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FX Open Broker Review

Author Author:  Jeffrey Cammack Published: Jan 7, 2020
Editor Editor:  Chris Cammack Updated: Sep 18, 2023

Last Updated On Sep 18, 2023

Jeffrey Cammack
Broker Score
3.07 3.07 / 5
🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 16
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertFxScouts does NOT recommend FXOpen due to insufficient regulation.We suggest you continue your search using our approved brokers list.

Last Updated On Sep 18, 2023

Jeffrey Cammack

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.


Forex trading in India is illegal for non-professional traders, and the Securities Board of India (SEBI) tightly regulates professional Forex trading due to concerns over capital flight. Most Indian Forex traders use foreign “offshore” Forex brokers and fund their trading via online payment providers. For more information, click here.

Our verdict on FX Open

FXScouts does NOT recommend FX Open due to insufficient regulation. We suggest that you find an alternative regulated broker governed by processes designed to protect your funds.

FX Open offers clients the full MetaTrader suite, ample ways to deposit money on their platform, and a variety of trading account using either STP or ECN execution. Our concern for new traders signing up with this FX Open is the lack of regulation and governmental oversight, and lack of transparency in how they publish their spreads and trading commission.

🏦  Min. DepositUSD 5
🛡️  Regulated By
💵  Trading Cost 
USD 16
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Trust Rating
100001/ 5
Trading Conditions
111003/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111104/ 5
Education & Research
110002/ 5
Assets Available
111104/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Welcome Bonus

Account Information

Base Currencies
USD, AUD, CHF, EUR, GBP, JPY, RUB, SGD
Number of FX Pairs
50
Crypto Pairs
40
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Trading Desk
Commission
10 USD / lot - ECN Accounts
EUR/USD
0.30 pips
GBP/USD
0.90 pips
USD/JPY
0.90 pips
Negative Balance Protection

Company Details

Company Name
FXOpen Markets Limited
Founded
2003
Website Language
English
Support Language
English
Office Locations
United Kingdom, Australia, Cyprus, St Kitts

Pros

  • #N/A

Cons

  • #N/A
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Account Types
Min. Deposit
Max. Leverage
Min. Spread
Commission
Crypto
USD 10
10:1
0
1% of Transaction Volume
Account Details
ECN
USD 100
500:1
0.0
10 USD / lot
Account Details
Micro
USD 1
500:1
0
Spread Only
Account Details
STP
USD 10
500:1
0
Spread Only
Account Details

 

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

Vanessa Marcos
Financial Writer

Vanessa joined the team in 2023. Born and raised in southern Portugal, she has a BA in Journalism and a Master’s in Literary Theory, both from Lisbon University. Since 2011, she has worked in social media, copywriting, content management, ghost-writing, and SEO. Vanessa loves to write, and although she is a generalist in digital marketing, she always draws on her creativity in her work. She is constantly researching new subjects and finds the analytical depth of Forex trading fascinating.

AlertFxScouts does NOT recommend FXOpen due to insufficient regulation.We suggest you continue your search using our approved brokers list.
Find An Approved Broker
Broker Score
3.07 3.07  / 5
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FX Open Financial Regulation

Regulator License
Regulator License

FX Open Trading Cost Comparison

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