FXOpen Review: A Must Read Before You Trade

Choosing the right forex broker is a decision that can greatly affect your trading journey, profitability, and experience in the financial markets. FXOpen, a name that resonates with many traders worldwide, offers a platform for trading in forex, commodities, and indices. This review takes an in-depth look at FXOpen, examining its features, pros, cons, and other critical aspects that every trader must consider before deciding to trade with this broker.

Company Background

Founded in 2005, FXOpen started as an educational project offering courses in technical analysis and financial markets. It quickly evolved into a full-fledged forex brokerage firm, expanding its offerings to provide retail trading services. FXOpen prides itself on being one of the first brokers to offer ECN trading on the MT4 platform, highlighting its commitment to innovation and providing traders with advanced trading conditions.

Regulatory Compliance and Security

Regulation is at the forefront of considerations for any prudent trader. FXOpen is regulated by several reputable authorities, including the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). These regulatory bodies ensure that FXOpen adheres to strict financial standards, including client fund protection and transparent trading practices. However, it's important for traders to understand the scope of regulation and the protections afforded to them under each jurisdiction.

Trading Instruments and Spreads

FXOpen provides a wide array of trading instruments, including over 50 currency pairs, CFDs on indices, commodities, and cryptocurrencies. This diversity allows traders to spread their investments and manage risk more effectively. The broker offers competitive spreads, especially on its ECN accounts, where spreads can start from 0.0 pips. However, it's crucial to note that lower spreads are typically accompanied by commission charges, and traders should consider the overall cost of trading.

Trading Platforms and Tools

FXOpen's choice of trading platforms is geared towards satisfying a range of trader preferences. The broker offers the widely popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, known for their reliability, customization options, and advanced trading tools. Additionally, FXOpen has developed its mobile trading app, offering convenience for traders who prefer to manage their accounts on the go. The broker also provides a variety of trading tools, including economic calendars, market analysis, and a free VPS service for qualifying accounts, enhancing the trading experience and potential success.

Customer Support and Services

Effective customer support is essential, especially in a market that operates 24/5. FXOpen offers multi-lingual support through live chat, email, and phone. Their customer service team is knowledgeable and responsive, addressing trader queries and concerns promptly. However, the quality of service can vary depending on the complexity of the issue and the time of contact.

Account Types and Minimum Deposits

FXOpen caters to a broad spectrum of traders by offering different account types, including Micro, STP, ECN, and Crypto accounts. Each account type has been designed to meet specific trading needs and strategies, with minimum deposits starting as low as $1 for a Micro account. This low entry barrier makes FXOpen accessible to novice traders, though more serious traders will likely gravitate towards the ECN or STP accounts for their more competitive conditions.

Deposits and Withdrawals

The broker provides various options for funding and withdrawing from trading accounts, including bank transfers, e-wallets, and credit/debit cards. While FXOpen endeavors to process withdrawals swiftly, the time frame can vary based on the withdrawal method. Traders should also be aware of potential fees associated with both deposits and withdrawals.

Education and Resources

FXOpen offers an extensive range of educational resources and tools designed to help traders of all levels improve their trading skills and knowledge. These include webinars, articles, and tutorials covering various aspects of forex trading. For beginners, these resources can be invaluable in navigating the complexities of the markets.


FXOpen stands out as a broker committed to providing traders with a comprehensive and competitive trading environment. With its robust regulatory framework, diverse range of trading instruments, and advanced trading platforms, FXOpen caters to the needs of a broad audience of traders. However, as with any brokerage, it is essential to consider your trading needs, preferences, and the potential risks involved.

The decision to trade with FXOpen should be based on a thorough evaluation of all factors discussed. It's also advisable to start with a demo account to familiarize yourself with the broker's offerings before committing to live trading. As the forex market continues to evolve, having a reliable broker like FXOpen can be a valuable asset in your trading arsenal.

Ready to trade your edge?

Start trading with a global, award-winning broker.

Try a Free Demo Open a Live Account