FxNet Review 2020
FxNet is an online broker that offers forex and CFD trading on multiple instruments, including currency pairs, commodities, shares, indices, metals, and bonds, via the popular MT4 platform. They offer some useful trading tools, but their educational resources are limited.
FxNet Review 2020, Pros & Cons
- MetaTrader 4 platforms
- A variety of tradable instruments
- Some useful trading tools
- Different account types
- Multiple payment options
- Lack of regulations
- Does not accept clients from many countries including the EEA & USA
- Limited educational resources
- Not the tightest spreads
In this detailed FxNet review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
FxNet is not ranked in our best forex brokers, best stockbrokers, best CFD brokers, best crypto brokers, or best online brokers categories. You can use our free broker comparison tool to compare online brokers including FxNet.
FxNet Review: Summary
FxNet is a Forex and CFD broker that offers online trading on multiple instruments, such as forex, commodities, shares, indices, and bonds, via the popular MT4 platform. They operate a market execution model, offering low spreads, no requotes, and leverage of up to 1:500. The broker provides some useful trading tools along with limited educational resources.
FxNet Review: Regulation
FxNet is owned and operated by BelFx Limited, which is an international business company with registration number 130266. BelFx Limited is authorized and regulated by the International Financial Services Commission (IFSC) under the license number, IFSC/60/260/TS/17.
FxNet Review: Countries
FxNet offers its services to international clients, but the broker states that it does not provide services to residents of the USA, Belize, Japan, Canada, Russia, Azerbaijan, and citizens of the European Economic Area (EEA) – the 28 EU member states plus Iceland, Norway, and Liechtenstein.
Some FxNet features and products mentioned within this FxNet review may not be available to traders from specific countries due to legal restrictions.
If you are looking for a trading broker in a particular country, please see our best brokers USA, best brokers UK, best brokers Australia, best brokers South Africa, best brokers Canada or our best brokers for all other countries.
FxNet Review: Trading Platforms
The broker provides clients with the MetaTrader 4 trading platform, which is one of the best trading platforms used by forex and CFD traders. across the globe MT4 is available as a desktop application, web trading terminal, and mobile apps that are compatible with Android and iOS devices.
FxNet Review: Trading Tools
FxNet provides a range of standalone trading tools on the website. They include an Economic Calendar, Holiday Calendar, Market Hours, CFD Expiration Dates, and Margins Requirements.
FxNet Review: Education
The broker does not have many educational resources. The only educational material on the website is the Frequently Asked Question (FAQ) session that provides answers to some questions related to various trading terminologies.
FxNet Review: Trading Instruments
The broker offer a wide range of tradable instruments, spread across forex and CFDs on indices, shares, commodities, bonds, and metals.
FxNet Review: Trading Accounts & Fees
The broker offer three account types to suit traders of different goals and trading capital. The account types are as follows:
- Standard Account: Requires a minimum deposit of $50 and has variable spreads that start from 2.3 pips
- VIP Account: The required minimum deposit is $10,000, with variable spreads that start from 1.9 pips
- Platinum Account: It requires a minimum deposit of $25,000 and has variable spreads that start from 0 pips. Commissions may be charged.
As broker fees can vary and change, there may be additional fees that are not listed in this FxNet review. It is imperative to ensure that you check and understand all of the latest information before you open an FxNet broker account for online trading.
FxNet Review: Customer Service
The broker provides a highly responsive customer service team that can be reached via telephone, email, Live Chat, and the ‘Leave Us a Message’ box on the broker’s website.
FxNet Review: Deposit & Withdrawal
The acceptable payment methods include wire transfer, Skrill, Neteller, and Credit/Debit card, such as Visa and MasterCard. Deposit and withdrawal commissions vary and so does the processing time.
FxNet Review: Account Opening
To open a trading account with this broker, simply click on the ‘Open Live Account’ button on the homepage and fill the form displayed and upload the necessary KYC documents — proof of identification and address.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree to them.
FxNet Review: Conclusion
FxNet is an online broker that offers forex and CFD trading on multiple instruments via the popular MT4 platform. They offer some useful trading tools, but their educational resources are limited as is the brokers regulation. The platinum account requires a very large $25,000 deposit for the most favourable trading conditions compared to other brokers whose best trading accounts have more modest minimum requirements.
Trading in forex/CFDs involves significant risk and may not be suitable for all investors. Trading in the financial markets may lead to a loss of some or all of your original investment and as such you should not invest money that you cannot afford to lose. Trading on margin/leverage can work against you as well as for you.