FxOpen review and ratings

Established 2005
Location Australia UK Saint Kitts and Nevis
Regulation ASIC, FCA
Offices Sydney, London, Basseterre, Moscow
Broker type STP | ECN
Leverage up to 1:500
Deposit from 1 USD
Spreads low  low
Platforms Web MetaTrader 4 MetaTrader 5 Specific FIX API (protocol)
Instruments Currencies Crypto Indices Metals Energies
Funding methods Wire Transfer Credit Cards Skrill Neteller FasaPay UnionPay WebMoney Perfect Money Yandex Money Qiwi Bitcoin Ethereum Liteсoin RBK Money Intellect Money PaySafeCard
Best MT4 Test

Equity Growth: 190%

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Company information

FxOpen group includes 3 related companies.

FxOpen AU - located in Australia, regulated by Australian Securities and Investments Commission (ASIC).
FxOpen UK - located in the United Kindom, regulated by the Financial Conduct Authority (FCA).
FxOpen SKN - legally registered entity located in Saint Kitts and Nevis, but not regulated by any government agency.

FxOpen is also a member of The Financial Commission (FinaCom), an independent organization that resolutes disputes.

Be aware, UK company has some trading restrictions because of the European Securities and Markets Authority (ESMA) influence.
Unfortunately, AU company also has been imposed with trading leverage limitations by ASIC since the end of March 2021.
At the same time, SKN company accepts European and Australian traders, so one can open a trading account there.

Availability

FxOpen group accepts clients from all over the world, excluding USA and some countries where restrictions apply.

Distinctive features

Trading instruments

Forex broker offers the following underlying assets for trading.

50+ Currency Pairs Based on major and minor world currencies.
43 Crypto Pairs Based on Bitcoin, Litecoin, Ethereum, Dash, Emercoin, Namecoin, Peercoin, Ripple, Monero, EOS, IOTA, NEO, OMNI.
13 Indice CFDs Based on baskets of different blue-chip stocks.
2 Metal Spot CFDs Based on Gold and Silver.
3 Energy Spot CFDs Based on Crude Oil (WTI, Brent) and Natural Gas.

Comprehensive review

FXOpen is an online CFD broker founded in 2005 as the first Sharia compliant forex brokerage in the world, at the time serving mainly Middle Eastern clients out of its Egypt headquarters. Today, the broker is present in all parts of the world with entities registered locally in Sydney, London, Moscow, and in Saint Kitts and Nevis.

The broker is regulated separately in all four jurisdictions it operates from, which means that it is overseen by some of the leading regulatory bodies in the world, including the Financial Conduct Authority (FCA) in the UK and Australian Securities and Investments Commission (ASIC) down under.

As usual, trading conditions and the maximum leverage allowed will vary from one branch of the broker to another, and traders are assigned to the branch that covers their geographic area. Using a VPN, however, it is possible to access the website of other branches for traders seeking for example higher leverage.

Moving over to the customer experience, we feel that FXOpen’s website offers users a clean and fresh interface. It comes with a live spread table showing the bid/ask spread of major forex pairs, as well as a convenient comparison table where live spreads are compared to other well-known forex brokers. According to the comparison, FXOpen generally compares well with other brokers, offering fairly tight spreads on many major currency pairs.

In terms of available trading instruments, FXOpen have their traders covered for nearly every need, with choices including CFDs on metals, popular stock indices, and commodities like oil and natural gas, in addition to all popular currency pairs. Further, the broker also offers trading in CFDs based on cryptocurrencies like bitcoin, ethereum and litecoin for traders looking for more excitement and volatility.

Traders using FXOpen’s UK-regulated branch are offered the choice between two types of trading accounts, including a very customer-friendly option of letting traders choose between using an STP (straight-through processing) or an ECN (electronic communications network) account.

Meanwhile, Australian users are offered an additional Crypto account with more than 40 cryptocurrency pairs and a 0.5% commission per half-turn. And to make matters even more complicated, other international users trading under the offshore-based branch are also offered a commission-free Micro account with wider spreads on traditional CFD and forex trading.

Minimum deposit requirements vary between account types, ranging from 1 USD for the Micro account to 100 USD for the ECN account.

As an extra benefit of this broker, traders who choose to open an STP account become eligible to receive a bonus amount of 10 USD even without making any deposit. Although the initial 10 USD bonus cannot be withdrawn, all profits made off of trading with the bonus can be withdrawn from the trading account.

The standard platform choice for FXOpen’s traders is once again the time-tested MetaTrader 4 (MT4) downloadable retail trading platform. The same platform is also offered as a web-based version that can be accessed from any device, with an interface familiar for anyone who has experience using the desktop version of MT4.

Additionally, FXOpen’s offshore branch in Saint Kitts and Nevis also offers a new platform known as TickTrader. The platform has a nice and intuitive design, is built with HTML5, and comes with integrated charts and technical analysis tools from the popular TradingView platform. For now, FXOpen has made TickTrader available on web, mobile, and as a downloadable desktop app for Windows computers.

Deposits to the broker can be made via bank transfer (international or local in several countries), major debit and credit cards, and several online money transfer services, For clients of FXOpen’s offshore branch it is also possible to deposit money with a range of cryptocurrencies sent directly to FXOpen’s cryptocurrency wallet.

With that said, users should be aware that this broker does charge fees for many of the deposit and withdrawal methods available – a service which is often free with other brokers. For example, withdrawal via international bank transfer carries a withdrawal fee of 30 USD or 25 EUR, while withdrawals to a Visa card comes with a 10 USD minimum withdrawal requirement.

When it comes to customer service, FXOpen has a pretty strong record of making themselves available to their clients and replying to questions in a timely manner. The broker offers local phone numbers in Russia, New Zealand, Germany, and France, a live chat open 24 hours on weekdays, and an email support ticket system.

Reviews from traders

5/5
(8 votes)
5/5
Italy
Italy
5/5
Japan
Japan
5/5
Malaysia
Malaysia
5/5
Ukraine
Ukraine
5/5
Ukraine
Ukraine
5/5
Philippines
Philippines
5/5
Singapore
Singapore
No rating
Pakistan
Pakistan
5/5
Ukraine
Ukraine
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