FxNet Review 2023
United States not accepted.- Daytrading Review TeamFxNet will appeal to traders looking to speculate on popular financial markets on the MetaTrader 4 platform with low spreads.
FxNet is a Cypriot brokerage, founded in 2012 and regulated by the Cyprus Securities and Exchange Commission (CySEC). The company offers forex and CFD trading with STP execution and spreads from zero pips. There are no trading restrictions, so investors can use hedging, scalping and news strategies.
Speculate on 50+ major, minor and exotic currency pairs, including the USD/JPY, EUR/GBP, and GBP/JPY with leverage up to 1:30 and spreads from 0 pips.
Trade 80+ shares with leverage up to 1:5. There is access to popular global equities, including from the Nasdaq, the New York Stock Exchange, the London Stock Exchange and more.
Trade 150+ leveraged CFDs on the MT4 platform with a low starting deposit. You can speculate on rising and falling prices covering shares, indices, currencies, metals and energies.
✓ Pros
- Access to MetaTrader 4 platform and app
- Low minimum deposit from $50
- Integrated economic calendar
- Regulated by the CySEC
✗ Cons
- Narrow product portfolio with no crypto
- Below-average support with no live chat
- No market analysis or research
- Some poor customer reviews
- High inactivity fee of €40
- High withdrawal fees
- Low trust score
FxNet offers trading via MT4 in multiple financial instruments, including forex. This review explores platform downloads, minimum deposits, how to withdraw money, spreads, and more. Find out whether to login and start trading at FxNet today.
FxNet Company Details
FxNet Ltd is based in Dubai and owned by BelFx Ltd. The company provides financial trading services to countries outside of the European Economic Area. FxNet holds a license with the International Financial Services Commission (IFSC).
MetaTrader 4 Trading Platform
FxNet uses the well-regarded MetaTrader 4 (MT4), which is available as a downloadable platform and via a web browser. MT4 was designed specifically for forex trading and provides a data-rich environment with good market depth and trading histories. It also offers 30 analysis tools, 50 customisable indicators and nine timeline choices.
MT4 WebTrader has slightly reduced capabilities, but can be accessed easily from the broker’s website.
Markets
FxNet has a good range of tradeable instruments. Clients can trade on 51 forex pairs, 81 company shares, and 16 global stock indices. The broker also offers trading in 5 metals, 9 commodities, including energies and agricultural products, plus three CFDs on US and German bonds.
Spreads & Commissions
Forex spreads vary depending on the account held. Standard accounts get a minimum spread of 2.2 pips on the EUR/GBP, 1.8 pips on the EUR/USD, and 2.1 pips on the GBP/USD. With the Platinum account, spreads start at 0.2 pips on the EUR/GBP and 0 pips on both the EUR/USD and GBP/USD. There is also a 1.2 pip commission on all trades.
Overnight positions incur a charge. These swaps are variable and details can be found on the website.
Leverage
Leverage rates at FxNet are competitive, reaching up to 1:500 for forex trading with all account types. Other instruments have lower maximum rates; metals, indices and commodities can be leveraged up to 1:100 and shares can be leveraged up to 1:50.
Mobile Apps
The MetaTrader 4 platform provided by FxNet is available for trading on the go. Any device with Android 4.0, iOS 5.1.1 or above can download the mobile platform for free. The app has one touch trading, three chart types and over 30 technical indicators integrated into a sleek, intuitive interface.
Payment Methods
Deposits can be made to FxNet accounts using Visa and Mastercard payment cards, Neteller, Skrill and bank transfers. All options support Euro and the US dollar, except Skrill, which only accepts US Dollar. Bank transfers can take up to five business days to be credited while other methods are almost instant.
To withdraw money from an FxNet account, the same method must be used as for the initial deposit. However, to fully empty an account, all profits must be withdrawn using bank transfers, which can take three to five business days. All other methods take up to 48 hours to be processed.
There are commissions placed on deposits and withdrawals, with varying rates based on the payment method. Bank transfers are only charged any bank fees, but other methods are charged different rates, the details of which can be found on the website.
Demo Account
The free demo account at FxNet allows traders to familiarise themselves with the platform and broker, as well as try out trading strategies and chart types. You can sign up for a demo account from the broker’s homepage.
