FXOpen vs FXTM | Which is best 2024

In the dynamic realm of online forex trading, FXOpen and FXTM stand as prominent names, offering comprehensive suites of services tailored to the needs of both novice and experienced traders. Established in 2005 and 2011, respectively, both brokers have garnered strong reputations within the industry, amassing loyal clienteles over the years. This in-depth comparison delves into the intricacies of FXOpen and FXTM, shedding light on their key offerings, regulatory standing, user experience, and overall suitability for forex traders.

Key Offerings

FXOpen and FXTM provide a diverse range of trading products and services to cater to a wide spectrum of trader needs:

Account Types:

  • FXOpen: ECN (Electronic Communication Network) Accounts, STP (Straight Through Processing) Accounts, and Micro Accounts

  • FXTM: Standard Accounts, ECN Accounts, and ECN Zero Accounts

Trading Platforms:

  • FXOpen: MetaTrader 4 and FXOpen Markets

  • FXTM: MetaTrader 4 and FXTM Trader

Spreads and Commissions:

  • FXOpen: Competitive spreads starting from 0.1 pips for ECN Accounts, 0.7 pips for STP Accounts, and 2 pips for Micro Accounts. ECN Accounts incur no commissions, while STP Accounts charge a commission of $0.3 per round-trip trade and Micro Accounts charge $0.5 per round-trip trade.

  • FXTM: Spreads starting from 1.5 pips for Standard Accounts, 0.1 pips for ECN Accounts, and 0 pips for ECN Zero Accounts. Standard Accounts incur a commission of $0.5 per round-trip trade, while ECN Accounts and ECN Zero Accounts have no commissions.

Trading Tools and Resources:

  • FXOpen: Autochartist, VPS (Virtual Private Server), Copy Trading

  • FXTM: Myfxbook Autotrade, VPS, FXTM Edu

Customer Support:

  • FXOpen: 24/5 multilingual customer support via phone, email, and live chat

  • FXTM: 24/5 multilingual customer support via phone, email, live chat, and social media

Regulatory Compliance:

  • FXOpen: Regulated by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Financial Services License (AFSL), and the New Zealand Financial Services Provider (FSP) License

  • FXTM: Regulated by the Cyprus Securities and Exchange Commission (CySEC), the Financial Services Commission (FSC) of Mauritius, and the South African Financial Sector Conduct Authority (FSCA)

User Experience

Both FXOpen and FXTM receive generally positive feedback from their clients, highlighting their user-friendly platforms, reliable execution, and responsive customer support. Traders appreciate the brokers' transparency and commitment to providing a fair and secure trading environment.

Suitability for Traders

FXOpen and FXTM cater to a broad spectrum of traders, from beginners to experienced professionals:

  • Beginners: FXOpen's Micro Accounts with low minimum deposits, user-friendly platforms, and educational resources make it a suitable choice for novice traders. FXTM's Standard Accounts with slightly higher minimum deposits but still accessible for beginners, offer a user-friendly platform and educational resources as well.

  • Experienced Traders: FXOpen's ECN Accounts with tight spreads, no commissions, and advanced trading tools cater to experienced traders seeking sophisticated trading conditions. FXTM's ECN Accounts and ECN Zero Accounts with even tighter spreads and no commissions, along with advanced trading tools, appeal to experienced traders seeking the most competitive trading conditions.

Conclusion

FXOpen and FXTM emerge as compelling choices for forex traders seeking reliable and feature-rich brokers. With their competitive spreads and commissions, diverse account types, robust trading platforms, extensive trading tools and resources, unwavering commitment to customer support, and adherence to strict regulatory guidelines, both brokers cater to the needs of traders at all levels of experience.