FxNet Review 2020

FxNet review
FxNet Fees Explained

• FxNet withdrawal fees varies on payment method
• FxNet does not charge a fee for inactive accounts.
• FxNet does charge deposit fees.

Brokers offer state of the art online trading platforms, mobile trading apps, financial research tools and educational resources. For a brokerage to maintain these services and earn revenue as a company, brokers may charge clients various fees.

How FxNet Fees Compare Against Other Brokers

FxNet review
FxNet Minimum Deposit

FxNet require a minimum desposit of 50 GBP/USD when opening an FxNet trading account.

A minimum deposit is the minimum amount of money required by FxNet to open a new online brokerage account with them.

Dont be scared off by brokers like FxNet charging a minimum deposit to open a trading account. Brokers that charge higher minimum deposits often offer additional premium services on there platforms that are not available for free on other platforms.

Brokers that offer lower minimum deposits are generally geared towards a more mainstream audience that do not require some of the more advanced features and research tools.

Brokers that do not charge minimum deposits do so usually to attract new customers. They have to make some way, so transaction commissions and other fees may be higher with a low minimum deposit account.

Brokers that require a larger minimum deposit amount usually offer a greater range of trading features on their platforms. These brokers often have more in depth technical analysis and research tools and better risk management features.

As more and more online trading platforms have entered the market, minimum deposit requirements to open a live trading account have gone down as an increasing number of brokers compete for new clients.

Depending on the type of trading account you opt for some brokers require a minimum deposit as high as 6500 GBP/USD. Some brokers can go as high as 10,000 GBP/USD.

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FxNet Withdrawal Fees

FxNet withdrawal fees vary depending on your selected withdrawal payment method.

Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.

This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees and processing times.

FxNet for example allow you to withdraw your funds to a Neteller account, a UnionPay account, and a bank account via a wire transfer.

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FxNet Inactivity Fees

FxNet does not charge a fee for inactive accounts.

An account inactivity fee is a fee charged to the registered brokerage client.

Brokers may have certain trading activity requirements that under the terms and conditions of the accounts, clients may have to fulfill.

If a clients trading account dues not have any buying and selling over a period of time as dictated by the broker an inactivity fee may be due.

Inactivity fees are not specific to online trading accounts. Many financial service companies may charge inactivity fees. Please check on the brokers website and make sure you are aware of and are happy with all the services and fees you may be charged.

If you are no longer using your trading account close it with the brokers customer support. And make sure you have a confirmation that any remaining fees are not due.

Depending on the type of account you have signed up for you can only be charged an inactivity fee under certain circumstances. As part of a brokers regulation they are required to clearly disclose any inactivity fees.

Some brokerage firms may charge inactivity fees as compensation for maintaining your account on their expensive trading platforms, in an attempt to claw back revenue for the lack of commission fees from your trading.

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FxNet Desposit Fees

FxNet does charge deposit fees.

Some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee. The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.

FxNet review
FxNet Commission Fees

FxNet does charge commission on CFD instruments.

A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.

A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.

Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.

Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.

If a market order is not fulfilled by your brokerage usually no commission is charged.

Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.

FxNet review
Trading on FxNet web platforms and other applications

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

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

See FxNet's platforms

FxNet Trading benefits :

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

FxNet Trading Accounts Offered :

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

Can I try FxNet before I buy?

FxNet offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Your capital is at risk

FxNet withdrawal and funding methods.

Please note that the list of payment methods below depend on the FxNet Entity and the Clients Country of Residence.

FxNet offer the below funding payment methods. learn more about FxNet

• Credit cards
• Bank Transfer
• Neteller
• UnionPay

How can I start trading with FxNet?

When opening a trading account with FxNet, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on FxNet trading platforms here.

Your capital is at risk

Performing trades with FxNet

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.

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 instruments.

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.

FxNet Leverage and FxNet CFDs Explained

let's take a look at some of the basics of using FxNet leverage.

FxNet offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

FxNet leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the FxNet trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The FxNet leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

FxNet CFDs are typically used for short to medium term trades. For example FxNet intraday trading.

Limiting Your Risk When Trading with FxNet Negative Balance Protection

We should say something about negative balance protection with FxNet. When trading using leverage an adverse move could result in losing more than your trading account balance at FxNet. Your FxNet account could potentially become negative. We recommend you making use of negative balance protection. Using negative balance protection ensures your losses will always be limited to the current balance of the money in your account.

Limit Risk When Trading with FxNet Stop Loss, FxNet Stop Limit Orders

A stop-loss order is an order placed with a broker like FxNet to buy or sell once the stock reaches a certain price. A stop-loss is designed to limit a traders loss on a security position.

Most traders need to use stop losses to protect themselves from huge risk unless the trade is hedged against another trade or the trader is not using leverage. Circumstances differ depending on the trade and the markets.

Education resources at FxNet

To trade effectively with FxNet, it's important to get a have a good understanding of the FxNet trading tools and the markets.

FxNet offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with FxNet.

Take time to look around the FxNet platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at FxNet

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 triple AAA grade support rating because they offer a wide range of languages, live chat, email and phone support.

FxNet customer service support multiple languages from all over the world. Having a broker that can hire people from various locations in the world who can better communicate with you in your local language is a huge advantage well trying to deal with issues.

Livechat Support at FxNet

We tested the FxNet live chat and it works well. We sent messages to FxNet livechat through their app and website and recieved a response within 3 minutes.

We tested communicating with FxNet support in multiple languages in multiple countries. FxNet where able to quickly resolve our customer issues.

Email Support at FxNet

We sent several emails to FxNet and answer times overall were excellent. The fastest response from FxNet was less than 2 minutes and the slowest response was 3 hours. Support response times may vary for you with FxNet, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall very good email support from FxNet.

Phone Support at FxNet

We called FxNet and the call was answered very quickly. The call was answered in less than 1 minutes.

The FxNet phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual FxNet team by calling in varying languages. FxNet made an effort to make sure our queries were answered.

Overall great phone support from FxNet.

See how FxNet Support Compares Against Other Brokers

What you will need to open an account with FxNet

As FxNet is regulated by Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (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:

Be aware Please kindly note that the expiration date of Proof of address document for different entities under FxNet Brand may be different.

• 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 3 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 the FxNet trading platform 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 12th August 2018.

FxNet review written by Andrew Blumer and Mark Hansen