FX Open Review 2020

FX Open Rated 3/5
learn more Learn more about eToro. 75% of retail investor accounts lose money when trading CFDs with this provider.

FX Open Guide

FX Open are an online broker founded in 2005 offering Forex trading, and Social Trading trading.

FX Open are a global broker and have a head office in New Zealand.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of FX Open we break down the pros and cons. What FX Open are able to offer, what countries FX Open are available in. Who FX Open are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with FX Open

Open FX Open's Website

Your capital is at risk

At the bottom of this review you can also learn about some pretty good alternatives to FX Open

With this review we hope to help you see if FX Open is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding FX Open that will help you get off to a good start in the world of online trading.

FX Open Review Table of Contents

FX Open what you should know

FX Open offer two ways to trade: Forex, Social Trading.

With FX Open you will need a minimum deposit of $1. You can sign up for a demo account to acquaint yourself with FX Open platform.

FX Open are able to accommodate various levels of traders whether you are experienced or a beginner.


Are FX Open safe?

When choosing a broker like FX Open the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2005, and in operation for 15 years FX Open have a head office in New Zealand.

FX Open is regulated. This means FX Open are supervised by and is checked for conduct by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to FX Open, this will be honored. If FX Open violate any regulatory rules their regulated status could be stripped.

Any payments funded to FX Open accounts by traders are held in a segregated bank account.

For added security FX Open use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with FX Open. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit FX Open

Your capital is at risk

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Broker FX Open eToro XTB Trading212
Year Established 2005 2006 2002 2006
Head Office New Zealand Cyprus, UK Poland UK
Regulation Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
Used By 10,000+ 12,000,000+ 250,000+ 14,000,000+
Negative balance protection Yes No Yes Yes
Guaranteed Stop Loss No No No Yes
Learn More Visit FX Open Visit eToro Visit XTB Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

FX Open Pros and Cons

What we like about FX Open

  • Used by over 10,000 traders
  • Established in 2005
  • Regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC)
  • Min. deposit from $1

What we don't like about FX Open

FX Open Financial Regulation and Supervision in more detail

We have checked and FX Open is regulated and supervised by reputable organisations. You are able to check every FX Open supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with FX Open. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client's investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect FX Open traders and provide a safe trading environment.

FX Open is governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as FX Open you should be sure they're legitimate online agent.

FX Open General Fees

  • FX Open withdrawal fees varies on payment method
  • FX Open does charge inactivity fees
  • FX Open does charge deposit fees
Broker FX Open eToro XTB Trading212
Min Deposit 1 200 0 1
Withdrawl Fees Yes Yes varies No
Inactivity Fees Yes Yes No No
Deposit Fees Yes No No No
CFD Commission Fees 0.28 points No Yes No

FX Open Commissions

  • FX Open does charge commission on CFD instruments.

What can you trade with FX Open?

You can trade a wide variety of instruments with FX Open over 100 instruments infact.

If you are looking at trading currency pairs FX Open offer over 50 currency pairs.

Compare FX Open with eToro and XTB below.

Your capital is at risk

Broker FX Open eToro XTB Trading212
Instruments Available 100 100 1,500 3000
Platforms MT4, Mac, Mirror Trader, ZuluTrade, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps
FX / Currencies Visit FX Open Visit eToro Visit XTB Visit Trading 212
Forex pairs offered 50 50 50 177
Major forex pairs Yes Yes Yes Yes
Minor forex pairs Yes Yes Yes Yes
Exotic forex pairs Yes Yes Yes Yes
Cryptocurrencies Yes Yes Yes Yes
Commodity CFDs Visit FX Open Visit eToro Visit XTB Visit Trading 212
Commodities Offered 0 0 21 14
Metals Yes Yes Yes Yes
Energies Yes Yes Yes Yes
Agricultural No Yes Yes Yes
Indiced & Stock CFDs Visit FX Open Visit eToro Visit XTB Visit Trading 212
Stocks Offered 0 957 1696 1731
UK Shares No Yes Yes Yes
US Shares No Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares No Yes Yes Yes

Trading on FX Open web platforms and other applications

FX Open offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

An FX Open IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

FX Open also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See FX Open's platforms

FX Open Trading benefits :

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

FX Open Trading Accounts Offered :

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

Can I try FX Open before I buy?

