers (LPs). With an ECN model, the counterparty to your trade is another market participant which could be a bank, fund or another trader.

FXOpen aggregate liquidity from multiple participants which can give you institutional liquidity and instantaneous order execution. This can help to reduce spreads and slippage whilst providing plenty of liquidity at all times. I find that trading on an ECN model is usually popular amongst the more experienced traders and those who use a scalping strategy.

FXOpen ECN Model Overview

I would also like to mention that it is worth considering the ECN model does use market execution which means that your order will be filled in the interbank market but execution price may differ from the price requested when you initially placed the order. All ECN participants have equal execution rights and transactions take place in a completely transparent environment. Each participant within the network can act as a liquidity provider.

FXOpen clients receive real-time quotes from the industry’s largest liquidity providers. The list of LPs includes Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST, GOLDMAN & LavaFX. These are top quality liquidity providers which help ensure you get excellent pricing from FXOpen at all time.

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Regulation

The FXOpen group has 3 related companies that are regulated in multiple jurisdictions. They are also a member of The Financial Commission who are an independent self-regulatory organisation and external dispute resolution (EDR) body, that is dedicated specifically to Forex.

FXOpen AU

FXOpen AU is regulated by the Australian Securities and Investments Commission (ASIC). ASIC is amongst the most respected regulators due to strict regulations that give protection to traders through its policies that companies such as FXOpen must comply with. I would feel completely secure with my funds by using an ASIC regulated broker.

FXOpen publishes a Product Disclosure Statement and Financial Services Guide, which spells out exactly what customers are signing up for when they opt for FXOpen as their broker, including the risks involved. I really appreciate this gesture since most brokers don’t provide this service.

FxOpen UK

FxOpen UK is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The FCA are another very well-respected regulator that aims to protect investors.

Having both ASIC & FCA regulation is a good sign when looking for a trusted broker. The UK company will have some restrictions on trading such as leverage capped at 1:30 due to the European Securities and Markets Authority (ESMA) rules.

FXOpen UK clients have protection from the Financial Services Compensation Scheme (FSCS). This is a compensation fund to protect eligible clients for up to £50,000 in the event FXOpen UK cannot return money due to bankruptcy or something else. After doing some digging I found out that there is a long list of terms and conditions in order to be eligible for this compensation fund.

FXOpen Markets

FXOpen Markets Limited is a legally registered entity located in Saint Kitts and Nevis, but is not regulated by any government agency. I don’t find this that suspect since there are a ton of offshore brokers that are operating today and they are regulated in other jurisdictions that I would consider top-tier.

Verified Trades

FXOpen has an execution quality certificate from Verify My Trade that compares 5,000 trades per month against a benchmark of other brokers and liquidity providers. They have satisfied and continue to maintain execution quality standards. I can say from experience that I have always received good execution on my trades, even when scalping during hours of low liquidity.

Countries

The broker welcomes clients from all over the world but do not provide services to United States residents due to strict US regulatory restrictions. This is not unusual since the USA is pretty strict in their financial regulations. If you are looking for a USA broker, then IG would be my top choice. In terms of regulation, Plus500 have are one of the most well-regulated brokers that you can trade with.

Platforms

FXOpen let you trade on the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. More than 70% of online trading brokers offer MT4 to clients whilst a large percentage of retail forex transactions are conducted through MT4. MT5 is very similar to MT4 with a few added features. I personally prefer MT4 since I find it does everything I need without complications and I have been using it for many years. You can download the MetaTrader platforms for free on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet). If you are a MetaTrader user then you may want to consider Pepperstone instead. They also have the MT4 and MT5 platforms.

MetaTrader 4

Developed by MetaQuotes in 2005, MT4 has since been the leading trading platform and will usually be sufficient enough for most traders, regardless of your experience level. I appreciate that it is fully customisable and easy enough to use for beginners whilst having enough complex tools for the more advanced traders.

