FXOpen Broker Review 2024

FXOpen offers online trading services through some of the best trading platforms like MT4, TickTrader, MT5, and TradingView. It also provides PAAM accounts for newbie traders who seek to earn profit without really trading. What are trading costs on FXOpen broker. We’ll explore the broker’s commissions, spreads, assets, educational materials, customer support channels, and available account types in this FXOpen review.

FXOpen (Company Introduction and Regulatory Status)

FXOpen is an international financial company that has been providing online trading services since 2005. However, it was operating since before as an educational platform. The broker offers its services in various jurisdictions and is licensed by different regulatory bodies.

The companies’ services differ in fields like safety measures, client protection, compensation schemes, minimum deposits, payment methods, and supported languages based on the client’s residential region.

The company's core offering revolves around its Electronic Communications Network (ECN) business model, which provides traders with direct access to the interbank market. This model ensures deep liquidity, tight spreads, and fast order execution – features particularly appealing to scalpers, high-frequency traders, and those employing automated trading strategies.

FXOpen Summary of Specifications

To give you a quick overview of what the firm offers, here's a summary of its key specifications:

FXOpen Account Types

The broker offers two main account types to cater to different trading styles and preferences; ECN (Electronic Communication Network) and STP (Straight Through Processing).

FXOpen Markets also offers Micro accounts (Cent) suited for newbie traders and testing strategies. It comes with a minimum deposit of $1 and maximum balance of $3,000. Traders can use a leverage of up to 1:500 and trade gold and silver in addition to 28 currency pairs.

Why FXOpen? (Pros & Cons)

The broker’s regulatory status and account offerings are very persuasive, but to help you decide if it is the right firm for you, let's examine its advantages and disadvantages.

Overall, FXOpen's strengths lie in its competitive pricing, advanced technology, and diverse product offerings. However, traders should consider the higher minimum deposit and potential fees when evaluating the company.

How to Sign up and Verify My Identity on FXOpen?

Opening an account with the broker is a straightforward process. Here's a step-by-step guide to register on the FXOpen.

1. Visit the official website at “fxopen.com” and click on "Sign up";
2. Choose your country of residence;
3. Fill out the registration form with your email address and set a strong password;

4. Provide your name and last name;
5. Skip survey forms (you can fill them out later);
6. Enter your phone number;
7. Provide the verification code sent to you via SMS;
8. Select your trading platform and account type preferences;
9. Skip the verification process.

After opening an account, you'll need to verify your identity. The broker requires you to fill out some survey forms concerning your financial status and knowledge. You also need to provide the following documents for verification.

• Proof of Identity: A valid government-issued ID, passport, or driver's license;
• Proof of Address: A recent utility bill or bank statement (not older than three months).

FXOpen Trading Platform Offerings

FXOpen provides traders with a selection of popular and advanced trading platforms that cater to different needs.

FXOpen Costs (Fees & Spreads)

Understanding the cost structure is crucial when choosing a broker. The firm’s STP/Micro accounts come with no commissions and floating spreads. However, the ECN contains both commissions and floating spreads from 0.00 pips. Here's a breakdown of FXOpen's ECN commissions.

• Forex: $1.50 - $3.50 per lot;
• US Share: 0.04% - 0.1% per order;
• HK Share: 0.2% - 0.5% per order;
• Crypto CFD: 0.00% - 0.025% per side.

The broker offers discounts based on account balance and monthly trading volumes. Also, there are swap rates which differ based on the chosen instrument.

What Payment Methods Are Available on FXOpen?

The firm offers a variety of payment methods to accommodate traders from different regions. You can charge your account instantly and withdraw funds in the quickest way possible. FXOpen Deposit Methods:

You can only make deposits via bank accounts in your name. the transaction may take up to 1 hour to appear on your account balance. Now, let’s see what are the methods for withdrawals.

Withdrawal requests on FXOpen are processed within 24 hours on business days, and bank transfers typically take 1-3 business days to be applied.

