FXOpen Review - Is It a Good Broker for Beginners? - WikiFX
概要：FXOpen requires the minimum deposit of $300, which is higher than the average ($100). Beginners may find it is not as friendly as other brokers with no minimum.
| FXOpenReview Summary | |
| Founded | 2010 |
| Registered Country/Region | UK |
| Regulation | FCA (regulated), FSPR (revoked), ASIC (suspicious clone) |
| Market Instruments | Currencies, Cryptocurrencies, Metals, Energies, Indexes, Shares, ETFs |
| Demo Account | ✅ |
| Leverage | Up to 1:30 |
| Spread | From 0 pips |
| Trading Platform | MT5, MT4, TickTrader, TradingView |
| Minimum Deposit | $300 |
| Customer Support | Live chat |
| Tel: +44 (0) 203 519 1224 (8 am - 6 pm Lodon time) | |
| Email: support@fxopen.co.uk | |
| Address: 80 Coleman Street, London, EC2R 5BJ, United Kingdom | |
| Social media: Instagram, YouTube, Twitter, Facebook, LinkedIn, Telegram | |
| Regioal Restrictions | The United States, Belgium |
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
| Pros | Cons |
| Regulated | Regional restrictions |
| Demo accounts available | Commission fees charged |
| MT4 and MT5 supported | Suspicious clone ASIC license |
| Multiple channels for customer support | |
| Diverse tradable assets | |
| Long operation time |
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 However, its license was revoked by Financial Service Providers Register (FSPR), and it holds a suspicious clone Australia Securities and Investment Commission (ASIC) license.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!
| Regulated Authority | Current Status | Licensed Entity | Regulated Country | License Type | License No. |
| Financial Conduct Authority (FCA) | Regulated | FXOpen Ltd | UK | Straight Through Processing (STP) | 579202 |
| Financial Service Providers Register (FSPR) | Revoked | FXOPEN NZ LIMITED | New Zealand | Financial Service Corporate | 192685 |
| Australia Securities and Investment Commission (ASIC) | Suspicious Clone | FXOpen AU Pty Ltd | Australia | Market Maker (MM) | 000412871 |
What Can I Trade on FXOpen?
FXOpen provides several types of products, including currencies, cryptocurrencies, metals, energies, indexes, shares, and ETFs.
| Tradable Instruments | Supported |
| Currencies | ✔ |
| Metals | ✔ |
| Energies | ✔ |
| Indexes | ✔ |
| Shares | ✔ |
| Cryptocurrencies | ✔ |
| ETFs | ✔ |
| Bonds | ❌ |
| Options | ❌ |
| Futures | ❌ |
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.
| Account Type | Minimum Deposit | Maximum Leverage | Spread | Account Currencies |
| Basic ECN | $300 | 1:30 | Floating from 0 pips | GBP, USD, EUR |
| Classic ECN | $1,000 | |||
| Advanced ECN | $25,000 | |||
| Elite ECN | $250,000 |
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.
| Commission Fee | Basic ECN Account | Classic ECN Account | Advanced ECN Account | Elite ECN Account |
| Forex | $3.50 | $2.50 | $1.80 | $1.50 |
| Crypto | From 0.08% | From 0.05% | From 0.03% | |
| Index | ❌ | ❌ | ❌ | ❌ |
| Commodity | 0.005% | 0.0025% | 0.0018% | |
| Shares | 0.1% | |||
Trading Platform
FXOpen uses MT4, MT5, TickTrader, and TradingView as its trading platforms.
| Trading Platform | Supported | Available Devices | Suitable for |
| MT4 | ✔ | PC, web, mobile, mac | Beginners |
| MT5 | ✔ | PC, web, mobile, mac | Experienced traders |
| TickTrader | ✔ | PC, web, mobile | / |
| TradingView | ✔ | PC, web, mobile, mac | Beginners |
Deposit and Withdrawal
FXOpen only supports bank tranfer. It does not charge fees for deposits, but it charges withdrawal fees.
| Deposit Options | Accepted Currencies | Minimum Deposit | Deposit Fees |
| Bank Transfer | AUD, CHF, GBP, USD, EUR | 300 AUD/CHF/GBP/USD/EUR | ❌ |
| Withdrawal Options | Accepted Currencies | Minimum Withdrawal | Withdrawal Fees |
| Bank Transfer | EUR | 50 EUR | 15 EUR |
| CHF | 50 CHF | 15 CHF | |
| GBP | 50 GBP | ❌ | |
| USD | 50 USD | 30 USD | |
| AUD | 50 AUD | 30 AUD |
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