Overall FXOpen is a trustworthy and low-risk broker with an overall rating of 7 out of 10. FXOpen is authorized and regulated by ASIC and offers leverage up to 1:500. FXOpen has a minimum deposit requirement of only $100.
🛡️ Regulated and trusted by the ASIC.
🛡️ 1173 New Traders chose this broker in the last 90 days.
🛡️ Available for South African Traders 🇿🇦
Min Deposit USD 100 Regulators ASIC Trading Platform MT4, MT5 Crypto Yes Total Pairs 4 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
FXOpen Spider chart
- Trading Platforms & Tools – 8
- Regulation & Security – 8
- Customer Support – 7
- Account Types & Features – 7
- Spreads & Fees – 8
- Educational Resources – 7
- Research & Analytics – 7
- Deposit & Withdrawal Options – 7
Overview
- According to research in South Africa, FXOpen was founded as an educational center offering courses in the field of technical analyses and financial markets.
- It became a brokerage company in 2005 with an aim to satisfy the growing need for fair and transparent trading conditions.
- FXOpen was the first Forex broker to offer its clients ECN trading via the MetaTrader4 terminal, along with FXOpen’s unique proprietary price aggregating technology, where you can benefit from the industry’s most competitive spreads and low trading commissions.
- The ECN Model gives traders access to the Interbank market, and clients receive real-time quotes from the industry’s largest liquidity providers.
- Apart from the general offering to trade Forex, the company continued to set the pace with its latest technologies and in 2014 offered Bitcoin trading.
- Forex competitions are held regularly by the broker that assists in learning, as well as offers opportunities to gain valuable prizes.
- Today, the broker is a trusted partner to more than 1,000,000 customers from around 100 countries.
- FXOpen maintains its mission to provide clients with professional services in trading, analytics, and excellent customer support.
Pros and Cons
Features Offered
- FXOpen offers a range of features tailored for both beginner and experienced forex traders.
- These include access to multiple trading platforms like MetaTrader 4 and MetaTrader 5, ECN and STP trading accounts with tight spreads and fast execution, and support for a wide range of instruments including forex, commodities, indices, and cryptocurrencies.
- FXOpen also provides advanced charting tools, copy trading via Myfxbook and ZuluTrade, and competitive trading conditions with low minimum deposits.
- Additionally, traders benefit from negative balance protection, regulated environments in various jurisdictions, and 24/5 multilingual customer support.
Customer Reviews
- Customer reviews for FXOpen are generally positive, highlighting the broker’s reliable trade execution, competitive spreads, and variety of account types catering to different trading styles.
- Many users appreciate the availability of MetaTrader platforms and the addition of TickTrader for advanced strategies.
- Traders commend FXOpen’s transparency in fees and strong regulatory oversight, which builds trust.
- The customer support team is often described as responsive and helpful, though a few users mention occasional delays during peak hours.
- Crypto traders also value the 24/7 trading access.
- Overall, FXOpen is viewed as a trustworthy and versatile broker for both beginners and professionals.
Customers Ratings
FXOpen Safety or Security
- FXOpen Markets Limited is a company registered in Nevis; however, since 2013, within the FXOpen Group of Companies, a London-based company – FXOpen UK received the Financial Conduct Authority (FCA) license with registration number 579202.
- The launch of the London office and the website brought huge company expansion among the EU countries and even further.
- Since FCA licenses are among the most respected worldwide, traders’ assurance and peace of mind that funds are safe and secure at FXOpen, are provided by numerous ways and general safety guidelines on how the brokerage operates.
- Client funds are held in fully segregated bank accounts in the UK and protected for up to £50,000 by the FSCS.
FXOpen at a Glance
FXOpen Sign-up Bonus
- FXOpen does not currently offer a sign-up bonus.
FXOpen Minimum Deposit
- FXOpen has a minimum deposit requirement of only $100.
- The minimum deposit amount of $1800 when registering a live account is equivalent to ZAR at the current exchange rate between the US Dollar and the South African Rand on the day this review was written.
- FXOpen falls under the strictest regulatory entities in the UK, namely the FCA. Under its authority, the broker must keep client funds in segregated accounts.
- It can only be used by traders to conduct their trading.
