FXOpen
Myanmar
Established: 2003
General overview
FXOpen is a prominent online brokerage that provides trading services to individuals and institutions alike, focusing on delivering a wide range of financial instruments such as Forex, cryptocurrencies, commodities, indices, and more. Established in 2005, FXOpen has grown significantly and is recognized for offering professional-grade trading conditions and tools. The broker serves traders from multiple regions worldwide, providing access to competitive spreads, advanced trading platforms, and a variety of account types tailored to meet the needs of both novice and experienced traders.
The company’s headquarters are located in Saint Vincent and the Grenadines, and it operates under multiple regulatory licenses, which provide a secure trading environment. FXOpen’s commitment to offering a robust and transparent trading experience has helped establish it as one of the most trusted names in the brokerage industry. Whether you’re an aspiring trader or an experienced professional, FXOpen strives to provide a comprehensive platform for trading a diverse selection of instruments with excellent liquidity, fast execution speeds, and outstanding customer support.
Pros
- Well-regulated (ASIC, FCA, CySEC)
- Wide range of tradable instruments, including cryptocurrencies
- Multiple account types, including ECN, STP, and Crypto
- Support for MetaTrader 4, MetaTrader 5, and TickTrader
- Free VPS for high-volume traders
Cons
- Limited range of commodities
- Some features only available in specific regions
- Unregulated in Nevis
Regulations: ASIC (Australia), FCA (UK), CySEC (Cyprus)
Trust and safety are paramount when it comes to online trading, and FXOpen understands the importance of ensuring that traders can feel secure while using their platform. With multiple regulatory licenses from authorities such as the Australian Securities and Investments Commission (ASIC), the Financial Conduct Authority (FCA), and the Financial Services Authority of Saint Vincent and the Grenadines (SVGFSA), FXOpen operates under strict regulations designed to protect traders and maintain transparency in its operations. These licenses require the broker to follow high standards for financial conduct, client fund protection, and fair trading practices. Additionally, FXOpen employs advanced security measures such as SSL encryption to safeguard personal and financial information, ensuring that traders' data remains confidential and protected from potential cyber threats. With segregated client accounts, traders can rest assured that their funds are kept separate from operational capital, providing an added layer of security. FXOpen’s commitment to regulatory compliance and high-security standards establishes it as a trusted and safe broker for both novice and experienced traders alike.
Is FXOpen Regulated?
Yes, FXOpen is regulated by several reputable financial authorities, ensuring that the brokerage complies with stringent standards for financial operations, safety, and fairness. The regulatory bodies overseeing FXOpen's operations include:
- Australian Securities and Investments Commission (ASIC) – ASIC is one of the most respected financial regulatory bodies in the world, ensuring that FXOpen adheres to high standards of conduct and transparency in its dealings.
- Financial Conduct Authority (FCA) – Based in the UK, the FCA ensures that FXOpen abides by strict regulations to protect clients from any fraudulent or unfair practices.
- Financial Services Authority (SVGFSA) – FXOpen is licensed in Saint Vincent and the Grenadines under this regulatory body, allowing the company to operate in jurisdictions where other licenses are not available.
The presence of multiple regulations provides an extra layer of trust and safety for traders, ensuring that their funds are managed with transparency and under the jurisdiction of well-regarded regulators. Furthermore, the company ensures that clients' funds are segregated, meaning they are kept separate from operational funds to avoid any potential misuse. This feature helps provide an additional level of security for client funds.
Is FXOpen Safe?
FXOpen places a high priority on the safety and security of its traders’ funds. The brokerage adheres to strict regulatory guidelines, utilizes advanced encryption protocols such as SSL (Secure Socket Layer) to safeguard personal and financial data, and works with trusted payment providers to ensure that all transactions are safe. Traders’ funds are held in segregated accounts, providing protection against the potential risk of broker insolvency.
Moreover, FXOpen employs state-of-the-art technology and security systems to protect users from fraud, unauthorized access, and cyberattacks. With advanced encryption and data protection measures, FXOpen provides a secure environment where traders can focus on their strategies and investments without worrying about their funds or personal information being compromised.
