Average pips/trade: 12.0
Average trade lifespan: 15 hours
|Account type||Minimum deposit||Minimum trade size||Maximum leverage||Average Spreads|
|Standard||$50||0.01||1:500||From 2.3 pips|
|VIP||$2 000||0.01||1:500||From 1.9 pips|
|Platinum||$5 000||0.01||1:500||From 0 pips+ $12 commission/lot|
FxNET offers three basic forex trading account types, based on the initial deposit amount. All of them offer leverage up to 1:500, market execution, variable spreads and micro tradeable lots. The Standard & VIP accounts are commission-free, while the Platinum one offers raw spreads and involves a small commission.
Besides, the brokerage provides Islamic accounts that allow swap-free trading in compliance with the Sharia Law, which means that such account holders can trade without being charged overnight fees.
Managed account services are also available with FxNet. The broker’s MAM (Multi Account Management) account allows one trader to use a master account to manage multiple sub-accounts. A MAM account holder can control the trades of the multiple accounts, which replicate the performance of the master account.
FxNET is a global, fully licensed STP (Straight Through Processing) broker offering trading in over 40 currency pairs, CFDs on shares, bonds, commodities, and equity Indices on the MT4 platform. Its Liquidity Pool includes some of the best, most credible and widely known banks in the world.
FxNET is the brand name of FxNET Ltd., a company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC), a regulator known for its efficient work. CySEC requires Cyprus Investment Firms to hold at least €730 000 as a proof of financial stability (the same amount is also required from UK-based brokerages by FCA); in addition, forex brokers must keep customer funds in segregated accounts, and regularly report to the commission.
As far as safety goes, FxNet has done its best to ensure high levels of client protection. The broker is also a member of the Investment Compensation Fund (ICF), which means that if anything goes wrong, any customer can get a compensation of up to €20,000. Negative balance protection mechanisms are also in place to protect traders from losing their entire investments.
Additionally, every CySEC- regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU. Nonetheless, FxNET is also registered with UK’s FCA, Germany’s BaFin, Netherlands’ AFM and others EU regulators.
Minimum Initial Deposit
In order to open an account with FxNET, traders have to invest a at least $50. Such minimum initial amount is quite low, as most brokers require around $200 as a start. Of course, there are brokerages which demand less – for example, one may open an account with leading Cypriot brokerage FXTM with just $5.
Spreads & Commissions
As a true STP broker, FxNET provides only variable spreads. Unfortunately, the ones offered on the Standard and VIP accounts are quite wide – starting out at 2.3 and 1.9 pips for the EUR/USD pair, respectively. The best spreads with this broker are offered on the Platinum (ECN account) – starting out at zero for the EUR/USD, but if we add the commission applicable of $12 per lot, the cost of trading appears to be average – within the range of 1.0 – 1.5 pips.
The maximum leverage level offered by FxNET is 1:500, which is average, yet many brokers provide leverage equal to or exceeding 1:500.
That, however, is probably about to change, as CySEC has recently introduced some leverage rules, urging brokers to offer default leverage of 1:50, as it tries to protect traders from the risks associated with using high leverage levels.
This broker offers its clients the internationally acclaimed trading terminal MetaTrader4 (MT4), available in all forms and shapes: desktop, web based version and mobile apps.
MT4 offers a full spectrum of trading tools and resources: more than 50 built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options for them. Traders can download ready-made or create their own EAs and let the program do all the work.
Besides, FxNET provides VPS hosting so that it clients can run their EAs 24/7, even if their PCs are turned off.
FxNET offers an array of payment methods: credit/debit cards (Visa, MasterCard, Maestro), bank wire transfer and e-wallet payment systems, such as Skrill, Neteller, China UnionPay, Qiwi, WebMoney, FastBank, Przelewy24.
FxNET is a well-regulated STP broker offering trading in forex a number of CFDs on the popular MT4 platform. Its offerings seem quite reasonable, but we find the spreads on commission-free accounts too high. To sum up the above, here are the advantages and drawbacks with regards to this broker:
|Well-regulated||High spreads on commission-free accounts|
|STP/ECN trading model||No choice of trading platforms|
|High leverage levels available|
|Low minimum initial deposit|
FXTM is a EU regulated forex broker, offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $1 and take advantage of tight fixed and variable spreads, 1:1000 leverage and swap-free accounts.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
Grand Capital is a MT4 forex broker, offering $500 no deposit bonus and 40% bonus on all deposits.
Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
|Cyprus||CySec||MT4, MT5, Web||$5||Review Website|
|US, UK, Australia||CFTC/NFA, FCA, ASIC||MT4, Web,
|UK, Australia, Singapore||FCA||MT4, Web,
|UK, Cyprus||FCA, CySec||MT4||$5||Review Website|
|UK, Cyprus||FCA, CySEC||MT4, MT5, Web,
|UK, Bulgaria||FCA, FSC||Web||$150||Review Website|
|Belize||IFSC||MT4, MT5||$100||Review Website|
|Cyprus||CySEC||MT4, MT5||$300||Review Website|
|New Zealand||FMA||MT4||$1000||Review Website|
|Belize||IFSC||MT4, Web||$500||Review Website|