FXOpen Fees and Spreads

A FXOpen fees and spreads review

 

FXOpen Fees and Spreads

 

FXOpen fees spreads and commissions start from $1.5 with spreads from 0.0 pips.

FXOpen has a low and incredibly competitive spread when compared to what other brokers offer by offering a spread list which starts from 0.0 pips along with commissions charged from $1.5 units per lot when using the ECN account.

 

FXOpen trading fees are according to the type of account that the trader chooses and the options along with the spread list, leverage, minimum deposit required, and commissions are as follows:

  • Micro Account – Minimum deposit of $1, zero commissions, floating spread and leverage up to 1:500.
  • STP Trading Account – Minimum deposit from $10, zero commissions, floating spread depending on the buy/sell orders available in FXOpen ECN, leverage up to 1:500.
  • ECN Account – minimum deposit of $100, commissions from $1.5 standard lot at a volume of $100k, floating spreads form 0.0 pips, leverage up to 1:500.
  • Crypto Trading Account – Minimum deposit from $10, 0.5% half turn commissions which will be shown right after opening a trade, floating spreads, and leverage of 1:3.
  • Crypto 10 Trading Account – Minimum deposit from $10, 0.25% half turn commissions which will be shown right after opening a trade, spreads from 0 pips and leverage of 1:10.

 

Apart from these accounts, FXOpen also extensively caters for PAMM accounts.

The leverage provided by FXOpen is subjected to change based on account balances and it may be reduced should these account balances tied to each account be exceeded by a certain amount.

The minimum deposit that FXOpen requires to open an account is $1 which is extremely low when compared to other brokers and this places FXOpen in line with very few brokers who require significantly low minimum deposit amounts to activate and open a live account.

 

Other Fees

 

Traders should always note that Overnight fees, otherwise known as swap fees or rollover fees, may be charged for positions held open for longer than a day.

 

FXOpen offers the option of an Islamic account to traders who are of Muslim faith and who operate under the Sharia Law. This option is only available to traders who already have the following existing live accounts:

  • Micro Trading Account
  • STP Trading Account
  • ECN Accounts

 

Islamic account holders need to take note that with this account option, there will be additional commissions equal to the Swap rate of the particular currency pair should they hold positions open for longer than the trading day.

Traders who make use of the Crypto accounts will be subjected to Swaps at 10% per annum when holding positions overnight and on Wednesday and Thursday nights, triple the swap fee is charged.

FXOpen does not offer traders with spread betting and therefore spread betting fees are not applicable to this broker.

 

Broker Fees

 

FXOpen does not charge any deposit fees and withdrawal fees are charged as follows:

  • Bank Wire Transfer – From 15 EUR, 45 USD, 1,500 RUB, 35 GBP, 45 CHF/ 65 AUD/ 5,000 JPY.
  • Walao! Pay – 2% or a minimum TBH 20 for Thailand, 2% or minimum MYR for Malaysia, 2% or IDR 5,000 for Indonesia, 2% or VND 10,000 for Vietnam.
  • Local Bank Transfers via Skrill – 1% or maximum $0.68.
  • PayPaid – 2%
  • Credit/Debit Cards – 2.5% or USD/EUR 3.5 and RUB 50.
  • China UnionPay – 3.5% but not less than 3 CNY (RMB).
  • WebMoney – USD/EUR 0.8% or maximum $50/€
  • Perfect Money – 0.5%
  • QIWI Wallet – 1% for RUB and USD
  • Yandex Money – 1%
  • FasaPay – 0.5% minimum $0.1 or 100 IDR

 

FXOpen does not indicate any additional broker fees such as inactivity fees or fees pertaining to account maintenance and management, but there may be additional fees not included in this article that traders will have to verify with FXOpen.

 

Pros and Cons

 

PROS CONS
1.      Tight and competitive spreads 1.      Withdrawal fees are average to high on some payment methods
2.      Low minimum initial deposit amounts
3.      Fixed commissions on trades
4.      Low commissions when compared to other brokers
5.      Zero deposit fees

 

FAQ

 

How many instruments can I trade with FXOpen?

You can only trade Forex and Crypto with FXOpen.

 

Which platforms are supported by FXOpen?

FXOpen provides the following popular trading platforms:

  • MetaTrader 4
  • MetaTrader 5
  • FXOpen Tick Trader/Mobile Trading
  • Web Trader

 

Does FXOpen offer leverage?

Yes.

FXOpen offers a maximum leverage of up to 1:500, but when using a Micro Account, this may be subjected to changes which lower the leverage should the account balance exceed $3,000.

 

What spreads can I expect with FXOpen?

Spreads from as little as 0.0 pips.

 

Does FXOpen charge commission?

Yes.

  • ECN Account – commissions from $1.5 standard lot at a volume of $100k, floating spreads form 0.0 pips, leverage up to 1:500.
  • Crypto Trading Account – 0.5% half turn commissions which will be shown right after opening a trade
  • Crypto 10 Trading Account – 0.25% half turn commissions which will be shown right after opening a trade

 

Is FXOpen regulated?

Yes, FXOpen is regulated by the highly reputed FCA in the UK.

 

Is FXOpen a recommended forex trading broker for experts and beginners?

Yes, FXOpen is recommended for both expert and beginner traders.

 

What is the overall rating out of 10 for FXOpen?

8/10