Fxpen

Fxopen UK is a trading name of fxopen ltd a company registered in england and wales under company number 07273392 and is authorised and regulated by the financial conduct authority under FCA firm reference number 579202.

No deposit forex bonuses

Trade with up to 1:500 leverage

FXOPEN UK

Why choose fxopen UK pro?

Higher leverage

Trade with up to 1:500 leverage

Lower commission

From $15 a million ($1.50 per lot)

Instant and secure

Choose from credit/debit card, webmoney, wire transfer

Free VPS

The fastest execution with the lowest latency

Segregated funds

Elective professional client funds will still be fully segregated in UK tier 1 banks

FCA regulated

Fxopen UK is authorised and regulated by the financial conduct authority (FCA)

What protection do professional clients lose?

Professional clients do not get the same protections afforded to retail clients

Professional clients have an obligation to make additional payments should your account fall into a negative balance

As a professional client we will not be obliged to restrict leverage on your account.

As a professional client we may assume your level of experience when assessing product suitability

As a professional client we may prioritise other factors in giving best execution apart from price

As a professional client we can use more sophisticated language when talking about risks and benefits of leveraged trading

Am I eligible for an fxopen UK pro account?

To be eligible for a fxopen UK pro account, you need to meet the FCA’s elective professional client eligibility criteria.
If you answer yes to two of these three questions, you could be eligible for a fxopen UK pro account:

Have you placed 10 relevant trades of a significant size per quarter in the last year?

Does your cash and financial instrument portfolio exceed €500,000?

Do you, or have you, worked in the financial sector for at least 1 year?

FXOPEN UK PRO
account trading conditions

ECN PRO

Raw market spreads
from 0.0 pips

STP PRO

Floating market spreads
from 0.5 pips

How do I open a pro trading account?

Open an account with fxopen UK below

Request a professional client application form from [email protected]

Complete your application and return it to fxopen UK

Once approved, start trading with all the advantages of a fxopen UK pro account

RISK WARNING: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

Before performing any transaction with fxopen UK, please read the terms and conditions and 'disclaimers and risk warning' which may be downloaded from this site or obtained in hard copy by contacting our office.

Fxopen

Fxopen in depth analysis, characteristics, instruments, funding, regulators and latest news.

Spreads: LOW

Min deposit: 1 USD

Leverage: up to 1:500

Fxopen description

established:

website:

E-mail support:

Description: fxopen is a retail and institutional forex broker offering online trading services via metatrader 4 and metatrader 5 trading platforms. It provides access to the electronic communication network to execute trades in currency pairs, precious metals, cfds and cryptocurrency pairs.

Social media:

Fxopen overview

Fxopen latest news

Fxopen type

Fxopen instruments

instrument	description
cryptocurrency	digital currency
currencies	traditional currencies
energies	petroleum markets, natural gas
indices	stock index
metals	precious metals like gold, silver, platinum, palladium and copper

Fxopen trading platforms

Fxopen funding methods

funding	logo
bitcoin
credit/debit cards
ethereum
fasapay
intellect money
litecoin
neteller
paysafecard
perfect money
qiwi
RBK money
skrill
unionpay
webmoney
wire transfer
yandex money

Fxopen location

Fxopen offices

Fxopen regulators

name	description	logo	license
ASIC	australian securities and investments commission		C 42235
FCA	financial conduct authority		3789182

Fxopen employees

Fxopen rating

* not available / no data available

Similar brokers

Name: IC markets

Established: 2007

Employees: 521

Leverage: up to 1:500

Min deposit: 200 USD

Spreads: LOW

Regulator: ASIC, cysec, SFSA

Type: ECN

Location: australia, cyprus, seychelles

Instrument: bonds, cryptocurrency, currencies, energies, indices, metals, softs, stocks

Funding: bitpay, bpay, credit/debit cards, fasapay, klarna sofort, neteller, paypal, poli, skrill, unionpay, wire transfer

Customer support:

