FxNet Review

FxNet Review
FxNet Review

Regulation : CySEC

Accepts US Clients: No

Min. Deposit : $25

Leverage : 1:500

Platforms : MT4 Desktop, MT4 Simple Trader, MT4 Web Trader, MT4 iPhone/iPad, MT4 Droid, MT4 Mobile Trader, MT4 MAM

We Like

  • Fixed spread,
  • Low initial deposit to start with
  • A true STP broker with multiple choice of trading platforms

We Don't Like

  • Fixed spread of 2.8 pips is pretty high
  • Do not have OCO orders, Guaranteed Stop Loss, Guaranteed limit orders
The Verdict :

FXNet is a growing broker with full of attractive features for forex traders. Most of their features are very attractive for new comers or beginner forex traders. Advanced and experienced forex trader would like to trade with them as they are a true STP broker. However, they should improve their service in some section, specially trading orders.

  • Expert Opinion
  • User reviews
  • Specifications

tn_fxnet-site
FXNet is a new global forex broker regulated by the Cyprus Securities and Exchange Commission (CySEC). Besides this, they are also licensed by the FSA (UK), BaFin (Germany), ACP (France), CNMV (Spain), FINANSTILSYNET (Norway) and AFM (Netherlands). The headquarters of this broker is situated in Limassol, Cyprus. FXNet management is determined in reaching customer satisfaction with their simple, fast, reliable and secure trading services.

FXNet is a true Straight Through Processing (STP) broker that is full of loads of attractive features and services for any type of forex traders. They are truly caring to the beginner forex traders. FXNet has monthly contests where traders can judge their experience level and win attractive prizes.

Trading Platform:

FXNet provides 7 different trading platforms for each trading account. These trading platforms are mentioned below.

FXNet MT4 Desktop:
This trading platform is popular Meta Trader 4 platform. Meta Trader 4 trading platform is widely used trading platform in the forex market. This platform is full of advanced charting and trading tools with account summary. Traders can use advanced trading strategies and modified indicators by using Expert Advisors (EAs). Traders can use advanced chart for market analysis and trading tools or orders to executing their trading decisions in a single trading platform. Here is a snapshot of this trading platform.

FXNet-MT4-Desktop

FXNet MT4 Simple Trader:
This is a web based trading platform of FXNet broker. Traders can log in and trade instantly in this platform without downloading. This web based trading platform has charting package, trading tools and account information or summary. Traders can analyze the market and execute their trades with a single click. Here is a snapshot of this trading platform.

FXNet-MT4-Simple-Trader

FXNet WebTrader:
This is also a web based trading platform which is connected to the Meta Trader 4 trading platform under a single account. One click trading, advanced charting tools, advanced orders, account summary, etc are available in this web based trading platform. Here is a snapshot of this instant trading platform.
FXNet-WebTrader
FXNet MT4 iPhone/iPad:
FXNet provides Meta Trader 4 trading platform for iPhone and iPad. Traders can use IOS devices to trade flexibly from anywhere. This platform has 30 technical indicators and provides full management of trading account. This platform is compatible with iPhone, iPad and iPod Touch.

FXNet MT4 Droid:
This trading platform is compatible with Android based devices. Android phone and tablet users can trade using this trading platform. This is a Meta Trader 4 based trading platform. Traders can trade and manage positions or account from anywhere using their Android devices through this platform.

FXNet MT4 Mobile:
This trading platform is compatible with Pocket PCs (PDA) and Windows Mobile OS. This platform is similar to the FXNet iPhone/Pad and FXNet Droid platforms. Traders can trade from anywhere with 30 technical indicators and full management of trading account using this trading platform.

FXNet MT4 MAM:
Fund Managers, Portfolio Managers and large investors sometimes need to manage multiple trading accounts at a time. It is tough to maintain multiple trading platforms for multiple trading accounts. FXNet MT4 MAM trading platform helps these traders to manage multiple trading accounts at a time from single trading platform. This platform is a Meta Trader 4 trading platform where traders are capable to manage and trade in multiple trading accounts at a time. This trading platform has all the features of Meta Trader 4 trading platforms.

Main Features:

FXNet has various attractive features for every kind of forex traders. They are a true STP broker with fixed spreads and high leverage (up to 1:500). Traders can enjoy these outstanding facilities without investing a large amount of money.

Traders can start trading with them with as little as $25. They have a wide range of trading instruments including Forex, Metals, Oil, Gold, Indices, Stocks, Commodities and CFDs. Account opening process is fast and reliable. They accept deposits and withdrawals via various payment methods.

FXNet provides various trading platforms for a single account, thus traders can trade using their suitable one. They are regulated broker with dedicated 24/5 customer support center. FXNet arranges regular monthly trading contests where traders can judge and compete for attractive prizes.

Types of Trading Accounts:

FXNet has various types of trading accounts, and they are offering STP trading service for all types of accounts. Types of trading accounts are described below,

Standard Account:
This type of account is suitable for beginner forex traders who have a small investment. Minimum deposit for this account is as low as $25. 1:500 leverage ratio is allowed for this trading account.

Platinum Account:
This type of trading account is suitable for experienced forex traders who have minimum deposit of $10000. This type of account is not suitable for beginners or traders with a small investment. Maximum leverage ratio for this type of account is 1:500.
Traders can request for swap free Islamic account and MAM accounts while choosing suitable type of trading account. Institutional investors can request for a corporate account for trading.

Commissions and Spreads:

Most of the forex brokers do not charge any commission for forex trading. FXNet is similar. FXNet earns from spreads. They offer fixed spread that remains constant. Spread for EUR/USD is as low as 2.8 pips.

Customer Service:

FXNet has customer service section that is active 24/5. They are dedicated to providing best possible support and solution for their customers through various methods. They provide customer support through live chat, telephone and e-mail. They also allow their traders to trade or place orders by telephone as they included dealing room telephone service.

What We Liked:

Monthly Trading Contest: FXNet arranges trading contests every month regularly. Traders can trade and win attractive prizes by participating in these monthly contests. This is an outstanding opportunity to judge own capability and compete with other forex traders.

True STP Broker: FXNet is a true STP broker that executes trades without giving any requote. They provide 5th decimal pricing.

Enriched Education Section: FXNet has an enriched education section designed to help traders of any level. They provide educational resources and video tutorials on both Technical Analysis and Fundamental Analysis.

What We Disliked:

Do not have much variety in Account Types: FXNet offers only two major types of trading accounts. This can be considered as a prime limitation of this broker. Traders might find a hard time to choose account types as they do not have many options.

The Bottom Line:

I would recommend FXNet as it is a true STP broker with reliable execution and fractional pip value. Their leverage and minimum deposit requirement are trader friendly. However, they should seriously introduce more trading accounts of different types. Trading contest is a key feature of this broker that many other brokers do not have.