FxNet Review
What is FxNet?
FxNet was established in Cyprus as a Cyprus Brokerbased on the professionalism and knowledge approach.
You will trade through an STP broker and receive competitive pricing and without restrictions on strategieswhile the broker provides high-quality customer service and supports its clients.
Broker: FxNet
Minimum deposit: 50 US$
Leverage: 1:30
Regulator: CySEC. FSC
Year: 2012
Platforms: MT4
HQ: Cyprus
FxNet licenses:
FxNet Ltd - Authorized by CySEC, (Cyprus). registration number. 182/12 - Not active
BelFX Limited is authorized by FSC (Belize), registration number. FSC/60/260/TS/17
Overview
FxNet is a brokerage company that has operated in the forex market since 2012.
The clients of FxNet are offered a wide variety of financial instruments including 31 currency pairs, CFDs for metals, stocks etc. Trading is facilitated according to the STP (Straight Through Processing) model, i.e. without intermediaries, through MetaTrader4, MetaTrader Mobile, MT4 SimpleTrader as well as mobile trading platforms for Android and iPhone/iPad.
Pros
MT4 access
Economic calendar
Range of instruments
Low minimum deposit
Multiple account options
Cons
Some poor customer reviews
No cryptocurrency trading
European license revoked
Withdrawal commissions
No education centre
Rating of the company overall
Reliability ⭐⭐⭐⭐⭐
Platform ⭐⭐⭐⭐⭐
Commissions ⭐⭐⭐⭐
Support ⭐⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐
RATING: 4.7
Trade Instruments
You will be able to execute well and connect to the market via liquidity providers. There is also exposure to other markets such as Currencies, Metals and Shares.
There are not many educational materials available, but there is trading information, including news feeds and economic calendars. It is better for beginning traders to find other sources of learning. However, FxNet offers good conditions for trading information so it may be worth looking into.
Is FxNet a scam or safe?
FxNet is a Cyprus investment companyand operates under CySEC license. This is a part European Union legislation and complies with the MiFID regulatory directive. FxNet also serves other entities via the offshore zone Belize, thereby allowing for global exposure.
We recommend trading with Cyprus only because of its regulatory obligations and the coverage of client complaints in any unlikely situation or experience with FxNet.
FxNet is a regulated exchange so it is safe to trade. The operating standards of FxNet are determined according to client protection and money segregation. Participation in investor compensation schemes also helps to protect clients.
Leverage
FxNet's maximum leverage is 1:500. This is only available when trading with an offshore FxNet entity.
If you are not EU resident, you may fall under regulatory restrictions. Retail traders will be subject to lowered ratios, such 1:20 for minor currencies and 1:10 for commodities .
Your trading skills will also be important, as professionals who confirm their status can access higher rates for speculative items.
Learn how to properly leverage leverage, as it can increase your risk of losing money and is an important feature in many instruments.
What are FxNet's costs and fees?
FxNet offers three types of account. This means that no matter if you're a novice or a professional trader, there's a suitable account. A FxNet Islamic Account is available to Sharia-compliant traders and can be used for day trading under certain conditions.
Fees
FxNet spreads are based on tight variable spreads. This is determined by account type. The ratios for Standard accounts are slightly higher, with spreads starting at 2.3 pips. VIP accounts have spreads that start at 1.9 pips.
Premium accounts offer a 0 spread and 1.2 pips commission per closed lot. This is an option for professional traders.
For a better understanding of costs and fees, see the examples below.
Remember to consider FxNet Rollover or overnight fee as an additional cost. This is applicable for positions that are held longer than one day. You may also see swap examples. Each instrument has a different overnight position quote.
What payment methods FxNet offers?
FxNet Review's last point is about payment methods. This refers to how you can transfer funds from or to your account. FxNet has a wide range of payment options, so you are sure to find the right one for you. These include Card Payments, Bank Wire and e-wallets. WebMoney is also available.
FxNet Minimum deposit
FXNet Minimum 50$ for Standard account. Platinum account and VIP accounts will require higher deposits (10k$ and $25k$ respectively) in order to receive additional benefits.
FxNet minimum Deposit vs. other brokers
FxNet withdrawal
FxNet withdrawals have their own fees, which are called payment provider fees. When withdrawing or depositing money, make sure you check the fees . These fees are examples of fees that may be applicable. For more information or to inquire about other options, contact customer service or visit brokers' websites.
Trade Platforms
FxNet decided to focus on MetaTrader4a leading software in the industry, which is also the most widely used and admired platform. MT4 is available through a variety applications, which allows you to trade from any device. This will allow you to keep control of your trading at all times.
FxNet doesn't restrict certain strategies. You can use your preferred trading style, either manually or automatically through EAs. MetaTrader is well-known for its powerful charting capabilities, and numerous add-ons that improve trading analysis and execution.
FxNet also added an additional benefit through its well-managed access markets via the use of liquidity providers and competitive pricing. We will continue to cover this.
Conclusion
FxNet Review concludes with flexibility in the trading process. This includes leverage, choosing between accounts, guarantee based on regulations and various assets to trade. Professionals may optimize their strategy with a higher spread and lower commissions, but trading costs are considered to be comparable to those of other brokers. FxNet is a good choice for traders of all sizes and portfolios.
FxNet Updates
FxNet has ceased to be active.however it is registered in Cyprus, the mother company runs a new brand www.nessfx.com
We encourage you to do your own research on the offer in detail.