Name: admiral markets

Established: 2001

Employees: 486

Leverage: up to 1:500

Min deposit: 200 USD

Spreads: LOW

Regulator: ASIC, cysec, FCA

Type: STP

Location: australia, cyprus, estonia, united kingdom

Instrument: bonds, cryptocurrency, currencies, energies, etfs, indices, metals, stocks

Funding: astropay, credit/debit cards, ideal, klarna sofort, neteller, poli, przelewy24, safetypay, skrill, trustly, unionpay, wire transfer, zotapay

Customer support:

Name: IG markets

Established: 1974

Employees: 2,511

Leverage: up to 1:200

Min deposit: 300 USD

Spreads: LOW

Regulator: ASIC, DFSA, FCA, FINMA, FSA, MAS

Type: DMA, ECN, STP

Location: australia, japan, singapore, switzerland, united arab emirates, united kingdom

Instrument: bonds, cryptocurrency, currencies, energies, etfs, indices, interest rates, metals, softs, stocks

Funding: bpay, credit/debit cards, paypal, wire transfer

Customer support:

Name: XM

Established: 2009

Employees: 1,391

Leverage: up to 1:880

Min deposit: 5 USD

Spreads: LOW

Regulator: ASIC, cysec, DFSA, FCA, IFSC

Type: MM

Location: australia, belize, cyprus, greece

Instrument: cryptocurrency, currencies, energies, indices, metals, softs, stocks

Funding: credit/debit cards, neteller, qiwi, skrill, webmoney, wire transfer, yandex money

Customer support:

Name: pepperstone

Established: 2010

Employees: 345

Leverage: up to 1:500

Min deposit: 200 AUD

Spreads: LOW

Regulator: ASIC, bafin, CMA, cysec, DFSA, FCA, SCB

Type: ECN, STP

Location: australia, united kingdom

Instrument: cryptocurrency, currencies, energies, indices, metals, softs

Funding: bpay, credit/debit cards, fasapay, neteller, paypal, poli, qiwi, skrill, unionpay, wire transfer

Customer support:

Risk warning

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.

Disclaimer

INVEST2.AI is a forex broker indexer and we do not have any relation with the listed brokers. Links from INVEST2.AI website to external websites and material are provided for informational purposes and do not constitute endorsement or approval. We are not responsible for the accuracy, legality or content of any external sources referenced on this website.

Fxopen review 2021: is the broker legitimate?

Overall ratings

Satisfaction

Assests

Margin money

Broker charges

A brief history

Fxopen has been poorly operating in the market since 2005. It does not allow comfortable trading for brokers . We can consider the broker as unregulated because there is no information regarding regulation on its website. This word “unregulated” compels us to declare that the firm is a scam. So, please think twice before opting it.

The next major setback is the poor and slow official website of the broker. Their site’s user interface is conventional and seems to be overloaded with irrelevant information leaving the important ones.

Is fxopen scam or safe?

We can place fxopen in the scam list as there is no information related to the regulation on its official website. Neither it has mentioned the license number nor upload the certificate for the same. How can you trust such a firm which has not taken any step to prove its legitimacy?

It merely reflects that it is trying to hide this major issue. Investing in this firm can be risky. Think twice and check everything before opting.

Tradable assets and markets

The only option you get with fxopen is forex trading. Thus, it blocks all the ways for investors who aspire to trade in indices, cryptocurrencies, commodities and stocks. Also, the options available in forex pairs are restricted.

The other major setback in the asset range is that there is no information about the number of currency pairs available. It has mentioned irrelevant information in the forex session such as advantages of forex trading etc. This data again reflects that the website lacks important data.

Minimum deposit

The minimum deposit needed to trade with the firm is high and does not do justice with the limited services. Various other renowned firms offer research tools, educational tools, and wide assets range at low deposit charge. Furthermore, it tickles your mind with a thought that there’s something fishy and it can eat away your funds, going by continuous scams.

Leverage offered

The broker offers the leverage up to 1:500 on trade which is very high. It is beyond the limit set by some legitimate financial bodies (the european union has set this limit to 1:300). Brokerage firms offering margin about this value are considered unsafe and untrustworthy for trading. Also, trading on a high margin is risky, and about 70% of traders lose money while trading.