MetaTrader 4 (MT4) | MetaTrader 5 (MT5) | TickTrader (proprietary platform)
Visit PlatformsFXOpen provides its traders with access to some of the most popular and reliable trading platforms in the industry, ensuring a seamless and efficient trading experience. The two primary platforms available are MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both of which are known for their robust functionality, ease of use, and advanced features. MT4, being one of the most widely used platforms in the forex trading community, offers a comprehensive range of charting tools, technical indicators, and automated trading options through Expert Advisors (EAs). It is an ideal choice for traders who prefer simplicity and reliability while executing their trades. On the other hand, MetaTrader 5 is the more advanced version, featuring additional timeframes, more order types, and a broader range of supported assets, including stocks, futures, and commodities. MT5 offers improved charting tools and greater execution speed, making it suitable for traders looking for a more versatile and powerful trading platform. Both platforms are available on desktop, mobile, and web versions, ensuring traders can access their accounts and manage their positions at any time and from any device. Whether traders are beginners or professionals, FXOpen's platform choices ensure that they have the right tools to succeed in the financial markets.
MetaTrader 4 (MT4)
MetaTrader 4 (MT4) is one of the most popular trading platforms used by millions of traders worldwide. It offers a user-friendly interface, a range of advanced charting tools, and the ability to automate trading using Expert Advisors (EAs). With MT4, traders can analyze the market with multiple technical indicators, place orders directly from the chart, and use a variety of order types to manage their trades efficiently. It is available for desktop, mobile, and web trading, ensuring that traders have access to their accounts at all times.
MetaTrader 5 (MT5)
MetaTrader 5 (MT5) is the next-generation platform developed by MetaQuotes and offers additional features over MT4. It includes more timeframes, more technical indicators, more order types, and better charting tools. MT5 supports a wider range of assets, including stocks and futures, making it a versatile choice for traders who want to expand their portfolio. The platform is also known for faster execution speeds, improved charting capabilities, and access to a larger pool of liquidity providers.
Instruments: 50+ Forex pairs, 535 US equity CFDs, 39 cryptocurrencies, 9 indices, 5 commodities
FXOpen offers an extensive selection of tradable instruments that cater to a diverse range of trading strategies and preferences. The broker provides access to forex, cryptocurrencies, commodities, indices, and more, giving traders the opportunity to diversify their portfolios and explore different markets. In the forex market, FXOpen supports over 50 currency pairs, including major, minor, and exotic pairs, allowing traders to capitalize on global currency fluctuations. Additionally, FXOpen’s cryptocurrency offerings enable traders to trade popular digital assets such as Bitcoin, Ethereum, and Litecoin, providing opportunities to profit from the volatility of the crypto market. For those looking to trade commodities, FXOpen offers popular instruments like gold, silver, and oil, which are favored for their safe-haven status and global demand. The platform also provides access to stock indices, including the S&P 500, NASDAQ, and FTSE 100, allowing traders to speculate on the performance of entire markets or specific sectors. With a wide range of instruments, FXOpen ensures that traders have the flexibility to build a well-rounded and dynamic trading portfolio, tailored to their risk tolerance and trading goals.
Forex
FXOpen offers a wide selection of forex pairs, including major, minor, and exotic currencies. The broker supports over 50 currency pairs, with highly liquid options like EUR/USD, GBP/USD, and USD/JPY available. Traders benefit from low spreads and access to market-moving news events that can significantly affect currency values. FXOpen also provides leverage on forex pairs, with some accounts offering leverage up to 1:500, allowing traders to take larger positions with less capital.
Cryptocurrencies
FXOpen provides traders with the opportunity to trade a wide variety of cryptocurrencies, including popular coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP). These digital currencies can be traded against the USD, EUR, and other major fiat currencies. Given the volatile nature of cryptocurrencies, FXOpen offers leverage on certain pairs, providing traders with the chance to magnify their exposure to market movements.
Commodities
FXOpen offers commodities such as gold, silver, and oil for trading. These instruments are often viewed as safe-haven assets during times of economic instability, and traders can use them to diversify their portfolios. The broker’s competitive spreads and leverage options make it easier for traders to take advantage of price fluctuations in these markets.
