FXOpen Review - Is It a Good Broker for Beginners? - WikiFX

FXOpen was registered in 2010 in the UK, specializing in currencies, cryptocurrencies, metals, energies, indexes, shares, and ETFs trading. It provides four types of ECN accounts, with a minimum deposit of $300 and a maximum leverage of 1:30. More importantly, this company is regulated, and it provides various channels for customer support.

Pros and Cons

Is FXOpen Legit?

FXOpen is regulated by Financial Conduct Authority (FCA). However, its license was revoked by Financial Service Providers Register (FSPR), and it holds a suspicious clone Australia Securities and Investment Commission (ASIC) license. Traders should be aware of the potential risks!

What Can I Trade on FXOpen?

FXOpen provides several types of products, including currencies, cryptocurrencies, metals, energies, indexes, shares, and ETFs.

Account Type

FXOpen provides four types of ECN accounts: Basic ECN, Classic ECN, Advanced ECN, and Elite ECN. Besides, demo accounts and Islamic accounts are also available.

Leverage

The leverage can be up to 1:30. Traders need to consider carefully before investing, and it should be noted that high leverage is likely to bring high potential risks.

FXOpen Fees

FXOpen charges certain amount of commission fees, and fees vary based on instruments and accounts. Below are the details, with the Basic ECN Account in the first chart, followed by Classic ECN, Advanced ECN, and Elite ECN.

Trading Platform

FXOpen uses MT4, MT5, TickTrader, and TradingView as its trading platforms.

Deposit and Withdrawal

FXOpen only supports bank tranfer. It does not charge fees for deposits, but it charges withdrawal fees.