FxNet review

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Important Facts

  • Company: FxNet is the trading name of FxNet Ltd.
  • Founded:  2012
  • Payment Options:  Credit/Debit Cards, Wire Transfer, CashU, Skrill, Neteller plus additional payment methods.
  • Platforms: MetaTrader 4 Download, Web and mobile.
  • Accounts Available In: AUD, EUR, GBP, JPY, CHF, USD
  • Minimum Deposit: $5
  • Regulation: Regulated by CySEC of Cyprus
  • Social Trading: N/A
  • Support Options: Call back, Email, Live Chat, Phone and Skype

Platform(s)

At the centre of the FxNet offering is the ever popular MetaTrader 4 platform. Launched back in 2005 the MT4 platform from MetaQuotes remains one of the most popular Forex trading platforms on the market. FxNet has recognised this and ensured that traders are able to use both the Web and downloadable version of the platform. The MetaTrader 4 build from FxNet functions just as one would expect and individuals can use Expert Advisors without restriction. Additionally FxNet offer the SimpleTrader platform which is very easy to use and will likely be popular with newer traders. Those wishing to trade on the move using mobile devices shouldn’t have a problem when trading with FxNet as the firm offers the MT4 mobile trading platforms for both Android, Windows Phone and iOS devices. This ensures that traders can trade the markets no matter where they are.

Trading Conditions

  • Leverage:  Up to 500:1
  • Scalping:  Allowed
  • Expert Advisors: Allowed
  • Trailing Stops: Yes
  • Spreads: Fixed, 2.8 pips on the EUR/USD with a standard account. However spreads may fluctuate during major market announcements.
  • Minimum Pip Distance Stop/Loss Orders:  4 pips

FxNet is an STP brokerage which guarantees its traders a fixed spread the majority of the time, however though the spreads are generally fixed they do widen during periods of high volatility and market illiquidity. This is an interesting move as the majority of STP brokerages offer variable spreads dependent on the underlying quotes they are receiving from their liquidity providers. This means often you may get tighter spreads with other STP brokerages, though you will likely know the spread on offer in advance of opening a position. Generally the trading conditions are pretty favourable with traders being able to scalp, use Expert Advisors and set trailing stops without any issues. FxNet also offers clients flexible leverage of up to 500:1, which may be attractive to many despite the fact leverage, can work both for you and against you.

Instruments

  • Number of Currency Pairings: 25 Major and Minor FX pairings.
  • Other Instruments: Stock Indices and Commodity CFD’s

FxNet offers a total of 25 different Forex pairings including a range of minor FX pairings. The range of currency pairings on offer is somewhat limited in comparison to some of the firm’s competitors. While those looking to trade some of the more exotic currency pairings would probably be better suited elsewhere, the majority of retail traders focus on the big six pairings which are all on offer at FxNet. In addition to a range of currency pairings the brokerage offers a range of Indice and Commodity CFD’s, which adds some variation to the brokerages platform. Though it must be said the range of commodities and Indices available to trade through FxNet isn’t particularly extensive.

Customer Service

  • Support Methods: Call Back, Email, Live Chat, Skype and Phone
  • Telephone Numbers: Cypriot Phone Number
  • Support Languages: English, German, Greek and Russian

FxNet offer clients of the firm a wide variety of ways to get into contact, if traders need to find out any information or resolve any problems they are having. Customer service representives at the firm are professional and try to resolve your queries/problems to the best of their abilities. Currently the firm offers support in a number of European languages and its worth finding out whether they have support fluent in your particular language. The only weakness is the fact that firm currenly only has a Cypriot phone number which means it may be expensive if you want to communicate with the brokerage over the phone.

Regulation

  • Regulated: By CySEC of Cyprus, licence 182/12
  • MiFID Regulated: Yes, FxNet can accept customers from countries in the European Economic Area.
  • US Traders: No, US Traders cannot trade with FxNet
  • Regulatory Record: FxNet has not been on the receiving end of any regulatory action since the firm was founded in 2012.

FxNet Ltd. is regulated by Cypriot financial regulator CySEC and has been since the firm was setup back in 2012. The fact that Cyprus is a member of the EU and the European Economic Area means that the firm is able to accept clients from throughout the European Union, ensuring that clients of the firm are bestowed a minimum level of protection as set out by the EU’s Markets in Financial Instruments Directive (MiFID). Since the brokerage became regulated by CySEC back in 2012, the firm has not been on the receiving end of any disciplinary action.

FXNet has received a warning from the Forex Peace Army, but unlike cases where we deemed such brokers to be not trustworthy, the verdict is inconclusive in this case. They mention only one particular case where FXnet has not responded to their claims, while others were solved. We then assume FXnet is not a scam.

Overall  

Those looking for a reliable broker who offers MT4 and doesn’t place any limitations on the use of various trading strategies may want to consider CySEC regulated FxNet. However the spreads offered by the brokerage are not the most competitive and some traders may instead decide to opt for a brokerage offering more competitive spreads, and the reputation it has been getting over at some sites is questionable. There are so many other similar MT4 brokers regulated by CySEC, that we’d just choose another broker.

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