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FX Open Review
FX Open is a broker that provides forex trading services. They provide traders with access to a wide range of assets in a number of markets, including currencies, indices, and commodities. They provide cryptocurrency CFDs to traders interested in cryptocurrencies such as Bitcoin.
Pros
- Segregates client funds
- Established in 2005
- Regulated by Financial Conduct Authority and ASIC
- Min. deposit from $1
Cons
- Inactivity Fee
- Limited range of instruments
A minimum deposit of $1 is required to establish a live account. Alternatively, FX Open provides a demo account that you may use to experiment and become acquainted with their platform.
Regulated by the Financial Conduct Authority, UK (FRN: 579202) and ASIC (AFSL #AFSL 412871 – ABN 61 143 678 719.), FX Open keeps all customer funds in a separate bank account and works with tier-1 institutions to do so. FX Open was founded in 2005 and has its headquarters in New Zealand.
Before we get into the specifics of FX Open’s spreads, fees, platforms, and trading tools, you may want to open their website in a new tab by clicking the button below to get the most up-to-date information straight from them.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links.
What are FX Open’s spreads & fees?
Like most brokers, FX Open takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The commissions and spreads shown here are based on the FX Open website’s minimum spreads.
| Forex | FX Open | City Index | XTB |
| EUR/USD(Average: 0.7 pips) | 0.2 pips | 0.7 pips | 0.1 pips |
| GBP/USD(Average: 1.1 pips) | 0.4 pips | 1.7 pips | 0.1 pips |
| USD/JPY(Average: 1.1 pips) | 0.2 pips | 0.6 pips | 0.1 pips |
| AUD/USD(Average: 0.8 pips) | 0.3 pips | 0.6 pips | 0.2 pips |
| USD/CHF(Average: 2.3 pips) | 0.4 pips | 2.3 pips | 0.2 pips |
| USD/CAD(Average: 2.9 pips) | 0.5 pips | 0.5 pips | 0.3 pips |
| NZD/USD(Average: 3.6 pips) | 0.3 pips | 2.8 pips | 0.3 pips |
| EUR/GBP(Average: 2.4 pips) | 0.6 pips | 0.5 pips | 0.1 pips |
Spreads are dynamic and are for informational purposes only.
As you can see, the minimum spread for trading EUR/USD at FX Open is 0.20 pips, which is relatively low when compared to the average EUR/USD spread of 0.70 pips. The table below compares the costs of trading one lot of EUR/USD with FX Open to similar brokers.
How much does FX Open charge to trade 1 lot of EUR/USD?
If you bought one standard lot of EUR/USD (100,000 units) with FX Open at an exchange rate of 1.1719 and sold it the next day at the same price, you would most likely pay $8.54. Here is a general breakdown of the fees and how they compare to IG and XTB.
| FX Open | IG | XTB | |
| Spread from: | $ 2.00 | $ 6.00 | $ 2.00 |
| Commission: | $1.50 | $0.00 | $0.00 |
| Total cost of a 100k trade: | $ 3.50 | $ 6.00 | $ 2.00 |
| $2.5 more | $1.5 less | ||
| VISIT FX OPEN | VISIT IG | VISIT XTB |
All fees/prices are for informational purposes and are subject to change.
What can you trade with FX Open?
FX Open provides over 68 different trading instruments, including over 50 currency pairings. We’ve summarised all of the different types of instruments supplied by FX Open below, along with comparisons to the instruments offered by IG and XTB.
| FX / Currencies | FX Open | IG | XTB |
| # of forex pairs offered | 50 | 90 | 48 |
| Major forex pairs | Yes | Yes | Yes |
| Minor forex pairs | Yes | Yes | Yes |
| Exotic forex pairs | Yes | Yes | Yes |
| Cryptocurrencies* | Yes | Yes | Yes |
| Commodity CFDs | FX Open | IG | XTB |
| # of commodities offered | 0 | 34 | 21 |
| Metals | Yes | Yes | Yes |
| Energies | Yes | Yes | Yes |
| Agricultural | No | Yes | Yes |
| Index & Stock CFDs | FX Open | IG | XTB |
| # of stocks offered | 0 | 8000 | 1606 |
| UK shares | No | Yes | Yes |
| US shares | No | Yes | Yes |
| German shares | No | Yes | Yes |
| Japanese shares | No | Yes | Yes |
| SEE FX OPEN’S INSTRUMENTS | SEE IG’S INSTRUMENTS | SEE XTB’S INSTRUMENTS |
What’s the FX Open trading experience like?
1) Platforms and apps
FX Open provides the well-known MT4 forex trading platform. See our MT4 broker comparison for a list of the best MT4 brokers. Traders may trade with their preferred device thanks to the mix of downloading platforms for both Mac and Windows.
They also offers mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.
Still not sure?
Open a practice account & learn to trade
2) Executing Trades
FX Open allows you to conduct a 0.01 Lot trade. This may differ based on the type of account you establish. The maximum trading requirements differ according to the trader and the instrument. Because they provide ECN and STP execution, you may anticipate exceptionally narrow spreads and greater transparency into the price you pay to execute your transactions.
FX Open, as a market maker, may have lower entrance criteria than an ECN broker, which benefits from a higher volume of transactions and usually has higher capital and minimum trading requirements. Market makers generally have a lower minimum deposit, lower minimum trade requirements, and no trading commission.
As an added benefit, FX Open is one of the few brokers who promise no requotes, so you won’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
FX Open also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders, negative balance protection and much more. You can see all of the account features offered by them here.
Finally, we’ve listed some of the popular funding methods that FX Open offers its traders below.
Trading Features:
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
- Offers Negative Balance Protection
Accounts offered:
- Demo account
- Micro account
- Mini account
- Standard account
- ECN account
- Islamic account
Funding methods:
- Credit cards
- Bank Transfer
- Neteller
3) Client support
English, Arabic, Farsi, Turkish, Spanish, Portuguese, French, German, Russian, Thai, Malay, and Indonesian are among the languages supported by FX Open.
4) What you’ll need to open an account with FX Open
As FXOpen is regulated by the Financial Conduct Authority and ASIC, every new customer must go through a few simple compliance checks to verify that you understand the risks of trading and are permitted to trade. When you establish an account, you will most likely be asked for the following information, so have it handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to authenticate your trading experience, so set aside at least 10 minutes to finish the account opening procedure.
While you may be able to browse their platform immediately, it is essential to note that you will not be able to execute any trades until you pass compliance, which might take several days depending on your circumstances.
To start the process of opening an account with FX Open you can visit their website here.
79% of retail investor accounts lose money when trading CFDs with this provider.