Educational hub

Courses, videos, webinars and articles are vital sources for surging traders’ knowledge and enhancing their trading standards. Unfortunately, the firm has not taken any action for surging its clients’ standards and knowledge. Lack of educational material on the website proves this fact.

Research tools

Fxopen fails to offer research tools such as economic calendar, repost season calendar, trading signal and news fees to its clients. Also, the demo trading account is available for a limited period.

High commissions, spreads and fees

The brokerage firm charges a high inactivity fee and withdrawal fee on trade. Inactivity charges include a $50 reactivation fee and $10 maintenance fee per month.

Spreads are high and variable. The broker enhances them in high/low market conditions, high/low volatility and sudden market events. Apart from this, the broker charges high additional fees which directly impact profit size of traders.

Deposit and withdrawal

The process of deposit and withdrawal is time-consuming and complex. It takes several days for a withdrawal request to proceed and also carry certain charges. Moreover, the options available are limited.

Account opening

The broker has not provided account opening steps on its website. Also, the time required to open an account is time-consuming as the firm takes several days (more than normal) to verify the information.

Customer support service

The broker’s customer support team is inefficient and fails in providing an instant response to your queries. The response time for receiving calls is greater than one minute. Also, the support team is available on weekdays. Also, the executives do not take any cognisance to what you say. Instead, their behaviour is rude towards their clients. The chat services offer irrelevant replies, which further wastes your time. Queries on email-id take forever for a response.

Besides, the message box here does not assist either and looks to engage you in a timepass. Several people have lost their money because of such callous behaviour earlier. If you do not want to add your name to the list of unfortunates, you should see yourself a door to exit.

Disadvantages of fxopen

The several reasons or setbacks which compel traders not to opt for this brokerage firm are:

Lack of research tools

Lack of educational material

High leverage

High minimum deposit

Does not offer to trade on indices, stocks, commodities, cryptocurrencies, and metals

Limited currency pairs

24/5 customer support

Restricted leverage for european union traders

Significant transaction fee

No clear data about regulation

The bottom line

Fxopen has been operating in the market for 15 years; it has still failed to upgrade its official website. It is complex, lacks vital data and is overloaded with irrelevant facts. No authentic financial body regulates the broker. Hence, the firm is a scam and investing your hard-earned money can be risky.

Apart from this, the limited trading assets, lack of educational and research tools, high minimum deposit and poor customer support provide us with a robust reason to look for other firms over fxopen. You can opt for advanced and renowned firms such as roinvesting, 101investing, global tradeatf, t1markets, and hftrading. They offer excellent trading service at an affordable rate.

LTC and EOS – consolidation expected before further upside

LTC/USD

The price of litecoin has been increasing since the start of the week and from monday’s low at $79.215 we have seen a rise of 29.75% measured to its highest point today at $102.781. Currently, the price is being traded slightly lower as a minor pullback was made and is sitting just below the $100 mark.

On the hourly chart, you can see that monday’s low was a corrective move made after the interaction with the $84 horizontal level which was the end of the first impulse wave out of a five-wave move that started on the 11th. The second wave established support on the $78.44 level from which we have seen a parabolic rise with the price breaking significant resistance with a strong bullish moment.

As this increase was the 3rd wave which appears completed as it can be sub-divided in lower degree five-wave count, we are now likely to see a pullback to around $92 where the prior local resistance level might get tested for support. But after the pullback ends further upside movement would be expected and a higher high compared to today’s one. This expected increase would be the 5th wave that is set to push the price for a higher high and potentially to the $109.35 where the next significant horizontal resistance level is.

EOS/USD

From monday’s low at $2.8 the price has increased by 13.46% as it came up to $3.182 at its highest point today. It is still in an upward trajectory and is showing strong bullish momentum.

