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Regulated: Regulated by CySEC and FCA
Min Deposit: $5
Min Trade Amount: 0.01 Lots
US Clients:
Max Trade Amount: 20 Lots
Bonus: 35% New Account Bonus!
Leverage: 500:1
Free Demo Account:
Trading Platform: MT4, Web-Based and Mobile
Payment METHOD NAME Charge Time

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Full Review

About FxNet

FxNet Ltd commenced forex brokerage operations in 2012, operating out of the financial district of Limassol in Cyprus. FxNet is regulated by Cyprus Securities and Exchange Commission (CySEC), under license no. 182/12, and also by the Financial Conduct Authority UK (FCA) under license number 594005.

 

Special Offers and Bonuses

FxNet offers the following bonuses and promotions to its traders:

a)    There is a 35% bonus awarded to new account deposits. This bonus regime also extends to deposits made to existing accounts that have been dormant for some time.

b)    FxNet rewards the TOP 3 most successful clients that have been referred by introducing brokers and affiliates with the following prizes:

–       1st Place  -> $ 750 ( Eligible at min. 100 Lots / month )

–       2nd Place  -> $ 500 ( Eligible at min. 50 Lots / month )

–       3rd Place  -> $ 250 ( Eligible at min. 25 Lots / month )

c)     There is a monthly demo trading contest where prizes  worth $500 shared out as follows:

–       1st place: $250 Credit in a live account

–       2nd place: $100 Credit in a live account

–       3rd place: $50 Credit in a live account

–       4th place: $50 Credit in a live account

–       5th place: $50 Credit in a live account

 

Types of Trading Accounts

Four types of trading accounts are available on FxNet. The account types are classified as follows:

a)    Standard Account: Traders with a standard account can operate their accounts in multiple currencies (USD, EUR, GBP, JPY, CHF, AUD) and are only required to make a minimum deposit of $5. Leverage is set at a maximum of 500:1. No commissions are paid for trades and spreads start from 2.3 pips. Minimum order size is 0.01 lots, with a maximum of 20 lots.

b)    VIP Account: Traders with a VIP account can also operate their accounts in multiple currencies and are required to make a minimum deposit of $2,000. Leverage is set at a maximum of 500:1. No commissions are paid for trades and spreads start from 1.9 pips. Minimum order size is 0.1 lots, with a maximum of 20 lots.

c)     Platinum Account: Platinum account holders pay commissions of $12 per standard lot trade, and are required to make a minimum deposit of $5,000. Leverage is set at 500:1 maximum. Minimum order size is 1 standard lot. Spreads start at 0 pips.

d)    Islamic Account: The Islamic account is the non-interest (swap-free) account for traders of the Islamic faith, created to help them trade without contravening the tenets of Islam as concerns financial investments. Evidence of religious belief must be submitted with the application.

For all accounts, stop out level is set at 20%. All deposits greater than $10,000 will attract a maximum leverage is 1:200, while deposits greater than $100,000 will see the maximum leverage drop to 1:100.

 

Trading Platform Features

FxNet offers trading platforms that are all based on the MT4. These platforms are:

a)    FxNet MT4 Desktop: This is the downloadable version of the MT4 trading platform which can be used on desktops and laptops.

b)    FxNetMT4 SimpleTrader: This is the web-based version of FxNet’s MT4 platform.

c)     MT4 Multiterminal: This is the MT4 version that allows simultaneous trading of multiple accounts. This is suitable for account managers or for those who have multiple accounts and want to trade them at once.

d)    FxNet Droid: This is the mobile trading MT4 version for Android devices. It is downloadable from the Google Play store.

e)    FxNet MT4 iPhone/iPad: This is the iOS version of the FxNet MT4 platform, downloadable from the Apple Store for use on iPads and iPhones.

f)     FxNet Mobile: This is the Windows phone version of the MT4.

