FXOpen

The FCA and CySEC licences were confirmed on the regulators’ registers. Clients of the international website contract with FXOpen Markets Limited in Nevis, which states no financial licence, and ASIC cancelled the licence of the group’s Australian company in September 2024.

• StrengthFXOpen Ltd (FRN 579202) has been authorised by the FCA since 22 March 2013 and may hold client money. FXOpen EU Ltd has held CySEC licence 194/13 since 17 April 2013, with fxopen.com as its approved domain.
• HighThe international website is operated by FXOpen Markets Limited, a company registered in Nevis (number C 42235). FXOpen describes it only as a company duly registered in Nevis, and its client agreement is governed by the laws of Saint Kitts and Nevis. No financial licence is stated for it.
• HighOn 4 September 2024 ASIC announced that it had cancelled the Australian financial services licence of FXOpen AU Pty Ltd (AFSL 412871), after finding that it had failed to comply with its obligations as a licensee. FXOpen AU applied to the Tribunal for review; we found no published outcome. The company is not in ASIC’s current licensee data, and FXOpen states that it cannot provide financial services except in limited circumstances and is not taking new clients.
• ObservationFXOpen Ltd’s 2024 accounts describe a UAE subsidiary, FXOpen Middle East Ltd, which was sold on 5 May 2025 to a company owned by one of its directors. We found no licence for it.

The group is privately held. The audited group accounts of FXOpen Ltd, filed at Companies House, name Aliaksandr Klimenka as ultimate controlling party and describe the Nevis company as connected through him. No accounts were found for the Nevis company, and the sale of the Cyprus company to a company owned by a director was awaiting CySEC approval at the date of the accounts.

• StrengthFXOpen Ltd’s group accounts for 2024, audited by Fisher, Sassoon & Marks and filed on 16 September 2025, state that its ultimate controlling party is Mr Aliaksandr Klimenka. Companies House records him as holding 75% or more of the company since 6 April 2016. The accounts report group turnover of £670,642 and a loss after tax of £266,648 for 2024.
• MediumThe same accounts state that on 4 April 2025 FXOpen EU Ltd applied to CySEC for approval of the acquisition of the remaining 95% of its shares by Prometheus Holding Ltd, a Gibraltar company wholly owned by FXOpen Ltd’s director Alexey Stepanov. We did not find whether CySEC approved the change.
• ObservationThe accounts describe FXOpen Markets Limited as a Nevis company connected through the ultimate controlling party, which paid FXOpen Ltd £267,306 in management fees in 2024. No accounts or ownership filings were found for FXOpen Markets Limited.

UK clients may be covered by the FSCS and EU clients by CySEC’s Investor Compensation Fund, and FXOpen states that their money is segregated. International clients deal with a Nevis company that no financial regulator supervises; its risk disclosure says clients rank as general creditors if it becomes insolvent, and its terms make clients liable for negative balances.

• StrengthFXOpen states that UK client funds are segregated under the FCA’s client asset rules at Barclays Bank and that retail clients are covered by the FSCS up to £85,000, and that FXOpen EU is a member of the Investor Compensation Fund with client funds segregated at a Cyprus bank.
• HighFXOpen Markets Limited’s risk disclosure states that if the company becomes insolvent the client’s claim for deposits and profits may not receive priority and the client is a general creditor. No regulator supervises how it holds client money, and no compensation scheme applies.
• MediumFXOpen Markets Limited’s terms of business state that if a stop out leaves a negative balance the client remains fully liable for the loss, which the company may recover through legal proceedings.

Not assessed in a desk audit. Spreads, slippage and fill quality can only be measured with live accounts.

Within the last eight years ASIC cancelled the Australian company’s licence, CySEC suspended the owner’s voting rights in the Cyprus company, and US prosecutors charged the owner with money laundering conspiracy and operating an unlicensed money services business. The US charges are allegations; FXOpen companies are not charged.

• HighASIC cancelled FXOpen AU Pty Ltd’s licence in September 2024 after an investigation identified serious concerns about the inadequacy of its human resources to provide financial services and carry out supervisory arrangements, and found that it had failed to maintain competence, comply with the key person condition on its licence and comply with financial services laws.
• HighOn 29 July 2024 CySEC decided that the influence exercised by Mr Aliaksandr Klimenka, as sole indirect shareholder of FXOpen EU Ltd, was prejudicial to the sound and prudent management of the company. It suspended the voting rights attached to his shares, held through FXOpen Ltd, with effect six months later. The decision was announced on 29 October 2024.
• HighOn 30 January 2024 an indictment was unsealed in the Northern District of California charging Mr Klimenka with money laundering conspiracy and operating an unlicensed money services business. The US Department of Justice stated that he allegedly controlled the BTC-e exchange between 2011 and July 2017, as well as Soft-FX and FX Open. FXOpen Ltd’s 2024 accounts say the legal action is unrelated to the group and unresolved. An indictment is an allegation, not a finding.
• ObservationSince 1 February 2021 the Bank of Russia’s warning list has named FXOpen Ltd and FXOpen Markets Limited, with FXOpen’s genuine domains. The FCA register lists six clone firms using FXOpen’s details. Under our methodology these are recorded but not scored.
• ObservationFXOpen’s international entity offers leverage of up to 1:500 on major currency pairs and gold, and FXOpen reports raising the maximum to 1:1000 in 2023; it has also offered no-deposit bonuses. These terms are offered under Nevis law, so under our methodology they are recorded but not scored.

Not assessed in a desk audit. Uptime, incident history and security controls require evidence from the firm or live monitoring.

No Great Place to Work certification and no community programme were found.

• ObservationNo Great Place to Work certification was found in Great Place to Work’s public listings.
• ObservationNo community programme was found. FXOpen’s sponsorship of the ForexCup trading championship is commercial and is not counted.