Copy Trading and Investment Plans on FXOpen

The firm offers a Percentage Allocation Master Module (PAMM) service, allowing investors to copy experienced traders' moves in the market. You can open ECN or STP PAAM accounts, but the minimum deposits vary based on the master’s requirements. Key Features of FXOpen's Copy Trading Service:

• Segregated funds for PAMM trading;
• Detailed performance metrics for each master;
• Ability to invest in multiple offers;
• Offer Migration feature to switch between masters;
• Real-time equity reports and analytics;
• Shorter trading intervals (7 days) for more frequent profit withdrawals.

The broker also offers several earning options through partnership program. You can earn up to 90% of trading commissions by introducing the firm and attracting new customers.

What Markets and Symbols Are Available on FXOpen Broker?

Now is the time to explore asset offerings in the FXOpen review. The firm provides access to over 600 trading instruments across several asset classes. You can trade non-stop with the broker’s diverse asset offerings.

• Forex: 50+ Major, minor, and exotic currency pairs with leverage up to 1:500;
• Indices: Major global stocks with leverage up to 1:100;
• Commodities: Precious metals and energy with leverage up to 1:100;
• Shares: US and HK shares with leverage up to 1:5;
• ETFs: Exchange-Traded Funds tracking various sectors and indices with leverage up to 1:5;
• Crypto: CFDs on major cryptocurrencies with leverage up to 1:3.

Note that the leverage and availability of assets may differ based on the region of your residence. Now, let’s take a look at the symbols that are available on FXOpen.

FXOpen Bonus and Promotion Plans

The broker occasionally offers bonuses and promotions to attract new clients and reward existing ones. However, these programs usually are available only on FXOpen Markets due to regulatory guidelines. Currently, the broker only offers a $10 No Deposit bonus for traders who open ECN or STP account on the TickTrader platform.

How to Contact FXOpen Customer Support? (Service Hours)

Knowing your financial firm on a human level and not a corporate relation is mind-easing, especially when the support team is attendant and helps you through all issues. FXOpen provides customer support through various channels, including:

FXOpen Broker Geo-Restrictions

We should mention the restricted countries in the FXOpen review. The firm operates under different regulatory entities to serve clients globally. However, due to varying regulatory requirements, it’s obligated to refuse services in some regions, including:

• USA;
• Iran;
• North Korea;
• Syria.

FXOpen Special Offerings

While the broker doesn’t offer any eye-catching bonus and promotion plans, it distinguishes itself with several special offerings.

• Margin and Pip Value Calculator: Gain access to exact margin and pip data on ECN FX Spot, STP, Crypto, Stock, and ECN Index CFD;
• One Click Trading and Level2 Plugin: Access 5 levels of market depth and place orders with one mouse click;
• VPS Hosting: Free Virtual Private Server for qualifying accounts with 40 GB SSD disk space and 2 GB RAM memory;
• Fixed API: Direct access to FXOpen ECN and applicable on all asset classes;
• Economic Calendar: Use what’s happening all around the world to your advantage and earn profits.

FXOpen Broker on TrustPilot and Other Review Websites

Trust score may be the most important subject in FXOpen review. The firm has received generally positive feedback across various platforms. It’s usually praised for regulatory compliance, responsive support, and competitive spreads, while there are complaints about the time-consuming registration process, limited educational materials, and payment methods. FXOpen trust score:

Does FXOpen Provide Educational Materials?

The broker recognizes the importance of trader education and offers a variety of educational resources to help users enhance their skills and knowledge. Here's an overview of the educational materials provided by the firm.

• Blog: Regular articles on market analysis, trading tips and strategies, platform tutorials and feature explanations;
• Knowledge Base: A collection of articles, user guides, and FAQs about FXOpen;
• Video Tutorials: Explanations of trading concepts and techniques are available on FXOpen's YouTube channel.

Conclusion and Final Words

FXOpen offers Spot, Futures, Margin, and PAAM trading on +600 financial instruments across various asset classes, including Forex, Indices, Commodities, and Cryptocurrencies.

FXOpen broker provides these features through its ECN and STP accounts with some of the lowest commissions and fees available in the market. Share your thoughts about FXOpen review in the comments.