What’s the FxNet?
FxNet is a brokerage firm founded as a Cyprus broker, with experience spanning over a decade in the financial investment industry and focused on experience and professional approach.
As a STP broker, you can trade in a Market Execution that also offers reasonable prices, with no strategy constraints, while maintaining a high level of customer satisfaction and serving its clients.
In addition to providing effective execution and consumer connection through liquidity providers, there is exposure to different markets, including Currencies, Metals, Shares, Bonds, Commodities and Indices.
Nonetheless, there is no detailed educational content, only trading information with economic calendars, news feeds and other key details. So beginning traders are better off seeking another source of learning, but there are good conditions to start with FxNet, so it could be an option as well.
Is FxNet secure or is it a scam?
FxNet, as an investment company in Cyprus, operates under a CySEC license that is part of European Union legislation and is completely compliant with the MiFID regulatory directive operating within the EEA region. FxNet also serves additional organizations via the Belize offshore sector, so that the organization also receives global publicity.
Nonetheless, we would suggest trading with the Cyprus company only because of its regulatory responsibilities and the client’s coverage of grievances in some unlikely situation or experience with FxNet.
It is also considered secure to trade with FxNet due to its regulated existence, as its operating standards are laid down in compliance with the regulations, along with the security of the client with money segregation and participation in investor compensation schemes.
Platforms for Trading
As for trading platforms, FxNet agreed to support MetaTrader4 as an industry-leading software that is currently the best known and used platform. MT4 supported by a range of applications offers you access to trading on any platform and keeps you in charge at all times.
Also, FxNet does not limit the use of any particular techniques, so you can deploy trading styles as you wish, either manually or automatically, via EAs. MetaTrader is known for its strong charting tools, as well as numerous add-ons that improve trading analysis and order execution.
In addition, FxNet introduced additional advantages through its genuinely well-managed market access through the use of multiple liquidity suppliers along with competitive pricing.
What are FxNet’s costs and fees?
There are three account forms provided by FxNet, so if you are a novice or a seasoned trader, there is an suitable account for you. There is also an offer of Islamic Accounts that is appropriate for those who comply with Sharia law and is available for day trading and defined terms and conditions.
FxNet spread is based on tight variable spreads, which are also specified by the form of account. The Standard account has significantly higher rates, with spreads starting from 2.3 pips, and the VIP account has lower spread charges from 1.9 pips. The premium account features 0 spread plus a commission fee of 1.2 pips per closed lot, which is a choice for experienced traders.
See some of the examples below for a clearer understanding of the price, which is perceived to be the average rate relative to the industry offerings, as well as the fees of another Exness broker.
Moreover, bear in mind the FxNet rollover or overnight fee as an expense that is paid to positions held longer than a day. Every instrument charges a different quote for overnight positions – you can also see some of the swap examples above.
The overall leverage offered by FxNet is a max of 1:500, which is only available while trading with an offshore FxNet company. Alternatively, and in the event that you are legally resident in the EU, you will be subject to regulatory constraints where lowered ratios may be used for retail traders, as well as 1:30 for major currencies, 1:20 for minor currencies and 1:10 for commodities. This will also rely on the trading expertise, as professionals can have exposure to higher ratios for risky goods by verifying their status.
And, of course, always know how to use leverage correctly, because leverage can also increase your possible losses and is a different function with various devices.
What payment methods does FxNet offer?
The last section of the FxNet analysis is the mode of payment or how exactly you can move funds to or from your account. Fortunately, FxNet provides a genuinely wide range of payment options, so you’ll certainly find the one that’s right for you. Methods include Card Payments, Bank Wire, e-wallets, WebMoney, Turstly, iDeal, Przelewy24 and more.
As normal, there is a minimum deposit determined by the form of account you are going to exchange, with a minimum of just $50 per Standard Account. VIP and Platinum account would require much higher deposits of 10k$ and 25k$ respectively in exchange providing additional benefits to their holders.
Fee for Withdrawal
So far as the fee policies are concerned, each method has its own fixed fees, which are considered to be payment provider fees. So, when depositing or withdrawing money, be sure to check the correct fees, some examples of fees you can see above and for other methods, visit the customer service department or see the brokers’ website.
What we do inside FxNet Review and what we offer are flexibility over the trading process, including adjustable leverage, option between accounts, regulatory assurances, as well as different trading properties.
Trade costs considered on a regular basis compared to other brokers, while professionals can optimize strategy with raw spread and commission per charge. Thus, a trader of any size or portfolio can find a way with FxNet.