FxNet Review

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FxNet
15% Rescue Bonus or 50% Margin Bonus
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Overview

FxNet.comis headquartered in Limassol, Cyprus, it’s one of the well-known global online forex and commodity brokers in the field.FxNet is a fully licensed over the counter brokerage located in Limassol, Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC)

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Details

Broker FxNet
Website URL www.fxnet.com
Founded 2012
Headquarters Agios Athanasios Avenue, No. 58-60 El Greco Building Office 202, 4102 Limasso
Support Number 35725108111
Support Types info@fxnet.com
Languages English, Japanese, Chinese Simplified, Chinese Traditional, Korean, Greek, German, Russian, Hunarian, Italian, Arabic
Trading Platform MT4, MT4 Mobile Applications, MT4 SimpleTrader, WebTrader
Minimum 1st Deposit $ 1
Minimum Trade Amount 0.01 lots
Bonus 15% Rescue Bonus or 50% Margin Bonus
Leverage 1:100
Spread 2.8 pips Fixed spread on Standard account, 2.3 pips Fixed spread on VIP account
Free Demo Account Yes
Regulated Yes
Regulation CySEC
Account Types FxNet Standard Account: minimum deposit: $5 minimum lot size: 1k (micro lot) maximum leverage: 1:500, FxNet VIP Account: minimum deposit: $10,000 minimum lot size: 10k maximum leverage: 1:200, FxNet Islamic Account: Availble upon request
Deposit Methods Credit Cards, Debit Cards, MoneyBookers, Wire Transfer, Western Union, Neteller, WebMoney, Liberty Reserve, China UnionPay, Ukash, QIWI, EUTeller, Banklink, Neosurf, Poli, eNets, DIRECTebanking, OBT, Giropay, EC, Nordea Solo, Inteligo, Pekao, iDeal, Lasr, Carte Bleue, Dankort, ePay.bg, EPS
Withdrawal Methods Credit Cards, Debit Cards, MoneyBookers, Wire Transfer, Western Union, Neteller, WebMoney, Liberty Reserve, China UnionPay, Ukash, QIWI, EUTeller, Banklink, Neosurf, Poli, eNets, DIRECTebanking, OBT, Giropay, EC, Nordea Solo, Inteligo, Pekao, iDeal, Lasr, Carte Bleue, Dankort, ePay.bg, EPS
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes
Overall Score 4.4

Screenshots

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Full Review

At the centre of the FxNet offering is the ever popular MetaTrader 4 platform. Launched back in 2005 the MT4 platform from MetaQuotes remains one of the most popular Forex trading platforms on the market. FxNet has recognised this and ensured that traders are able to use both the Web and downloadable version of the platform. The MetaTrader 4 build from FxNet functions just as one would expect and individuals can use Expert Advisors without restriction. Additionally FxNet offer the SimpleTrader platform which is very easy to use and will likely be popular with newer traders. Those wishing to trade on the move using mobile devices shouldn’t have a problem when trading with FxNet as the firm offers the MT4 mobile trading platforms for both Android, Windows Phone and iOS devices. This ensures that traders can trade the markets no matter where they are.

Trading Conditions

Leverage: Up to 500:1
Scalping: Allowed
Expert Advisors: Allowed
Trailing Stops: Yes
Spreads: Fixed, 2.8 pips on the EUR/USD with a standard account. However spreads may fluctuate during major market announcements.
Minimum Pip Distance Stop/Loss Orders: 4 pips

FxNet is an STP brokerage which guarantees its traders a fixed spread the majority of the time, however though the spreads are generally fixed they do widen during periods of high volatility and market illiquidity. This is an interesting move as the majority of STP brokerages offer variable spreads dependent on the underlying quotes they are receiving from their liquidity providers. This means often you may get tighter spreads with other STP brokerages, though you will likely know the spread on offer in advance of opening a position. Generally the trading conditions are pretty favourable with traders being able to scalp, use Expert Advisors and set trailing stops without any issues. FxNet also offers clients flexible leverage of up to 500:1, which may be attractive to many despite the fact leverage, can work both for you and against you.

Instruments

Number of Currency Pairings: 25 Major and Minor FX pairings.
Other Instruments: Stock Indices and Commodity CFD’s

FxNet offers a total of 25 different Forex pairings including a range of minor FX pairings. The range of currency pairings on offer is somewhat limited in comparison to some of the firm’s competitors. While those looking to trade some of the more exotic currency pairings would probably be better suited elsewhere, the majority of retail traders focus on the big six pairings which are all on offer at FxNet. In addition to a range of currency pairings the brokerage offers a range of Indice and Commodity CFD’s, which adds some variation to the brokerages platform. Though it must be said the range of commodities and Indices available to trade through FxNet isn’t particularly extensive.

Customer Service

Support Methods: Call Back, Email, Live Chat, Skype and Phone
Telephone Numbers: Cypriot Phone Number
Support Languages: English, German, Greek and Russian

FxNet offer clients of the firm a wide variety of ways to get into contact, if traders need to find out any information or resolve any problems they are having. Customer service representives at the firm are professional and try to resolve your queries/problems to the best of their abilities. Currently the firm offers support in a number of European languages and its worth finding out whether they have support fluent in your particular language. The only weakness is the fact that firm currenly only has a Cypriot phone number which means it may be expensive if you want to communicate with the brokerage over the phone.

Regulation

Regulated: By CySEC of Cyprus, licence 182/12
MiFID Regulated: Yes, FxNet can accept customers from countries in the European Economic Area.
US Traders: No, US Traders cannot trade with FxNet
Regulatory Record: FxNet has not been on the receiving end of any regulatory action since the firm was founded in 2012.

FxNet Ltd. is regulated by Cypriot financial regulator CySEC and has been since the firm was setup back in 2012. The fact that Cyprus is a member of the EU and the European Economic Area means that the firm is able to accept clients from throughout the European Union, ensuring that clients of the firm are bestowed a minimum level of protection as set out by the EU’s Markets in Financial Instruments Directive (MiFID). Since the brokerage became regulated by CySEC back in 2012, the firm has not been on the receiving end of any disciplinary action.

FXNet has received a warning from the Forex Peace Army, but unlike cases where we deemed such brokers to be not trustworthy, the verdict is inconclusive in this case. They mention only one particular case where FXnet has not responded to their claims, while others were solved. We then assume FXnet is not a scam.

Overall

Those looking for a reliable broker who offers MT4 and doesn’t place any limitations on the use of various trading strategies may want to consider CySEC regulated FxNet. However the spreads offered by the brokerage are not the most competitive and some traders may instead decide to opt for a brokerage offering more competitive spreads, and the reputation it has been getting over at some sites is questionable. There are so many other similar MT4 brokers regulated by CySEC, that we’d just choose another broker.

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