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FX Open Review

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FX Open is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and commodities. For traders interested in cryptocurrencies like Bitcoin, FX Open offers cryptocurrency CFDs.

Pros

  • Segregates client funds
  • Established in 2005
  • Regulated by Financial Conduct Authority and ASIC
  • Min. deposit from $1

Cons

To open a live account, you’ll need a minimum deposit of at least $1. Alternatively, FX Open offers a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 579202), and ASIC (AFSL #AFSL 412871 – ABN 61 143 678 719.). FX Open puts all client funds in a segregated bank account and uses tier-1 banks for this. FX Open has been established since 2005, and have a head office in New Zealand.

Before we dive into some of the more detailed aspects of FX Open ’s spreads, fees, platforms and trading features, you may want to open FX Open ’s website in a new tab by clicking the button below in order to see the latest information directly from FX Open.

Visit FX Open

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

FX Open screenshot Open a demo account

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What are FX Open's spreads & fees?

Like most brokers, FX Open takes a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum spreads listed on FX Open’s website. The colour bars show how competitive FX Open' spreads are in comparison to other popular brokers featured on BrokerNotes.

FX Open
EUR/USD (Average: 0.7 pips) Not offered 0.7 pips 0.1 pips
GBP/USD (Average: 1.1 pips) Not offered 1.7 pips 0.1 pips
USD/JPY (Average: 1.1 pips) Not offered 0.6 pips 0.1 pips
AUD/USD (Average: 0.8 pips) Not offered 0.6 pips 0.2 pips
USD/CHF (Average: 2.3 pips) Not offered 2.3 pips 0.2 pips
USD/CAD (Average: 2.9 pips) Not offered 0.5 pips 0.3 pips
NZD/USD (Average: 3.6 pips) Not offered 2.8 pips 0.3 pips
EUR/GBP (Average: 2.4 pips) Not offered 0.5 pips 0.1 pips

Spreads are dynamic and are for informational purposes only.

As you can see, FX Open’s minimum spread for trading EUR/USD is 0 pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with FX Open vs. similar brokers.

See all Spreads

How much does FX Open charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with FX Open at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $8.54. Here’s a rough breakdown of the fees and how this compares against XTB & AvaTrade .

FX Open XTB AvaTrade
Spread from: $ 0.00 $ 2.00 $ 7.00
Commission: $0.00 $0.00 $0.00
Total cost of a 100k trade: $ 0.00 $ 2.00 $ 7.00
$2 more $7 more
Visit FX Open Visit XTB Visit AvaTrade

All fees/prices are for informational purposes and are subject to change.

General Fees

  • FX Open does charge inactivity fees
  • FX Open withdrawal fees varies on payment method

Commissions

  • FX Open does charge commission on CFD shares

What can you trade with FX Open?

FX Open offers over 68 different instruments to trade, including over 50 currency pairs. We’ve summarised all of the different types of instruments offered by FX Open below, along with the instruments offered by XTB and AvaTrade for comparison.

FX / Currencies FX Open XTB AvaTrade
# of forex pairs offered 50 48 59
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies Yes Yes Yes
Commodity CFDs FX Open XTB AvaTrade
# of commodities offered 0 21 16
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural No Yes Yes
Index & Stock CFDs FX Open XTB AvaTrade
# of Stocks offered 0 1606 99
UK Shares No Yes Yes
US Shares No Yes Yes
German Shares No Yes Yes
Japanese Shares No Yes Yes
See FX Open's InstrumentsSee XTB's InstrumentsSee AvaTrade's Instruments

What’s the FX Open trading experience like?

1) Platforms and apps

FX Open offers the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers. The combination of downloadable platforms for both Mac and Windows allows traders to trade with their device of choice.

FX Open Screenshot

FX Open also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See FX Open 's platforms

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

Accounts offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

FX Open allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As FX Open offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.

As a market maker, FX Open may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.

As a nice bonus, FX Open are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at ).

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

FX Open also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders negative balance protection and much more. You can see all of the account features offered by FX Open here.

Finally, we’ve listed some of the popular funding methods that FX Open offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Neteller

3) Client support

FX Open support a wide range of languages including English, Arabic, Farsi, Turkish, Spanish, Portuguese, French, German, Russian, Thai, Malay, and Indonesian.

FX Open has a BrokerNotes double AA support rating because FX Open offer over three languages live chat and email support.

4) What you’ll need to open an account with FX Open

As FX Open is regulated by Financial Conduct Authority and ASIC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore FX Open’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with FX Open you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.fxopen.com on 01/12/2019.