FXNet Review & User Rating 2020
FxNet started its work in late 2012 after it obtained a license from the Cyprus Securities and Exchange Commission (CySEC). Many novice traders can be put off by the CySEC regulation, as the Cyprus economy is considered less developed than economies of many other European countries.
- Start year:2012
- Country of origin:Cyprus
- Payment options:bank transfers, bank cards, Skrill, WebMoney, Neteller, UnionPay, Qiwi, Fast Bank, Przelewy24
- Minimum account size:$50
- Minimum lot size:0.01 lot
- Leverage:up to 1:500
- Spreads:floating, from 0 pips
Despite this, Cyprus, being a member of the European Union, is obliged to establish the same fiduciary requirements as any other EU countries. In other words, regardless of whether the broker is regulated by CySEC or the FCA (the UK), the same strict requirements are imposed.
Nevertheless, to ensure that traders do not doubt the broker‘s reliability, FxNet also obtained licenses from the following regulators:
– ACP (France)
– AFM (Netherlands)
– BaFin (Germany)
– CNMV (Spain)
– KNF (Poland)
– FINANSTILSYNET (Norway)
– FSA (the UK).
There are three types of trading accounts. The minimum deposit required to open a standard account is $50. Spreads on this account start from 2.3 pips.
To register a VIP account, it is necessary to deposit $2,000; spreads start from 1.9 pips. Anyone who has $5,000 can open a platinum account with spreads from 0 pips.
Leverage does not exceed 1:500 on all accounts; the maximum deal size is 20 lots. The MetaTrader 4 platform is available for all accounts. Moreover, and you can download MT4 for Android and iPhone. Currencies available for trading: USD, EUR, GBP, PLN, and CZK.
Demo accounts are available to those who want to practice, learn trading, or test the platform before risking their money. Muslim accounts are developed for traders professing Islam. These are swap-free accounts. FxNet also offers the MAM (Multi Account Management) account, which allows traders to make the same transactions from multiple accounts simultaneously.
FxNet clients can trade on one of the most highly respected and popular platforms for currency and CFD trading – MetaTrader 4 (MT4). It can be downloaded on PC or mobile devices. Moreover, it is possible to trade directly from a browser. You can access the same account via MT4 applications.
The broker lists several advantages of the trading platform:
– STP execution, the best prices for aggregated liquidity providers;
– Expert advisors, scalping, hedging, trading on news are allowed;
– Trading currencies, spot metals, and stock indices: more than 100 instruments, including major and exotic currency pairs, metals, oil, commodities, indices, shares of the world’s largest companies.
Financial instruments available for trading include major, minor, and exotic currency pairs, as well as CFDs on indices and commodities. Forex trading is conducted 24/5. Leverage for trading currency pairs does not exceed 1:500. There are no requotes, commissions, or hidden payments.
The available leverage for trading commodities is up to 1:200.
Trading CFDs with FxNet allows clients to access the world’s largest companies, including Apple, eBay, Google and Coca-Cola, without having to buy shares. CFDs on stocks give traders an opportunity to trade against the movement of prices.
Investors can open both long and short positions on shares. In addition, FxNet provides its clients with leverage for stocks and indices, allowing to increase profits. The company claims that thanks to high-quality trading servers, orders are carried out with an extremely short delay.
The broker pays a lot of attention to training programs. The educational center publishes articles and videos that help beginners understand the basics of trading.
FxNet updates market news with daily and weekly reports, as well as technical analysis of market movements, financial changes, and economic reports that affect the trading sentiment.
The economic calendar helps traders to keep track of the market events. It includes the main upcoming events in the world of finance that can influence the market situation.
The company’s website also features economic glossary, the FAQ section, off-days, and other important data.
Although the list of electronic wallets is quite short, the broker offers diverse payment methods: bank transfers, bank cards, Skrill, WebMoney, Neteller, UnionPay, Qiwi, Fast Bank, Przelewy.
If you want to use a different payment method, file a request to the broker.
You can withdraw money via a bank card, an electronic wallet, or a bank account that was used to make initial deposit.
The withdrawal of any amount exceeding the initial deposit is available only via bank transfer. The withdrawal of funds can take up to 48 working hours.
During business hours, traders can contact the FxNet representatives by phone. The website has versions in 15 languages, including English.
A notable feature, which rarely seen on the websites of other brokers, is a set of clocks that shows the real time in New York, London, Tokyo, and Moscow.