MT4 Platform

Interestingly, back in 2009, FXOpen were amongst the first brokers to offer clients direct access to interbank liquidity with ECN trading through MT4. They now offer MT4 with advanced capabilities compared to the standard version, including the liquidity aggregator which combines the best prices from over 10 banks and liquidity providers (LPs) to ensure instantaneous and error-free order execution. This is why they can continue to give you some of the lowest spreads and commissions in the industry.

MT4 supports manual and automated trading. Multiple order and execution types are supported including market, pending, limit, stop loss, take profit, trailing stop, etc. In addition to this, they offer One Click Trading and a Level 2 MT4 plug-in, so you can place trades with just one click.

I like how can download and use ready made expert advisors (EA’s) for automated trading or use the built in MetaEditor to create your own automated strategies in the MQL programming language. The strategy tester allows you to back test EAs over historical data. I have used the MT4 platform to run automated strategies for many years and find it the perfect platform to do so.

Charts across all markets can be displayed in multiple timeframe as bars, candles or lines. There are some third-party solutions that will enable support for Renko charting in MT4. You can load any of the 50+ built in technical indicators for analysing charts and finding potential trade opportunities. You can download additional indicators or create your own custom indicators in the MetaEditor. Chart templates can be saved for you to get easy access to them at a later date.

MT4 includes many other features such as a news calendar, real time quotes, history centre, one click trading and much more. I personally love the news calendar and history centre in aiding my trading decisions. It is easy to get started with MT4. You simply download the platform for free, install it, and login to your FXOpen trading account. There is a knowledge base on the FXOpen website that includes tutorials on how to use the MT4 platform.

MetaTrader 5

MT5 is a more powerful version of MT4 and was also developed by trading software company MetaQuotes Software Corp. It has a very similar user-friendly interface to MT4 with a few additional functions to improve the overall trading experience. It is important to note that FXOpen only supports ECN accounts in MT5. You might need MT5 if you are a super technical trader and need access to more stock trading instruments.

Some key features of MT5 include more order types for extra trading flexibility with depth of market, more timeframes and indicators for technical analysis, economical calendar and financial news to help forecast price movements, multi-currency strategy tester and more. There is a handy knowledge base on the FXOpen website that includes tutorials where you can learn how to use the MT5 platform.

MT5 Platform

MetaTrader Mobile Trading

MetaTrader 4 & 5 are available to install on your iOS or Android devices. I find the trading apps useful especially if you would like full control over your account and to trade the markets on the go from anywhere at any time. The mobile versions contain many of the same features as the desktop platforms including placing orders, managing orders, interactive charts, account overview, push notifications, etc. I frequently use the apps to easily check my trades as and when required.

MT4 App

MetaTrader Web Trading

I like how the web version of MetaTrader allows you to trade directly from your web browser without needing to install or run any additional software. All you need is an internet connection. The MetaTrader 4 web trader has the familiar interface of the desktop MetaTrader 4 terminal and supports all modern web-browsers and operating systems including Windows, Mac OS and Linux.

MetaTrader Web Trader

The web trader has a very user-friendly interface and quick learning curve. You can easily open and close trades, set stop and entry levels, place and edit stop and limit orders, stop loss and take profit and more. However, I need to use the desktop platform as the web version cannot run expert advisors (automated systems).

MQL Community

MetaTrader has a large online community where users of the platform share ideas and where you can download for free or purchase additional indicators and automated systems. You can also subscribe to trading signals from the MetaTrader marketplace which is built into the platform. If you are looking for a dedicated social trading platform, the eToro are the industry leaders in this aspect.

Tools

FXOpen have a few useful trading tools that can help to improve trading efficiency. These can be used to assist with money management and market analysis. I appreciate that these tools are offering precise calculations of things such as pip value, margin, swaps, and commissions. This can help you to save time and plan your trading, estimate potential profits/risk and optimise your lot sizes. It would be great if they could implement some more market analysis tools in the future. That being said, you will find plenty in the MetaTrader platforms.

