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. Sometimes, the Forex market seems to be designed as a scamming environment and a Ponzi scheme at its finest, but the many traders who made it to millionaires are proof that the market is not always black and that under the right guidance, with a bit of luck and knowledge, it is possible to make a nice living out of currency trading. 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. FXNet is an exemplary broker who knows how to keep its traders happy and the business fair.
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History of the Broker
When we look at FXNet and what the broker has accomplished we would automatically say that this is a broker who has been in business for very long. But, as a matter of fact, this broker was founded in 2012 and operates, meanwhile, in more than hundred countries. What is the secret of this broker? Well, this broker is not one of those who is strictly focused on offshore destinations and keeps offices in one of the best-regulated countries. Spain, France, Netherlands, Germany, UK, etc. are locations were this broker can be found. Its main seat is in Cyprus which means that the broker works under the rules of CySEC. Still, CySEC is not the only one, since the broker is also a proud holder of the FCA (UK) and BaFin (Germany) license. We have seen many brokers who are registered with the FCA, but yet a very few have a BaFin license. All of the three regulators foster the same principles; integrity of the market, fair trading and security of funds. They care about the regulation and organization of the market and do their best to protect traders from manipulation and fraudsters. Now, we have cleared the status of the broker regarding security, so let’s proceed with the FXNet service package.
Platforms
I would expect a broker who is operating in over 100 countries to offer more than just one platform, but the broker and traders seem to be satisfied with the universal Meta Trader 4. I have to admit that this platform offers a variety of choice, being suitable for CFD trading, market making, and STP and ECN services. 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.
Account Types
As opposed to the one platforms, FXNet offers three accounts which come with many advantages. We have:
- Standard account
- VIP account
- Platinum account
The Standard account is very affordable with a minimum deposit of $50. This account offers variable spreads whereby the average spreads on major currency pairs are somewhat high, e.g. 2.3 pips, but they can be low sometimes (1.3 pips). Leverage is 1:500, except for stocks, indexes, and gold and silver, where leverages are lower, 1:200 and 1:100. Forex traders have 48 currency pairs at their disposal. The VIP account can be opened with a $2,000 deposit and includes all benefits that the Standard account offers with the only difference in spreads, where average spreads are 2.2 pips. The Platinum account is available at $5000 with minimum spreads of 0 pips. Leverage remains the same, as well as other features.
Bonus Policy
The broker offers seasonal FXNet bonuses which many excited traders are waiting for. Sometimes, the bonuses guarantee a 100% deposit bonus, sometimes it is 30%, etc. There is also the popular 15% rescue bonus which can go up to $5,000. Another popular seasonal promotion is “Double Your Bonus” which gives you a 25% to 50% deposit cash back. The bonuses are not withdrawable, but the profits made out of them are. If you should register with this broker, do not miss out to apply for at least one of the bonuses.
Deposits and Withdrawals
As a broker operating in 100 countries, it is no surprise that FXNet offers a long list of deposit and withdrawal methods. The funding options allowed are wire transfer, credit cards, UnionPay, Qiwi, Fastbank, Neteller, WebMoney, and Skrill. The withdrawal processing takes up to 48 hours, and the broker does not charge its own commissions, but third party commissions are common (1% to 3%) for credit cards, UnionPay, WebMoney, Skrill, and Neteller withdrawals.
Customer Support
The FXNet support team is available in five languages around the clock. You may call the support team, send them an email, or chat with them via live chat. An excellent customer support is very important for the overall image of the broker.