FXOpen is a trusted FX and CFD broker, founded 15 years ago in 2005. FXOpen provides cutting edge ECN technology and offers the opportunity to trade over fifty currency pairs and a range of index, commodity, and equity CFDs, as well as some of the most popular cryptocurrency CFDs* through MetaTrader 4, MetaTrader 5, and TickTrader platforms.
The broker also offers PAMM accounts and copy trading services, dependent on the entity the account is opened with.
Since its inception in 2005, the company has continually improved its services. FXOpen was the first Forex broker to offer its clients ECN trading via the MetaTrader 4 terminal back in 2009. The same year, the company received “Broker of the Year 2009” and “Best Broker of the Middle East and Asia 2009” awards.
As of today, FXOpen has four companies operating under the FXOpen trademark and holds multiple regulatory licenses; an FCA license in the UK, a European broker authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), a company in Australia authorised and regulated by ASIC, and a broker on the island of Nevis, which is a member of Financial Commission, the external dispute resolution organization (EDR).
RANGE OF MARKETS
A trader can access a wide range of products through five key markets offered by FXOpen, although not all products are offered in all jurisdictions due to local regulation:
- Currencies: over 70 major, minor, and exotic currency pairs.
- Indices: global indices including the FTSE 100 and S&P 500.
- Commodities: energy and metals such as gold, silver, and crude oil.
- Cryptocurrencies: over 40 crypto CFDs including Bitcoin, Ethereum, and Ripple.
- Stocks: access to over 600 stock CFDs
FXOpen offers three trading platforms that can be accessed via the web, desktop, and mobile apps: MetaTrader 4, MetaTrader 5, and TickTrader. The MetaTrader platforms host a multitude of technical indicators by default. FXOpen also offers the option of testing automated trading strategies within the MT4 and MT5 functionality.
MetaTrader 4. Over 70% of Forex brokers offer MT4 to their clients, and over 90% of all transactions on the retail Forex market are conducted via MetaTrader 4. Standard Forex MT4 capacities have been extended and supplemented by FXOpen’s in-house solution — the TickTrader Liquidity Aggregator, to ensure fast and error-free order execution for FXOpen ECN accounts.
In addition, various FXOpen brokers offer several social platforms for copy trading, including ZuluTrade, which requires real trading systems for forward testing, and Myfxbook with a database of backfill systems. An MT4 account is also required to synchronize client account data with these third-party services.
MT4 also has its own signal market that is available within the platform and, like ZuluTrade, it uses a strict validation process for signal providers who use real accounts. According to users feedback, ZuluTrade works well with the MT4 proprietary signal market. Please note that commission rates and available trading systems may vary depending on the platform used — MT4, ZuluTrade, or Myfxbook.
MetaTrader 5. FXOpen launched the MT5 platform in 2017. It is available only for ECN trading accounts. Within FXOpen, MT5 offers a well-known set of trading advantages:
- 4 order execution types and exchange execution with Depth of Market
- Stop Limit pending orders, that can be executed without negative slippage
- Netting positions
- An option to create expert advisors without programming skills
- MQL market and code base with thousands of ready-made expert advisors, indicators and scripts
- Multi-currency strategy tester
- Trades direct from charts
- Stop Loss and Take Profit orders that can be modified by moving order lines on the chart
TickTrader. This is a new trading platform that offers features similar to MetaTrader, with additional advanced functions. TickTrader uses a single account type, TickTrader ECN, and is suitable for both beginner and experienced traders.
TickTrader key features include advanced technical analysis tools (30+ indicators), customisable user-friendly interface, one/double click trading mode, detailed charting system, a trading alert system, strategy back tester, and level 2 pricing.
TickTrader Terminals are available across the below:
TickTrader Desktop Terminal has full functionality and opens access to both margin trading and exchange of FX and Crypto instruments with low latency.
TickTrader Web Terminal provides access to TickTrader from any location and only requires having a computer connected to the internet.
TickTrader Mobile Terminal (both for Android and iOS) provides user-friendly access to mobile Forex and Exchange trading via the Internet 24/7 anywhere and anytime:
- full support of margin trading (Gross/Net account types) and exchange (Cash account type) operations;
- real-time tracking of trading account portfolio: assets, orders, and positions;
- advanced user alerting system;
- trading history logs and historical price.
