image FxNet VISIT FXNET image FP Markets VISIT FP MARKETS image City Index VISIT CITY INDEX
About

FxNet is regulated by CySEC. FxNet have provided Forex, Spread betting, CFD, stocks, indices trading services since 2012.

FP Markets is regulated by ASIC. FP Markets have provided Forex, CFD trading services since 2005.

City Index is regulated by the Financial Conduct Authority. City Index have provided Forex trading services since 1983.

Why choose them?
  • Yes Over 6 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, CySEC
  • Yes Over 13 years in business
  • Yes Segregates clients funds
  • Yes Regulated by ASIC
  • Yes Over 35 years in business
  • Yes Segregates clients funds
  • Yes Regulated by Financial Conduct Authority, ASIC and MAS
Headquarters Limassol, Cyprus Sydney, Australia London, UK

TRADING SERVICES OFFERED

Spot Forex Yes Yes Yes
Forex (CFD) No No Yes
CFD No No Yes
Spread Betting No No Yes
Social Trading No No No
MARKETS & INSTRUMENTS
Forex (currency pairs) 60 84
Commodities Offered 18 26
Stocks Offered 10000 4500
Bitcoin No No Yes
Majors Yes Yes Yes
Indices Yes Yes Yes
US Stocks Yes No Yes
Penny stocks No No Yes
Energies Yes No Yes
Metals Yes Yes Yes
Agriculturals Yes No Yes
FTSE Yes Yes Yes
Dow Jones Yes Yes Yes
Dax Yes Yes Yes
Nikkei Yes Yes Yes
ETFs No No Yes
IPO No No No
See all instruments

76% of retail CFD accounts lose money.

See all instruments

76% of retail CFD accounts lose money.

See all instruments

76% of retail CFD accounts lose money.

PLATFORM & FEATURES

See the platforms and features offered by each broker

Screenshot image image image
MT4 Yes Yes Yes
MT5 No No No
MT4 Mac No Yes No
WebTrader Yes Yes Yes
Mirror Trader No No No
ZuluTrade No No No
Sirix No No No
cTrader No No No
PAMM Yes Yes Yes
Custom Platforms No IRESS AT Pro, Advantage Web

APPS

iOS image Yes Yes Yes
Android image Yes Yes Yes
Windows image No No Yes
Available Languages

Arabic, Chinese, Croatian, Czech, English, Greek, Hungarian, Japanese, Persian, Polish, Romanian, Russian, Slovak, Spanish,and Vietnamese

English and Chinese

English, Spanish, German, Arabic, Polish, and Chinese

See platform & features

76% of retail CFD accounts lose money.

See platform & features

Losses can exceed deposits

See platform & features

72% of retail investor accounts lose money when trading CFDs with this provider

ACCOUNT INFORMATION

From micro accounts to ECN accounts, compare the accounts offered by FxNet and FP Markets

Demo account Yes Yes Yes
Mini account Yes Yes Yes
Micro account No No Yes
Standard account Yes Yes Yes
ECN Account Yes Yes No
Islamic account Yes No No
Zero spread account Yes No No
VIP account Yes No Yes
Fixed spreads No No Yes
Variable spreads Yes Yes Yes
See account options

76% of retail CFD accounts lose money.

See account options

Losses can exceed deposits

See account options

72% of retail investor accounts lose money when trading CFDs with this provider

TRADING CONDITIONS

Scalping Yes Yes No
Hedging Yes Yes Yes
Expert advisors (EAs) Yes Yes Yes
Virtual private server No Yes No
Direct market access Yes Yes No
STP broker Yes Yes Yes
Market maker Yes Yes Yes
Min trade 0.01 Lot 0.01 Lot 1 Lot
Max trade None 50 Lot Varies
Min deposit $50 $200 $25

RISK MANAGEMENT

Stop losses Yes Yes Yes
Limit orders Yes Yes Yes
One-click trading Yes Yes Yes
Trailing stops Yes Yes Yes
Price alerts Yes Yes Yes
Signal trading No Yes Yes

FUNDING METHODS

Credit card Yes Yes Yes
Bank transfer Yes Yes Yes
Standard account Yes Yes Yes
Paypal No No No
Neteller Yes Yes No
Skrill No No No
Payment processing time 1-3 business days 1 business day 2-3 business days
Withdrawal processing time 1-3 business days 1 business day 2-3 business days
See all funding options

76% of retail CFD accounts lose money.