FX Open offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

FX Open withdrawl and funding methods.

FX Open offer the below funding payment methods. learn more about FX Open

  • Credit cards
  • Bank Transfer
  • Neteller
  • UnionPay
Broker FX Open eToro XTB Trading212
Bank transfer Yes Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes Yes Yes
Skrill No Yes Yes Yes
Payoneer Yes Yes No
Neteller Yes Yes Yes No

How can I start trading with FX Open?

When opening a trading account with FX Open, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on FX Open trading platforms here.

Performing trades with FX Open

FX Open allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As FX Open offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you‘re paying to execute your trades.

FX Open are one of very few brokers that claim to have no requotes, so you don'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 instruments.

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 FX Open here.

FX Open Leverage and FX Open CFDs Explained

let's take a look at some of the basics of using FX Open leverage.

FX Open offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

FX Open leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the FX Open trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The FX Open leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

FX Open CFDs are typically used for short to medium term trades. For example FX Open intraday trading.

Limiting Your Risk When Trading with FX Open Negative Balance Protection

We should say something about negative balance protection with FX Open. When trading using leverage an adverse move could result in losing more than your trading account balance at FX Open. Your FX Open account could potentially become negative. We recommend you making use of negative balance protection. Using negative balance protection ensures your losses will always be limited to the current balance of the money in your account.

Limit Risk When Trading with FX Open Stop Loss, FX Open Stop Limit Orders

A stop-loss order is an order placed with a broker like FX Open to buy or sell once the stock reaches a certain price. A stop-loss is designed to limit a traders loss on a security position.

Most traders need to use stop losses to protect themselves from huge risk unless the trade is hedged against another trade or the trader is not using leverage. Circumstances differ depending on the trade and the markets.

Education resources at FX Open

To trade effectively with FX Open, it's important to get a have a good understanding of the FX Open trading tools and the markets.

FX Open offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with FX Open.

Take time to look around the FX Open platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at FX Open

FX Open support a wide range of languages including English, Arabic, Farsi, Turkish, Espanol, Portuguese, French, Deutch, Russian, Thai, Malay, Bahasa

FX Open have a double AA grade support rating because FX Open offer live chat and email support in multiple languages.

Livechat Support at FX Open

We tested the FX Open live chat and it works well. We sent messages to FX Open livechat through their app and website and recieved a response within 30 seconds.

We tested communicating with FX Open support in multiple languages in multiple countries. FX Open where able to quickly resolve our customer issues.

Email Support at FX Open

We sent several emails to FX Open and answer times overall were excellent. The fastest response from FX Open was less than 15 minutes and the slowest response was 7 hours. Support response times may vary for you with FX Open, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall very good email support from FX Open.

Phone Support at FX Open

FX Open does not offer Phone Support.

See how FX Open Support Compares Against Other Brokers

Broker FX Open eToro XTB Trading212
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, Arabic, Farsi, Turkish, Espanol, Portuguese, French, Deutch, Russian, Thai, Malay, Bahasa English, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish English, Deutsch, Nederlands, Espanol, Francais, Italiano, Polski, Srpski, Norsk, Svenska, Cesky, РУССКИЙ, Romana, Turkce, العربية, 中文
Learn More Visit FX Open Visit eToro Visit XTB Visit Trading 212
Risk Warning Your capital is at risk 75% of retail investor accounts lose money when trading CFDs with this provider. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

What you will need to open an account with FX Open

As FX Open is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these 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 confirm how much trading experience you have, so it's best to put aside at least 3 minutes or so to complete the account opening process.

While you might be able to explore FX Open's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with FX Open you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.fxopen.com on 12th August 2018.

Is FX Open A Good Broker?

We spent over 3 months examining FX Open in depth. Although we found some very useful aspects of the FX Open platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative FX Open broker.

