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FXNET Review

An operating license was granted to FxNet by the (CySEC) Cyprus Security and Exchange Commission as a financial service provider in (Nov 2012) and it’s a new Forex online and commodities broker. With FxNet having its headquarters in Cyprus, Limassol, FxNet has developed a strategy of providing transparency and unique customer service in their business as a method of winning customers and retaining their patronage.

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To use their trading platforms to provide a reliable and fast service for their clients, FxNet has developed a partnership with Oracle and Deloitte who are the world’s greatest software building companies in a mission to create a system of high-tech CRM used to monitor every client’s need. Adding to that, FxNet also developed a web-based trading platform that is powerful and simplified for the enhancement of clients trading experience called ‘’Simple Trader’’.

IS FXNET A SCAM? – FXNET RELIABILITY

For those new to Forex online trading world, they have a top challenge of choosing a reliable Forex broker. It’s usually a tough task in choosing from the numerous brokers around. There are two (2) aspects used to check out brokers before evaluating its reliability. These are its operational history and its regulatory environment context. Brokers such as FxNet who are still new in the business are likely to be located in low tax regime countries in order to enhance their development with low cost of operation.

REGULATORY ENVIRONMENT

The (CySEC) Cyprus Security and Exchange Commission provided an operating license for FxNet to work as a financial service provider back in 2012. This gave most newcomers the reason to stop as Cyprus is a less developed economy compared to U.K and U.S who are the major developed economies. The perception that smaller economies have tend to create a very lax and regulatory environment has been the problem. The same thing cannot say of Cyprus although it is true in most cases.
As an (EU) European Union member, Cyprus as any other EU member is obliged to impose a fiduciary duty of a standard as needed in by the (MiFID) Financial Instrument Directives under the market. Summarizing all, the regulation of a broker doesn’t matter, whether it is by the CySEC in Cyprus or UK’s FSA, they all face a regulatory requirement of the same toughness.
However, Forex trading newcomers can rest assured of FxNet broker reliability as they have been licensed under the following agencies and not only by CySEC.

  • The (ACP) Autorite de Controle Prudentiel located in France.
  • The (AFM) Autoriteit Finance?le Markten of Netherlands
  • The (BaFin) Bundesanstalt f?r Finanzdienstleistungsaufsicht of Germany
  • The (CNMV) Comision Nacional del Mercado de Valores of Spain
  • The Norway’s (FINANSTILSYNET) Financial Supervisory Authority of Norway
  • The (FSA) Financial Services Authority of the UK

Ensuring the wellness of the broker’s license and regulations to operate in the first of ensuring how reliable it could be. In this aspect, FxNet has fulfilled this criterion successfully.

FXNET HISTORY OF OPERATIONAL

FxNet doesn’t have much relating to history due to the fact that it was just an establishment in the recent 2008. However, it has currently made an existing feedback with clients which gives a good impression of the service provided by FxNet. FxNet has further proven itself of its technicality and competency on their corporation with the world’s greatest software developers such as Deloitte and Oracle to create solutions mostly geared to delivering their clients with quality service. You can barely expect small shops to place their investment in their client’s benefit in such high-end infrastructure.

TRADING PLATFORMS

The dynamic trading platforms of FxNet are accessible by all its clients such as the most famous Forex trading platform of the industry, MetaTrader 4 (MT4), and the best SimpleTrader from just one trading account.

FxNet provides 5 main trading platform types for their clients which comprises of:

  • FxNet MT4 SimpleTrader
  • FxNet MT4 desktop
  • FxNet MT4 WebTrader
  • ZuluTrade
  • FxNet Mobile Trading platforms
  • FxNet MT4 Desktop

FxNet MT4 desktop is a platform for the in the industry’s online trading that is fully stocked with the tools of technical analysis. MT4 also create a room for the encompassing customization used in the service of an (EAs) Expert Advisor.

FxNet MT4 SimpleTrader
This is a platform for trading designed to highly simplify trading to a level that there will be no problems with newcomers mastering all technical analysis tools and sophisticated charting.

FxNet MT4 WebTrader
This is a web-based platform for trading that creates the room for traders to work without the use of software from any available computer. Traders can access the WebTrader under their trading account regardless of their location.

FXNET MOBILE TRADING PLATFORMS

These platforms are being created to enable trading on some mobile devices such as iPads, iPhones, Android and bible devices with Windows. With the use of 30 indicators, it is possible to execute all type of orders by supporting traders to virtually work around the world regardless of their positions.

ZuluTrade
This trading system allows the share information between traders about the trading decisions and the financial markets to talented traders enabling the shortened learning curves of some less experienced in an open environment.

ACCOUNT TYPES

Traders are allowed at FxNet to choose between a VIP trading account and a standard trading account. All trades are done by FxNet without no matter the type of trading account on an (STP) Straight-Though Process basis. The main difference between a VIP and Standard account.
FxNet also offers the following services adding to the normal trading accounts.

  • MAM Accounts
  • Islamic Accounts
  • Corporate Accounts
  • Spreads & Commission

No commission is being given to FxNet as a service provided by trading (unless it’s a platinum account- $12 commission + raw spread). A spread for 1.9 pips is being paid by traders for VIP accounts and 2.3 pips for the standard.

Clients from the U.S are not accepted (clients based in Asia and Europe are not accepted)
It could be high for some based on trading the majors with a fixed spreads at 2.8 pips.

CONCLUSION

Most feedbacks provided by FxNet’s clients so far have pointed a positive direction and indicating that they have a goal of providing the best quality of customer service.
Their latest investment might be an award winning platform in new innovative technology like the FxNet MT4 SimpleTrader if provided sufficient time for its efficiency to be accessed by the market. With FxNet’s clients provided so many advantages, Forex trading newcomers are highly recommended to try them out.