See all funding options

Losses can exceed deposits

See all funding options

72% of retail investor accounts lose money when trading CFDs with this provider

DETAILED INFO

Excluded countries US, JP, NZ US, JP, NZ US, CF, TD, CG, CG, CI, CU, GN, ER, GN, FR, GW, HT, IR, IQ, KR, LB, LR, LY, MM, NZ, NG, SL, SO, SD, SY, TM, UZ, VE, EH, YE, ZW
Contact email Send Email Send Email Send Email
Phone number 357 25 108 111 61 (0)2 8252 6800 0845 355 0801
Live Chat Yes Yes Yes
Website https://www.fxnet.com/ http://www.fpmarkets.com.au/ www.cityindex.co.uk
Spreads:
EUR/USD (Average: 0.7 pips) Not offered Not offered 0.5 pips
GBP/USD (Average: 1.1 pips) Not offered Not offered 0.5 pips
USD/JPY (Average: 1.1 pips) Not offered Not offered 1.6 pips
AUD/USD (Average: 0.8 pips) Not offered Not offered 0.5 pips
USD/CHF (Average: 2.3 pips) Not offered Not offered 1.6 pips
USD/CAD (Average: 2.9 pips) Not offered Not offered 0.5 pips
NZD/USD (Average: 3.6 pips) Not offered Not offered 2.3 pips
EUR/GBP (Average: 2.4 pips) Not offered Not offered 0.5 pips
View all spreads

76% of retail CFD accounts lose money.

View all spreads

Losses can exceed deposits

View all spreads

72% of retail investor accounts lose money when trading CFDs with this provider

FEES

Inactivity Fee No No Yes
Commission Yes Yes 0.0015
Deposit Fee Yes Yes Varies
Withdrawal Fee Yes No Varies
View All Fees

76% of retail CFD accounts lose money.

View All Fees

Losses can exceed deposits

View All Fees

72% of retail investor accounts lose money when trading CFDs with this provider

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Last update

All information collected from https://www.fxnet.com/. Last updated on 01/07/2019.

All information collected from http://www.fpmarkets.com.au/. Last updated on 01/07/2019.

All information collected from www.cityindex.co.uk. Last updated on 01/07/2019.

Company

FxNet is an online forex trading service provider who are regulated by CySEC, Bafin, FCA. To open an account with FxNet, minimum deposits start from $50.

With FxNet you can trade Forex, commodities, CFDs on Shares, and equity indices. If you like to trade on the go, FxNet have iphone and android apps so you can trade from anywhere on your phone.

FxNet offer MAM, MT4 Desktop, MT4 iPhone/IPad, MT4 Android, MT4 Multiterminal, MT4 Mac OS Tutorial platforms to make your trades and support 8 different languages.

The spreads offered by FxNet for the most popular instruments are:
2.3 EUR/USD, 2.0 FTSE 100, 40 GOLD,
2.4 GBP/USD, 5.0 DOW/JONES, 50 Crude Oil,
see all the spreads here.

FP Markets is an online forex trading service provider who are regulated by the ASIC. To open an account with FP Markets, minimum deposits start from $200.

With FP Markets you can trade CFDs, forex, futures, and shares. If you like to trade on the go, FP Markets have iPhone and Android apps so you can trade from anywhere on your phone.

FP Markets offer The IRESS Suite, Share Trading, FP Live, MetaTrader 4 platforms to make your trades and support 3 different languages.

They also offer traders free educational material to better understand the markets and trading strategies.

The spreads offered by FP Markets for the most popular instruments are:
0.2 EUR/USD, 1.5 FTSE 100, 14 GOLD,
0.6 GBP/USD, n/a DOW/JONES, 5 Crude Oil,
see all the spreads here.

Since establishing themselves as one of the first spread betting providers in the UK. , City Index have grown to a global company in over 50 countries completing over two million trades every month. City Index provide some of the most competitive spreads across thousands of markets including indices, shares, currencies, commodities and many more.

City Index have continued to innovate and were the first to provide a downloadable Android and iPhone app for spread betting and CFD trading and with over 30 years experience in the industry, you know you can trust Cityindex to handle your trades.

For more information about trading with City Index, we have put together an indepth City Index review with some of the pros and cons about this broker.

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FxNet or FP Markets?

Offers VIP accounts or a wide range of instruments?

If you’re a trader looking for a broker that offers VIP accounts, FxNet may be the better option. However, if you want a broker with a large range of instruments available to trade, FP Markets may be more suitable.

Which broker is more reliable?

You can determine a broker’s reliability & trustworthiness by looking at eight factors:

  • Who are they regulated by?
  • How long have they been around for?
  • Do they hold your money in a separate bank account?
  • Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?
  • Have they been fined or penalised in the last five years?
  • The popularity of their service/website
  • Are they publicly listed?
  • Where are they located?

Based on these eight factors, we consider FxNet and FP Markets to be equally reliable. We’ve broken down why below:

Who are they regulated by?

FxNet is regulated by Financial Conduct Authority, CySEC, while FP Markets is regulated by ASIC.

As the Financial Conduct Authority are one of the most stringent regulators in the world, FxNet will have very strict guidelines to follow to ensure they protect their retail trader clients.

City Index are also regulated by the Financial Conduct Authority.

