FXOpen Review

3.062 · 232 REVIEWS

FxEgypt

Updated: Dec 31, 2020 · FXOpen.com  · Is this your company?

FXOpen is a forex broker. FX Open offers the Mobile, MT4, MT5 and web trading platforms. FXOpen.com offers over 50 currency pairs, CFD, bitcoin and other cryptocurrencies for your personal investment and trading options.

FXOpen
FXOpen.com is the Nevis branch of FXOpen.

The Australian branch is at FXOpen.com.au.
The UK branch is at FXOpen.co.uk

Also known as:
ForexBrazilian.com, FXOpen.ae, FXOCNMarkets.com, FXIslamic.com, FXFrench.com, FXOpenGermany.com, TradeFXInd.com, FXMalay.com, FXOpen.com.mx, FXOpenThai.com, FXOpenTrading.com.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $1
Established: 2005
Address: P.O. Box 590, Springates East, Government Road, Charlestown, Saint Kitts And Nevis
Contact: sales@fxopen.com, +7-499-346-0960
Regional offices:
Regulators:
Prohibited countries:
Trading platforms: MT4, MT5, WebTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (50+)
Cryptocurrencies: (40+) Bitcoin, Litecoin, Ethereum
CFD: (15+) Gold, Silver, Stock Indexes, Oil
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
PAMM: Yes
ZuluTrade: Yes
Deposit Methods: Bank Wire, VISA, MasterCard, ePayments, FasaPay, IntellectMoney, JCB, Local Bank Transfers, Maestro, Neteller, PayToday, PerfectMoney, Poli, Qiwi, RBK Money, Skrill, UnionPay, WebMoney, Yandex Money
Withdrawal Methods: Bank Wire, VISA, MasterCard, ePayments, JCB, Local Bank Transfers, Maestro

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3.062 · 232 REVIEWS
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Traders Reviews

Nadia Ali,
Agra, India,
Dec 30, 2020,
Guest

Best ECN Broker

Service use: Live

Length of use: over 1 Year

In December 2020 i will complete 6 years of trading with FXOpen. This broker is an ECN Broker so all the trades go into the Inter Bank markets and the Liquidity Providers. This enables me to get my all the orders fulfilled at any time whether it is the release of the High Impact News.

Other Brokers many of who are Market Makers will be trading against you and so you will have a difficult time in earning consistent profits with them.

During these years i have been making consistent income from my trading. When i started trading i was using Webmoney for both Deposits and Withdrwals but in the year 2018 i shifted to Bitcoin as it was easy for me to cashout.

When i make a cashout i am paid in under 3 hours and this is important as the rates of the BTC are moving very fast.
 
Madrid, Spain,
Dec 16, 2020,
Registered user

Unethical charge of commissions on deposits, refusal to refund

Service use: Live

Length of use: 0-3 Months

My experience with FXOpen.com in July-August 2020: I decided to open an account mainly because they offered SEPA transfer in Deposit options: “SEPA transfers allow you to save on commissions, since banks are required to credit the full amount of payment to the beneficiary's account without commission.“ (website). When making a SEPA transfer, the receiving bank was in Russia (not part of SEPA) so I had to pay commissions. I canceled the transfer and made deposit with credit card. My card was charged in Russian rubles and subsequently converted back to Euros, and I was charged a commission of 9.85 euros for the deposit. I made a 2nd deposit with same result.
On July 31, 2020, I enquired about the conversion to rubles and back to Euro and the commissions I was charged. FXOpen replied:
“Right now due to the changes in payment processing of our partner deposits where the nominated currency of credit card differs from the currency of payment can be a subject of a third-party exchanger. In case you see that your deposit is going to be credited through a different currency (for example RUB and not USD in which you are going to send funds) – that means that your amount will be converted to USD by Visa/Mastercard merchant, then our processing partner converts this amount to RUB (according to their new process) and only then they convert this amount back to USD so that we may add funds to the eWallet of the client in the requested currency. You will have double conversion and this operation a third-party exchanger is used which will entail an additional commission. “
“You should carefully check all the aspects and details of your deposit before you complete the transaction in MyFXOpen area. On the deposit page, you will see a special warning (not true) and should check the details of payment. Once you see that your deposit is going to be credited through a currency different from the currency in which you are going to send funds, please do not confirm your transaction. Contact our support team to get the information about the new process and ...check the current currency rate for RUB.”
“If you have already faced with this situation- please provide us with the credit card statement where we can check the details of this transaction (the statement must show the amount of the additional commission that was taken), your name and credit card number on it (first six and last four numbers) and they agree to compensate this additional commission for you.”
“Pay attention that only the first taken commission for the first deposit will be compensated as it is an unusual situation and we, as well as our clients, haven’t been informed in advance about these changes.”
“The commission for all further deposits won’t be compensated and will be the response of a client. Until this situation with a third- party exchanger won’t be solved- we recommend considering any other of the available payment options in MyFXOpen area. “
So I requested the refund of the first commission paid. On August 4, 2020 I got the following email reply:
“Minutes ago we received the response to our message from the payment partner about the requested compensation in the amount 9.85 EURO. Unfortunaly, the provided screenshot cannot be accepted by the partner due to the fact that the screenshot does not contain the bank card number.” (I had sent a photo of the card with clearly visible numbers).
We kindly ask you provide us the bank statement (or screenshot of internet banking) which contains the following details:
- complete name of the cardholder (without any reductions);
- the bank card number (1234 56xx xxxx 7890);
- the transaction in favor of FXOpen and the amount of it.
IMPORTANT: We need to see the URL of the internet banking web page!”
I was unable to meet all these conditions because my credit card was purely online so I didn’t have any specific individual statement for the transaction, it was only in the list of transactions. The URL of the internet banking webpage didn’t seem to satisfy them either, so they didn’t refund the commission.
I decided to withdraw all funds and close the account saying that I would report the case to forexpeacearmy. About 20 minutes later I got a call from FXOpen saying that if I cancelled the withdrawal they would give me a 20% bonus, refund all deposit commissions I was previously denied and give me a special commission-free account.
I equated this with bribery and said I didn’t want to deal with brokers who convert monetary transactions of clients into an income stream. Needless to say I was charged 20€ for the withdrawal, fortunately I was able to cover all the expenses FXOpen caused with some profits I made trading.
So that is my experience with FXOpen. Today Dec. 16 I checked the deposit options on their website and they still offer SEPA bank transfers (not true for me) and also state that “Starting from March 20, 2020, all FXOpen clients will be able to add funds to their accounts without incurring any fees charged by the payment systems.” Not true for me either. They are not the only brokers who are turning deposits and withdrawals into a stream of income. The difference is that FXOpen has all these statements and offers on their website which they don't comply with.
 
