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FXOpen Review 2024

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg

September 06, 2024

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Our extensive review of FXOpen indicates an overall average experience in forex and CFD trading. While it offers the full MetaTrader suite and the TickTrader platform, the implementation of the former is relatively unimpressive. With an extremely small number of tradeable markets and a limited selection of educational materials, FXOpen simply can't compete with the best forex brokers.

Overall Rating

7 / 10

Minimum Deposit

$100

Trust Score info

Average Risk

Pros and Cons

thumb_up_off_alt Pros

Metatrader Support: Offers both MetaTrader 4 and MetaTrader 5, which are highly appreciated in the trading community.
VIP Discounts Available: Provides incentives for active traders, which can reduce trading costs significantly.

thumb_down_off_alt Cons

Limited Forex Pairs: Only 25 forex pairs available, which might be insufficient for traders looking for a wide range of currency options.
Lack of Educational Resources: Does not offer advanced or beginner education videos, potentially limiting for new traders.

Ratings Summary

Investment Types - 6.0/10
Commissions & Fees - 7.5/10
Trading platforms - 7.5/10
Research - 5.5/10
Mobile Apps - 7.5/10
Education - 6.0/10
Overall - 7/10

Can I trust FXOpen?

FXOpen is currently only regulated by MiFID and the UK’s FCA, after its ASIC license has recently been revoked. According to ForexBrokers.com, with a Trust Score of 76, FXOpen is considered 'Average Risk.'

FXOpen is currently licensed and/or authorised by the following regulatory bodies:

Tier-1 Regulators - Financial Conduct Authority (FCA), and regulated in the European Union via the MiFID passporting system
Tier-2 Regulators - None
Tier-3 Regulators - None
Tier-4 Regulators - None

Is FXOpen good for beginners?

FXOpen is not ideal for beginners due to the absence of both advanced and beginner educational videos.

Feature	FXOpen
Education (Forex or CFDs) info	No
Client Webinars info	No
Videos - Beginner Trading Videos info	No
Videos - Advanced Trading Videos info	No
Investor Dictionary (Glossary) info	Yes

FXOpen commissions and fees summary

Our analysis suggests that FXOpen’s fee structure is average, reflecting in its competitive but not industry-leading fees rating. It does not disclose the average spread for EUR/USD for standard accounts, and its inactivity fee could detract from its appeal for casual traders. Nevertheless, the availability of active trader discounts is a positive note for high-volume traders.

Feature	FXOpen
Minimum Deposit info	$100
Average Spread EUR/USD - Mini info	N/A info
Average Spread EUR/USD - Standard info	N/A info
All-in Cost EUR/USD - Active info	N/A info
Active Trader or VIP Discounts info	Yes

FXOpen trading platforms and tools

tips_and_updates Did you know? Trading platforms comparison

Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.

FXOpen provides a robust trading experience through its support of popular platforms like MetaTrader 4, MetaTrader 5, and its own TickTrader, which is recommended for traders seeking reliable and widely-used trading environments. However, the overall offering of platforms and tools is rated as average.

Trading platforms offered: FXOpen supports MetaTrader 4 and MetaTrader 5, popular choices among traders, along with the TickTrader platform.

Trading tools: FXOpen does not offer trading signals, which might be a limitation for some traders.

Copy trading: FXOpen provides copy trading options, allowing traders to replicate the positions of experienced traders.

Feature	FXOpen
Virtual Trading (Demo) info	Yes
Proprietary Platform info	No
Desktop Platform (Windows) info	Yes
Web Platform info	Yes
MetaTrader 4 (MT4) info	Yes
MetaTrader 5 (MT5) info	Yes
DupliTrade info	No

Mobile trading apps at FXOpen

FXOpen’s mobile trading apps are highly recommended, enabling effective trading on the go with well-designed interfaces and functionality.

Feature	FXOpen
Android App info	Yes
Apple iOS App info	Yes
Mobile Economic Calendar info	Yes
Mobile Alerts - Basic Fields info	Yes
Mobile Charting - Draw Trendlines info	Yes
Mobile Watchlist info	Yes

How do I open an account with FXOpen?

Opening an account with FXOpen is a straightforward process that involves a few key steps to get you started on your trading journey:

Visit the FXOpen Website: Navigate to the FXOpen official website and find the registration page.
Fill Out the Registration Form: Enter your personal details such as name, email, and phone number, and agree to the terms and conditions.
Verify Your Identity: Submit the required documents to verify your identity and address. This typically includes a government-issued ID and a recent utility bill or bank statement.
Deposit Funds: Once your account is verified, you can deposit funds using one of the various payment methods available, such as bank wire, credit cards, or e-wallets.
Start Trading: After your funds are deposited, you can start trading forex and CFDs across multiple platforms provided by FXOpen.

What can I trade at FXOpen?

At FXOpen, traders have access to a modest selection of tradeable instruments. Specifically, the broker offers 25 forex pairs and 87 total tradeable symbols, which is significantly lower than the industry average of 3623 tradeable symbols. This might be a limiting factor for traders looking for a wide variety of options.

Feature	FXOpen
Tradeable Symbols (Total) info	87
Forex Pairs (Total) info	25
Social Trading / Copy Trading info	Yes
Cryptocurrency (Physical) info	No
Cryptocurrency (Derivative) info	Yes
Spread Betting info	No

Account funding at FXOpen

FXOpen offers a variety of funding options to accommodate the needs of its diverse client base.

Feature	FXOpen
Visa/Mastercard (Credit/Debit) info	Yes
Bank Wire (Deposit/Withdraw) info	Yes
PayPal (Deposit/Withdraw) info	No
Skrill (Deposit/Withdraw) info	Yes
Neteller (Deposit/Withdraw) info	Yes

About FXOpen

FXOpen was founded in 2003 and has established itself as a reputable player in the online trading world. The broker has focused on providing access to forex and CFD markets, supporting traders with platforms like MetaTrader 4 and MetaTrader 5. Despite being in the industry for over a decade, FXOpen offers a more limited range of forex pairs compared to larger brokers but compensates with competitive trading conditions and access to various markets. Regulated by top financial authorities including ASIC and the FCA, FXOpen maintains a high standard of compliance and security for its clients' funds, making it a reliable choice for traders globally.

Compare FXOpen

See how FXOpen stacks up against other brokers.

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team

BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.