FxNet Review

Review

FxNet, founded in 2012, is a global, full service STP broker headquartered in Limassol, Cyprus. It is regulated by CySec and is licensed by FCA in the UK, BaFin in Germany, MiFid, ICF and other European authorities.

Accounts

There are three types of trading accounts. $50 is the minimum deposit amount needed to open the Standard account which comes with spreads starting at 2.3 pips.

Account Types

The VIP account requires $2000 to start and has a spread starting from 1.9 pips. Anyone with $5000 can open a Platinum account and there is no spread here at all.

All three of the accounts receive leverage of up to 500 and the maximum order size is 20. The MetaTrader4 platform is used for all the accounts and trading can be done on Android and iPhones. The acceptable currencies include USD, EUR, GBP and JPY.

A demo account is available for those wishing to practice their trading before putting their own money at risk. Islamic accounts are allowed with swap free trading in compliance with the Sharia Law. This means that traders can trade in an Islamic account without being charged overnight fees. Only traders of the Muslim religion can open a swap account and only Standard and VIP accounts apply.

There is also a MAM (Multi Account Management) account. FxNet’s MAM account allows a trader to use a master account to manage multiple sub accounts. A MAM account holder can control the trades of the multiple accounts which replicate the performance of the master account. The MAM account holder can decide whether the allocation of profits and losses from the trades is equally split to all accounts or separately specified.

FxNet’s Corporate accounts are offered to legal or registered corporate entities. Through the corporate account application form interested applicants can authorize a representative(s) to trade, deposit or withdraw on their behalf.

Features

The instruments available for trading include the Major, Minor and Exotic currency pairs and CFD’s on Stock Indices and Commodities. There are over 25 currency pairs to trade which can be traded 24/5. Leverage is up to 1:500, there are no rejections or re-quotes and no commissions or hidden fees.

There is a separate spread table for the different Forex trading accounts.

Commodity trading with FxNet offers leverage up to 1:200, fully liquid instruments, hedging, multiple trading platforms and no commissions or hidden fees.

CFD trading with FxNet allows traders to access the world’s biggest companies’ including Apple, eBay, Google and Coca Cola without having to buy the shares. With CFDs on shares trading, traders can trade against price movements.

With FxNet stocks and indices, trading both bear and bull markets can work in the trader’s advantage. Investors can make both long and short trades on the decline and rise of a stock’s value. Additionally with FxNet, leverage can be applied on stocks and indices giving the trader a chance to amplify profits.

FxNet uses a high quality trading server within short proximity enabling them to provide the most efficient path for delivering applications with ultra-low latency and fast execution to their clients.

Education

FxNet places a lot of focus on educating its traders so they can trade successfully in the Forex market.

Education Center

The market news is up-to-date with daily and weekly posts and technical analysis on market movements, financial changes and economic reports which affect the trading environment.

Market News

A real time economic calendar keeps traders abreast of the market providing easy and quick access to main economic events that impact the day to day movement of the Forex markets.

There is also a full listing of market trading hours as well as a full economic glossary and a FAQ page that covers most of the information traders seek. In addition, FxNet posts a holiday calendar so traders know beforehand when the markets will be closed for business.

Customer Support

Traders can contact an FxNet representative by phone during trading hours. The currency trading market offered by FxNet is the only market in the world that operates 24 hours a day 5 days a week. the trading hours for all commodities such as Gold, Silver and Oil differs to those of the Currency markets and should be checked by the trader independently.

The website is offered in 14 different languages. Chat is also available.

At FxNet, traders can choose several different ebooks for guidance and a more comprehensive understanding of Forex and the list is always changing so traders can benefit from these ebooks on a continuous basis.

A nice feature seldom found on the sites of other brokers is a world clock which shows real times in New York, London, Tokyo and Moscow.

Deposits/Withdrawals

FxNet clients can choose from a wide variety of online funding methods in addition to Bank Wire and Credit Card transfers including Skrill, Neteller, CashU and others. If a preferred funding method is not yet available, a request for a new funding method will be considered.

Withdrawals can take up to 48 working hours to be executed.

Conclusion

FxNet is one of the few legitimate STP Forex brokers, with a liquidity pool that includes some of the best, most credible and widely known banks in the world. FxNet seems to be constantly investing its efforts for its clients and tries to keep up with technological advances in the market in order to provide the ultimate trading experience to all of its clients.

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Features

Some brokers have one great feature that sets it apart from other brokers. FxNet has many features but most of them are quite standard. This doesn’t distract, however, from the broker offering high quality service and support and a website that is easy to navigate and user-friendly. The MetaTrader4 platform is offered in several different varieties and this helps to attract Forex traders with all levels of trading experience.

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Platforms

FxNet offers 4 different platforms under one account.

MetaTrader 4 Desktop

FxNet provides its clients with the industry's most sought after Forex and CFD platform – the MetaTrader 4 (MT4). The MT4 platform offers can be accessed in the same account through MT4 applications. MT4 allows flexible and customized trading through a user friendly interface with a wide variety of dynamic trading and analysis tools at the traders’ disposal.

MetaTrader 4 Platform

MT4 iPhone/iPad/Androids

There are no restrictions on trading with MT4’s iPhone and iPad app, allowing the trader to carry the platform everywhere. The app offers fully functional trading and management of trading accounts as well as all important technical analysis tools.

The same can be said for the MT4 Android platform that allows traders to download MT4 on android smartphones and tablets.

MT4 Multiterminal

MT4 Multiterminal allows a trader to trade multiple accounts from one terminal and provides him or her with simultaneous control over connected accounts. MT4 Multiterminal allows several allocation plans including Equal Parts, Predefined Volumes, Total Volume on each trade, Equity Ratio and Free margin Ratio.

Mac iOS

The MT4 platform can be downloaded to Mac iOS devices and a free tutorial is available online.

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User Reviews

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