FXNet Broker Review
When you’re looking for an online trading services provider it pays to pick one that is licensed and regulated by a well-known regulatory body. The lowest deposit requirements in the world of online trading won’t stop your money being at risk. However, you can have the best of both worlds, so keep reading and we’ll tell you more about FXNet.
Licensed and regulated by CySEC, FXNet are a company that offers online trading services from its headquarters in Limassol, Cyprus. They have clients located in more than 100 countries, and all they ask is a minimum deposit of $50. This brokerage firm is managed and run by a team of experienced professionals, who have more than a decade’s experience in the financial industry. FXNet also operate within the guidelines of MiFID, and are registered with the BaFIN, ACP, CNMV, AFM, and FINANSTILSYNET.
FXNet haven’t been around as long as a number of other brokers, but we didn’t let that put us off, and neither should you.
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|Forex, indicies, commodities, shares|
With One FXNet account you get access to 5 trading platforms
Like many other brokers, FXNet has chosen MetaTrader 4 for their trading platform. And why wouldn’t they? It’s award-winning, and very popular. In fact a large number of traders prefer it to any other. One big advantage of MetaTrader 4 is it can be accessed through a number of different applications, depending on your needs. Whether you’re sat at home using a PC or Mac, out on the road and using an Android phone, or using an iPad or tablet, you get the same level of service and experience. It can even be used by multi-account managers.
FXNet offers a range of accounts depending on your preferences
Both individuals and corporate clients get to choose from three different accounts, each designed to meet the needs of a certain kind of trader.
Standard account – Minimum deposit is just $50, but spreads do start at 2.3 pips, which we thought was quite high. Leverage ranges from 1:1 right up to 500:1, and the instruments available include FX, equity indices, and commodities. Minimum order size is 0.01, while the maximum is 20 lots. Stop out is 50%, and the margin call is 100%.
VIP account – Minimum deposit is $2,000 and spreads start at 1.9 pips. Up to 500:1 leverage is available. All other features are the same as the standard account but there is an additional benefit. There is 24 hour dealing support.
Platinum account – Minimum deposit for this account is $5,000. Leverage, instruments, min and max order sizes are the same as the Standard account, as is the stop out and margin call. One difference between this and other accounts is that there are commission charges to be paid.
FXNet also offer a demo account which gives newcomers the perfect opportunity for some practice, and also allow them to get a real feel for their services, rather than just reading what someone has said. $100,000 of free trading credit is available and there is no time limit. Unlike some other brokers, who only allow traders to use a demo account for 30 days.
One further point worth mentioning is that leverage changes if an account balance is greater than $10,000, when it goes down to 200:1. And if an account balance is greater than $100,000 it is reduced further to 100:1.
When it comes to funding your account or taking money out, FXNet support the usual payment methods, including Visa and Mastercard, Skrill, WebMoney, Neteller, wire transfers, and a number of other local methods. On the whole processing time is instant, but be aware that many of the methods will incur additional charges.
If you want to learn more about the world of trading, sign up to the FXNet Academy
We like it when we find a broker who puts the education of their clients near the top of their priorities. After all, many of our readers will be beginners. FXNet have their own Academy, where you can learn all you need to know about Forex before you start trading. There is also a section with Forex tips, delivered by a team of Forex experts. You can get your head around Forex jargon by visiting the Forex dictionary, as well as learn more of the basics with a selection of free e-books. And if you’ve never encountered MT4 there are a series of MT4 how to videos that will take you through the platform step-by-step.
When you need to get in touch, the customer support service is more than adequate. There is an email address, telephone number that is manned from Monday to Friday between 7 am and 4 pm. And if that’s not enough there is a live chat option.
When we conducted our research before writing this review, we weren’t able to find much negative feedback. Which can only be seen as a good thing. We recommend you give them a try, but as always we’d make the suggestion you start with a demo account, and take it from there.