In this article, we will review the FXOpen Broker and we will talk about everything you need to know about this broker. We will also do a thorough investigation of the broker to know how legitimate the FXOpen broker is. FXOpen broker is a regulated broker.
FXOpen was launched in 2005. Since then the broker has won 3 Awards, these are Best Islamic Forex Broker 2011, Best South-East Asia Forex Broker, and Best ECN Forex Broker. The Broker has been operating for 15+ years since then.
Below is the Summary of FXOpen Broker
Summary
| Assets Available | 5 Asset Classes – Forex, Indices, Commodities, Shares, and Cryptocurrencies |
| Regulated by | Regulated by the Australian Securities & Investments Commission (ASIC). |
| No. of Trading Platforms | 3 Main Platforms based on Metatrader 4, Metatrader 5 and TickTrader |
| Leverage | Leverage up to 1: 500 |
| Spreads | Floating Spreads from 0 pips |
| Demo Account | Yes – up to $5 million dollars in virtual funds |
| Education Provided | Does not provide forex education |
| Methods of Payment | FastPay, Bitcoin, Bitcoin Cash, LiteCoin, EmerCoin, Ethereum, and Tether. |
| Awards | Best Islamic Forex Broker 2011, Best South-East Asia Forex Broker, and Best ECN Forex Broker. |
FXOpen Trading Platforms
Provides you with 3 main trading platforms. These are MetaTrader 4, MetaTrader 5, and Tick Trader platforms.
MetaTrader 4
MetaTrader 4 platform is definitely one of the most popular trading platforms out there. The benefits of using MT4 are that you can trade multiple markets on a single MT4 Platform, have easy access to automated trading, and much more.
MetaTrader 5
Metatrader 5 is the successor to the MT4 platform. MT5 platform gives you even more improvement over the MT4 trading platform. This platform provides you with many more technical indicators compared to that MT4. Also has a more improved language for automated trading called MQL5.
Tick Trader
TickTrader is a trading platform provided by Soft-FX. Tick trader is a great trading platform but it is not that popular compared to the MetaTrader platform. We personally prefer to use the MT5 trading platform.
Financial Instruments Available For Trading?
FXOpen provides you with 5 different Asset Classes. These are Forex, Indices, Commodities, Shares, and Cryptocurrencies.
Forex
FXOpen Provides you with all the major currency pairs, cross-currency pairs, and some exotic currency pairs.
Fx Majors
Below are the major currency pairs offered by FXOpen
Fx Minors
Below are the cross-currency pairs offered by FXOpen
Fx Exotics
Below are the Exotic currency pairs offered by FXOpen
Indices
There are several indices that FXOpen Broker provides you with. These are UK100, USTech 100, Wall Street 30, Europe 50, France 40, Australia 200, Hong Kong 50, Japan 225, US SPX 500, and Germany 40.
Commodities
There are a few commodities that you can trade with the FXOpen Broker. These are XAUUSD, XAGUSD, XBRUSD, XTIUSD, and US Natural Gas.
Shares
There are 10 different shares that you can trade with this broker. These shares are from Facebook, Apple, Tesla, Microsoft, Amazon, Netflix, Citigroup, Boeing Co, Goldman Sachs Group, and Nike.
Cryptocurrency
FXOpen provides you with the ability to trade cryptocurrencies. The cryptocurrencies that you can trade with this broker are BTCEUR, BTCUSD, BTCJPY, BTCCNH, LTCUSD, LTCUSD, XRPUSD, DSHUSD, ETHUSD, BCHUSD, and EOSUSD.
Education Provided
FXOpen does not provide any specialized education on forex trading. This is no deal breaker because almost all education provided by brokers is not enough to be a profitable trader. If you want a great forex trading education for free makes sure to check out our free complete guide on forex trading.
Demo Accounts
This broker provides 6 different types of demo accounts. These are:
- DemoECNTTGross
- Demo ECN MT5
- DemoECNTTNet
- Demo ECN
- Demo STP
- Demo Crypto
They provide you with up to $5 million dollars in virtual funds to trade in your demo account. We do not recommend that you trade with this many funds in your demo account. Always match the amount of money you have to invest in a real account with the money you start the demo account with.
Leverage
FXOpen provides a maximum leverage of 1:30 for day-to-day clients and 1:500 for professional clients. This is a good amount of leverage. But we don’t recommend you trade with massive leverage since if something goes wrong your whole trading account can be wiped out. Leveraged trading is only good for highly experienced traders.
Regulations
Choosing a regulated broker is extremely important. FXOpen is regulated by one of the best regulators, the Australian Securities & Investments Commission (ASIC). This makes the broker much more trustworthy.
Method Of Payments (Deposit & Withdrawal)
There is a range of payment options provided by FxOpen. These are FastPay, Bitcoin, Bitcoin Cash, LiteCoin, EmerCoin, Ethereum, and Tether. These all are great options. For withdrawals, they accept PayPal as well.
Commissions and Spreads
Spreads provided by this broker are variable depending on the market conditions. The spreads can start from 0.0 pips depending on the currency pair that you trade.
The commissions this broker charges depends on your account balance and the lots you are trading.
- If your account balance is less than $1000, the commission per lot is $3.50
- If your account balance is between $1000 – $25,000, the commission per lot is $2.50
- If your account balance is between $25,000 – $250,000, the commission per lot is $1.80
- If your account balance is over $250,000, the commission per lot is $1.50
Most of the traders will fall under the first two categories.
Is FXOpen Broker Legit?
Yes, the FXOpen broker is a legit broker. They are regulated by the Australian Securities and Investments Commission (ASIC). All client funds are fully isolated from FXOpen’s own funds in accordance with ASIC Client Asset Rules. If you feel like FxOpen is a great fit for your trading needs you can sign up with them. Below is the top broker we recommend.