If you want lots of trading tools, BlackBull Markets have an excellent selection. GO Markets provide Autochartist and Trading Central which are fantastic for trading signals.

One Click Trading & Level 2 Plugin

This plugin allows you to quickly place trades at the best price with a single click. The 5 levels of market depth show you the available volumes of liquidity for any currency pair. It supports market and pending orders with the ability to pre-set order size, take profit and stop loss. You can also view the market depth level 2 data and the volume-weighted average price (VWAP). There is a knowledge base on the FXOpen website that includes tutorials on how to use the One Click Trading & Level2 Plugin.

Margin & Pip Value Calculator

I personally find this easy-to-use risk management tool very useful to help calculate margin and pip values before opening a trade. It can also help you to decide on which leverage to use. It uses real time quotes and your accounts equity / leverage to determine calculations.

Currency Exchange Rates

The currency rates calculator can show you exact currency conversion rates which can be useful when depositing or transferring between FXOpen accounts. Historical rates are also available.

Commission Calculator

You can use the commission calculator to get instant commission calculations per half-turn or per round-turn for any FX currency pair or metal. You can specify the lot size you want to work out the commission for and click individual currency pairs for the detailed formulas behind the calculations.

Economic Calendar

There is an economic calendar that allows you to keep up to date with the latest market news. I use this nearly every day for the latest market updates. Each news release displays a volatility impact expected along with the actual, consensus and previous results. Knowing what news is approaching and the markets it may impact is often used as part of fundamental analysis and can help you make informed decisions.

Myfxbook AutoTrade

FXOpen also provide mirror trading via the popular social trading website Myfxbook.com. You can set your account to automatically copy the trading signals of other traders listed on Myfxbook. When a trade is placed on the providers account, the MT4 terminal will send a signal to your account to duplicate the trade.

Myfxbook AutoTrade

There are thousands of providers and strategies to choose from with only those who have live accounts, 3 months of profit and a deposit of at least $1,000 being displayed. This gives me more confidence in the signals but I would still prefer to do my own trading. You can limit the lot size, number of trades, maximum drawdown and unsubscribe at any time. It is very important to note that past signal performance is by no means a guarantee of future performance.

ZuluTrade

ZuluTrade is an automatic trading platform where you can get signals from other forex traders that you can copy to your trading account. I find this really helpful if you’re too busy to analyze the market yourself or you’re just a beginner. You can search and filter for signal providers based on your requirements. When you follow a signal provider, ZuluTrade will reproduce the provider’s trading strategy automatically in your MetaTrader account.

ZuluTrade

To start using ZuluTrade, you need to provide your name and FXOpen account number. They will then send FXOpen a signed Letter of Direction (LOD), authorising ZuluTrade to perform automatic trading in your account. It is very important to note that past signal performance is by no means a guarantee of future performance.

Virtual Private Server (VPS)

A VPS allows you to run your MetaTrader platform 24/7 without needing your computer switched on. I found this useful especially if you wish to keep expert advisors running and want to access your MT4 platform remotely from anywhere in the world with an internet connection. I have my own VPS that cost around $30 per month and is great for remotely running trading robots on multiple platforms at the same time.

FXOpen offer a free VPS to clients who maintain an equity of at least $5,000 or trade $10m in volume each month. However, there is a $30 fee that you will be charged to cover the cost of the VPS if you do not meet the requirements but are using the free VPS. For increased speed the VPS is cross-connected to the FXOpen servers. If a VPS is important for your trading, you can get access to a free VPS from other brokers, including Switch Markets.

Education

Whilst FXOpen does not have a dedicated educational area, they do have help videos and a knowledge base that provides detailed information on a variety of topics such as trading platforms, trading accounts and an introduction to the markets. This is probably one of my top features about this broker for beginners. However, if you are new to trading, then you might want to take a look at ActivTrades as they provide comprehensive market analysis and one on one training.

