FXOpen Review: Reliable Broker or Scam?

FXOpen review – Want to invest in the markets? Then you need a quality broker, and FXOpen may be a good fit. It is a fairly well-known brokerage firm internationally that has already won over many investors. Before signing up, though, make sure it is right for you. To help, here is our detailed 2025 FXOpen review.

FXOpen Review: What Clients Say

If you have never used this broker, it makes sense to hear from those who have. That is why we have gathered some client reviews of FXOpen.

If this topic interests you, also see “CryptoTab Browser Review” and “Best Scalping Broker“.

Who Is FXOpen?

FXOpen is a brokerage firm specialising in forex trading and a few other market assets. The broker was founded in 2003 in Egypt. When it really started to become known in 2005, FXOpen left Egypt to set up its headquarters in Australia. FXOpen also has an office in the United Kingdom, at 80 Coleman St, London EC2R 5BJ, United Kingdom. That said, FXOpen is not among our picks for the best French broker.

The broker’s aim is to bring professionalism, greater ease and security to trading. FXOpen also presents itself as the ideal broker for retail traders and institutional investors. This 2025 FXOpen review will tell us whether it lives up to its claims.

Trading With FXOpen Gives You:

• A good range of trading accounts
• Minor and major forex pairs
• A reliable, regulated trading environment
• Direct execution on the interbank market
• An attractive affiliate programme
• A pleasant visual interface

Is FXOpen an ECN Broker or a Market Maker?

Rather than making the market and becoming your counterparty, FXOpen prefers to pass your orders directly to the market. It is therefore an ECN broker. This lets you benefit from competitive prices, and fees and spreads are lower. The main advantage of this execution model is transparency. With an ECN broker such as FXOpen, you can be sure the broker cannot manipulate the market in its favour. The drawback is that you are more exposed to slippage, since orders are executed on the real market.

FXOpen Key Figures

Here is a set of data summarising the broker FXOpen.

What Leverage Is Available at FXOpen?

If you are looking for a broker that can give you plenty of financial firepower, you need to consider the leverage available. So what about FXOpen? You may be disappointed: this broker offers no more than 1:100 leverage for retail traders. Its maximum leverage is 1:500, and it is reserved for professional traders. On this point, our FXOpen review is negative. With such limited margin for retail traders, you cannot give your positions much financial firepower. Vantage, on the other hand, gives retail clients generous leverage if they are outside Europe.

What Products Can You Trade on FXOpen?

FXOpen’s product range is underwhelming. Compared with brokers such as eToro, we have seen better. FXOpen only offers a few instruments:

• Fiat currency pairs (forex) such as EURUSD, GBPCHF, etc.
• Precious metals such as gold and silver.
• Indices
• Commodities: oil and natural gas.

For now, FXOpen offers nothing more. However, it promises to add more for its clients, and instruments such as bonds and ETFs may become available soon.
Note: most of these assets are available as contracts for difference (CFDs). Futures contracts are not yet available on the site.

Deposits and Withdrawals at FXOpen

Trading on FXOpen is done with real money, which means funding your account. The broker provides several payment methods for this:

• bank transfers
• credit cards such as Maestro, MasterCard, Visa and JCB
• E-wallets: AdvCash, Perfect Money, ePay, WebMoney

The minimum deposit at FXOpen depends on the payment method you choose. However, the minimum amount to invest with this broker is $1. That said, a deposit of $10,000 (or €10,000) is preferable to start.

The payment methods listed above can also be used for withdrawals. Processing times depend on the method chosen:

• Bank transfers take 1 to 3 days to process
• Credit cards take 1 day to process
• E-wallets are instant for deposits and take at most 1 day for withdrawals.

Our FXOpen review on payment methods is therefore positive. It has as many efficient methods as the broker AxiTrader.

How to Contact FXOpen

This broker is available 24 hours a day, 5 days a week, so you can reach it Monday to Friday without restriction. It provides the following contact details:

• Phone: +33-979-998-040 (France)
• Live chat on the broker’s website

Is FXOpen Legit? Should You Trust It in 2025?

Deciding whether to trust a broker should be based on certain criteria. We advise you to research the broker first. Find out whether it has ever scammed a client or committed fraud. Then look at its regulation to make sure it is legitimate.

FXOpen’s Scam History

One thing is certain: FXOpen has never scammed anyone. Nor has it ever been prosecuted for fraud by a government or any institution. All accusations against it can therefore be considered mere rumours. FXOpen is not guilty of any of the scams some people allude to.

Is FXOpen Legal?

FXOpen is indeed legal. It holds licences issued by two of the most respected regulators in the world:

• The UK Financial Conduct Authority (FCA)
• The Australian Securities and Investments Commission (ASIC).

With no history of fraud and solid regulation, our FXOpen review is positive. You can trust this broker.

Does FXOpen Exist in France?

There is no FXOpen office in France. However, the broker is well suited to French-speaking traders. French is among the languages it supports, and its customer service is also available in French. So even though FXOpen has no office in France, it remains a broker that caters to French clients.

Is FXOpen an AMF Broker?

