1. Home
  2. Compare Forex Brokers
  3. FxNet review

FxNet Review

  • Regulated by: Financial Conduct Authority, CySEC
  • Safety: segregates client funds
  • Trust Rating: B
Open FxNet's Website

Losses can exceed deposits. Your capital is at risk.

FxNet one way: Forex.

To open a live account, you’ll need a minimum deposit of at least $50. Alternatively, FxNet offer a demo account that you can use to practice and familiarise yourself with their platform.

Regulated by the Financial Conduct Authority, UK (FRN: 594005 ), and CySEC (Licence: 182/12 ). FxNet puts all client funds in a segregated bank account and uses tier-1 banks for this. FxNet have been established since 2012, and have a head office in Cyprus.

Before we dive into some of the more detailed aspects of FxNet’s spreads, fees, platforms and trading features, you may want to open FxNet‘s website in a new tab by clicking the button below in order to see the latest information directly from FxNet.

Open a demo account Visit FxNet

Full disclosure: We may receive a commission if you sign up with a broker using one of our links. Your capital is at risk. CFDs are leveraged products & 73% of traders lose money when trading CFDs.

FxNet screenshot

PROS

  • Segeregates client funds
  • Established in 2012
  • Regulated by Financial Conduct Authority, CySEC
  • Min. deposit from $50

CONS

What are FxNet's spreads & fees?

Like most brokers, FxNet take a fee from the spread, which is the difference between the buy and sell price of an instrument.

The spreads displayed below are based on the minimum spreads listed on FxNet’s website. The colour bars show how competitive FxNet’s spreads are in comparison to other popular brokers featured on BrokerNotes.

FxNet fixed spread is not available. If you believe this is incorrect please fill in our form

Spreads are dynamic and are for informational purposes only. Last updated: June 06, 2018.

As you can see, FxNet's minimum spread for trading EUR/USD is 2.3 pips - which is relatively high compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with FxNet vs. similar brokers.

See all Spreads
Your capital is at risk.

How much does FxNet charge to trade 1 lot of EUR/USD?

If you were to buy one standard lot of EUR/USD (100k units) with FxNet at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $N/A. Here’s a rough breakdown of the fees and how this compares against XTB & City Index.

FxNet XTB City Index
Spread from: N/A $2.00 $5.00
Typical overnight fee: N/A $7.94 $20.60
Commission: N/A 0 0
Total cost of a 100k trade: N/A $9.94 $25.6
Visit FxNet Visit XTB Visit City Index

All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Your capital is at risk.

General Fees

  • FxNet doesn’t charge inactivity fees*
  • FxNet withdrawal fees varies on payment method

Overnight fees & swap rates

When you hold a position overnight, it is usually subject to overnight interest which you must pay to your brokerage (sometimes called a rollover fee or swap rate).

  • The rollover fee for long positions on EUR/USD is -$8.00
  • The rollover fee for short positions on EUR/USD is -$0.60

Commissions

  • FxNet does charge commission on CFD shares

What can you trade with FxNet?

FX / Currencies FxNet XTB City Index
# of forex pairs offered 50 84
Major forex pairs Yes Yes Yes
Minor forex pairs Yes Yes
Exotic forex pairs Yes Yes
Cryptocurrencies No Yes Yes
Commodity CFDs FxNet XTB City Index
# of commodities offered 0 26
Metals Yes Yes Yes
Energies Yes Yes Yes
Agricultural Yes Yes Yes
Index & Stock CFDs FxNet XTB City Index
# of Stocks offered 1500 4500
UK Shares Yes Yes Yes
US Shares Yes Yes Yes
German Shares Yes Yes Yes
Japanese Shares Yes Yes Yes
See FxNet's Instruments See XTB's Instruments See City Index's Instruments
Your capital is at risk.

What’s the FxNet trading experience like?

1) Platforms and apps

FxNet offer the popular MT4 forex trading platform. To see a list of the top MT4 brokers, see our comparison of MT4 brokers.

FxNet Screenshot See FxNet's Platforms

FxNet also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.

See FxNet's platforms
Your capital is at risk.

Trading Features:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

Accounts offered:

  • Demo account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • Managed account
  • Islamic account

Still not sure?

Open a practice account & learn to trade

2) Executing Trades

FxNet allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As FxNet offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.

As a nice bonus, FxNet are one of very few brokers that claim to have no requotes, so you don’t have to worry about slippage (your trades being ordered at a different price to what you executed them at).

As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.

FxNet also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders negative balance protection price alerts and much more. You can see all of the account features offered by FxNet and much more. You can see all of the account features offered by FxNet here.

Finally, we’ve listed some of the popular funding methods that FxNet offers its traders on the right.

Funding methods:

  • Credit cards
  • Bank Transfer
  • Neteller

3) Client support

FxNet support a wide range of languages including Arabic, Chinese, Croatian, Czech,English,Greek,Hungarian.Japanese,Persian,Polish, Romanian,Russian,Slovak,Spanish,Vietnamese

FxNet have a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.

4) What you’ll need to open an account with FxNet

As FxNet is regulated by Financial Conduct Authority, CySEC, every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore FxNet’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with FxNet you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.fxnet.com/ on August 23, 2018.