Reply by fxo submitted Dec 28, 2020:
Dear Sir,

We are sorry to read about your negative experience with FXOpen and understand your frustration.

Unfortunately in summer the internal procedures of our card processors have changed, which has led to double-conversion. SEPA transfers were also temporarily unavailable for the clients of FXOpen Markets Limited.
We fully understand that it creates both additional charges and inconveniences to our clients.

Therefore, we do our best to make it up to our clients by offering the reimbursement of deposit charges.
In your case, we have also offered you a deposit bonus and a commission-free account as a sign of good will.
Please not that it is fully legal to offer to cover any fees to our clients and cannot be viewed as bribery.

At the moment FXOpen Markets Limited offer commission free SEPA deposits. They are available in FXOpen backend – https://my.fxopen.com

We would also like to stress that our offer still stands – commission free account for 6 months and reimbursement of all deposit related fees conversion fees included (if any).

We wish you a happy new year and we would be honoured to welcome you among our clients again.

All the best,
FXOpen
Zaporizhzhia, Ukraine,
Nov 26, 2020,
Registered user

my trading with FXOpen

Service use: Live

Length of use: over 1 Year

I have been trading with FXOpen since 2012. I like the trading conditions that the company provides to its clients. Low Wednesdays - especially for XAUUSD gold. On an STP account, the spread for five-digit quotes for this instrument is only from 10 to 30 pips. I am especially attracted by the fact that you can trade gold with a leverage of 1: 500. This is a unique advantage at FXOpen because I can trade gold with a small deposit. For me, FXOpen is the best broker in this regard. In addition, over the years of cooperation, I have never had problems with the withdrawal of my profits - always quickly.
In addition to trading, I regularly participate in contests held by FXOpen. I remember the Forex School contest in September 2017, when I was among the prize-winners who received a prize PAMM account of $ 200 from the company. It was super! FXOpen has its own PAMM service. This is an opportunity to get additional profit not only from trading, but also from investments.
I am happy to have found a reliable broker with an FCA license.
 
Cairo, Egypt,
Nov 25, 2020,
Registered user

Review of my experiences

Service use: Live

Length of use: over 1 Year

Welcome dear traders
My name is Heno
I'd love to share with you my experience with FXOpen
Since about 2004 I have been searching for ways to profit on the Internet and I have been doing this for several years until I realized that all of this was not working.
And then I heard about Forex brokers that I also couldn't believe in
Until some friends advised me to try FXOpen and I did it already and since around 2018 until now I am trading with them
And I have already found that I can profit on the Internet by trading forex, as sometimes I can win not a small amount of money and this is beside the pleasure of trading
I advise all new traders to try forex trading through FXOpen, because they are a respectable and honest company and have many licenses and also have many trading platforms and they also have their own new platform and a novice trader can open a demo account and trade on the demo account so that he can train on Trading knows that FXOpen is a respectable company
And another advice for a novice trader, do not rush before opening deals. Just watch the market well and when the trend stabilizes and analyze the market well, then you can make the decision to open deals.
 
