FXOpen review - ECN forex broker (no dealing desk)

In the world of online forex trading, the choice of broker can make a significant difference in a trader's experience and performance. Among the various types of brokers available, ECN (Electronic Communication Network) brokers have gained popularity for offering direct access to other market participants, including banks, liquidity providers, and even other traders. This review focuses on FXOpen, a leading ECN forex broker known for its no dealing desk execution, providing an in-depth analysis of its services, offerings, and why it stands out as a preferred choice for traders seeking transparency and competitive trading conditions.

Introduction to FXOpen

FXOpen was founded with the aim of making forex trading more accessible, fair, and cost-effective for traders worldwide. It has since evolved into a prominent ECN broker, distinguishing itself from traditional market makers through its no dealing desk execution model. This means that FXOpen does not take the other side of its clients' trades, reducing the potential for conflicts of interest and offering traders more transparent pricing and faster execution speeds.

ECN Trading with FXOpen

At the heart of FXOpen's offerings is its ECN trading environment, which allows traders to access the real interbank forex market. This is particularly beneficial for those who trade large volumes or prefer scalping strategies, as ECN accounts can provide lower spreads and more reliable execution than standard accounts. The broker achieves this by aggregating price quotes from multiple liquidity providers, ensuring traders receive the best available bid and ask prices.

Trading Platforms

FXOpen provides its clients with the choice of using MetaTrader 4 (MT4) and MetaTrader 5 (MT5), two of the most popular and powerful trading platforms in the forex market. Both platforms are well-regarded for their advanced charting tools, extensive range of technical indicators, and the ability to support automated trading systems known as Expert Advisors (EAs). Additionally, FXOpen's integration of ECN technology into these platforms means traders can enjoy the benefits of no dealing desk execution alongside the comprehensive features and user-friendly interface of MT4 and MT5.

Account Types

FXOpen caters to a wide range of traders by offering various account types, including:

  • Micro Account: Ideal for beginners or those testing new strategies, allowing trading with micro lots and minimal initial investment.

  • STP Account: Offers straight-through processing with no re-quotes and tighter spreads, suitable for traders looking to upgrade from micro trading.

  • ECN Account: The flagship account type for professional traders and scalpers, featuring the lowest spreads and commissions, direct market access, and the fastest execution speeds.

Each account type is designed to meet the specific needs and preferences of different traders, from novices to experienced professionals.

Fees and Commissions

FXOpen's fee structure is competitive and transparent, with different pricing models depending on the account type. ECN accounts, for example, benefit from tighter spreads starting from 0 pips, with commissions charged per transaction. These commissions are reasonably priced, ensuring that traders can manage their trading costs effectively. Additionally, FXOpen does not impose any hidden fees, such as account maintenance or inactivity fees, making it an economical choice for active traders.

Customer Support and Education

FXOpen places a strong emphasis on supporting its clients through comprehensive educational resources and responsive customer service. The broker offers a range of educational materials, including tutorials, webinars, and articles, catering to traders of all levels. Customer support is available 24/5 through live chat, email, and phone, ensuring that traders can receive assistance whenever the markets are open.

Security and Regulation

FXOpen is a highly regulated broker, holding licenses from several reputable regulatory bodies, including the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). This regulatory oversight ensures that FXOpen adheres to strict financial standards, offers a high level of client fund protection, and operates with transparency and integrity.


FXOpen stands out as a leading ECN forex broker, offering traders the benefits of no dealing desk execution, competitive fees, and access to a wide range of markets through advanced trading platforms. With its commitment to transparency, regulation, and customer support, FXOpen provides a trading environment that is not only conducive to success but also fosters trust and reliability among its clients. Whether you're a beginner looking to dip your toes into forex trading or a seasoned professional seeking an efficient ECN broker, FXOpen offers a comprehensive suite of services to meet your needs.