- Regulated brokers like FXOpen are also required to be a member of a compensation scheme or fund that pays out a certain amount to eligible clients in the case of company insolvency.
FXOpen Account Types
- FXOpen is one of the world’s leading and fastest-growing Forex brokers.
- It offers attractive trading conditions, fast and error-free order execution, and the industry’s most advanced and innovative technological solutions.
- FXOpen’s Forex trading accounts are designed for traders with different levels of experience and skills – from novice traders to savvy professionals.
- You can choose from four types of accounts that best suit your style of trading, capital, and risk tolerance.
Basic ECN
The Basic ECN (Electronic Communication Network) is ideal for beginners or retail traders who are just stepping into the world of forex and financial markets.
It provides direct access to the interbank market with lower minimum deposit requirements and simple, user-friendly trading conditions.
While the spreads may be slightly wider compared to advanced ECN types, the Basic ECN still offers transparent pricing and efficient order execution, making it a great starting point for those looking to understand real-market dynamics.
Classic ECN
Classic ECN strikes a balance between accessibility and functionality, designed for intermediate traders who have gained some experience in the markets.
This account type typically features tighter spreads than the Basic ECN and lower commission fees, making it more cost-effective for active trading.
Classic ECN accounts offer deeper liquidity, faster execution speeds, and improved market depth, providing traders with a more competitive edge without the complexity of advanced trading setups.
Advanced ECN
The Advanced ECN caters to seasoned traders and professionals who require higher performance and greater control over their trading environment.
It features ultra-tight spreads, lower latency, and access to premium liquidity providers.
Advanced ECN accounts usually support sophisticated trading strategies, including algorithmic and high-frequency trading, with minimal slippage.
Enhanced analytical tools and real-time market data further empower traders to make precise, data-driven decisions.
Elite ECN
Elite ECN is tailored for institutional clients, hedge funds, and high-net-worth individuals who demand the highest level of trading efficiency and customization.
This top-tier ECN offering delivers institutional-grade execution with raw spreads, zero latency, and access to a vast pool of liquidity providers.
Elite ECN accounts come with dedicated support, priority access to new features, and tailored trading solutions.
With unmatched execution speed and reliability, this level is designed for those operating at the forefront of the global financial markets.
How to Open an FXOpen Account step by step
Step 1 – Complete the online application
- It starts by visiting the official website of FXOpen.Once you are on the site, look for an option in the banner, “Try a free demo account.” We request that you click that.
- Then, you will be routed to a new page with a simple account registration form. You need to fill it up and remember the credentials. Then click on ‘Submit.’
Step 2 – Upload further information
- The eKYC verification will begin then. The representatives of the company will call you for all the documents. Now, you need to submit address proof, identity proof, and income proof.
- Once the representatives approve the submitted documents, you need to download the trading platform, which you will get from the website.
Step 3 –Verification email
- Log in to your email to view the verification email that was sent, and click on the embedded link to verify your account.
Step 4 –Start trading
- You can then log into the account and start virtual trading.
- Once the process has been successfully completed, you will see the registration data for your new trading account.
- To be able to start trading on a live account, add funds to your trading account via any available payment systems in My FXOpen and install MetaTrader or use Web Trader.
- FXOpen also provides the opportunity to open a free FXOpen Demo account.
- This allows you to trade and experience real market conditions, without the risk of losing real money as you operate with virtual money.
FXOpen Trading Platforms
Metatrader4
- MetaTrader4 has been the leading Forex trading platform.
- Over 70% of Forex brokers offer MT4 to their clients, and over 90% of all transactions on the retail Forex market are conducted via MetaTrader 4.
- In 2009, FXOpen was the first broker to offer its clients direct access to Interbank liquidity and ECN trading via the MetaTrader4 terminal.
- Standard Forex MT4 capacities have been extended and supplemented by FXOpen’s own revolutionary solution – Liquidity Aggregator.
- Now, FXOpen ECN ensures instantaneous and error-free order execution at the best prices from more than 10 banks and other liquidity providers (LPs).
- For STP and Micro accounts, you need a different modification of MT4. This is not the same one that you use for ECN accounts.
- Make sure you download the correct version of MT4 that is suitable for your trading account.