 

Commissions and Spreads

The spreads and commissions payable on trades made on any of the FxNet platforms are as follows:

Platinum Account Spreads:

CURRENCY PAIR SPREADS
EUR/USD 0
USD/JPY 0
GBP/USD 0
AUD/USD 0.1
USD/CAD 0
USD/CHF 0.2
EUR/GBP 0.2
EUR/CHF 0.3
NZD/USD 0.6
EUR/USD 0
USD/JPY 0
GBP/USD 0
AUD/USD 0.1
USD/CAD 0
USD/CHF 0.2
EUR/GBP 0.2
EUR/CHF 0.3
NZD/USD 0.6
EUR/USD 0
USD/JPY 0
GBP/USD 0
AUD/USD 0.1
USD/CAD 0
USD/CHF 0.2
EUR/GBP 0.2
EUR/CHF 0.3
NZD/USD 0.6
EUR/USD 0
USD/JPY 0

 

Standard Account Spreads:

CURRENCY PAIR SPREADS
EUR/USD 2.3
USD/JPY 2.3
GBP/USD 2.4
AUD/USD 2.5
USD/CAD 2.3
USD/CHF 2.6
EUR/GBP 2.5
EUR/CHF 2.7
NZD/USD 3
EUR/USD 2.3
USD/JPY 2.3
GBP/USD 2.4
AUD/USD 2.5
USD/CAD 2.3
USD/CHF 2.6
EUR/GBP 2.5
EUR/CHF 2.7
NZD/USD 3
EUR/USD 2.3
USD/JPY 2.3
GBP/USD 2.4
AUD/USD 2.5
USD/CAD 2.3
USD/CHF 2.6
EUR/GBP 2.5
EUR/CHF 2.7
NZD/USD 3
EUR/USD 2.3
USD/JPY 2.3

 

VIP Account Spreads:

CURRENCY PAIR SPREADS
EUR/USD 1.9
USD/JPY 1.9
GBP/USD 2
AUD/USD 2.1
USD/CAD 1.9
USD/CHF 2.2
EUR/GBP 2.1
EUR/CHF 2.3
NZD/USD 2.6
EUR/USD 1.9
USD/JPY 1.9
GBP/USD 2
AUD/USD 2.1
USD/CAD 1.9
USD/CHF 2.2
EUR/GBP 2.1
EUR/CHF 2.3
NZD/USD 2.6
EUR/USD 1.9
USD/JPY 1.9
GBP/USD 2
AUD/USD 2.1
USD/CAD 1.9
USD/CHF 2.2
EUR/GBP 2.1
EUR/CHF 2.3
NZD/USD 2.6
EUR/USD 1.9
USD/JPY 1.9

 

Charting Packages

The various MT4 platforms come with an in-built charting package.

 

Education and Demo Accounts

There are a number of educational tools that traders can access on FxNet. As part of the educational section, there are the following resource materials:

a)    A section on technical analysis which is updated three times daily.

b)    There is an economic calendar provided for traders to keep up-to-date with fundamental happenings in the market.

c)     There is a forex glossary so newbie traders can get acquainted with forex terminology.

d)    Periodic forex webinars are held, covering various topics in the forex market.

 

Customer Service

FxNet Customer Support is available 24/5 via the following channels:

–       Email: [email protected]

–       Phone: 00357 25 108111

–       Live chat

–       Contact form

 

Deposit and Withdrawals

Traders on FxNet can perform account deposits and withdrawals with these methods:

a)    Credit/debit Cards: Only VISA, MasterCard and Discover are accepted, and this option is not allowed for corporations, Trusts, LLCs and Sole Proprietorships.

b)    Bank  wire transfers

c)     Skrill: These are subject to a 10-day holding period.

d)    UnionPay: This is an online payment method for Chinese traders.

e)    E-payment methods such as Neteller, Ukash, WebMoney, FasaPay, CashU and Payza

Various fees apply to some of the payment methods. Users from all countries are welcome to use any of the methods; there are no restrictions on the usage of some payment methods on the basis of nationality.

 

Deposit Limits

The minimum and maximum deposit amounts will depend on the means of transaction as well as the account type. The deposit ranges will extend from the $5 minimum obtainable on the Standard account, to more than $100,000 using bank wires. Other payment methods will have limits that will be defined by the broker when account verification is done.

 

Withdrawal Limits

There are no minimum or maximum withdrawal limits on FxNet. However, the beneficiary name on withdrawal requests must match the account names on the ID documents, and all withdrawal requests are verified by phone prior to the processing and transfer of the fund.

 

Conclusion

FxNet is a bit limited in terms of the range of platforms offered, but if you are an MT4 freak, then you will enjoy this platform. In addition, there is a wide array of transaction methods which gives the traders who want fast deposits and withdrawals lots of options to work with. There are also tools that can enhance the trading experience on FxNet.