Looking at the hourly chart, you can see that the price made a breakout above the $2.9 resistance zone with a significant rise made in one hour and continued moving to the upside, further increasing inside the upper range. Like in the case of litecoin, this increase seen from monday is the 3rd wave out of the next five-wave impulse to the upside. Today we have seen a spike to the downside but shortly after the price continued increasing from which we can see that an attempt for the support to be established has successfully done.

Now we are likely to see the 3rd wave ending its development which is why shortly a corrective 4th wave would start. This would only be a minor consolidation before further upside movement as the 5t wave would follow to develop but it is still uncertain where the 3rd wave could end. Considering the vicinity of the $3.27 horizontal level we might see interaction with it before the end of the current inrease. But in either way the price of EOS would be expected to surpass it before the completion of the entire five-wave rise.

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FXOPEN UK

Why choose fxopen UK pro?

Higher leverage

Trade with up to 1:500 leverage

Lower commission

From $15 a million ($1.50 per lot)

Instant and secure

Choose from credit/debit card, webmoney, wire transfer

Free VPS

The fastest execution with the lowest latency

Segregated funds

Elective professional client funds will still be fully segregated in UK tier 1 banks

FCA regulated

Fxopen UK is authorised and regulated by the financial conduct authority (FCA)

What protection do professional clients lose?

Professional clients do not get the same protections afforded to retail clients

Professional clients have an obligation to make additional payments should your account fall into a negative balance

As a professional client we will not be obliged to restrict leverage on your account.

As a professional client we may assume your level of experience when assessing product suitability

As a professional client we may prioritise other factors in giving best execution apart from price

As a professional client we can use more sophisticated language when talking about risks and benefits of leveraged trading

Am I eligible for an fxopen UK pro account?

Have you placed 10 relevant trades of a significant size per quarter in the last year?

Does your cash and financial instrument portfolio exceed €500,000?

Do you, or have you, worked in the financial sector for at least 1 year?

FXOPEN UK PRO
account trading conditions

ECN PRO

Raw market spreads
from 0.0 pips

STP PRO

Floating market spreads
from 0.5 pips

How do I open a pro trading account?

Open an account with fxopen UK below

Request a professional client application form from [email protected]

Complete your application and return it to fxopen UK

Once approved, start trading with all the advantages of a fxopen UK pro account

Fxopen

Fxopen in depth analysis, characteristics, instruments, funding, regulators and latest news.

Spreads: LOW

Min deposit: 1 USD

Leverage: up to 1:500

Fxopen description

established:

website:

E-mail support:

Description: fxopen is a retail and institutional forex broker offering online trading services via metatrader 4 and metatrader 5 trading platforms. It provides access to the electronic communication network to execute trades in currency pairs, precious metals, cfds and cryptocurrency pairs.

Social media:

Fxopen overview

Fxopen latest news

Fxopen type

Fxopen instruments

instrument	description
cryptocurrency	digital currency
currencies	traditional currencies
energies	petroleum markets, natural gas
indices	stock index
metals	precious metals like gold, silver, platinum, palladium and copper

Fxopen trading platforms

Fxopen funding methods

funding	logo
bitcoin
credit/debit cards
ethereum
fasapay
intellect money
litecoin
neteller
paysafecard
perfect money
qiwi
RBK money
skrill
unionpay
webmoney
wire transfer
yandex money

Fxopen location

Fxopen offices

Fxopen regulators

name	description	logo	license
ASIC	australian securities and investments commission		C 42235
FCA	financial conduct authority		3789182

Fxopen employees

Fxopen rating

* not available / no data available

Similar brokers

Name: IC markets

Established: 2007

Employees: 521

Leverage: up to 1:500

Min deposit: 200 USD

Spreads: LOW

Regulator: ASIC, cysec, SFSA

Type: ECN

Location: australia, cyprus, seychelles

Instrument: bonds, cryptocurrency, currencies, energies, indices, metals, softs, stocks

Funding: bitpay, bpay, credit/debit cards, fasapay, klarna sofort, neteller, paypal, poli, skrill, unionpay, wire transfer

Customer support:

Name: admiral markets

Established: 2001

Employees: 486

Leverage: up to 1:500

Min deposit: 200 USD

Spreads: LOW

Regulator: ASIC, cysec, FCA

Type: STP

Location: australia, cyprus, estonia, united kingdom

Instrument: bonds, cryptocurrency, currencies, energies, etfs, indices, metals, stocks

Funding: astropay, credit/debit cards, ideal, klarna sofort, neteller, poli, przelewy24, safetypay, skrill, trustly, unionpay, wire transfer, zotapay

Customer support:

Name: XM

Established: 2009

Employees: 1,391

Leverage: up to 1:880

Min deposit: 5 USD

Spreads: LOW

Regulator: ASIC, cysec, DFSA, FCA, IFSC

Type: MM

Location: australia, belize, cyprus, greece

Instrument: cryptocurrency, currencies, energies, indices, metals, softs, stocks

Funding: credit/debit cards, neteller, qiwi, skrill, webmoney, wire transfer, yandex money

Customer support:

Name: IG markets

Established: 1974

Employees: 2,511

Leverage: up to 1:200

Min deposit: 300 USD

Spreads: LOW

Regulator: ASIC, DFSA, FCA, FINMA, FSA, MAS

Type: DMA, ECN, STP

Location: australia, japan, singapore, switzerland, united arab emirates, united kingdom

Instrument: bonds, cryptocurrency, currencies, energies, etfs, indices, interest rates, metals, softs, stocks

Funding: bpay, credit/debit cards, paypal, wire transfer

Customer support:

Name: pepperstone

Established: 2010

Employees: 345

Leverage: up to 1:500

Min deposit: 200 AUD

Spreads: LOW

Regulator: ASIC, bafin, CMA, cysec, DFSA, FCA, SCB

Type: ECN, STP

Location: australia, united kingdom

Instrument: cryptocurrency, currencies, energies, indices, metals, softs

Funding: bpay, credit/debit cards, fasapay, neteller, paypal, poli, qiwi, skrill, unionpay, wire transfer

Customer support:

Risk warning

Disclaimer

FXOPEN EU

Why choose fxopen EU pro?

Higher leverage

Trade with up to 1:500 leverage

Lower commission

From $15 a million ($1.50 per lot)

Instant and secure

Choose from credit/debit card or wire transfer

Free VPS

The fastest execution with the lowest latency

Segregated funds

Elective professional client funds will still be fully segregated in EU tier 1 bank

Cysec regulated

Fxopen EU is authorised and regulated by the the cyprus securities and exchange commission (cysec)

What protection do professional clients lose?

Professional clients do not get the same protections afforded to retail clients

Professional clients have an obligation to make additional payments should your account fall into a negative balance

As a professional client we will not be obliged to restrict leverage on your account.

As a professional client we may assume your level of experience when assessing product suitability

As a professional client we may prioritise other factors in giving best execution apart from price

As a professional client we can use more sophisticated language when talking about risks and benefits of leveraged trading

Am I eligible for an fxopen EU pro account?

To be eligible for a fxopen EU pro account, you need to meet two of these three professional client eligibility criteria:

Have you placed 10 relevant trades of a significant size per quarter in the last year?

Does your cash and financial instrument portfolio exceed €500,000?

Do you, or have you, worked in the financial sector for at least 1 year?

FXOPEN EU PRO
account trading conditions

STP PRO

Floating market spreads
from 0.5 pips

ECN PRO

Raw market spreads
from 0.0 pips

How do I open a pro trading account?

Open an account with fxopen EU below

Request a professional client application form from [email protected]

Complete your application and return it to fxopen EU

Once approved, start trading with all the advantages of a fxopen EU pro account

Fxopen EU ltd is authorized and regulated by the cyprus securities and exchange commission (cysec) under license number 194/13.

RISK WARNING: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage.The vast majority of retail investor accounts lose money when trading cfds. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

Before performing any transaction with fxopen EU, please read the terms and conditions and 'disclaimers and risk warning' which may be downloaded from this site or obtained in hard copy by contacting our office.