Deals & Bonuses
There are no bonuses or promotions at the time of writing. Many brokers providing services outside of the EEA offer welcome deals or deposit bonuses, so it’s a shame to see FxNet isn’t currently running any promotions. Check the broker’s website when you register for an account in case this has changed.
Regulatory Status
Though now regulated by the International Financial Services Commission (IFSC), FxNet Ltd was once based in Limassol, Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC), allowing it to provide services within the European Economic Area. However, an audit revealed a breach of CySEC regulations, resulting in a fine of $60,000 and the removal of its license. The penalty was mainly due to insufficient risk warnings on the website as well as insufficient records being kept.
Still, given that the broker has made the news for failing to meet regulatory conditions, we would recommend caution before opening an account. Other brokers that hold licenses with the FCA, ASIC, or CySEC, for example, may be more trustworthy.
Additional Features
There isn’t a decent breadth of additional features at FxNet, however, there is a detailed economic calendar. The calendar provides market predictions based on major events around the world.
We would like to see the broker increase its range of learning tools for newer traders.
Account Types
There are three FxNet accounts offered to both individual and corporate clients. As you move up the account tiers, the minimum deposit rises while spreads tighten and customer support improves.
Standard Account
- Spreads from 2.3 pips
- Minimum deposit $50
- Leverage up to 1:500
- All instruments
- Limited support
- No commission
VIP Account
- Spreads from 1.9 pips
- Minimum deposit $10,000
- Leverage up to 1:500
- All instruments
- Full support
- No commission
Platinum Account
- Spreads from 0 pips
- Minimum deposit $25,000
- Leverage up to 1:500
- All instruments
- Excellent support
- 1.2 pips commission
Trading Hours
Trading services are available when the markets are open and the platform is still accessible for account management outside of standard market operating hours. Forex is typically tradeable 24 hours a day, Monday through Friday, however other instruments vary depending on their respective markets.
Full details of trading hours can be found on the FxNet website under Trading Tools – Market Hours.
Customer Support
FxNet provide customer support to clients five days a week. All messages and queries are responded to within 24 hours, with the team working Monday to Friday, 07:00 to 16:00 GMT. There is a message tool at the lower right corner of the website where queries will be responded to via email.
Additionally, FxNet can be contacted directly using email, telephone or post:
- Email – cs@fxnet.com
- Phone – +971 42 482 303
- Address – Business Centre, Building C, 3rd Floor Logistic City, Dubai, U.A.E
Security
All transmissions between FxNet servers and web browsers are encrypted using 256-bit Secure Sockets Layer (SSL) encryptions. Funds are also segregated with top banking institutions, as per regulations.
FxNet Verdict
FxNet offers a no-frills trading service. There is a low minimum deposit, making it a viable option for beginners. However, its European license was revoked for breaching regulations, which brings into question whether or not FxNet is a legitimate broker. As a result, there are other brokers to consider first that offer a more complete trading service and don’t have a track record of breaching regulations.
Accepted Countries
FxNet accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, United Arab Emirates, Saudi Arabia, Kuwait, Qatar and most other countries.
Traders can not use FxNet from United States, Belize, Japan, Canada, Russian Federation, Azerbaijan, Belgium, Bulgaria, Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden, Iceland, Norway, Liechtenstein.
Payment Methods
FxNet Details
| Minimum Trade | 0.01 Lots |
|---|---|
| Regulated By | IFSC |
| Islamic Account | No |
| Mobile Apps | Yes |
| Margin Trading | No |
| Volatility Index | No |
| Spot Trading | No |
| Perpetual Swaps | No |
| ELWs | No |
| REITs | No |
| AI / Machine Learning | No |
| Robo Advisor | No |
| P2P Trading | No |
| Negative Balance Protection | No |
| VPS Hosting | No |
| Tournaments | No |
| Demo Competitions | No |
| Managed Accounts | No |
| Market Maker | No |
| Social Trading | No |
| Guaranteed Stop Loss | No |
| Commodities |
|
CFD Trading Details
| FTSE Spread | 160 |
|---|---|
| GBPUSD Spread | 2.1 |
| Oil Spread | 12 |
| Stocks Spread | Floating |
| Leverage | 1:500 |
Forex Trading Details
| GBPUSD Spread | 2.1 |
|---|---|
| EURUSD Spread | 1.8 |
| EURGBP Spread | 2.2 |
| Assets | 51 |
Top 3 Alternatives to FxNet
Compare FxNet with the top 3 similar brokers that accept traders from your location.