  • FX Open have a good track record of offering Forex, Social Trading.
  • FX Open has a history of over 15 years.
  • FX Open has a reasonable sized customer support of at least 10.
  • FX Open are regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). This means FX Open fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • FX Open have regulation from a Tier 1 reputable country.
  • FX Open has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • FX Open have an international presence in multiple countries. This includes local FX Open seminars and training.
  • FX Open are able to hire people from various locations in the world who can better communicate in your local language.

FX Open Risk Disclaimer

Your capital is at risk

FX Open not quite right?

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FX OPEN Frequently Asked Questions

Can I try FX Open before I buy?

FX Open offer a demo account so you can try before you put down and payment. Learn more here

What funding methods do FX Open accept?

FX Open offer the following funding payment methods accept Credit cards, Bank Transfers, Neteller, Wire Transfer, among other payment methods.
Learn more here

Your capital is at risk

Is FX Open safe?

FX Open are considered safe as they are regulated by and checked for conduct by the Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). Any payments funded to FX Open accounts by traders are held in a segregated bank account. For added security FX Open use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is FX Open trading good?

FX Open is considered good and reputable to trade with. FX OpenFX Open is used by over FX Open active traders. FX Open offers Forex trading, and Social Trading trading. Minimum deposit with FX Open is mindeposit.

Is FX Open trading Legit?

FX Open was founded in New Zealand in 2005. FX Open has been facilitating trade on the financial markets for over 15 years. FX Open offers clients Forex trading, and Social Trading trading. All funds deposited to FX Open are held in segregated tier 1 bank accounts for security. FX Open is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) so can be considered legit.

Is FX Open a good broker?

FX Open is overseen by the top tier financial regulators Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) so can be considered a good broker.FX Open allows Forex trading, and Social Trading trading.

Is FX Open trustworthy broker?

FX Open can be considered trustworthy. All money funded to FX Open is placed into a segregated tier 1 bank account. this means your money in not held by FX Open directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also FX Open is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC).

What is the minimum deposit for FX Open?

The minimum deposit to trade with FX Open is 1.

How long do FX Open withdrawals take?

Withdrawing money from FX Open processing time varies but averages 2-5 days.

Is FX Open regulated?

FX Open is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC).

Is FX Open a market maker?

FX Open is a market maker. Stocks, currency and other commodities and instruments will be purchased by FX Open even if no buyer is lined up.

How can I start trading with FX Open?

When opening a trading account with FX Open, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on FX Open trading platforms here.

Is my money safe with FX Open?

FX Open is regulated by Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC). One of the most important criteria for traders when choosing a broker like FX Open is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to FX Open, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is FX Open a con?

FX Open is regulated and well established having been in business for over 15 years. FX Open is definitely not a con.

Can you make money with FX Open?

Although traders have had great success with FX Open. Trading on the financial markets with FX Open is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Your capital is at risk.

Does FX Open have fees?

FX Open withdrawal fees varies on payment method. FX Open does charge inactivity fees. FX Open does charge deposit fees.

When was FX Open founded?

FX Open was founded in 2005.

How many people use FX Open?

FX Open is used by over 10000 registered traders.

What is FX Open Headquarters country?

FX Open has its head quarters office in New Zealand.

Does FX Open offer negative balance protection?

FX Open offers negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does FX Open offer guaranteed stop loss?

FX Open does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does FX Open allow scalping?

FX Open offers scalping.

Does FX Open allow hedging?

FX Open offers hedging.

Does FX Open offer CFD trading?

FX Open offers CFD trading.

Does FX Open offer STP?

FX Open offers STP trading.

How many people use FX Open?

FX Open is used by over 10000 traders.

Is FX Open an ECN broker?

FX Open offers ECN trading.

Does FX Open offer a demo account?

FX Open offers a demo account.

Does FX Open offer an Islamic account?

FX Open offers a Islamic accounts.

What are the funding methods for FX Open?

FX Open accept the following funding methods : Credit cards, Neteller, UnionPay, Bank Transfer.

FX Open review written by Andrew Blumer and Mark Hansen

We hope you found our review of the FX Open brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

FX Open review written by Mark Hansen of Comparebrokers.co