Fxopen review and tutorial 2021

Fxopen is a highly regulated FX & CFD broker offering multiple trading platforms.

Trade major, minor & emerging forex pairs with 1:30 leverage.

Trade on dozens of cryptocurrency coins with 1:2 leverage.

Fxopen is an ECN forex broker offering a range of CFD instruments using the metatrader 4 (MT4) and metatrader 5 (MT5) trading platforms. This review will cover account types, fees, minimum deposits, and more. Find out if you should sign up with fxopen.

Fxopen details

Fxopen started as an educational centre offering courses within financial markets. Then in 2005, a group of traders turned the company into a global brokerage with offices in the UK, russia, new zealand, and australia. Today, the broker’s thousands of traders can be found everywhere from canada and germany to vietnam and nigeria.

The fxopen group operates under FX markets limited, a company registered in charlestown, nevis. Fxopen UK is authorised and regulated by the financial conduct authority (FCA). Fxopen australia is regulated by the australian securities and investments commission (ASIC).

Trading platforms

Metatrader 4

Fxopen was the first broker to offer ECN and STP trading via metatrader 4 (MT4), an award-winning platform that boasts instant trade execution at competitive prices.

MT4 is ideal for both beginners and experts and offers a range of customisable features, including:

50+ built-in indicators & graphical objects for technical analysis

Three types of orders (market, limit, and stop)

Intuitive charting package

Automated trading (eas)

Rich historical data

One-click trading

Trading signals

MT4 is available for download on windows pcs and can be accessed from the platforms page on the broker’s website.

Fxopen also offers the web-based version of MT4 – a great option for those with apple mac pcs, where a direct download is not available. The webtrader terminal has all the same features of the desktop version and is compatible with all major desktop browsers.

Metatrader 5

Fxopen also offers the metatrader 5 (MT5) platform, offering all the features of MT4 with several additional benefits:

80+ built-in indicators & graphical objects for technical analysis

21 timeframes to track price movements

Multi-currency strategy tester

Netting & hedging allowed

Economic calendar

Note, cryptocurrency trading is not available on MT5.

MT5 is available for download on windows pcs and can be accessed from the broker’s website.

Ticktrader

For non-UK customers, fxopen also offers ticktrader, a brand new trading platform offering much of the same features as metatrader and more. Using one trading account – ticktrader ECN, the platform is suitable for both beginners and experts.

Advanced technical analysis tools (30+ indicators)

Customisable user-friendly interface

One/double click trading mode

Detailed charting system

Trading alert system

Strategy back tester

Level 2 pricing

fxopen ticktrader platform

A web-based version of ticktrader is also available. Supporting all the major browsers and operating systems, the ticktrader web terminal offers easy and quick access to trading without the need for a download and without compromising on any features. Users can access the web terminal from the fxopen website.

Markets

Fxopen offers four key markets:

Currencies – trade over 50 major, minor, and exotic currency pairs.

Indices – trade nine global indices including the FTSE 100 and S&P 500.

Commodities – trade on energy and metals such as gold, silver, and crude oil.

Cryptocurrencies – trade over 40 crypto cfds including bitcoin, ethereum, and ripple.

Spreads & commissions

For major forex pairs including EUR/USD and GBP/USD, spreads average around 0.2 pips, whilst for EUR/GBP, spreads are around 0.5 pips. Spreads for the FTSE 100 start from 0.8 pips while for gold and silver, spreads start from 0.27 and 1.2 respectively. Crude oil spreads average around 4 points.

With ECN accounts, forex commissions are charged based on the account balance and start from $3.50 for accounts lower than $1,000 and reduce to $1.50 for account balances over $250,000. Discounted rates for high volume traders are available. Similarly, for cfds indices and commodities, commissions start from $5 for lower account balances and reduce to $3.50 for higher balances. Crude oil and natural gas are charged at either 0.005%, 0.0025%, or 0.0018% per side, depending on the account balance. For cryptocurrency CFD accounts the commission is 0.5% per side.