TRADING CONDITIONS - Spreads, margins, and orders -
FXOpen offers reasonable trading commissions and discounted rates for high volume traders.
On ECN accounts, the spread starts at 0.0 pip for the EUR/USD pair. The standard lot commission for 1 lot (100,000 units) starts at 3.00 USD, or the equivalent on a trader’s account currency.
|Spread examples on major currency pairs||Commissions and account volumes comparison|
|EUR/USD pair: 0.1-0.2 pips
GBP/USD pair: from 0.1-0.3 pips
|$1.50 for ECN account balances over $250,000
From $3.50 for ECN accounts with balance lower than $1,000
Regarding leverage, it is dependent on the jurisdiction your account is opened in. Leverage conditions for the different regulations are listed below.
FXOpen UK, authorised and regulated by theFCA
Forex: up to 1:30 for major and minor pairs, 1:20 for emerging pairs
Commodities: up to 1:20
FXOpen EU authorized and regulated by CySEC
Forex: up to 1:30 for major and minor pairs, 1:20 for emerging pairs
Commodities: up to 1:20
FXOpen AU authorized and regulated by ASIC
Forex: up to 1:500** for major, minor, and emerging pairs
Indices: up to 1:100**
Commodities: up to 1:100**
Cryptocurrencies: up to 1:50**
You can compare conditions on different FXOpen accounts here, although note that information can vary from jurisdiction to jurisdiction.
|Business Model||ECN||STP||Crypto CFD ECN||Micro|
|Minimum deposit||from $100||from $10||from $10||from $1|
|Maximum balance||without limitations||without limitations||without limitations||$3 000|
|Spread||floating, from 0 pips||floating||floating||floating|
|Commission (per 1 mio)||from $15||No||0.5% of trade volume, round turn||No|
|Minimum transaction size||0.01 lot||0.01 lot||0.01 lot||0.1 microlots|
|Maximum transaction size||without limitations||without limitations||without limitations||$1 000 000|
|Minimal increment||0.01 lot||0.01 lot||0.01 lot||0.01 microlots|
|Open trades max||not limited||not limited||not limited||up to 100 trades open at the same time|
|Leverage||up to 1:500||up to 1:500||1:3||up to 1:500|
|Instruments||50 + currency pairs, Metal, Energy, Index and Share CFDs,||50 + currency pairs + Metal CFDs||43 pairs with BTC, LTC, EOS, PPC, ETH, DASH, EMC||28 currency pairs + gold and silver|
|Market depth with level 2 quotes||Yes||Yes||Yes||No|
Note that up to 20 orders can be opened at the same time on Demo STP, Demo ECN and Demo Crypto accounts.
TOOLS FOR TRADERS
FXOpen’s team of analysts publish daily news articles and analysis on Forex, CFD, and cryptocurrency markets, as well as other content that is an industry-standard for most brokers.
FXOpen gives a broad overview of an introduction to forex trading. ‘About Forex’ provides a user with the company news and general info on how to start the trading process, and what terms and concepts can be explored. Also, there is an economic calendar, which is convenient for fundamental analysis.
There is also an extensive knowledge base on the website, where you can find the answer to almost any question regarding FXOpen services and concepts related to trading.
FXOpen offers several ways to contact its support specialists. You can choose the one that suits you the most:
- Help center – you can submit a ticket only after registration
- Customer support telephone
- Trading desk telephone
- Live chat including WhatsApp, Facebook Messenger, and Skype
The support team will help you with e-wallet and deposits, withdrawal problems, proof of address queries, and whatever else you may need. The average helpdesk connection time is less than one minute.
Among the features that help FXOpen maintain its advantage over other brokers, in addition to competitive spreads on ECN accounts, are access to crypto CFD trading and social platforms for copy trading, in certain jurisdictions.
Also, the broker offers many account types, low minimum deposit, and an impressive selection of currency pairs and CFDs.
In short, FXOpen can be a great alternative for those who seek a technically advanced trading platform with a wide range of instruments and solid deposit protection. Tight spreads and low commissions, as well as a strong track record, make FXOpen an attractive option, particularly for high volume traders.
CFD Service. Your capital is at risk