FxNet is a forex trading services broker. They give traders access to a wide variety of instruments in several markets like currencies, indices and shares. For commodity traders, they offer a range of energies, metals and agriculturals.
To open a live account, you’ll need a minimum deposit of at least $50. Alternatively, FxNet offers 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 has 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.
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Like most brokers, FxNet takes 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' spreads are in comparison to other popular brokers featured on BrokerNotes.
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
Spreads are dynamic and are for informational purposes only.
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.
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 $31. Here’s a rough breakdown of the fees and how this compares against IG & Plus500 .
|Spread from:||$ 23.00||$ 6.00||$ 6.00|
|Total cost of a 100k trade:||$ 23.00||$ 6.00||$ 6.00|
|$17 less||$17 less|
|Visit FxNet||Visit IG||Visit Plus500|
All fees/prices are for informational purposes and are subject to change.
FxNet offers over different instruments to trade, including over currency pairs. We’ve summarised all of the different types of instruments offered by FxNet below, along with the instruments offered by IG and Plus500 for comparison.
|FX / Currencies||FxNet||IG||Plus500|
|# of forex pairs offered||90||61|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|# of commodities offered||34||17|
|Index & Stock CFDs||FxNet||IG||Plus500|
|# of Stocks offered||8000||1816|
|See FxNet's Instruments||See IG's Instruments||See Plus500's Instruments|
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
FxNet allows you to execute a minimum 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 market maker, FxNet may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on 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 here.
Finally, we’ve listed some of the popular funding methods that FxNet offers its traders on the right.
FxNet support a wide range of languages including Arabic, Chinese, Croatian, Czech, English, Greek, Hungarian, Japanese, Persian, Polish, Romanian, Russian, Slovak, Spanish,and Vietnamese.
FxNet has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.
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:
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 01/06/2019.
76% of retail CFD accounts lose money.