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IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group -
Interactive Brokers – Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Day traders can use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.
Go to Interactive Brokers -
Scope Markets – Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.
Go to Scope Markets
FxNet Comparison Table
| FxNet | IG Group | Interactive Brokers | Scope Markets | |
|---|---|---|---|---|
| Rating | 1.3 | 4.4 | 4.3 | 4.2 |
| Markets | Forex, CFDs, indices, shares, energies, metals, bonds | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | Forex, Stocks, Commodities, Crypto | Forex, CFDs, Stocks, Commodities, Indices, Futures |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $50 | $0 | $0 | $50 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | $100 | 0.01 lots |
| Regulators | IFSC | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | SEC, FCA, IIROC, SFC | CMA, FSC, FSCA |
| Bonus | – | – | – | 50% Deposit Bonus Up to $50,000. *Bonus promotions do not apply to all entities. Depending on the jurisdiction chosen to open an account with, different regulations apply. |
| Education | No | Yes | No | Yes |
| Platforms | MT4 | MT4, AutoChartist, TradingCentral | AlgoTrader, OmniTrader, eSignal, TradingCentral | Scope Trader, MT4, MT5 |
| Leverage | 1:500 | 1:30 (Retail), 1:250 (Pro) | 1:50 | 1:2000 |
| Payment Methods | 4 | 6 | 11 | 8 |
| Visit | – | Visit | Visit | Visit |
| Review | – | IG Group Review |
Interactive Brokers Review |
Scope Markets Review |
Compare Trading Instruments
Compare the markets and instruments offered by FxNet and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
| FxNet | IG Group | Interactive Brokers | Scope Markets | |
|---|---|---|---|---|
| CFD | Yes | Yes | Yes | Yes |
| Forex | Yes | Yes | Yes | Yes |
| Stocks | Yes | Yes | Yes | Yes |
| Commodities | Yes | Yes | Yes | Yes |
| Oil | No | Yes | No | Yes |
| Gold | Yes | Yes | Yes | Yes |
| Copper | No | Yes | No | No |
| Silver | No | Yes | No | Yes |
| Corn | No | No | No | No |
| Crypto | No | Yes | Yes | Yes |
| Futures | Yes | Yes | Yes | Yes |
| Options | No | Yes | Yes | No |
| ETFs | No | Yes | No | Yes |
| Bonds | No | Yes | Yes | No |
| Warrants | No | Yes | Yes | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | No | No |
FxNet vs Other Brokers
Compare FxNet with any other broker by selecting the other broker below.
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Visit | |
| FxNet is a Cypriot brokerage, founded in 2012 and regulated by the Cyprus Securities and Exchange Commission (CySEC). The company offers forex and CFD trading with STP execution and spreads from zero pips. There are no trading restrictions, so investors can use hedging, scalping and news strategies. | ||
FAQ
Is FxNet a scam?
FxNet has a track record of breaching CySEC regulations, who eventually revoked their license. The broker is now regulated by the International Financial Services Commission (IFSC). While we’re comfortable the broker is legitimate and not a scam, we would recommend other more reputable providers first.
What platform can I download with FxNet?
MetaTrader 4 is available to all FxNet clients. It can be downloaded or run on a browser via the broker’s website.
What is FxNet’s minimum deposit?
The smallest deposit needed to open a Standard FxNet account is $50. VIP and Platinum accounts, however, require deposits of $10,000 and $25,000, respectively.
How do I fund my FxNet account?
In order to deposit money into the account, you just need to sign in using your FxNet login details, head to my accounts and click the deposit button.
Can I trade with FxNet in the USA?
FxNet does not provide services to any citizens of the USA, EU or EEA, including Iceland, Norway and Lichtenstein.
Customer Reviews
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