fxonet

edgeisedge

1-2 years

How do fxonet's overnight financing charges, or swap fees, stack up against those offered by other brokers?

WikiFX Reply

As someone who has spent considerable time evaluating forex brokers over the years, the first thing I look for before even comparing fee structures—including swap fees or overnight financing charges—is regulatory credibility and transparency. With fxonet, I find myself unable to conduct a meaningful comparison on swap fees simply because there’s a glaring lack of credible, verifiable information. The broker holds no valid regulatory license and has been flagged with warnings for suspicious business practices and an extremely low trust score. For me, a broker’s approach to swap fees is a window into their broader business practices. When reputable brokers hold legitimate regulatory oversight, swap fees tend to be transparent, published clearly, and fairly consistent with global standards. In contrast, with fxonet operating from a loosely regulated jurisdiction and providing no public oversight, I would be cautious—there’s a risk those fees might be unpredictable or non-competitive, if not outright disadvantageous. In my experience, without regulatory frameworks that require clarity, a trader is often left in the dark about the true cost of holding positions overnight. Therefore, I would advise anyone—myself included—to prioritize transparent and regulated brokers for evaluating swap fees or any cost structure. Ultimately, I cannot judge fxonet’s overnight charges against industry norms because the information simply isn’t reliably available, and that alone is a significant red flag for me.

Broker Issues

fxonet

Fees and Spreads

09-03

United States

Rpy Sundram

1-2 years

Does fxonet impose any charges when you deposit funds or withdraw money from your account?

WikiFX Reply

Based on my close assessment of fxonet as an experienced trader, I found it critical to thoroughly investigate a broker’s approach to deposit and withdrawal charges before considering any engagement. In the case of fxonet, however, I could not find any transparent, official information regarding deposit or withdrawal fees on their public materials. This lack of clear disclosure is concerning for me, as transparent brokers typically make fee structures easy to find, which strengthens trust with their traders. For me, it’s vital that all transaction costs are presented upfront, since hidden fees or unexpected charges are a known risk, especially with brokers that have unclear regulatory status. With fxonet, there are already several red flags highlighted by the trading community, including their lack of a valid regulatory license and alerts about potential risks. Not knowing whether deposit or withdrawal charges exist adds another layer of uncertainty. As a cautious and experienced trader, I would personally view the absence of clear information regarding fee policies as a reason to be extremely careful. If prompt, detailed fee disclosures are not available directly from the broker, I always weigh this as a significant risk factor that may impact the safety of my funds. I strongly advise carefully confirming current fee details directly with customer support before considering any deposits or withdrawals with fxonet or similar brokers.

Broker Issues

fxonet

Withdrawal

Deposit

08-02

United States

qirhost

1-2 years

How do the different account types available on fxonet compare with each other?

WikiFX Reply

As an experienced forex trader, I need to be direct about my assessment of fxonet, especially when it comes to evaluating their account types. Based on my due diligence, I found that the more fundamental issue with fxonet lies not in comparing the features of their account types, but in the questionable safety and legitimacy of the broker itself. There is no clear or reliable regulatory license, and significant warnings have been flagged by reputable authorities, referencing concerns about fxonet’s very operation. This means that even if they offered a range of account types—such as ECN or Standard, with differing spreads or minimum deposit requirements—the lack of transparent regulation or oversight seriously undermines any benefit those features might appear to offer. Personally, when I consider a broker, account characteristics like cost structure, margin parameters, or leverage options only matter if I have confidence my funds are protected by real regulation and sound business practices. In fxonet’s case, with a low business score and high-risk assessment, comparing account types feels moot; I cannot determine if advertised benefits are genuine or accessible in practice. For me, the safer move is to pursue brokers with a clean compliance record before examining specific account details, rather than risk my capital for the sake of account-type differences with a broker surrounded by red flags.

Broker Issues

fxonet

Leverage

Platform

Instruments

Account

07-31

United States

Imranali Khatri

1-2 years

Can you outline the primary advantages and disadvantages of trading with fxonet?

WikiFX Reply

As someone who has traded in the forex market for years, it’s important for me to weigh both advantages and disadvantages before considering any new broker. With fxonet, my personal investigation left me with mostly concerns and very few convincing positives. The most apparent advantage is simply their active website and the availability of customer service contacts. However, these basic points are, for me, far outweighed by significant disadvantages. The absence of any valid regulatory license is a critical red flag. Fxonet is registered in Comoros, but has no recognized financial oversight; this lack of regulation directly impacts client safety, as there are no established channels for dispute resolution, fund protection, or operational transparency. When I see a zero on the regulatory index and a “high potential risk” warning, I become extremely cautious—such conditions mean funds might not be secure, and the advertised business could disappear without recourse. Additionally, various warnings in the trading community and extremely low trust scores further strengthen my reservations. For me, a broker without strong regulatory backing and a proven track record simply isn’t suitable for safeguarding my capital, regardless of any potential trading features they might offer.

Broker Issues

fxonet

Regulation

07-28

United States