FXNet might be regarded as a typical representative of the young brokers generation, which it is in fact. The company was established in 2012 by financial market experts with decades of Forex trading experience under their belt.
However, FXNet forex broker stands out from other young brokers, at least from the majority of them, for its systematic approach and clear well-planned development strategy.
As for the goals and mission of the company, its founders and management put much focus on improvement of the existing information and trading technologies and development of new solutions.
This approach could not but attract numerous traders and investors, whose requirements have grown substantially lately. FXNet’s customer base is rapidly expanding. It consists mostly of private traders but there are also investment funds among the company clients.
Carefully selected trading tools and platforms let the broker create best trading environment. Close cooperation with largest international banks and insurance companies ensures its high reliability and liquidity and allows the company to provide exceptional trading conditions to its customers.
Deposits and Withdrawals
FXNet is offering a wide range of financial instruments for depositing or withdrawing funds. These are as follows:
- Bank transfer;
- Credit cards;
- Skril, WebMoney, Neteller, Qiwi E-Wallets.
The company is in close cooperation with major international banks, including JP Morgan; Barclays; Goldman Sachs and others.
Due to cooperation with such giants and the use of advanced computer technologies, the company is able to make all payments promptly. For example, payments through electronic payment systems are made within one banking day (in practice within several hours).
The above partner banks and some other financial institutions charge no commission to the company clients.
FXNet is authorized and regulated by the following authoritative financial institutions:
- The Financial Services Authority of the UK (FSA);
- The Cyprus Securities and Exchange Commission (CySEC);
- The Federal Financial Supervisory Authority of Germany (BAFIN).
Besides, FxNet abides by the European Union law, in particular it is fully compliant with MiFID (The Markets in Financial Instruments Directive) regulation.
Bonuses and Promotions
A trader that registered a live trading account with FXNet can get a bonus of 35% of the amount deposited. To get the bonus, it has to fund the deposit and fill in the application form. After address and passport verification is over, bonus money will be credited to the trading account.
Bonus money is intended for trading activities and can be withdrawn from the trading account only after meeting certain conditions specified by the broker. Customers can take a close look at these conditions on the company website.
Regular clients of the company can get the above bonus in the size of 50% of the amount deposited when funding their deposits.
Trading Accounts Types
Customers of FXNet can choose from three types of trading accounts:
The accounts differ in minimum deposit size and spreads:
|Minimum deposit (USD)||50||2000||5000|
|Minimum spread (pips)||2.3||1.9||1.2|
All other characteristics of the accounts are identical:
- Five digit quotes;
- Minimum order size – 0.01 lot;
- Variable spreads;
- Leverage from 1:1 to 1:500;
- Market execution.
Accounts can be opened in the following currencies:
- US Dollar;
- British Pound;
- Swiss Franc;
- Japanese Yen.
Trading Platforms Types
FXNet customers have an access to the following trading platforms:
- FxNet MetaTrader 4;
- FxNet SimpleTrader.
MT4 is so popular that it needs no bush. It was updated to suit the broker’s needs. Company specialists modified and enhanced some algorithms as well as added unique trading indicators and advisors.
The company is also offering a unique platform SimpleTrader, which is its corporate product. This platform is intended for NDD trading. It is distinguished by accurate and fast order execution. As regards order execution speed, FXNet is considered one of the best brokers.
Customer support of FXNet works around the clock 24/5. Clients can get in touch with the support team by phone, E-mail or via live chat on the company website.
Customer service is multilingual and supports the following languages:
The company website contains tutorials for beginner traders with lots of videos.
Pros of Trading with FxNet
Undeniable advantages of trading with FXNet are as follows:
- Narrow variable spreads;
- Tailored range of trading tools;
- “Generous” bonus program;
- Convenient trading platforms.
No contests and small choice of e-payment systems for deposits and withdrawals can be regarded as disadvantages (but quite relative ones).
Fansfor: I like FXNet for its good combination of simplicity and reliability. Trading instruments are few compared with other young brokers but this allows to stay focused and think over deals thoroughly.
ClearaNM: I’ve been working with the broker for more than a year. Everything is well-planned and optimized. The main things a trader needs are fast and accurate order execution and quick withdrawals. Both are perfect at FXNet.
The rising number of Forex brokers could not but affect the quality of services and honesty of new brokers. It’s a good luck to find a reliable broker in this “raging ocean”. There is every reason to believe FXNet is a broker of this kind. There is no point in repeating all the above virtues of the company. We wish further growth and every success to the company. In the near future the broker will surely rank at the top among best Forex brokers.