FxNet -Overview of Minimum Deposit, Spreads & Leverage

What is FxNet？

FxNet is an online trading platform founded in 2012 and registered in the United Arab Emirates. As a Cypriot Investment Firm (CIF), it offers a range of trading services focused on Forex and CFDs. The broker provides competitive spreads, with the Platinum Account offering spreads starting from 0 pips, appealing to traders looking for favorable trading conditions. It claims to operate under the regulation of CYSEC, BaFin, FCA, and AMF. However, all of these regulations are suspicious clones. Additionally, the platform's availability is restricted in certain regions, including Belgium, Turkey, Russia, Japan, Canada, British Columbia, Quebec, Saskatchewan, and the USA.

Pros & Cons

Pros:

Competitive Spreads: FxNet offers tight spreads, particularly with the Platinum account boasting spreads starting from 0 pips. This can be attractive to traders seeking cost-effective trading.

Multiple trading instrument Classes: FxNet offers a variety of instruments for trading, including forex, commodities, shares, metals, and indices. This allows diversification within a single platform.

Reliable trading platform: FxNet utilizes the popular MetaTrader 4 trading platform known for its user-friendly interface and comprehensive trading tools.

Cons:

Suspicious Regulation: The biggest concern is the suspicious nature of FxNet's claimed regulations in multiple jurisdictions. This raises serious red flags regarding the legitimacy and safety of the platform.

Regional Restrictions: FxNet is not available to residents in several regions, including major markets like the US and Canada, limiting its accessibility.

Is FxNet Safe or Scam？

With the Market Making (MM) License of No.182/12 issued by the Cyprus Securities and Exchange Commission (CYSEC), the Retail Forex License of No.131046 issued by the Federal Financial Supervisory Authority (BaFin), the European Authorized Representative (EEA) License of No.594005 issued by the Financial Conduct Authority (FCA), and the Common Financial Service License of No.74376 issued by The Autorité des Marchés Financiers, FxNet claims to operates with multiple regulations. However, all of these regulations are suspicious clones. This raises significant questions about the platform's safety and legitimacy.

Market Instruments

FxNet provides traders with access to a diverse range of market instruments, enabling them to participate in various financial markets.

Currencies: Also known as forex, currency trading is the largest and fastest-growing industry with over 4 trillion dollars traded daily. With FxNet you get direct access to the forex market 24/5 and trade currencies such as EURUSD, USDJPY, GBPUSD, and more.

Commodities: With FxNet, you have access to a variety of the most popular Commodities worldwide. The selection of CFD Commodities includes Energies, Grains, and Softs.

Shares: Share CFDs trading with FxNet allows you to access the worlds biggest companies, including Apple, eBay, Google, and Coca Cola without having to physically purchase any shares.

Metals: With FxNet, you can now trade on the most lucrative metals, without physically purchasing the product. It offers two popular ways to trade CFDs on Metals: Cash CFDs and Futures.

Indices: With FxNet, both the bear and bull market can work to your advantage. Go long or short on the most popular indices around the world, like DAX 30, CAC 40, and FTSE 100.

Account Types

FxNet offers three account types: Standard Account, VIP Account, and Platinum Account. Each account type supports different minimum spreads for trading instruments across forex and metals. However, there are no differences in spreads for commodities, shares, and indices among the three accounts. However, we can not find more information about the three accounts on its website.

Spreads & Commissions

Each of the three account types offered by FxNet supports different minimum spreads for trading instruments across forex and metals and the same spreads for commodities, shares, and indices. Here we list some typical data about the spread of forex supported by the three accounts.

For the EURUSD currency pair, the Standard Account has a minimum spread of 23 points, the VIP Account has a lower spread of 18 points. For the USDJPY currency pair, the Standard Account and VIP Account have spreads of 24 and 18 points respectively. The Platinum account boasts 0 pip spreads for major currency pairs like EURUSD, USDJPY, and GBPUSD. In simpler terms, using the Platinum account can lower trading costs for traders. To get more details about the spreads for different accounts and different trading instruments, you can visit the official website.

Trading Platforms

FxNet offers its traders access to multiple trading platforms, including Windows, iOS, Android, and Webtrader, providing flexibility and convenience for traders who prefer different devices.

The platform of choice is MetaTrader 4 (MT4), a widely recognized and respected platform in the industry for trading forex and CFDs. MT4 is known for its user-friendly interface, advanced charting tools, and automated trading capabilities.

Trading Tools

FxNet offers an Economic Calendar on its website, providing traders with access to important economic events and announcements that can impact the financial markets. This tool allows traders to stay informed about key events such as central bank meetings, economic indicators, and geopolitical developments, helping them make more informed trading decisions.

Customer Service

FxNet provides customer support via telephone and email. For German-speaking customers, they can contact customer support at +357 25 108 111, while English-speaking customers can reach them at +971 42 482 303. Additionally, customers can also contact FxNet's support team via email at cs@fxnet.com or support@fxnet.com. Furthermore, FxNet offers a live chat feature on its website, allowing customers to get real-time assistance with their queries and concerns.

Conclusion

FxNet offers forex and CFDs trading with competitive spreads and a variety of instruments. However, there are questions about its regulatory status, as its claimed regulations are considered suspicious. This raises doubts about the platform's legitimacy and the safety of funds. Additionally, FxNet is not available in certain regions, including the US and Canada. We advise you to research carefully and consider other platforms with clearer regulatory status and wider availability.

Frequently Asked Questions (FAQs)

Q: Is FxNet regulated？

A: The CYSEC, BaFin, FCA, and AMF regulations claimed by FxNet are suspicious clones.

Q: What trading instruments are available on FxNet？

A: FxNet offers a diverse range of trading instruments, including currencies, commodities, shares, metals, and indices.

Q: What account types does FxNet offer？

A: FxNet offers three account types: Standard Account, VIP Account, and Platinum Account.

Q: Is FxNet available in my region？

A: FxNet is not available to residents in several regions, including Belgium, Turkey, Russia, Japan, Canada, British Columbia, Quebec, Saskatchewan, and the United States.

Q: What trading platform does FxNet use？

A: FxNet uses the MetaTrader 4 trading platform.

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.

In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.