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.
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.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links. Your capital is at risk. CFDs are leveraged products & 73% of traders lose money when trading CFDs.
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.
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
Spreads are dynamic and are for informational purposes only. Last updated: June 06, 2018.
As you can see, FX Open's minimum spread for trading EUR/USD is 0.0 pips - which is relatively low compared to average EUR/USD spread of 0.82 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.
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 $N/A. Here’s a rough breakdown of the fees and how this compares against XTB & City Index.
|FX Open||XTB||City Index|
|Spread from:||N/A||$ 2.00||$ 5.00|
|Typical overnight fee:||N/A||$ 7.94||$ 20.60|
|Total cost of a 100k trade:||N/A||$ 9.94||$ 25.6|
|Visit FX Open||Visit XTB||Visit City Index|
All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Your capital is at risk
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 City Index for comparison.
|FX / Currencies||FX Open||XTB||City Index|
|# of forex pairs offered||50||48||84|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes||Yes|
|Commodity CFDs||FX Open||XTB||City Index|
|# of commodities offered||0||21||26|
|Index & Stock CFDs||FX Open||XTB||City Index|
|# of Stocks offered||0||1606||4500|
|See FX Open's Instruments||See XTB's Instruments||See City Index's Instruments|
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 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 Your capital is at risk
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 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.
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.
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:
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 August 23, 2018.
Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.