Indices
FXOpen offers a range of stock indices for traders to speculate on the performance of major markets, such as the S&P 500, NASDAQ, and FTSE 100. Indices are a popular choice for traders who want to gain exposure to a basket of stocks and diversify their portfolios. The ability to trade indices also allows traders to benefit from broader market movements and economic trends.
FXOpen offers a range of account types to accommodate the different needs and preferences of its diverse clientele. These account types cater to traders of various experience levels and trading styles, providing tailored conditions that maximize trading opportunities. The main account types offered by FXOpen include the ECN (Electronic Communication Network) account, Standard account, and Swap-Free account. The ECN account is designed for professional traders who require direct access to the interbank market with raw spreads starting from 0.0 pips. This account type includes a small commission on each trade, but the low spreads make it ideal for high-volume traders and those who prefer tight execution speeds. The Standard account, on the other hand, is perfect for retail traders, offering commission-free trading with slightly wider spreads, making it a more accessible option for beginners. For traders who cannot engage in interest-based trading due to religious reasons, FXOpen also offers Swap-Free accounts. These accounts eliminate overnight swap charges, ensuring that traders do not incur interest on positions held overnight. Each account type also offers varying levels of leverage, from standard leverage up to 1:500, which can be particularly beneficial for traders who wish to magnify their market exposure. The variety in account types ensures that traders can select the option that best aligns with their trading goals, risk appetite, and experience level.
ECN Account
The ECN (Electronic Communication Network) account is best suited for professional traders who require direct market access and a low-cost structure. On this account, traders benefit from raw spreads starting from 0.0 pips, but there is a small commission charged per trade. This account type is ideal for high-frequency traders or those who prefer low spreads for executing large-volume trades.
Standard Account
FXOpen’s Standard account is designed for retail traders and beginners. This account type features commission-free trading, making it suitable for traders who prefer simple trading conditions. The spreads on this account are slightly higher than on the ECN account, but they remain competitive. It is a great option for those new to trading who want to learn the basics without dealing with complex fee structures.
Swap-Free Account
FXOpen offers a Swap-Free account for traders who are unable to participate in trades that involve interest due to religious reasons. The Swap-Free account ensures that traders do not incur swap fees for holding overnight positions. This account is available across several instruments, allowing traders to maintain their positions without worrying about interest charges.
FXOpen Leverage
FXOpen offers leverage of up to 1:500 on its trading accounts. Leverage allows traders to control larger positions in the market with a relatively small deposit. While leverage amplifies potential profits, it also increases risk. Traders should use leverage responsibly and manage their positions carefully to avoid large losses.
FXOpen offers a variety of convenient deposit and withdrawal methods, ensuring that traders can fund and withdraw from their accounts with ease. The broker supports several payment options, including traditional methods such as bank wire transfers and credit/debit cards, as well as modern options like e-wallets including Skrill, Neteller, and WebMoney. These diverse payment methods make it easy for traders around the world to deposit and withdraw funds in a way that suits their preferences. FXOpen also accommodates cryptocurrency deposits and withdrawals, which is a great option for traders who prefer to use digital currencies like Bitcoin or Ethereum. The minimum deposit required to start trading is relatively low, making it accessible for traders with smaller capital. Withdrawal times vary depending on the method used, with e-wallets typically offering faster processing times compared to bank wire transfers, which may take a few business days. While some deposit methods are free of charge, certain payment providers may charge a fee, especially for withdrawals. Traders are advised to review the available methods and associated fees on FXOpen’s platform before making a transaction to ensure they select the most cost-effective option for their needs.
FXOpen Deposit Options and Fees
FXOpen offers a wide variety of deposit methods to accommodate traders from around the world. The most common deposit options include:
- Credit and Debit Cards – Depositing via Visa, MasterCard, and other major credit cards is supported, making it easy for traders to quickly fund their accounts. Some fees may apply depending on the payment provider.
- Bank Wire Transfers – This traditional method is available for traders who prefer to make larger deposits. While secure and reliable, bank transfers may take several days to process.
- E-wallets – FXOpen supports popular e-wallets such as Skrill, Neteller, and WebMoney, allowing for faster and often fee-free deposits compared to bank transfers.
- Cryptocurrency – FXOpen also accepts cryptocurrency deposits, including Bitcoin, Litecoin, and Ethereum, making it a preferred choice for cryptocurrency traders.
