We welcome everyone back and hope we can give you a new experience as we are happy to speak with first timers and introduce you to our company. As we mentioned earlier, support is not available on the platform. The platform does its best to try and control the communication channels.
FxNet, as an investment company in Cyprus, operates under CySEC, part of European Union legislation and is completely compliant with the MiFID regulatory directive operating within the EEA region. FxNet serves additional organizations via the Belize offshore sector so that the organization receives city index advantage web global publicity. And it’s the very same situation facing almost every new member of the platform. Writing to support won’t help as the response is not coming any time soon. And this is why it’s best to stay away from such entities. Those who have already signed up with FX Net have reason to worry.
FxNet is not a licensed platform, and it did have a license w while ago from CySEC. Now, the license has been revoked due python math module to the platform’s method of operating. As a result, CySEC had to withdraw their license and fine the platform $60,000.
Next thing my money is all lost due to bad trades they advised me to open. Guys don’t fall for these people they will just make money of you and ignore you once you have lost. FxNet spread is based on tight variable spreads, which is defined by the account type as well. Standard account has slightly higher ratios, where spreads starting from 2.3 pips, and VIP Account has lower charges of spreads from 1.9 pips.
They have clients located in more than 100 countries, and all they ask is a minimum deposit of $50. This brokerage firm is managed and run by a team of experienced professionals, who have more than a decade’s experience in the financial industry. FXNet also operate within the guidelines of MiFID, and are registered with theBaFIN, ACP, CNMV, AFM, and FINANSTILSYNET. FxNet is proud to be one of the few true STP companies, which is fully licensed and regulated. FxNet offers STP accounts for all clients, as well as accounts starting from 0 Pips.
This basically means that the platform covers all segments of trading, but an introduction of one more platform would definitely be advantageous. FXNet offers the platform in all three versions, desktop, web, and mobile. Make the trades always available to you by downloading the FXNet mobile app which will enhance your trades.
What payment methods does FxNet offer?
FxNet utilizes the all-around respected MetaTrader 4 , accessible as a downloadable stage and through an internet browser. MT4 was planned explicitly for forex trading and furnishes an information-rich climate with great market profundity and trading narratives. It likewise offers 30 investigation devices, 50 customizable markers, and a nine-course of events decisions. Trade costs are regular compared to other brokers, while professionals can optimize strategy with raw spread and commission per charge. In the FxNet Review, we can see that they are flexible over the trading process, including adjustable leverage, options between accounts, regulatory assurances, and different trading properties.
FX Net is trying to ride on their old reputation when they had a CySEC license. Users from all countries are welcome to use any of the methods; there are no restrictions on the usage of some payment methods on the basis of nationality. Their clients can use sound market news and analysis in addition to suitable educational materials to enhance their trading skills and knowledge. FxNet is a member of Investor Compensation Fund that covers client deposits up to a maximum of Euros 20,000. FxNet is regulated by Cyprus Securities and Exchange Commission and has a good rating for security and reliability of deposited funds. Review details of the license, registration and regulation of this FX broker can be found on the brokers’ website.
Unfortunately, CySEC revoked the original FX Net’s license for breaking regulatory rules. And this didn’t stop them from creating another dummy investment platform. Through vast number of market instruments across currency pairs, commodities, indices and stocks, they fulfill all trading preferences. We like it when we find a broker who puts the education of their clients near the top of their priorities. FXNet have their own Academy, where you can learn all you need to know about Forex before you start trading. There is also a section with Forex tips, delivered by a team of Forex experts.
Now, we have cleared the status of the broker regarding security, so let’s proceed with the FXNet service package. Among the many Forex brokers, it is hard to find the right one. In a sea full of manipulative Forex companies, it is truly hard to find a shining diamond. This FXNet review is going to discover the secret of success of this broker who managed to stand above many other brokers with its way of business conduct.
Assets and trading instruments
Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why your funds are not safe with FxNet. Problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice. FXNet has a consumer rating of 1 star from 3 reviews indicating that most customers are generally dissatisfied with their purchases. Secondly, as we already mentioned, there is no FxNet No Deposit Bonus available. They either close your account if you claim it or give you this bonus but you will not be able to withdraw anything.
