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FXOpen Review 2024 Pros, Cons & Safety Ratings

fxopen review

FXOpen is an established online trading broker founded by a group of traders in 2005. Since then they have grown to become one of the leading brokers across the globe with over 1 million accounts opened in more than 100 countries. They have ECN liquidity which ensures you get tight spreads and fast trade execution speeds.

User Experience

FXOpen were one of the first online brokers that I had an account with many years ago and remain one xcritical official site of the most popular until this day. They are a regulated ECN broker offering you some of the best possible trading conditions with low spreads, fast trade execution speeds and competitive commissions. You can get access to user-friendly trading platforms for web, desktop and mobile devices.

  1. Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com.
  2. For increased speed the VPS is cross-connected to the FXOpen servers.
  3. This means that you can day trade with them and send orders with large volumes without compromising on quality.
  4. All ECN participants have equal execution rights and transactions take place in a completely transparent environment.
  5. Anti-money laundering and know-your-customer protocol is adhered to.

Given the excellent trading conditions, FXOpen ranks in the top quartile of brokers and deserves genuine consideration for a deposit. To evaluate brokers, we test the accounts, trading tools and services provided. Over 100 data points are considered, from minimum deposits and trading fees to the platforms and apps available. Our broker ratings are also informed by the experience of our researchers during the evaluation process. 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.

Deposits got missing

FXOpen is a multi-regulated broker with competitive trading conditions for forex traders. The pricing on its ECN account is particularly strong with discounts for high-volume traders. We also rate the choice of industry-leading platforms, including MetaTrader 4, MetaTrader 5 and TradingView.

The ECN account, in particular, stood out during our tests for its tight spreads and low commissions. However, we are sorry to see that the accounts have different limits on the markets available and other features, which makes getting started complicated. Also, only the ECN account provides access to trading platforms that aren’t MT4. Nonetheless, a low minimum deposit requirement and access to educational content is ideal for novice traders. While FXOpen Markets Limited is registered in Nevis as a company, it is not regulated by the Financial Services Regulatory Commission. Instead, it opted for oversight and investor protection by The Financial Commission, based in Hong Kong.

FXOpen Payment Methods

ForexBrokersOnline.com earns money from affiliation deals with our partners. Our partners cannot influence our reviews, nor can they pay us to bias our rankings. However, we feel the opening hours are limited compared to some competitors that stay open 24/7, which may be important for clients speculating on crypto over the weekend. I enjoy trading with FXOpen’s proprietary TickTrader thanks to its impressive analysis tools, intuitive navigation and customizability. I also appreciate the one-click trading directly from charts, which makes it very quick and easy to open a forex trade. While I find the look and feel of MT4 somewhat outdated, it is hard to beat when it comes to charting and technical analysis.

What Can I Trade

You can then upgrade to a live real-money account when you’re ready. You can access up to $1,000,000 in virtual funds to trade risk-free and test platform features. Withdrawal times for bank wire transfers typically take one to three business days, whilst card payments can take between two to five working days. Although trading with significant leverage can increase profit prospects, it can also increase losses. Ensure you have appropriate risk management strategies in place. FXOpen offers a Micro account from a minimum deposit of $1, while a $10 STP bonus is equally available.

Service Details

To ensure we offer traders accurate and xcritical information, our forex broker reviews also undergo rigorous editing and fact-checking. FXOpen also offers copy trading via a PAMM account, which can be a good way for beginners and time-challenged traders to benefit from the decisions made by experienced pros. 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.

fxopen review

An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content. Steven Hatzakis is the Global Director of 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. 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. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

FXOpen developed an ECN bridge for the MT4 trading platform in 2009, becoming the first Forex broker to do so. It xcritical rezension offers traders access to institutional liquidity and remains a primary asset of this broker. The One-Click Trading and Level2 plugin complements the ECN capabilities. The free VPS service further supports automated trading solutions; all accounts with equity above $5,000 or trading volume that exceeds $10 million per month can apply for this service.

I appreciate that it is fully customisable and easy enough to use for beginners whilst having enough complex tools for the more advanced traders. The broker welcomes clients from all over the world but do not provide services to United States residents due to strict US regulatory restrictions. This is not unusual since the USA is pretty strict in their financial regulations. If you are looking for a USA broker, then IG would be my top choice. In terms of regulation, Plus500 have are one of the most well-regulated brokers that you can trade with.

I feel secure knowing that they have regulation from some of the most respected authorities. You can trade with minimal hassle on user-friendly platforms and apps, with a decent amount of markets for you to choose from. Overall, I found them to be on par with competitors such as HYCM. 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. Today, the broker offers services to over 1 million traders worldwide including Canada, Germany, Vietnam and Nigeria.

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