The minimum deposit requirement varies depending on the account type chosen, but generally, FXOpen offers very low minimum deposit amounts, sometimes as low as $1. This accessibility makes FXOpen a viable option for both beginner and experienced traders. It’s important to note that different deposit methods may incur varying fees, and traders should review these before making a deposit.
FXOpen Withdrawals Options and Fees
Similar to deposit options, FXOpen offers a range of withdrawal methods for its clients. Withdrawal methods include:
- Bank Wire Transfers – Withdrawals via bank wire transfers are secure but can take several days to process, and may incur a fee depending on the bank.
- Credit and Debit Cards – Funds can be withdrawn to the same credit/debit card used for the deposit, making it an easy option for traders.
- E-wallets – E-wallet withdrawals are usually processed faster than bank transfers, often within a few hours. Popular e-wallets supported include Skrill, Neteller, and WebMoney.
- Cryptocurrency – FXOpen also allows withdrawals to cryptocurrency wallets, giving clients the flexibility to withdraw funds in Bitcoin, Ethereum, and other digital assets.
FXOpen generally does not charge any withdrawal fees for certain methods, especially e-wallet withdrawals. However, third-party processing fees may apply depending on the method used. Withdrawals typically take between a few hours to several business days, depending on the payment provider selected. For bank wire transfers, withdrawals may take up to 5 business days to process, and traders should ensure they have provided the correct withdrawal details to avoid delays.
Visa
Mastercard
Skrill
Bitcoin
When choosing a broker, understanding the fee structure is crucial for ensuring that trading remains cost-effective and profitable. FXOpen provides a transparent and competitive fee structure that varies based on the type of account and trading instruments. The primary fees include spreads and commissions, which differ depending on whether a trader opts for an ECN account, where raw spreads from 0.0 pips are available with a small commission, or a Standard account, which offers commission-free trading but slightly higher spreads. FXOpen's spreads are generally tight, offering favorable conditions for traders who aim to maximize their potential profits. Additionally, traders should be aware of non-trading fees, which include withdrawal charges, inactivity fees, and fees associated with certain payment methods. For instance, while some e-wallets and bank wire transfers may incur fees, others offer free deposits and withdrawals. It’s important for traders to familiarize themselves with all fees before committing to an account to ensure that they understand the full cost of trading and avoid any surprises. FXOpen strives to keep its fees competitive, which is especially beneficial for active traders looking to minimize trading costs over time.
FXOpen Trading Fees
FXOpen offers a variety of competitive trading fees, which differ based on the type of account and the specific instrument being traded. Trading fees are typically composed of the spread (the difference between the buy and sell price) and, depending on the account type, a commission. For example, the ECN account provides very low spreads starting from 0.0 pips, but traders are charged a small commission per trade. In contrast, the Standard account has slightly wider spreads but does not charge any commission, making it more suitable for casual traders or those new to the market who prefer more straightforward pricing.
The fees vary across different financial instruments, with major currency pairs often having lower spreads than exotic pairs or commodities. FXOpen’s trading fees are transparent, and traders are encouraged to review the specific fees associated with their selected account type and trading instrument before making a trade. By offering competitive trading fees, FXOpen enables traders to minimize their costs and potentially enhance their profitability.
FXOpen Spreads
Spreads are an essential consideration when trading with FXOpen. The broker offers tight spreads across its different account types, allowing traders to execute trades at lower costs. On the ECN account, spreads can be as tight as 0.0 pips on popular pairs like EUR/USD. However, traders will need to pay a small commission on each trade. For traders who prefer a commission-free trading experience, FXOpen’s Standard account provides competitive spreads, though they tend to be slightly higher, typically around 1.0 pip for major pairs like EUR/USD.
FXOpen also offers variable spreads, meaning that the spread size can fluctuate based on market conditions. During times of high volatility, spreads may widen, especially on less liquid pairs or during major news events. Traders should monitor the spread dynamics closely and be aware of the possible changes in spread sizes that might occur throughout the trading day.
