Question 1

Is FXOpen a regulated broker, and what investor protections are available?

Accepted Answer

Yes, FXOpen is regulated by several financial authorities. Specifically, FXOpen UK Ltd is regulated by the UK’s Financial Conduct Authority (FCA), offering investor protection up to £85,000 through the Financial Services Compensation Scheme (FSCS). FXOpen EU Ltd operates under the Cyprus Securities and Exchange Commission (CySEC), providing protection up to €20,000 via the Investor Compensation Fund (ICF). However, FXOpen Markets Ltd, based in Nevis, operates under a lower-tier regulatory framework and may not offer the same level of investor protection. All entities generally provide negative balance protection and segregated accounts for client funds.

Question 2

What is the minimum deposit required to open an account with FXOpen?

Accepted Answer

The minimum deposit at FXOpen varies by account type. For a Basic ECN Account, the minimum deposit is $300. Other tiered accounts, such as Classic, Advanced, and Elite ECN, require higher minimum deposits ranging from $1,000 to over $250,000, depending on the account level and associated benefits. It is also important to note that global clients (outside the UK and EU) might be able to open STP accounts with a minimum deposit of $10, and ECN accounts with $100.

Question 3

What trading platforms does FXOpen offer to its clients?

Accepted Answer

FXOpen provides a variety of trading platforms to suit different trader preferences. These include the widely recognized MetaTrader 4 (MT4) and MetaTrader 5 (MT5), as well as TickTrader and TradingView. These platforms offer flexibility for various skill levels and trading strategies, with features like advanced order types, one-click execution, and customizable alerts.

Question 4

What are the typical fees and commissions when trading with FXOpen?

Accepted Answer

FXOpen utilizes a transparent, commission-based ECN pricing model. Spreads on FX pairs can start from 0.0 pips, with tiered commissions applying on top. For most ECN accounts, commissions begin at $3.50 per lot per side and can decrease to as low as $1.50 per lot per side for high-volume traders on Elite ECN accounts. Cryptocurrency trades on TickTrader incur fees ranging from 0.25% to 0.03% per side. Additionally, FXOpen may charge an inactivity fee of $10 per month after 90 days of dormancy, and while it generally covers internal deposit/withdrawal fees in regulated regions, third-party charges may apply.

Question 5

Is FXOpen beginner-friendly?

Accepted Answer

FXOpen offers a functional but lean educational offering, primarily targeting traders with some prior knowledge of financial markets. While it provides essential how-to guides and platform walkthroughs, it lacks structured academies, live webinars, or in-depth tutorials often sought by absolute beginners. The minimum deposit for some ECN accounts is $300, which might be high for new traders. However, for those outside the UK and EU, STP accounts can be opened with a minimum of $10 and ECN with $100. They do offer demo accounts, negative balance protection, and support common platforms like MT4, which can be helpful for beginners.

Question 6

What are FXOpen\'s deposit and withdrawal methods and associated fees?

Accepted Answer

FXOpen supports various deposit and withdrawal methods including Visa/MasterCard, bank transfers, and e-wallets like Skrill, Neteller, WebMoney, and Perfect Money. For TickTrader users, cryptocurrency deposits and withdrawals (Bitcoin and Tether) are also available. Deposits via e-wallets and cards are typically instant, while bank transfers can take 1-3 business days. Withdrawal processing usually takes up to 24 hours (2-5 business days for cards, 1-3 business days for bank transfers, and up to 5 business days for international bank transfers). While FXOpen generally covers internal deposit fees, third-party processing charges may apply, particularly for clients under FXOpen International (Nevis) or for crypto transfers. Specific minimums for deposits and withdrawals apply based on the method and account type.

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