MetaTrader5
- MetaTrader5 is a multi-asset trading platform developed by MetaQuotes Software Corp and is now the most popular free terminal for online trading.
- MT5 provides the familiar user interface of MT4 with many new functions, providing traders with all they need for successful Forex trading.
- Only ECN trading accounts are currently supported in MetaTrader 5.
- FXOpen also offers full control over your trading accounts via a smartphone or a tablet PC.
FXOpen Fees and Spreads
FXOpen Deposit and Withdrawal
- The payment methods accepted by FXOpen cover the most common options, including debit/credit cards, UnionPay, bank transfers, local bank transfers, or local deposits.
- Also included are local bank transfers, supported too in the Latin America region, major e-wallets
- Payments can also be processed via PaySafeCard or a newly established cryptocurrency payment (Bitcoin, Litecoin, Ethereum, Tether, and Emercoin).
- The minimum deposits are set according to the trading account you choose and start from $1, which is indeed fantastic for traders of any size and experience level.
- In addition, the hustle-free funding option available by the Prepaid Card, worth $25 up to $ 10,000, can be ordered from FXOpen’s official resellers, and FXOpen Prepaid Codes allow transferring funds between FXOpen eWallets with no commission.
- Some of the payment methods may incur transfer fees, which FXOpen charges according to the various payment conditions and regions, respectively.
Min Deposit USD 100 Regulators ASIC Trading Platform MT4, MT5 Crypto Yes Total Pairs 4 Islamic Account Yes Trading Fees Low Account Activation 24 Hours
FXOpen vs Etoro vs XM Comparison Table
| 🔎 Broker |  |  |  |
| 💰 Minimum Deposit | $100 | $50 USD | $5 USD |
| 📝 Sign-Up Bonus | No | ✅ Yes | ✅ Yes |
| ➕ Max. Leverage | 1:500 | 1:400 | 1:888 |
| 💵 Currency Pairs | 40+ | 47 | 57 |
| 📈 Trading Platforms | MT4, MT5, TickTrader | eToro Web & App | MT4, MT5 |
| 🌐 Social Trading | Not Supported | CopyTrader | Not Supported |
| 🛡️ Regulation | ASIC | FCA, ASIC, CySEC | FSA, FSC |
| 📚 Education Tools | Webinars, Guides | Academy, Blog, Webinars | Webinars, Videos, eBooks |
| 🔍 Research Tools | Autochartist, News | Daily Analysis, Blog | Trading Signals, Tools |
| 💳 Withdrawal Fee | May Apply | No Fee (varies by method) | No Fee |
| ⭐ User Rating (avg.) | ⭐⭐⭐⭐☆ (4.0) | ⭐⭐⭐⭐☆ (4.2) | ⭐⭐⭐⭐☆ (4.3) |
| 📞 Customer Support | 24/5 Live Chat & Email | 24/5 Multilingual | 24/5 Chat, Email, Phone |
| 📍 Available in SA | ✅ Yes | ✅ Yes | ✅ Yes |
| 🚀 Open an Account | 👉 Open Account | 👉 Open Account | 👉 Open Account |
FXOpen Customer Reviews
🥇 Excellent!
Many customers rate FXOpen as excellent, highlighting its reliable trade execution, low spreads, and transparency.
Users appreciate the ease of account setup and the variety of trading options available, especially the ECN accounts that offer direct market access.
The platform’s consistent performance and regulated status build trust among traders, making it a dependable choice for serious forex investors.
🥈 Top Choice.
FXOpen stands out as a top choice for traders seeking flexibility and professional-grade tools.
Reviews frequently mention the seamless experience on both MetaTrader 4 and 5, along with useful features like PAMM accounts and copy trading.
Traders also value the educational resources and responsive customer service, which help improve confidence and trading outcomes.
🥉 Incredible.
Users describe FXOpen as an incredible platform for its innovative offerings and user-friendly interface.
Many beginners and experienced traders alike praise the availability of crypto trading, micro accounts, and tight spreads.
The platform’s commitment to constant improvements and customer satisfaction earns it strong loyalty from its global user base.
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Conclusion
- Overall, FXOpen has established itself as a pioneering and trusted name in the online trading industry.
