FxNet (Fxnet.online) is a clone platform that shares the exact website design as two other platforms. CapitalFXs and Fxcoinoption24 share the actual website design in every aspect. Unfortunately, CySEC revoked the original FX Net’s license for breaking regulatory rules. And this didn’t stop them from creating another dummy investment platform. Please find out more in our exclusive FXNET REVIEW.
With a cloned website, it goes to show the lack of originality. The platform is still using the same name to try and lure naïve investors. FX Net is trying to ride on their old reputation when they had a CySEC license.
When a reputable regulatory body revokes your license, there’s no coming back from it. The platform was even fined $60,000 for infringement. And this goes to show how members were treated on the platform.
With the new platform, Fx Net (Fxnet.online) is still mistreating investors. Withdrawing funds is not as usual. Members are ruing signing up as withdrawal is next to impossible. The platform is silent as to why this is the case.
When looking for a straightforward investment platform, you need to sign up with proven entities. Then, go for industry-backed platforms that offer investors a real chance of winning. And this is why we recommend you try your hand in coin staking and Masternoding.
Those who have already signed up with FX Net have reason to worry. The platform is also accused of selling personal information to third parties. Soon, you will get bombarded with promotional materials from several products.
It would be best if you were extra vigilant when deciding which platform to invest in. Doing due diligence is the only way to assure safety. Do some research and find out what other investors are saying about the platform.
That way, you will have prior information on which platform works better for you. Or, you can read our reviews or request us to review any crypto or forex investment platform. We feel we have to protect investors at all costs.
Fx Net does not include any information on the available accounts or packages. As a result, members are signing up blindly, not knowing the account features. And this comes at a considerable cost as the platform quickly takes advantage of it.
Without knowledge of acceptable account features, the account asks for massive depository amounts. For example, you may deposit $1,000 and get the exact account features as one who deposits $50. It’s not fair as your investment amount should give you better features.
For those new at trading, most regulators have listed $250 as the acceptable minimum deposit. With FX Net, we don’t know their acceptable minimum deposit. We also don’t see the leverage and spreads available on the platform.
It's clear Fxnet.online wants to take advantage of investors. The industry has also set maximum leverage of 1:100 on forex trading. Going higher than that means putting your investment at risk. In case of a losing trade, you end up losing a large chunk of your investment.
The platform offers traditional trading instruments such as Crypto, ETFs, Energies, and Forex. Other assets include Indices and stocks. In addition, you get to trade leading cryptos such as Bitcoin, Ethereum, Litecoin, and Ripple.
ETFs found on the platform include emerging markets and SPDR Gold. Energies found on the platform include gas and oil. However, there’s no mention of available leverage of maximum lot size with these assets.
When it comes to forex trading, the platform offers major pairs only. Those looking to take advantage of exotic and minor pairs are left in the dark. We also found the excellent deposit for forex trading is $500. It’s way above the recommended amount of $250.
You can trade the stock markets using leading company stocks. So, for example, the FAANG group stocks are available on the platform. And this means the platform ought to inform members of the trading limits, margin, and stop-out calls.
It’s not the case, as the platform hides this vital information. Signing up blindly means the platform could take advantage at any time. When you lose, the platform makes a winning percentage from your losing trades.
Just as the other cloned platforms, Fx Net does not list the owner of the platform. We don’t have the names of qualification skills of staff members. All we get is a U.S. address which is false.
Without any names provided, it means you are dealing with an anonymous investment platform. Unfortunately, there are huge risks that come with anonymity. One of them is no way of recovering funds once the platform blocks withdrawals.
And it’s the very same situation facing almost every new member of the platform. Writing to support won’t help as the response is not coming any time soon. And this is why it’s best to stay away from such entities.
Don’t be fooled by the testimony you see on the homepage. These are stock images used to defraud investors. You can see independent reviews on platforms such as TrustPilot. The platform tries to sell itself as a successful investment platform.
Far from it, none of these so-called happy clients are available for comments. You will also notice the very same people are on the other two cloned platforms. So yes, you will see the very same remarks on CapitalFXs and Fxcoinoption24.
As we mentioned earlier, support is not available on the platform. There’s no way of accessing customer support. The platform does its best to try and control the communication channels. And that’s why there’s no phone number.
On the contact page, you only get a message board and a corresponding email. Unless you’re asking about depositing funds, withdrawal emails are not responded to. And this is the reason why we are against the platform.
The platform only accepts crypto deposits, or so it would seem. For those without any crypto assets, the platform will write to you with instructions on depositing. You get an email with a bank account number.
Once you deposit funds, the amount will reflect in your bank account. You can start trading and even make successful trades. When the time comes to withdraw, that’s when you start facing obstacles.
Withdrawing funds is a significant problem for investors. But, unfortunately, none has made it this far for the last couple of months. And this is another reason we believe CySEC revoked their license. The withdrawal complaints were growing by the day.
Your funds are far from safe with such a platform. You won’t get to withdraw funds or even enjoy insurance cover. Without any regulatory framework, it means there’s no safety net. In addition, all the deposits go to a single bank account instead of segregated accounts.
FxNet is not a licensed platform, and it did have a license w while ago from CySEC. Now, the license has been revoked due to the platform’s method of operating. As a result, CySEC had to withdraw their license and fine the platform $60,000.
Make sure to use legit platforms regulated by renowned bodies such as ASIC, CONSOB, and the FCA. Since the platform has a U.S address, they should get a license from the NFA or SEC. Sadly, there are no documents to prove their compliance.
Here’s the reason why we don’t recommend Fx NET
Now you know the risks that come with FxNet
Become a successful investor by choosing suitable investment options. These investment avenues recommended by experts and proven by the industry.
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