FX Open Review

FXOpen was established in 2005. It offers access to various types of financial instruments, such as foreign exchange (forex), contracts for difference (CFDs), and cryptocurrencies.

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Editor Posted on 12 February 2024

Overview

FXOpen was established in 2005. It offers access to various types of financial instruments, such as foreign exchange (forex), contracts for difference (CFDs), and cryptocurrencies.

FXOpen is a London-based financial services firm that offers its clients a variety of trading tools, including a proprietary platform known as ticktrader. In 2009, it became the first company to provide its clients with an electronic trading system using the MT4 terminal.

Through the electronic order execution system known as the ECN model, clients of FXOpen can access the interbank market. The liquidity providers that are involved in the transactions are banks, funds, and other traders.

Aside from being regulated by the top organizations such as the Financial Conduct Authority (FCA), CySEC, and ASIC, FXOpen also has an offshore subsidiary that is unregulated.

FXOpen Details

Company Name				FXOpen Markets Limited, FXOpen AU Pty Ltd, FXOpen Ltd
Country				Australia
Year Open				2005
Headquarters				Saint Kitts and Nevis
Offices				Australia, Egypt, New Zealand, Russia, Saint Kitts and Nevis, United Kingdom
Employees				300+
License				FinCom 42235
Regulatory Authorities				FinCom, FCA UK, ASIC
USA Clients				No
Japanese Clients				Yes
European Clients				No
Canadian Clients				No

FXOpen Highlights:

Spreads and Commissions showed that FXOpen excels in offering the lowest cost to trade Forex.
An above average selection of platforms and tools is available to clients.
There is room for improvement in the area of education, with relatively little material available.
Reliable customer support is available for beginners. Another important resource for new traders is the availability of free demo accounts on all platforms.
More advanced traders can take advantage of tighter spreads, more advanced platforms, algorithmic trading and a variety of account types.

FXOpen Pros Cons

Tight forex spreads.Oversight by three top-tier regulators.Reliable customer service.Choice of account types.Great selection of platforms.Leverage up to 1:500 for professional clients.Free Virtual Private Server (VPS).Fix API available.

Limited educational materials.Clients of the offshore entity have few protections.

Regulatory Authority

Agency				Financial Conduct Authority UK
Short Name				FCA UK
Country				United Kingdom
Min Capitalization				GBP 730,000
Government Enforced Segregated Accounts				Yes
Description				FCA regulates the financial services industry in the UK.FCA aims to make sure that financial markets work well so that consumers get a fair deal. This means ensuring that, the financial industry is run with integrity, firms provide consumers with appropriate products and services, and consumers can trust that firms have their best interests at heart.

Agency				Australian Securities and Investments Commission
Short Name				ASIC
Country				Australia
Min Capitalization				AUD 1,000,000
Government Enforced Segregated Accounts				Yes
Description				ASIC is Australia’s corporate, markets and financial services regulator.ASIC contribute to Australia’s economic reputation and wellbeing by ensuring that Australia’s financial markets are fair and transparent, supported by confident and informed investors and consumers.

Agency				The Financial Commission PLC
Short Name				Fina Com
Country				Hong Kong
Min Capitalization				N/A
Government Enforced Segregated Accounts				No
Description				Financial Commission (FinCom PLC) is the first, neutral, third party Dispute Resolution Organization that is dedicated specifically to Forex, and it operates in a way where transparency, swiftness, and education are the paramount values.Financial Commission ensures that traders and brokers are getting their disputes resolved in a quick, efficient, unbiased and authentic manner, while making sure they walk away with a well-founded answer, thus contributing to their overall knowledge about Forex.

Account Options

At FXOpen, both ECN and STP trading accounts use market execution. There is no dealing desk, no requotes and trades are executed at the best available price. Traders using Electronic Communication Network (ECN) accounts can access the raw price from banks and liquidity providers and pay a small commission.

For Straight Through Processing (STP) accounts, there is no separate commission as it is already included in the spread. STP accounts are designed for beginners and general simplicity.

Account Feature	STP Account	ECN Account
Base Currencies	GBP, USD, EUR	GBP, USD, EUR
Minimum Deposit	300 GBP/USD/EUR	300 GBP/USD/EUR
Spread	Floating	Floating, from 0 Pips
Commission (Per 1 Lot)	None	From $1.50
Minimum Transaction Size	0.01 Lot	0.01 Lot
Leverage	Up to 1:30	Up to 1:30
Available Instruments	Currencies, CFDs on Metals	Currencies, CFDs on Cryptocurrencies, Metals, Energies, Indices and Shares