FXOpen is a well-established forex broker that has been offering online trading to over 1 million clients across the globe all the way back to 2005. They are an ECN broker that has tight spreads, reliable execution speeds, and competitive commissions. FXOpen can cater to both retail and institutional traders with services including retail trading accounts and PAMM accounts. FXOpen uses some of the biggest liquidity providers, including Barclays Capital, Bank of America, JPMorgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, UBS, HOTSPOT INST and GOLDMAN. In addition to forex trading, the broker also provides access to trades cryptocurrency, commodities, stocks, and more.
Markets
FXOpen offers a wide range of trading instruments that includes the trading of Currency Pairs, Indices, Commodities, Shares, and Cryptocurrencies.
Platforms
FXOpen provides traders with the MetaTrader 4 and MetaTrader 5 platforms that are developed by MetaQuotes. Since 2005, MetaTrader has been one of the leading trading platforms. It is known for being user-friendly, fully customisable, and having a range of built-in trading tools to assist traders with their market analysis. The MetaTrader 5 platform is similar to the MetaTrader 4 platform, with some additional features for the more advanced traders. The platforms can be downloaded and used to trade on desktop, web, and mobile devices.
According to statistics, Metatrader 4 accounts for over 90% of all order executions on the retail Forex market. FXOpen also offers Metatrader 5 for your convenience.
MetaTrader 4
FXOpen provides ECN and STP trading on the award-winning MetaTrader 4 (MT4) platform, which offers fast trade execution at low pricing. MT4 is suitable for both all levels of traders and has a number of customizable options, such as:
- For technical analysis, there are more than 50 built-in indicators and graphical elements
- There are three different sorts of orders (market, limit, and stop)
- Charting software that is simple to use
- Automated Trading (EAs)
- Rich historical data
- One-Click Trading
- Signals for trading
MT4 is a Windows-based trading platform you can download from the broker’s website. FXOpen now provides a web-based version of MT4 – a terrific choice for individuals who use Apple Mac PCs and don’t have access to a direct download. All of the desktop version capabilities are available in the WebTrader terminal, which is compatible with all major desktop browsers.
MetaTrader 5
FXOpen also provides the MetaTrader 5 (MT5) platform, which includes all of the functionality of MT4 plus a few extras:
- For technical analysis, there are over 80 built-in indicators and graphical elements.
- Price fluctuations may be tracked using 21 different timeframes.
- Tester for multi-currency strategies
- Hedging and Netting are permitted.
- Economic Calendar
MT5 is a Windows-based trading platform that can be downloaded from the broker’s website.
TickTrader
FXOpen now provides TickTrader to non-UK users, a fresh new trading platform with many of the same capabilities as MetaTrader, and more. The platform is excellent for beginners and specialists since it only requires one trading account — TickTrader ECN.
The following are some of the highlights:
- Toolkit for advanced technical analysis (30+ indicators)
- User-friendly customizable Interface
- Trading mode with one or two clicks
- System for detailed charting
- System for trading alerts
- Level 2 pricing
TickTrader is also available as a web-based form. The TickTrader online terminal, which works with all major browsers and operating systems, allows you to trade without downloading anything and without sacrificing any functionality. The online terminal may be accessed via the FXOpen website.
Tools
FXOpen clients benefit from some additional trading tools other than those included within the MetaTrader platforms. There is a one-click trading and level 2 pricing plugin, trade calculators to help plan trades, and an economic calendar to keep up to date with the latest market happenings around the globe.
FXOpen integrates Myfxbook auto trade and ZuluTrade so that clients can copy trading signals of other traders or provide their own trading signals and receive a commission depending on the success of their trading strategies. Qualifying clients can also apply for a free virtual private server (VPS).
Calculators
FXOpen has provided a wide range of calculators. This includes margin and Pip values calculator.
One-Click Trading and Level2 Plugin
In volatile FX markets, the speed with which an order is placed might be critical. Using a single mouse click, you may make an order at the best available price with the One-Click Trading and Level2 Plugin. With five degrees of market depth, you’ll always know how much liquidity is available for every currency pair. With One Click Trading, you can:
- You can set the order size
- You can place a Stop Loss or a Take Profit
- You can view the market depth Level 2 data
- You can view the volume-weighted average price (VWAP)
- You can place or close a market or a pending order
- Live Currency Exchange Rates
Multi-currency accounts are available at FXOpen. When transferring funds between FXOpen accounts with various base currencies, the Currency Rates and Conversion Calculator can assist you in obtaining accurate conversion rates. You may also look for previous rates for any given day.
VPS
You can even run your strategy without being online all the time with a forex VPS. Expert advisor keeps on running even when your computer is switched off. There is a free forex VPS for some clients who meet the minimum bar mentioned by FXOpen.
Myfxbook AutoTrade
It’s not simple to become an expert at Forex trading. But you don’t have to make beginner errors and lose a lot of money to learn how to trade Forex. You can learn how you may profit from the world’s most successful traders’ experience, knowledge, and talent. To earn money, use the finest and most well-proven Forex techniques. Myfxbook has a solid reputation for providing independent and reliable analytics, signals, strategies, trader’s competitions, and account performance charts. This is also true for AutoTrade on Myfxbook. In your account, Myfxbook AutoTrade allows you to replicate the methods of the most successful and experienced traders. On Myfxbook’s servers, there are MT4 terminals that can exchange signals via expert advisors. When a trade is opened in a provider’s account, the terminal sends a signal to all followers’ accounts, instructing them to do the same. Myfxbook AutoTrade is built in such a manner that trade replication is error-free and smooth.
PAMM Accounts
PAMM (Percentage Allocation Master Module) is a system that allows a customer to follow another client’s trading strategy. The Master manages their assets using the PAMM, and the Master’s trading technique is mirrored on the Follower’s account using PAMM technology. The funds set aside for PAMM trading remain on the Master’s or Follower’s trading account, but they are kept in segregated accounts from the rest of the broker’s funds and cannot be used for trading or anything else.
This virtual combining of the Master’s and Follower’s money enables all PAMM players to have the same trading circumstances. Followers gain from a Forex PAMM account because they may profit from Forex trading without having to do extensive market research, trade, or monitor positions themselves. Masters benefit from Forex PAMM because they may trade amounts many times greater than their capital while receiving a guaranteed commission. The FXOpen PAMM system is built so that both Masters and Followers are shielded from one other’s non-trading hazards.
Education
There are frequently updated market news and analysis on the FXOpen website, which can be used to help identify trading opportunities. There is not currently a trader’s academy with educational materials, although they do have some guides related to platforms, accounts, and markets.
Conclusion
Overall, FXOpen is a long-standing and well-respected forex broker that has a complete offering for retail forex traders across the globe. They are regulated and provide very competitive competition to clients of all experience levels.
FXOpen
Pros
- User-friendly trading platforms and apps
- Good range of financial instruments
- Some helpful trading tools
- Educational resources
- Managed accounts
- Free demo accounts
- 24/5 multilingual support
Cons
- Cannot accept USA traders
- Inactivity fees
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