With STP accounts, the commission is included in the spread.

Other fees to be aware of include swap charges on positions held overnight. Fxopen provides instructions on how to look up a swap fee on their website.

Leverage

Leverage is available from 1:2 for cryptocurrency trading and 1:30 for forex investing. Leverage for indices is set at 1:20 and for commodities, maximum leverage is 1:10, apart from gold which is available at 1:20. Professional clients can access leverage up to 1:500. Speak to the support team to change leverage levels.

Useful margin and pip value calculators are available on the broker’s website.

Mobile apps

Fxopen offers all of its trading platforms (MT4, MT5, and ticktrader) as mobile apps, compatible with ios and android smartphone and tablet devices. The mobile apps provide the same features as the desktop versions as well as added features including push notifications. The apps can be downloaded from the user’s app store or play store.

Fxopen mobile trading

Payment methods

Deposit

Fxopen offers several deposit options in USD, EUR, or GBP. Whilst some options are free, there are some fees to be aware of:

Bank wire transfer – free

Credit/debit cards – free

Webmoney – 3.5%

Trustly – free

Neteller – 1%

Skrill – 2%

Minimum deposits range from 10 GBP, USD, or EUR for cards and go up to 300 for wire transfer. For webmoney, trustly, neteller, and skrill, minimum deposits in the chosen currency are 50.

There is no maximum deposit limit for wire transfer. For cards, the limit is 15,000 (GBP, USD, or EUR) and for e-wallets, maximum deposits are either 10,000 or 20,000.

Note that fxopen also permits virtual prepaid cards for new clients. Local deposits are also available for malaysia and indonesia. Details of these can be found in the help centre.

Withdrawal

Withdrawal methods and fees are as follows:

Bank wire transfer – free for GBP, 30 USD, or 15 EUR

Credit/debit cards – free

Webmoney – 3.5%

Neteller – 1%

Skrill – 2%

Withdrawal times for bank wire transfer usually take 1 – 3 business days, whilst cards take 2 – 5 business days. The minimum withdrawal for bank wire transfer is 50 GBP, USD, or EUR, and for all other methods, the minimum is 10. There is no maximum withdrawal limit for bank transfers, but for card withdrawals, the limit is set at 15,000 GBP, USD, or EUR. All other methods are either 10,000 or 20,000.

Demo account

Fxopen offers a demo account in any of the three account options and with MT4, MT5, and ticktrader platforms. The demo account can be opened from the main page and gives users up to $1,000,000 in virtual funds. The demo server will remain accessible as long as you log in each month. You can then upgrade to a live real-money account when you’re ready.

Bonuses & promotions

For non-UK customers, fxopen offers a $10 no deposit bonus (NDB) for the ECN ticktrader account and the STP PAMM accounts. There is also a $1 welcome bonus for micro accounts and a forexcup trading contest bonus, subject to demo contest terms and conditions. See the broker’s website for the latest promotional codes.

There are currently no bonuses or promotions for traders located in the UK.

Regulation & reputation

Fxopen UK ltd is authorised and regulated by the financial conduct authority (FCA) in the united kingdom. Fxopen australia is regulated by the australian securities and investments commission (ASIC). The broker receives a decent trust rating in customer reviews.

Fxopen also offers negative balance protection for its retail customers.

Additional features

Fxopen offers several additional features, suited to both beginner and expert traders:

Market news

FIX API trading

Customer forum

Economic calendar

VPS (virtual private server) available

Help centre with support options and knowledge base

Myfxbook and zulutrade social and copy trading (non-UK only)

Account types

There are three account types available for UK customers: STP, ECN, and crypto. Tradeable instruments with the STP account are forex, gold, and silver. With the ECN account, you can trade forex, gold, silver, indices, and energy. With the crypto account, you can trade cryptocurrencies.