FxNet is an Arabic forex broker company that is based in Limassol, Cyprus. FxNet is a brokerage firm established as a Cyprus Broker acquired over a decade in the financial investment industry, as well as based on the knowledge and professionalism approach. Axiory – Axiory is directed forex, and CFD representative contribution tight spreads and utilized trading. Infinox – Infinox is a UK-based representative contribution MT4 trading with tight spreads.
The facility that enables a trader to get a much larger exposure to the market than the amount he or she deposited to open a trade, is called leverage. Such leveraged products magnify a trader’s potential profit – but of course, also increase the potential loss. The cost of trading depends on different factors like commissions, spreads, and margins. Transfer fees may be charged by certain payment providers. Traders also have the option to open a demo account before going over to trade with a live account. FxNet is a brokerage firm established in 2012 which means it has nearly a decade of experience in the financial investment industry.
Types of Accounts and Their Features
Opening a demo account is a good option before opening a live account where you trade with real money in real time. On the Standard Account spreads are 2.3 pips, on the VIP account 1.9 pips, and none on the Platinum account. FxNet offers no educational content for first-time traders on their website. It only provides a FAQs division where it answers obvious questions on forex. FxNet does not offer any bonuses for traders opening an account with them or for recommending the company to other traders for consideration. Contract for differences trading, a popular form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, on shares will incur commission.
FxNet could go bankrupt from one day to another since there are no banking information about this broker. In this review, we will describe why your funds are not safe with FxNet. Claim your listing for free to respond to reviews, update your profile and manage your listing.
Potential traders need to be assured that the broker company they choose can offer the necessary support and help whenever they may need it. FxNet places all funds in a segregated tier 1 bank account. Your money is not held by FxNet directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. There are no restrictions on trading with MT4’s iPhone and iPad app and the app offers fully functional trading and full management of trading accounts as well as all-important technical analysis tools.
Accordingly, different agents must first consider offering a complete trading administration and don’t have a history of penetrating guidelines. Notwithstanding, a review uncovered a penetrate of CySEC guidelines, bringing about a fine of $60,000 and the expulsion of its permit. The punishment was predominantly because of lacking dangerous warnings on the site, just as poor records being kept. A similar strategy should be utilized to pull out cash from a FxNet account concerning the underlying store. Be that as it may, to purge a record thoroughly, all benefits should be removed utilizing bank moves, which can take three to five workdays. Any remaining strategies require as long as 48 hours to be handled.
Moreover, since 1 August 2018 The European Securities and Markets Authority has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients. The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader. The account currency used is USD, EUR, and GBP, and trading are allowed on the MetaTrader4. It aspires to continue to improve its services, ensuring that it always maintains itself to the highest spectrum of customer satisfaction. All information on 55brokers.com is only published for general information purposes.
✅ Regulated – CySEC ✅ Company – FxNet Ltd. ✔ To find the more best forex brokers reviews Listed. I’ve read your message and understand why you feel like that. When i traded in August 2017 bdswiss broker with FxNet, i’ve traded with the maximum leverage that the company provides. After a week I deposit another 5500€ to trade on NVidia, but unfortunately i lost that investment as well.
MT4 provided through a variety of applications that gives access to trading through any device so you will stay in control at any time. In the end, it is clear that we will never advise you to go for an unreliable broker when this industry has much more to offer. Trusting a company that is not considered trustworthy is never a good idea, as if something inconvenient happens, you will not be able to do anything in terms of legal actions.
And this comes at a considerable cost as the platform quickly takes advantage of it. If you are still wondering whether this is a safe option, you can cancel the contract at any given time. For those who want to join and upgrade their investment strategy, Yield Nodes is the solution. There are no minimum or maximum withdrawal limits on FxNet. However, the beneficiary name on withdrawal requests must match the account names on the ID documents, and all withdrawal requests are verified by phone prior to the processing and transfer of the fund.
Guys I just want to warn you about fxnet, this broker will actually give you all the good stories about them in order to convince you to trade with them. The so called trade specialists will make you lose all your money and when you call people who convinced you to join at the first place their numbers don’t belong to them all of a sudden. My first trade specialist advised me to open few trades nd once they went bad, he told me to either deposit more money or my account will be closed and I’ll lose everything. Next day I get a new trade specialist without fxnet telling me they changing. When I call them they tell me they are busy they’ll call me in 10 minutes, they never call.