Market News & Analysis

There are two sections on the FXOpen website that include frequently updated market news & analysis. They cover multiple markets with detailed write ups and explanations that are supported with clear chart annotations. You can use them to get potential ideas for trading opportunities and to keep up to date with the latest market insights.

Markets

Whilst primarily being a forex broker, FXOpen offer trading instruments in multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. However, I found them to be lacking in stocks when compared to competitors. For example, TMGM have a superb selection of more than 15,000 global stocks for you to trade, putting them amongst our best stock brokers.

Another thing that I found slightly confusing is that each trading account type has different. Therefore, make sure that the account you want to open offers the instruments that you wish to trade.

Forex Pairs

There is a very wide selection of 70+ FX currency pairs including majors such as the EURUSD & GBPUSD, minors and exotics. If you plan on trading forex using strategies that require the lowest spreads at all times, XM Group have spreads from just 0.0 pips on major currency pairs.

Crypto Pairs

Cryptocurrencies such as Bitcoin and Ethereum have proved to be popular for speculators, due to their high volatility. Through FXOpen you can trade Bitcoin and Ethereum, against the US Dollar, Euro or Russian Ruble, in the form of CFDs. They use top liquidity providers over an ECN to aggregate the liquidity together and hedge the risks of client’s exposure. FXOpen have one of the largest selections of Cryptos for you to trade including Bitcoin and Ethereum. If you want to trade cryptos, then I would also consider Vantage as another option.

Index CFDs

There are 13+ Indices based on large companies from specific sectors. Index CFDs include UK 100, Germany 30, US SPX 500, Wall Street 30, Europe 50, France 40, US Tech 100, Japan 225, Australia 200.

Metals & Energies

Precious metals based on gold and silver can be traded as can energies based on crude oil (WTI, Brent) and natural gas. These instruments are often considered safe havens and used to diversfy portfolios.

Accounts

FXOpen have accounts designed to meet the needs of traders with different levels of experience and skills. You can choose the account type which is better suited to your trading style, investment, risk and portfolio.

Micro Account

The micro account is based on the market maker execution model and denominated in US cents. The minimum deposit is only $1 with 0.1 the minimum micro lot size and leverage of up to 1:500. This account does not have a commission charge but also offers the least number of tradable instruments compared to the others and will have higher spreads than the ECN account type. This account may be preferred by those looking to learn or test new strategies with minimal investment.

STP Account

The STP trading account has the benefits of ECN real market execution with a starting deposit of just $10, compared to $100 on the FXOpen ECN account. There is no commission charged on this account type although spreads will tend to be higher. I really like the minimum deposit requirement as this is really lower than the industry average of around $200.

In STP (Straight Through Processing) accounts the broker’s trading commission is included into the spread. The STP spreads are variable and depend on the buy and sell orders available in FXOpen’s ECN.

The minimum lot size is 0.01 with flexible leverage of up to 1:500 available for accounts under $25,000. There are no limitations on trading styles with scalping, hedging and expert advisors welcome. If you want higher leverage, LMFX offer 1:1000.

ECN Account

The ECN account is the most popular, offering the best prices, spreads and execution speeds with access to an interbank liquidity pool. I like how an ECN model links different market participants including banks, centralized exchanges, brokers, companies and private investors. FXOpen’s price aggregating technology combines this liquidity to provide the best prices, real variable market spreads from just 0 pips and seamless order execution.

There is no dealing desk as your order is matched against an opposite order from another ECN participant and therefore there is no conflict of interest with FXOpen. This account has no limitations on trading styles allowing for scalping, news trading, automated high frequency trading (HFT), expert advisors and hedging.

The minimum deposit required is $100 with a minimum lot size of 0.01. Commissions start from just $1.5 per standard lot with flexible leverage of up to 1:500 offered. This account has the largest selection of trading instruments with over 70+ Forex & CFDs available. However it does require the largest deposit of all accounts.

