Pros & cons of FxNet broker

FxNet Fact sheet

FxNet is regulated by the Cyprus Securities and Exchange Commission (CySEC). The broker also falls under MiFID regulations and thereby offers fair treatment to its clients. Negative balance protection is active for retail clients and guarantees that traders will not be held liable for losses beyond their account balance. Additionally, FxNet is a part of the compensation fund in case of insolvency and uses segregated accounts to keep client funds safe. On the website, the broker mentions that they acquired a passport to offer services under the FCA and several other highly reputable regulators, without a license number or any other details which may be a red flag and traders must exercise extra caution when dealing with FxNet.

There are 3 account types offered by FxNet called the Standard, VIP, and Platinum accounts, and offer different kinds of spreads and commissions to appeal to all types of traders. The spreads are quite high when compared to other popular brokers and start from 2.3 pips for major pairs. With a 2,000 USD, or equivalent, deposit it is possible to become a VIP account user and spreads drop to 1.9 pips, which is still very expensive. The only way to trade with 0 spreads is to start with 10,000 USD on a Platinum account. But the trading commission is 24 USD round turn, which is among the most expensive for ECN 0 pip accounts. For beginners, it will only be possible to become profitable using day trading strategies with high targets. 

Pros & cons of FxNet account types

Comparing FxNet fees with other brokers

FxNet fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

FxNet fees compared to CM Trading fees

FxNet fees compared to plus500 fees

FxNet fees compared to XM fees

FxNet fees compared to AvaTrade fees

FxNet fees compared to Capital.com fees

FxNet offers MetaTrader 4 as its main trading platform with advanced features. There are all forms of MT4 available, including a mobile app for all devices, web traders to access the trading platform via a browser, and the standard installation of the software. MT4 offers more than enough trading features and it is possible to log in to all MT4 apps on all devices with the same credentials. 

There are no educational resources available on the FxNet website, not even glossaries or FAQs. There is only an economic calendar offered to enable traders to track all the fundamental events and news. 

There are several methods for contacting the broker directly including an online form, email, and phone calls. There is no live chat available. The website and support are multilingual and offer the flexibility to contact the broker in different languages. This lack of live chat makes it more inconvenient for clients to contact the broker directly in case of issues or questions and phone calls are generally expensive. 

FxNet is a regulated Forex and CFD broker that has been in operation since 2012. The broker offers over 160 instruments across various markets, including Forex and CFDs for commodities, indices, and stocks. The broker allows all forms of trading, including scalping, EAs, and hedging, but their high spreads make scalping unfavorable. Commissions are also expensive for 0 pip accounts. The trading platform offered is MT4 which is good enough, but having only this one platform is a bit annoying. FxNet is regulated by the CySEC, uses segregated bank accounts, and is a part of the investor compensation fund. In case of emergencies, there is negative balance protection in place and clients will not lose more than their account balance. Minimum requirements for deposits are also high, starting from 500 USD. Overall, FxNet has more cons than pros, and traders should exercise extra caution when dealing with them because of some red flags about regulations.