An AMF broker is any broker recognised by the Autorité des Marchés Financiers. This is not the case for FXOpen, which is not regulated by the AMF. However, it is still welcome in France, no doubt thanks to its FCA regulation, which follows ESMA requirements. If you are sceptical, you can check that FXOpen is not on the AMF blacklist.

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Fund Protection Measures at FXOpen

Like any serious broker, FXOpen has put several security measures in place to protect your assets:

• Segregated accounts. FXOpen holds your deposits in accounts separate from its own
• Client compensation in the event of bankruptcy. Normally, FXOpen must pay out up to GBP 85,000 to all clients registered under its FCA licence.

Of course, the broker also carefully protects your personal data, which protects you against breaches.

Awards Received by FXOpen

It is not a highly decorated broker like Vantage, but FXOpen has had its moment of glory, as shown by its award as Best ECN Broker of 2012 from the Masterforex-V International Trading Academy. FXOpen also won the gold medal for the best MetaTrader 4 ECN trading platform. So on this point, our FXOpen review is positive. These awards reflect the broker’s efforts.

FXOpen Trading Accounts

Here are the trading accounts available at FXOpen:

• The FXOpen demo account: the free version that lets you practise
• The Micro account: you only need $1 to start investing on this account. It charges no commission on your trades.
• The STP account: it charges no commission and offers 1:500 leverage. It requires a minimum investment of $10.
• The ECN account, which connects you to other market participants. For this account type, deposit at least 100 currency units. You get 1:500 leverage. However, this account charges commissions on your trades.

Despite the lack of an Islamic account, our FXOpen review is positive. It has enough accounts to satisfy all trader profiles.
Note: an FXOpen PAMM account is also available. If you are an account manager, this is what you need.

FXOpen Fees

You have to bear some charges to trade on FXOpen. Mainly, the broker charges spreads and commissions.

Spreads are the difference between market prices (bid and ask). Commissions are charges the broker applies for the service it provides. It is important to check these aspects, as they show how flexible the broker is.

Spreads

Spreads apply to all the assets you can trade on FXOpen. Unfortunately, the broker does not provide information on this. To get an idea of the average spreads at this broker, you have to sign up. In any case, spreads are variable and change with market movements.

Trading Commissions

FXOpen charges commissions depending on the account type chosen. The Micro and STP accounts pay no commission. The ECN account, however, pays a commission of $1.50 per $100,000 lot.

As for transaction fees, FXOpen does not charge them. They are free, but the broker passes on fees charged by banks. For example, allow at least $5 in fees to withdraw money from your account by bank transfer.

When your account remains inactive for a long time, FXOpen penalises you by charging $10 per month of inactivity.

The broker forces your hand a little, which is why our FXOpen review is negative when it comes to fees.

Trading Platforms

The platform offering at this broker is not very developed. If you are looking for a broker with multiple trading software options, you are better off with AxiTrader. Even so, FXOpen offers the essentials:

• MetaTrader 4: the traditional trading software and one of traders’ favourite trading environments. The MetaTrader 4 platform offers basic trading tools as well as trading robots called Expert Advisors.
• MetaTrader 5: the successor to the previous platform. It offers everything its predecessor MT4 does, plus more technical indicators and other advanced analysis tools.

Note: an FXOpen VPS is also available to improve the performance of the platforms integrated with the broker.

Slippage and Order Execution

Without giving precise explanations, FXOpen simply claims to provide faster execution. This claim is rather paradoxical given that ECN brokers are all too often subject to slippage. Our FXOpen review on order execution is therefore negative.

Training at FXOpen

There is no real training at FXOpen. The broker only offers its forum as an educational resource.

Trading Tools Available at FXOpen

With this broker, you get all the analysis tools in the MetaTrader 4 and MetaTrader 5 suites. In addition, the broker offers the following trading tools:

• Myfxbook AutoTrade
• ZuluTrade
• and its VPS.

FXOpen Bonuses

Simply for joining, FXOpen gives you a few welcome gifts. First, there is a deposit bonus equal to 1% of your initial deposit. Then there is a no-deposit bonus, but it does not exceed $10.

FXOpen also offers a cashback programme from which you can get a refund of up to $1,000. As you can see, the bonus offer here is not worthy of a top-tier broker. Our FXOpen review on promotions is therefore negative.

How to Become an FXOpen Affiliate

There are several types of affiliation at FXOpen:

• The regional representative agreement
• The introducing broker programme
• The promotional content agreement

Whichever type of agreement you choose, you will be paid for the work you do.

To become an affiliate, simply go to the “Partnership” tab, choose the type of affiliation you want, sign up and send your application to FXOpen.

FXOpen Pros and Cons

FXOpen has some strengths as well as limitations. Let’s list them to reach an objective FXOpen review.

Conclusion: What to Make of FXOpen in November

Given the pros and cons listed above, you can see that FXOpen is not the best broker in the world, much like CapTrader in our reviews. Overall, it is a good broker. However, its training programme is too superficial, and it charges monthly inactivity fees, which leaves little room for inactive traders. We recommend a site like Vantage, which offers better training and more flexibility.