FxNet Review 2024

Quick Links

• What is FxNet?

• 10 Points Summary

• Trading Instruments

• Is FxNet Safe or a Scam?

• Leverage

• What are FxNet Costs and Fees?

• What Payment Methods FxNet offers?

• FxNet Minimum deposit

• FxNet withdrawal

• Trading Platforms

• Conclusion

• FxNet Updates

What is FxNet? ▲

FxNet emerges as a prominent brokerage entity with over a decade of robust presence in the financial investment sphere, primarily based in Cyprus. This firm prides itself on operating as an STP broker, facilitating direct market execution for its clients. This feature is coupled with competitive pricing structures and the absence of restrictions on trading strategies, underscoring FxNet's commitment to maintaining high levels of customer service and support for its clientele. Through meticulous expert research and a keen understanding of financial trading dynamics, several key findings have been unearthed, which are detailed in the subsequent Core Liquidity Updates segment.

10 Points Summary ▲

• Headquarters: Cyprus

• Regulation: CySEC

• Instruments: Currencies, Metals, Shares, Bonds, Commodities, and Indices.

• Platforms: MT4

• EUR/USD Spread: 2.3 pips

• Minimum deposit: 50 USD

• Demo Account: Available

• Base currencies: USD, EUR, GBP

• Education: Limited to trading information, economic calendars, news feeds, and essential data.

• Customer Support: Available 24/5

Trading Instruments ▲

FxNet offers a dynamic execution model, backed by a powerful connection to the market through various liquidity providers. This ensures clients have access to a diverse range of trading instruments, including Currencies, Metals, Shares, Bonds, Commodities, and Indices. However, it is pertinent to note the lack of comprehensive educational resources within FxNet's offerings. The provision of basic trading information, economic calendars, news feeds, and other essential data, while beneficial, may not suffice for novice traders seeking in-depth learning materials. Consequently, while FxNet presents attractive conditions for initiating trading activities, beginners are advised to seek additional educational sources to complement their trading journey with FxNet.

Is FxNet Safe or a Scam? ▲

Operating as a Cyprus investment firm, FxNet is regulated under the CySEC license, aligning with the European Union's MiFID regulatory directive within the EEA zone. This regulatory framework ensures stringent operational standards and client protection measures, including money segregation and participation in investor compensation schemes. Additionally, FxNet extends its services globally through an offshore entity in Belize. However, for enhanced security and regulatory compliance, engaging with the Cyprus entity of FxNet is advisable. The firm's adherence to regulatory requirements and its commitment to client protection mechanisms affirm its credibility, making FxNet a safe choice for traders.

Leverage ▲

FxNet provides a leverage option of up to 1:500, though this is exclusively available through its offshore entity. EU residents, due to regulatory restrictions, are subject to lower leverage limits - 1:30 for major currency pairs, 1:20 for minor pairs, and 1:10 for commodities. Professional traders, upon verification of their status, may qualify for higher leverage ratios for speculative trading instruments. It's crucial for traders to comprehend the proper use of leverage, as it amplifies both potential profits and losses across different trading instruments.

What are FxNet Costs and Fees? ▲

FxNet caters to a diverse clientele with three distinct account types, accommodating both novice and seasoned traders. Moreover, the broker offers an Islamic Account, adhering to Sharia laws, and designed for day trading under specific conditions. This range of account options ensures that traders can find a setup that aligns with their trading style and compliance requirements.

What Payment Methods FxNet offers? ▲

In the final segment of our review of FxNet, we delve into the various payment methods available for transferring funds to and from your account. FxNet stands out for its wide array of payment options, ensuring that every trader can find a suitable method. The broker supports transactions through Card Payments, Bank Wire, and e-wallets including WebMoney, Trustly, iDeal, and Przelewy24, among others.

FxNet Minimum deposit ▲

The minimum deposit required to open a Standard Account with FxNet is set at $50, which is quite accessible compared to the industry standard. For those aiming for VIP or Platinum accounts, the deposit thresholds are significantly higher, at $10,000 and $25,000, respectively, in exchange for additional benefits afforded to account holders. This contrasts with the majority of brokers that typically require a minimum deposit of around $500.

FxNet withdrawal ▲

Withdrawal methods at FxNet are subject to specific charges, which are attributed to the payment provider's fees. Therefore, it's essential for traders to be aware of these potential fees when depositing or withdrawing funds. For detailed information on the fees applicable to various methods, it is advisable to consult the customer service team or refer to the broker’s website.

Trading Platforms ▲

FxNet has chosen to align its services with MetaTrader4 (MT4), the leading software in the industry, renowned for its comprehensive functionality and widespread use. MT4 is available across various applications, ensuring traders can access their accounts from any device. FxNet supports a range of trading strategies, allowing for both manual and automated trading via Expert Advisors (EAs). MetaTrader stands out for its advanced charting capabilities and the availability of numerous add-ons for enhanced trading analysis and order execution. Additionally, FxNet provides an advantage through its well-managed market access, facilitated by multiple liquidity providers and competitive pricing.

Conclusion ▲

To conclude our review of FxNet, the broker offers flexibility throughout the trading process, including options for leverage, account selection, regulatory assurances, and a diverse array of trading assets. Trading costs are considered average when compared to other brokers. However, professional traders can optimize their strategies with raw spreads and commission charges. Thus, FxNet caters to traders of all sizes and portfolios.

FxNet Updates ▲

Our latest research indicates that FxNet has ceased operations, and as such, opening or maintaining trading accounts is no longer possible. The broker retains its registration in Cyprus, while its parent company has launched a new brand, www.nessfx.com. We recommend that traders conduct thorough research on the new offering to ensure its safety and suitability. Meanwhile, our financial experts suggest considering established brokers such as HFM, Pepperstone, or XM for reliable trading solutions.