FXopen UK Review

Regulation - 5/5

Is FXopen a Trustworthy Forex Broker?

Yes, FXopen is a trusted & legit forex broker because they are regulated bu the Financial Conduct Authority (FCA) here in the United Kingdom.

FXopen UK is also a registered member of the Financial Services Compensation Scheme (FSCS) so investor protection is available up to 85,000 GBP for eligible UK traders only.

Deposit & Withdrawal - 4/5

What Is The Minimum Deposit in FXopen?

The FXopen minimum deposit is 10 GBP for credit/debit cards & 50 GBP for instant bank transfer.

For wire transfer the minimum deposit is 300 GBP.

You can make a deposit through International bank transfer (SWIFT), Bank Cards & Instant local bank Transfer.

What Is The Minimum Withdrawal in FXopen?

The FXopen minimum withdrawal amount is 10 GBP for Visa/Master card withdrawals.

For withdrawals via online banking, the FXopen minimum withdrawal increases to 50 GBP.

How Long Does FXopen Withdrawal Take?

FXopen withdrawals to your bank account will take from 1 to 3 working days. However, withdrawals to your credit/debit card will take from 2 to 5 working days.

Does FXopen Charge Withdrawal Fees?

FXopen does not charge withdrawal fees on local bank & card withdrawals. The only time you will be charged a withdrawal fee, is when you withdraw through international bank transfer using another currency outside GBP.

Range of Accounts - 4/5

1. ECN Account (300 GBP Minimum Deposit)

The FXopen ECN Account is a commission-based account where you pay commissions on every trade in exchange for raw unmarked spreads.

The ECN Account is ideal for expert traders & scalpers whose strategies rely heavily on low spreads.

2. STP Account (300 GBP Minimum Deposit)

The FXopen STP Account is a spread-only trading account where commissions are nonexistent because they have been collapsed into the spread.

One limitation of the STP Account is that you are restricted to only trading Forex & Metal CFDs.

You will get higher spreads on this account, but the simplistic pricing style is ideal for starters.

Account Management - 3/5

What Leverage Is Available at FXopen?

FXopen offers leverage up to 1:30. However, when opening your account you can choose to reduce the leverage to 1:10 or 1:1.

What Account Base Currency Does FXopen Offer?

FXopen in the UK offers GBP, EUR & USD as the base currencies your account balance & transactions can be displayed in.

How To Open An FXopen Trading Account

Step 1: Registration & Profile Creation

Visit the FXopen website & click on sign up, then select your country of residence to begin your account opening application. Personal Account & Corporate Accounts are o the menu but Joint Accounts aren't.

Also FXopen account opening doesn't let you register using your google, twitter, or apple profile which would have made the process faster. So, go ahead and enter your email & create a password the manual way.

Enter your name exactly as it appears on your ID, complete some survey, enter your UK phone number to enable 2FA, then select your preferred account type.

After this your registration will be completed & your newly created account will be ready. Your account password will be displayed on the screen for you to copy.

Step 2: Verification

Snap & upload your Passport, Drivers license, Residence Permit or ID Card; so FXopen can use it to verify your identity.

After your documents have been verified, your FXopen account will be activated for live trading.

Range of Markets - 3/5

1. Forex CFDs

At FXopen UK, you can trade over 50 currency pairs using ECN pricing or STP pricing. You also get live price feeds and level 2 market depth & leverage is up to 1:30.

2. Index CFDs

FXopen has NASDAQ Mini & other popular indices which you can trade with up to 1:20 leverage.

3. Commodity CFDs

At FXopen you don't get much of Commodities; you only get Gold, Silver, Oil & Natural Gas CFDs.

4. Share CFDs

You get access to around 10+ US & Hong Kong Share CFDs; which is quite small.

FXopen Fees - 3.8/5

1. Spread

The ECN Account spreads start from 0.0 pips but you pay commissions as well.

The STP Account spread is floating so there is no starting or minimum spread. It keeps fluctuating according to market forces.

2. Commissions

Because ECN Accounts offer almost zero spreads, you must pay a commission of $3.5 per side each time you trade. However, the higher your account balance is, the lower the commission you will be required to pay.

For example if your account balance is above $250,000 then you will pay a lower commission of $1.50 per side etc.

You also pay lower commissions if you trade high volumes of an instrument.

For example even if your account balance is below $1,000 & you trade a notional value of $250 million, you will still pay lower commission of $1.50 per side etc.

3. Rollover Fees

FXopen charges rollover fees when you leave your CFD position open overnight. Islamic Accounts are also available for Muslim traders, but you pay an extra commission to make up for the rollover fees you are not charged.

4. Inactivity Fees

FXopen inactivity fee is $10 & is levied on accounts that have been dormant for 6 consecutive months and above.

Trading Tools - 3.5/5

1. Level 2 Market Depth Plugin

FXopen offers a plugin that enables you see level 2 market depth so you know the price at which other traders have set pending orders to enter the market at.

2. Currency Conversion Calculator

The FXopen currency rate converter helps you calculate the latest exchange rate for any currency. This improves transparency as you will know if you are being overcharged for currency conversion.

3.VPS

FXopen offers a VPS server for hosting your automated trading programs with uninterrupted network connection. FXopen VPS is free for UK clients.

FIX API

FXopen has a FIX API tool for programming your own trading robot. The API allows you extrct data from FXopen & feed this data to your trading robot.

To use the FXopen FIX API, you must have an account balance of $25,000 and above.

Trading Platforms - 4/5

1. MetaTrader

FXopen has MT4 & MT5 platforms available to both ECN & STP Account users. However, FXopen does not provide MetaTrader support tools like free EAs.

2.TradingView

FXopen is a TradingView broker; meaning you can use your FXopen account, to connect to the TradingView platform & trade from advanced charts.

3. Tick Trader

Tick trader is available on android & apple phones; It also has a desktop and web version.

Customer Support - 4/5

1. Live Chat

FXopen live chat is available always and you get an instant response from a human and not a bot.

2. Personal Account Manager

FXopen assigns Personal Account Managers to every client so you can reach out to them to resolve issues at any time.

3. Telephone Support

FXopen offers telephone support but it is not toll-free.

4. Email Support

FXopen email support is available 24/5 and during working days, you get a response within 3 hours.

Final Verdict - 8/10

FXopen is one of the best forex brokers for expert traders because of their ECN Account, pricing style, and advanced tools for automated trading.

However, FXopen is not ideal for beginners because the STP Account spreads can be high, the trading tools are too advanced & there is no beginner education.