- It was the first broker to introduce ECN and STP trading through the widely acclaimed MetaTrader 4 (MT4) platform—an innovative move that set a new standard for transparency, efficiency, and fairness in the forex market.
- This award-winning platform provides traders with instant trade execution, highly competitive pricing, and direct market access, enabling both beginners and professionals to trade with confidence.
- In addition to its technological leadership, FXOpen offers a wide range of account types, asset classes, and advanced trading tools, all supported by strong regulatory oversight and responsive customer service.
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Disclaimer
- Foreign Exchange Trading is highly speculative and is only suitable for customers who understand and are willing to assume the economic, legal, and other risks involved, and are financially able to assume losses up to or in excess of Margin or Deposits.
- No return is guaranteed.
- Future returns may differ from past returns, and investors may lose some or all their money invested.
- According to research in South Africa.
Risk Management
- Risk management is a critical aspect of trading in the foreign exchange (FX) market.
- It involves identifying and assessing potential risks and implementing strategies to minimize or mitigate those risks.
- FXOpen, as a broker, offers several tools and resources for risk management to its clients.
These may include:
- Leverage: The ability to trade with a larger amount of capital than what is available in the trading account, which can magnify both profits and losses. FXOpen offers flexible leverage options to help traders manage their risk.
- Stop-loss orders: A type of order that automatically closes a trade when the market price reaches a specified level, helping to limit potential losses.
- Margin calls: A margin call is a demand from the broker for a trader to deposit additional funds into the trading account to maintain the minimum required margin level.
- Negative balance protection: FXOpen provides a guarantee that the trading account balance will never go below zero, thereby preventing traders from losing more than their deposit.
Frequently Asked Questions
Is FXOpen a regulated broker?
Yes, FXOpen is a regulated broker, licensed by the FCA (UK), ASIC (Australia), and CySEC (Europe).
These licenses ensure client protection, secure fund handling, and regulatory compliance for a safe and trustworthy trading environment across multiple jurisdictions.
What trading platforms does FXOpen offer?
FXOpen offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and TickTrader platforms. These platforms support advanced charting, technical analysis, algorithmic trading, and user-friendly interfaces for both beginners and experienced traders to access global financial markets efficiently and reliably.
What types of accounts are available on FXOpen?
FXOpen provides various account types: ECN, STP, Micro, and Crypto. These accounts accommodate different trading styles and experience levels, offering varying spreads, commission models, and market access, including forex, commodities, indices, and cryptocurrencies for versatile trading needs.
Are FXOpen’s trading fees competitive?
Yes, FXOpen offers highly competitive trading fees, especially with its ECN accounts.
Tight spreads and low commissions make it suitable for scalpers, day traders, and high-volume traders seeking cost-efficient trading conditions across multiple global financial markets.
How fast is FXOpen’s trade execution?
FXOpen provides lightning-fast execution speeds, especially on ECN accounts.
With direct market access and minimal latency, traders benefit from real-time pricing and reduced slippage, which is crucial for scalping, news trading, and time-sensitive trading strategies.
Does FXOpen support cryptocurrency trading?
Yes, FXOpen supports cryptocurrency trading through a dedicated Crypto account.
Traders can access major crypto pairs with tight spreads, high liquidity, and 24/7 market availability, allowing for flexible, around-the-clock digital asset trading opportunities.
What deposit and withdrawal methods are available?
FXOpen supports various deposit and withdrawal methods, including bank wire, credit/debit cards, e-wallets, and cryptocurrencies.
Transaction times vary, but most withdrawals are processed within 1–3 business days, ensuring convenient fund access for traders globally.
Is FXOpen suitable for beginners?
Yes, FXOpen is beginner-friendly, offering Micro accounts, demo trading, and educational materials.
These resources help new traders practice, learn the basics, and enter real markets with low risk and minimal capital requirements.
Does FXOpen offer customer support?
Yes, FXOpen offers responsive customer support via live chat, email, and ticketing systems.
Multilingual support is available, providing timely assistance for technical issues, account management, or general inquiries across different time zones.
Are there any hidden fees with FXOpen?
FXOpen maintains transparency in its fee structure. While there are standard trading and withdrawal fees, no hidden charges exist.
However, traders should review account terms for potential inactivity fees and third-party transaction costs.
