FXOpen: Online Brokerage Comprehensive Review 2024

Introduction

FXOpen is a multi-asset broker that offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies, and ETFs via the MetaTrader 4 & 5 and FXOpen Markets platforms. Founded in 2005, FXOpen is regulated by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). The broker offers a variety of account types, including ECN, STP, and Micro accounts, as well as a wide range of trading tools and resources.

Trading Platforms

FXOpen offers two trading platforms: MetaTrader 4 and FXOpen Markets. MetaTrader 4 is a popular platform that is known for its ease of use and wide range of features. FXOpen Markets is a proprietary platform that offers a number of unique features, such as the ability to trade directly with liquidity providers.

Account Types

FXOpen offers a variety of account types to suit the needs of different traders. ECN accounts offer tight spreads and no commissions, while STP accounts offer slightly wider spreads but no requotes. Micro accounts are designed for beginner traders and have a minimum deposit of $1.

Trading Tools and Resources

FXOpen offers a wide range of trading tools and resources to help traders succeed. These include:

  • Economic calendar: This calendar shows important economic events that could impact the market.

  • Autochartist: This tool automatically identifies trading patterns on charts.

  • Copy trading: This feature allows traders to automatically copy the trades of other successful traders.

  • VPS: This service provides traders with a dedicated virtual server to run their trading platforms.

Education

FXOpen offers a variety of educational resources to help traders learn about forex trading. These include:

  • Forex webinars: These webinars are led by experienced traders and cover a variety of topics.

  • Forex articles: These articles provide in-depth information on a variety of forex trading topics.

  • Forex glossary: This glossary defines common forex trading terms.

Customer Support

FXOpen offers 24/7 customer support in a variety of languages. Traders can contact customer support via phone, email, or live chat.

Fees and Commissions

FXOpen's fees and commissions are competitive. ECN accounts have a minimum spread of 0.1 pips, while STP accounts have a minimum spread of 0.7 pips. There are no commissions on ECN accounts, but there is a $0.3 commission per round-trip trade on STP accounts. Micro accounts have a minimum spread of 2 pips and a commission of $0.5 per round-trip trade.

Deposits and Withdrawals

FXOpen offers a variety of deposit and withdrawal methods, including bank transfers, credit cards, and e-wallets. The minimum deposit is $1 for Micro accounts, $10 for STP accounts, and $50 for ECN accounts. Withdrawals are processed within 24 hours.

Is FXOpen Safe?

FXOpen is regulated by the FCA and CySEC, which means that it is subject to strict financial regulations. The broker also holds a number of additional licenses, such as the Australian Financial Services License (AFSL) and the New Zealand Financial Services Provider (FSP) License.

Conclusion

FXOpen is a reputable and well-regulated broker that offers a wide range of trading products and services. The broker is a good choice for both beginner and experienced traders.