Crypto Account

The FXOpen Crypto account offers 43 Crypto pairs including BTC, ETH, LTC, etc. I personally would’ve preferred if they offered a bigger selection of cryptocurrencies. The minimum deposit is just $10 with a commission charge of 0.25% of transaction volume and floating spreads. The maximum leverage is 1:3 and minimum lot size 0.01. This would be the preferred option for those looking to focus on crypto trading. You can also check out our best crypto brokers for alternatives.

PAMM Accounts

FXOpen also offer PAMM (Percentage Allocation Master Module) accounts which enables clients (followers) to follow strategies of other traders (masters). The master trades their own funds through the PAMM whilst the PAMM technology allows the trading activity to be replicated on the follower’s accounts. Funds are allocated to a PAMM and are segregated so that they cannot be used for any purpose other than the PAMM.

PAMM accounts are beneficial for followers as they can benefit from the trading of another trader without needing to do the analysis and monitoring of positions themselves. PAMM accounts are beneficial for masters as they can trade funds larger than their own capital and receive a success fee if they are profitable.

The website displays a list of all the PAMM accounts available to follow which can be filtered according to your own preferences such as gain, drawdown and trading days. It is very important to emphasise that the PAMM results are historical and there is absolutely no guarantee of future performance. For those of you who need managed accounts, Eightcap and ACY Securities are also worth consideration.

Demo Accounts

Demo accounts are available if you wish to practice your trading on different platforms before opening a real account. I personally would start on a demo first before funding a real account with a new broker. This is because I like to get a feel for the trading conditions to see if they are suitable before making a financial commitment.

Support

FXOpen customer support is available 24/5 via online chat, telephone and email. I have always got a quick response to all of my questions. I would’ve preferred a 24/7 chat availability but 24/5 is what you will find from most brokers. However, you can get 24/7 support with some other brokers including Bold Prime.

Support are happy to answer your questions related to FXOpen’s products and services. There is a knowledge base on the website that covers many frequently asked questions which can save you from needing to contact support.

I appreciate that due to the many years of experience from the FXOpen team, they have a good understanding of what exactly traders want and can use this experience and knowledge to deliver the best possible solutions. They follow strict compliance whilst implementing the latest trading innovations and take a trader-oriented approach.

Local phone numbers are offered in Russia, New Zealand, Germany, and France. Tickets to FXOpen’s sales, finance, trading desk and support departments are answered between 7am-16pm GMT on working days.

Funding

FXOpen have a good selection of deposit and withdrawal methods including online payment processors for fast and convenient transactions. Options include bank transfer, credit card, Skrill, Neteller and Bitcoin.

To add or withdraw funds you just need to login to the FXOpen personal area and choose your desired funding method, amount and account. You are then redirected to the payment gateway selected to complete the transaction.

Processing time may vary depending on the payment option. I like that most deposits made via electronic payment systems are added instantly as sometimes I need quick access to my funds. On the other hand, bank wire transfers may take 1-3 business days.

Accounts can be opened in a great selection of currencies including USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD, Gold, mBTC. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency. Just be aware that fees may be charged when using certain payment methods.

Conclusion

FXOpen were one of the first trading brokers that I opened an account with, remaining one of the most established and well-known brokers today. I feel secure knowing that they have regulation from some of the most respected authorities. They incorporate advanced price aggregating technology that helps to ensure their ECN environment offers you some of the best possible trading conditions including low spreads, fast trade execution speeds. You can trade with minimal hassle on user-friendly platforms and apps, with a decent amount of markets for you to choose from. Overall, I found them to be on par with competitors such as HYCM.

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FXOpen were one of the first online brokers and remain one of the most established today. They are a regulated ECN broker offering some of the best possible trading conditions with low spreads, fast trade execution and competitive commissions.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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