The Cyprus Securities and Exchange Commission gave Fxnet forex brokers an operating license in 2012 under license number 182/12. Though it may seem like just the other day, they have risen above all odds to achieve customer loyalty by being keen on the needs and expectations of the customers under Cyprus management following the laws of the Republic of Cyprus.
If you are new to forex trading, you may be wondering if fxnet brokers are reliable people to work with or just con artists. Being regulated and licensed by Cysec in Cyprus means that they follow regulatory agencies such as The Bundesanstalt fur as a way of adhering to the set standards of forex trading. There is therefore nothing to worry about when it comes to credibility of fxnet forex brokers.
Trading platforms
Fxnet forex brokers give you access to a variety of trading platforms to trade forex. Such platforms include:
FxNet MT4 desktop
This platform is fully functional and reliable. Trade using fully equipped tools such as charts to place trades on. You can also carry out analysis using technical tools such as indicators to gauge the performance of trade in the business market. Expert advisors are at your service to help you use customization in forex trading.
Simple trader
For all newbies, join this user friendly platform to learn how to trade forex. It makes things look less complicated with tutorials to give you directions on what to do. You can easily place trades through charts and analyze data using technical analysis tools
Web trader
Who said that you cannot trade forex without a software? Join this platform and trade using an internet based computer without necessarily downloading any software. Just log in to web trader using fxnet account and trade forex from different regions.
Zulutrade
By interacting with professional traders, this platform lets you learn from experienced traders. Sharing of information and ideas lets you learn more on the financial market making it easier for you to blend naturally in the world of forex trading.
Types of accounts
FxNet forex traders operate on a Straight through Process basis regardless of the account that you choose to work with. There are different types of accounts that you can choose from including:
VIP trading account
Standard trading
Corporate
Islamic
Mam
Trading services
Using fxnet gives you guaranteed stop loss and limit orders as guides you on how to carry out automated trade. Use one of the supported platforms to hedge your position with faith that things will work in your favor. You also get to receive email alerts to keep you informed on any changes occurring in the market such as currency fluctuations.
Trade with more than 180 instruments such as currencies, stocks, indices, cfds and commodities and avoid the risks of rejections or requotes. This Straight Through processing broker gives unparalleled conditions of trading to help all kinds of forex traders whether you may be new to the business or a professional trader.
Commission, Leverage and spreads
If you are operating a VIP account, you will be charged a spread of 1.9 pips. Standard account also requires 2.3 pips. Opening the rest of the accounts do not charge any commissions or spreads. You also get to enjoy high leverage at 1: 500.
Deposits and withdrawal options
A wide variety of options to deposit and withdraw funds makes it accessible for you not to travel miles just to put something into your trading account. You can use China Union Pay, Moneybookers, Credit card, QIWIM, Skrill, web money, safecharge, Neteller and Przelewy to deposit and withdraw funds.
Customer support
Reach fxnet forex brokers through their email: [email protected] or call them by phone through + 357 25 108111 any day of the week. They are flexible when it comes to time, accommodating clients from different time zones.
Pros
Fxnet services are personalized in that they work with each individual to meet specific needs of a forex trader
You get to enjoy welcome bonuses when you open any fxnet account.
Provision of a demo account helps you learn what forex trading in real life situation entails.
Using straight through processing minimizes conflict of interest in that no person benefits at the expense of another.
Cons
If you are in the US you cannot trade with FxNet
High pips on VIP accounts is not pocket friendly to some forex traders.
Leverage means that there is likelihood of financial losses.
Final thoughts
Try out trading forex with Fxnet and enjoy market execution, variable spreads and microtradeable lots. This straight through processing broker gets liquidity from recognized banks around the world in order to provide forex traders with high quality services. Some people claim that the spreads with these forex brokers is on the high end. More efficiency would be achieved by reducing the high spreads on commission free accounts.