Cairo, Egypt,
Nov 24, 2020,
Registered user

My experiences with FXOpen

Service use: Live

Length of use: over 1 Year

hello traders my name is mona makien i want to tell you about my experience with FXOpen , i am a old women and was hard to belive in that new things to me , but my nephew convised me to try it , and i did by little money at first but i found that i lose , so my nephew start to learn me how to trade , and he advise me to read about the trading in FXOpen forum that is wroten by many language , from this time i found my self earn some money , about FXOpen they are honest , and the dealing with them so easy , so my advise to all new tradres , read more about trading in FXOpen forum , then start in save way with FXOpen
 
Alex, Egypt,
Nov 23, 2020,
Registered user

my name is sabor

Service use: Live

Length of use: over 1 Year

and i want to share my experience with all the new traders in the trading world , with my experince in FXOpen , i am a trader from 2011 until now , and i tried many company for trading , but i found the best one until now is FXOpen , so i am with them now , they are honest company , have many trust license in trading , and the contact with them so easly , and they have many options in trading and also many pairs currency , i did not met any problems with them until now , so if you are a new trader , or even old trader, come and join us for free in FXOpen , you will see the differnce by your own eyes,
My advice to every beginner trader First, choose the honest company that you will trade with, such as FXOpen After that, you can train in trading by opening a free account without any money and then you can start with real money by opening a real account Do not try to greed or compensation. Just analyze the market well before trading and after that start trading with FXOpen and enjoy the many discounts offered by the company as well as prizes and fun competitions that continue throughout the year at FXOpen
 
fayoum, Egypt,
Oct 19, 2020,
Registered user

I have been actively trading with the company since 2012

Service use: Live

I have been actively trading with the company since 2012, I haven't had serious problems with the company, and I have a number of friends who work with it and haven't had problems.

Features:
• the portfolio system that the deposit does not go to the trading account directly you determine this and this facilitates the capital management process.
• withdrawals are made quickly.

Defects:
The means of deposit and withdrawal are not very large but the company adds it on an ongoing basis.

Tip:
Who has a problem talking to the support or opening a support ticket and you will find the solution to your problem for sure.
 
Ilias Ali,
Uttar Pradesh, India,
Oct 16, 2020,
Guest

Truly Professional and Reliable Broker

Service use: Live

Length of use: over 1 Year

After trading for 5 years with FxOpen i think now it is time to tell about my trading experiences with this broker. I started trading in the STP trading account and after trading in the STP account for 2 years i could say that the speeds of execution and the spreads were very low and stable.

For me to become a Full time trader i decided to start using the ECN trading account of FxOpen and here i could get very low spreads which also helped me in earning more profits from my trades.

I almost make my withdrawals after the trading is closed on Friday and they come in the night without fail, I am happy with this broker.
 
São Paulo, Brazil,
Oct 12, 2020,
Registered user

Tried to deposit funds with them, but it wasn't credited

Service use: Live

Length of use: 0-3 Months

I wired funds to my trading account but it has been more than more than a week and since then my funds haven't been credited. Tried to contact the support team twice but no solution has been presented. Stay away.
 
Reply by fxo submitted Oct 19, 2020:
ISFurlan,

Thank you for your comment. Please, contact us at contact@fxopen.com.

Best regards,
FXOpen team
sa, Saudi Arabia,
Jul 23, 2020,
Registered user

slove my problem miss understanding

Service use: Live

Length of use: Have not used

fx open slove my problem
miss understanding betwen me and company
deposite is done
thnkas

Jul 10, 2020 - 1 Star this company is worst forex They stole my deposit deposite 4.73etherum==+-1150$ after deposite they ask for satement and applaction for money laundry after i told him i cant make statment from my exchanger (Yobit.net)(there is no download option statement in Yobit.net and i have 78 pages) they told me fxopen refund money for sender(first time i hear is refund in cryptocurency) and fxopen told me my ether is refund i ask him for days send me hash id that i can told exchanger and try to restor my ether no one answer for hash
after month fxopen refund etherum to diffrent address

https://etherscan.io/address/0xb3ccb1ca7ab8b1ee58c292b940f6bab8c0e82708

ticket no1448592
 

Frequently Asked Questions

Is FXOpen regulated?

FXOpen consists of a group of companies, which through its subsidiaries is regulated in 3 jurisdictions.

  • FXOpen Markets Limited operates through fxopen.com, is registered in Nevis under the company No. C 42235, and a member of The Financial Commission.
  • FXOpen UK a trading name of FXOpen Ltd operates through fxopen.co.uk, is authorised and regulated by the Financial Conduct Authority under FCA 579202.
  • FXOpen AU Pty Ltd operates through fxopen.com.au, is authorised and regulated by the Australian Securities & Investments Commission (ASIC), under AFSL 412871.

Is FXOpen a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if FXOpen is a good broker. https://www.forexpeacearmy.com/forex-reviews/2943/fxopen-forex-brokers

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent FXOpen community discussions: https://www.forexpeacearmy.com/community/tags/fxopen/

What is the minimum deposit for FXOpen?

The minimum deposit for FXOpen varies depending on the account types.

  • Micro account: the minimum is $1
  • STP account: the minimum is $10
  • ECN account: the minimum is $100

What is the leverage levels for FXOpen ECN?

Leverage levels available for FXOpen ECN accounts are as following:

  • 1:1 - 1:500 for accounts from $100 up to $25,000
  • 1:1 - 1:200 for accounts from $25,000 up to $100,000
  • 1:1 - 1:100 for accounts from $100,000 up to $1,000,000
  • Negotiable over $1,000,000