The minimum deposit across all three accounts is 300 GBP, USD, or EUR, which is fairly high compared to the likes of XM trading and IC markets. There are no commissions with the STP account, however, a commission is charged from $1.50 per lot in the ECN account and 0.5% half-turn in the crypto account. Leverage goes up to 1:30 in the STP and ECN accounts and remains at 1:2 for the crypto account. The minimum transaction size across all three is 0.01 lots.

Fxopen also offers PRO versions of the STP, ECN, and crypto accounts, with higher leverage of 1:500 and lower commission rates. Details of this can be found in the pro tab at the top of the broker’s website.

Note that the fxopen UK entity is unable to provide PAMM accounts.

Benefits

If you look at fxopen vs the likes of FXTM and fxpro, traders benefit from:

MT4, MT5, & ticktrader platforms

Positive customer reviews in 2021

Regulated in the UK & australia

Decent cryptocurrency offering

True ECN model

Drawbacks

Disadvantages of choosing fxopen include:

High minimum deposit for UK customers

More suited to experienced traders

Limited educational tools

Limited range of cfds

Trading hours

Trading hours for forex, indices, and commodities run from 22:00 on sunday to 22:00 on friday (UK time). All crypto instruments are tradable 24 hours a day, 7 days a week.

Check the timezone in your area.

Customer support

There are several ways traders can contact fxopen customer support:

Email – support@fxopen.Co.Uk

Help centre – submit a ticket after registration

Customer support telephone – +44 (0) 203 519 1224 (8am – 6pm GMT)

Trading desk telephone – +44 (0) 203 519 1224 (10pm sunday – 10pm friday GMT)

Live chat including whatsapp & facebook messenger – located in the bottom right-hand corner of the website

The support team can help with ewallet and bitcoin deposits, withdrawal problems, and proof of address queries.

User security

Both the MT4 and MT5 platforms follow industry-standard security requirements, including 128-bit secure sockets layer (SSL) encryption and two-step verification upon login. All client funds are fully segregated at barclays bank plc or lloyds bank plc in london.

Fxopen verdict

Fxopen is a good ECN broker providing a competitive trading environment with multiple platforms for active traders. Although education resources are fairly limited, the low spreads and commissions, as well as a strong track record make it an attractive option, particularly for high volume traders.

Accepted countries

Fxopen accepts traders from australia, thailand, canada, united kingdom, south africa, singapore, hong kong, india, france, germany, norway, sweden, italy, denmark, united arab emirates, saudi arabia, kuwait, luxembourg, qatar and most other countries.

Traders can not use fxopen from belgium, japan, united states.

Is fxopen regulated?

Yes, the brokerage holds licenses with the FCA in the UK and the ASIC in australia. These are two of the most respected agencies and a strong indicator that fxopen is trustworthy.

Is fxopen a good broker for beginners?

Although fxopen is aimed at both beginners and expert traders, there are limited resources available for beginners to learn how to trade. Fxopen also requires a minimum starting capital of £300 which is relatively high.

What leverage is available at fxopen?

Leverage is available up to 1:30 for forex, indices, and commodities, while leverage rates up to 1:2 are available for cryptocurrencies.

What markets are available on fxopen?

You can trade on 50+ FX markets, nine global indices, five commodities, and 40+ cryptocurrencies at fxopen.

How do I open an account with fxopen?

From the broker’s website, you can choose to either open a live account or a demo account from the top right-hand corner. You will need to select which account type you wish to trade and verify your identity and proof of address.

Fxopen review 2021: is the broker legitimate?

Overall ratings

Satisfaction

Assests

Margin money

Broker charges

A brief history

Is fxopen scam or safe?

It merely reflects that it is trying to hide this major issue. Investing in this firm can be risky. Think twice and check everything before opting.

Tradable assets and markets

Minimum deposit

Leverage offered

Educational hub

Research tools

Fxopen fails to offer research tools such as economic calendar, repost season calendar, trading signal and news fees to its clients. Also, the demo trading account is available for a limited period.

High commissions, spreads and fees

The brokerage firm charges a high inactivity fee and withdrawal fee on trade. Inactivity charges include a $50 reactivation fee and $10 maintenance fee per month.