How long have they been around for?

If a broker has been around for a long period of time, they’re likely to be more reliable (in comparison, most scam brokers only exist for several years before they disappear).

This also suggests that a broker has good risk management processes that have prevented them being caught out by major financial events, as was the case with Alpari UK going bust when they were there was a policy reversal of capping the Swiss Franc against the Euro.

FxNet has been around for 7 years, while FP Markets have been around for 14 years. Our third alternative broker, City Index, have been around for 36 years.

Do they hold your money in a separate bank account?

You wouldn’t want your broker paying their staff out of the same bank account account that you’re depositing your trading funds into, would you?

Fortunately, all regulated brokers must use segregated bank accounts to hold client money. This is one of the reasons why we only feature regulated brokers here on BrokerNotes.

All three brokers above will hold your money in a separate bank account.

Do they use reputable “tier-1” banks like Barclays, Goldman Sachs or HSBC?

Most tier-1 banks like Barclays and HSBC have been around for over 100 years and manage trillions of dollars of assets, proving that they have stood the test of time.

FxNet uses tier one banks as their banking partner.FP Markets does not use tier one banks as their banking partner.

Have they been fined or penalised in the last five years?

If a broker has been penalised by a regulator in the past five years, it may mean that they were caught doing something they shouldn’t be doing - which may be of concern to you as an end client.

We’re not aware of any penalties or fines imposed by regulators on FxNet or FP Markets in the past five years.

How popular is their service/website?

While not always the case, the number of traders a broker has can be a good metric for understanding how reputable a brokers is.

FP Markets is more popular with over 10,000 traders.

Are they publicly listed?

Companies that are publicly listed on a stock exchange tend to be considered more reputable as they will be required to disclose their financials, and aspects of their operations, to the public.

Both FxNet and FP Markets are privately owned companies.

Where are they located?

Most reputable brokers tend to be headquartered in a major capital city or a financial hub such as Cyprus.

FxNet are based in Limassol, Cyprus, while FP Markets are based in Sydney, Australia .

Do they offer the features you need?

Assuming the brokers you’re choosing between are reputable, the next point to consider is whether they offer all of the features you require to trade.

This can be broken down into three categories:

  • Services & instruments
  • Platforms & account types
  • Trading features, risk management tools & funding methods

Services and Instruments

If you’re looking to trade currency pairs, both FxNet and FP Markets offer forex trading. FP Markets have a slightly larger variety of currency pairs with 60 pairs, compared to offered by FxNet. Also, if you’re looking to trade cryptocurrencies,

If you’re looking to trade commodities like gold, silver or oil, FxNet may be a better fit as FP Markets does not offer commodity trading.

Platforms & Account Types

If you trade forex, there’s a good chance you might want a broker that offers the popular MT4 trading platform. If that’s the case, both FxNet and FP Markets offer this. Our alternative broker, City Index, also offers MT4 and MT5.

In addition to the platform, you’ll also want to ensure that the broker you choose offers the account type best suited to your needs. FxNet, for example, offer a mini account, standard account and VIP account.

Trading features, risk management tools & funding methods

If you have a certain trading style (e.g. scalping, hedging, or using EAs), you’ll want to double check that the broker you choose allows this, as not all of them do.

FxNet does allow scalping and hedging. While FP Markets also allows scalping and hedging. You can trade with EAs (expert advisors) on both FxNet and FP Markets.

In terms of risk management tools, FxNet does offer negative balance protection to prevent you owing your broker more than you’ve deposited, but FP Markets doesn't offer this.

FxNet also offer stop losses, limit orders, and price alerts to help you automate aspects of your trading strategy.

FxNet accept Neteller while FP Markets accept Neteller.

Are they affordable for what you need?

Comparing the fee structures of different brokers can be a minefield at times. The important thing to consider is what the spreads & fees are on the specific instruments and account type that you will be using.

For trading EUR/USD, FxNet charges 2.30 points, while FP Markets charges 0.70 points. Therefore, FP Markets is the more affordable for this instrument. If you want to compare their spreads across more instruments, You can jump back up to our comparison of their currency pair & indice spreads above.

Another consideration is whether or not your broker charges inactivity, deposit/withdrawal fees, or commissions on trades. If you’re a frequent trader, inactivity fees are unlikely to be an issue.

The Verdict: FxNet or FP Markets?

There’s no such thing as a perfect broker, but some are going to be a better fit for you than others.

Objectively, FP Markets is more reliable based on our criteria above. FP Markets has a wider range of instruments to trade. FP Markets offer lower spreads on popular forex instruments like EUR/USD and are used by more traders.

Both brokers offer demo accounts, allowing you to test their platforms to see which is suitable for you. You can test drive their demos using the links below:

Finally, if you’re really not sure you can always use our free tool (takes 15 seconds) that will help you find a suitable broker based on your precise requirements here.

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.