Question 1

Is FxNet regulated and safe for traders?

FXScope Intelligence Lab · Accepted Answer

FxNet is regulated by the Cyprus Securities and Exchange Commission (CySEC) as a Cyprus Investment Firm (CIF). However, there are some regulatory concerns to note. In May 2019, FxNet reached a settlement with CySEC for €60,000 regarding possible violations of The Investment Services and Activities and Regulated Markets Law. The violations included non-compliance with operating license conditions and professional ethics obligations. Additionally, the broker mentions regulation by DGCX (Dubai) and IFSC (International Financial Services Commission) on their website, though CySEC appears to be their primary regulator. While the regulatory framework exists, the past settlement and complaints from traders should be carefully considered when evaluating the broker's safety.

Question 2

What are FxNet's trading costs and spreads?

FXScope Intelligence Lab · Accepted Answer

FxNet offers variable spreads that start from different points depending on the source: some marketing materials claim spreads starting from 0 pips, while review sites indicate major currency pair spreads starting from 1.9 pips. The broker charges a commission of $12 per lot on standard accounts. The maximum leverage offered ranges from 1:300 to 1:500 depending on the account type and jurisdiction. However, customer feedback suggests that while spreads are competitive, they could be improved, indicating that actual trading costs may be higher than the advertised minimums.

Question 3

What is FxNet's minimum deposit requirement?

FXScope Intelligence Lab · Accepted Answer

FxNet's minimum deposit requirements vary between different sources and account types. Marketing materials indicate trading accounts starting from $50 USD, while review sites show $25 as the minimum deposit. One source mentions standard accounts requiring $100. The discrepancy suggests the minimum may depend on the specific account type chosen. FxNet offers both real trading accounts and free demo accounts, allowing new traders to test their platform before committing funds.

Question 4

What trading platforms does FxNet provide?

FXScope Intelligence Lab · Accepted Answer

FxNet provides its clients with MetaTrader 4 (MT4), which they describe as the industry's most reputable and award-winning platform for forex and CFDs trading. Additionally, they offer their proprietary SimpleTrader platform. Both platforms are available for desktop (Windows and MacOS) and mobile devices (iOS and Android). The broker emphasizes that multiple trading platforms can be accessed under a single trading account, allowing clients to access all of FxNet's trading instruments from various platforms seamlessly.

Question 5

Is this broker beginner-friendly?

FXScope Intelligence Lab · Accepted Answer

FxNet appears moderately beginner-friendly based on several factors. The broker offers a low minimum deposit ($25-$100), free demo accounts for practice trading, and claims to provide platforms suitable for traders of all experience levels from beginners to experts. They offer educational resources through their website. However, there are concerning factors: the broker has a history of regulatory violations with CySEC, customer service response times have been criticized in reviews, and there are unresolved complaints from traders about the company's practices. While the technical setup is straightforward with MT4 integration, the regulatory history and customer feedback suggest new traders should exercise caution and thoroughly research before committing significant capital.

Question 6

What deposit and withdrawal methods does FxNet accept?

FXScope Intelligence Lab · Accepted Answer

FxNet accepts multiple funding methods including wire transfer, credit cards, debit cards, and various electronic payment systems: Neteller, WebMoney, Skrill (formerly Moneybookers), and Payza. The platform supports multiple account currencies including USD, EUR, GBP, CHF, JPY, and AUD, allowing traders to avoid additional conversion fees. This range of funding options provides flexibility for international clients, though processing times and fees may vary depending on the chosen method.

Question 7

What is FxNet's company background and history?

FXScope Intelligence Lab · Accepted Answer

FxNet Ltd was established in 2012 and is headquartered in Limassol, Cyprus. The company positions itself as a global, fully licensed Over the Counter (OTC) online Forex and commodities broker. The management team consists of financial markets professionals with decades of industry experience. FxNet emphasizes exceptional customer service, innovation, and fast execution as core business principles. They've partnered with Deloitte and Oracle to develop their in-house CRM system. The company claims to enable clients to start trading in less than one minute through their sophisticated systems and processes. However, their regulatory history and recent settlement with CySEC should be considered alongside these corporate claims.

Investing24.com

Key highlights

Investing24.com SEO overview

Regulatory coverage

Safety summary

Profile freshness

Similar Brokers You Might Like

PHOENIX MARKETS

FXPRIMUS

TradeEU

Vita Markets