FXOpen Non-Trading Fees
In addition to trading fees, FXOpen charges non-trading fees for certain activities. These include withdrawal fees, inactivity fees, and fees associated with specific payment methods. For instance, while deposits through methods like e-wallets or bank transfers are often free, some payment providers may charge fees for depositing or withdrawing funds. FXOpen has a fee structure that is clearly outlined on its website, allowing traders to understand the costs associated with various transactions.
FXOpen also imposes an inactivity fee on accounts that have been inactive for a prolonged period, generally over 180 days. This fee helps to encourage traders to stay active and engaged with the platform. Traders should be aware of these fees and ensure they are familiar with the specific terms and conditions attached to their accounts.
FXOpen offers a range of enticing bonuses and promotions aimed at enhancing the trading experience for both new and existing clients. These bonuses provide traders with extra capital to begin trading or boost their existing account balance, giving them more opportunities to explore different markets and trading strategies. One of the most popular promotions is the Welcome Bonus, which is available to new traders who register and make a qualifying deposit. This bonus allows newcomers to increase their initial capital, offering more flexibility when starting out. Additionally, FXOpen runs a Referral Program where existing traders can earn a bonus for referring new clients to the platform. Both the referrer and the new trader receive a reward once the referred client meets certain trading or deposit criteria. FXOpen also occasionally offers special promotions, including deposit bonuses, seasonal campaigns, and trading competitions, which further incentivize trading activity and engagement. It is important for traders to carefully review the terms and conditions associated with these bonuses, as each promotion may come with specific requirements such as minimum trading volumes or withdrawal restrictions. Overall, FXOpen’s bonus and promotion offerings add significant value to traders’ accounts, enabling them to maximize their trading potential and enjoy additional perks as they grow their portfolios.
Welcome Bonus
FXOpen offers an attractive welcome bonus to new traders who sign up and make an initial deposit. This bonus boosts the trader’s starting capital, providing additional funds to start trading. Terms and conditions apply, and traders should ensure they are familiar with the requirements before claiming the bonus.
Referral Bonus
FXOpen rewards existing traders who refer new clients to the platform through its referral program. When a referred trader opens an account and makes a qualifying deposit, both the referrer and the referred trader receive a bonus. This program provides traders with the opportunity to earn extra funds while helping others discover the benefits of FXOpen.
FXOpen offers comprehensive educational resources to help traders improve their knowledge and trading skills. These include:
- Video Tutorials: A series of beginner and advanced videos covering essential trading topics.
- Webinars: Regular live webinars conducted by experienced traders and industry experts.
- Trading Guides: Step-by-step guides and articles explaining various trading strategies and techniques.
- Demo Accounts: FXOpen offers demo accounts that allow traders to practice with virtual funds before trading real money.
These educational materials are designed to assist both novice and experienced traders in gaining a deeper understanding of the markets and refining their trading strategies.
FXOpen serves a global client base, operating in multiple countries, including the United Kingdom, Australia, several European countries, and parts of Asia. However, due to regulatory restrictions, FXOpen does not provide services to clients from certain regions, such as the United States, Canada, Japan, and other jurisdictions where trading in forex and financial instruments is prohibited or heavily regulated. Traders should verify if FXOpen is available in their country before opening an account.
Excluded Countries
United States
Canada
Japan
Australia
New Zealand
FXOpen offers round-the-clock customer support, providing assistance to traders via multiple channels. Traders can reach the support team through:
- Live Chat: Available 24/5, live chat offers instant support for immediate concerns.
- Email Support: For more detailed inquiries, traders can email the support team, who typically respond within 24 hours.
- Phone Support: FXOpen provides phone support for traders who prefer direct communication.
In addition to these channels, the broker also offers an extensive FAQ section and educational resources on its website, ensuring that traders have access to self-help solutions whenever needed. The dedicated support team is knowledgeable and friendly, ready to resolve any issues traders may encounter during their trading journey.
Broker Name: FXOpen
Broker Type: ECN, STP
Country: Myanmar
Operating since year: 2003
Regulations: ASIC (Australia), FCA (UK), CySEC (Cyprus)
Phone: +44 203 519 1224 (UK Office)
Email: [email protected]
Address: FXOpen Ltd. P.O. Box 590, Springates East, Government Road, Charlestown, Nevis
Broker status: Active
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