FXonet has been flagged by Financial Conduct Authority for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: www.fxonetapp.net.
KYC with FXonet is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Fast deposits|Fast execution|Multiple order types|Two-factor authentication
Cons: Alert system is basic
The onboarding at FXonet was smooth which makes the subsequent experience even more frustrating. Once they have your money, the quality of service drops dramatically. Getting anyone to help you with an actual problem is nearly impossible.
Pros: Wide product range|Dedicated account manager|Clear documentation|Great customer service
Cons: Minimum deposit could be lower
Tried to withdraw my funds from FXonet and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
Several red flags with FXonet: (1) They promise unrealistically high returns, (2) They're not registered with Financial Conduct Authority, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Not registered with regulators|Unrealistic promises
I had a dispute with FXonet and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Wide product range|Personal attention
Cons: Limited social trading features|Minimum deposit could be lower
After for about three months with FXonet I requested to close my account and withdraw. They said I had to complete a 30-day cooling-off period. Then they said there was a minimum holding period for my last deposit. They make it as hard as possible to leave.
Pros: Segregated accounts|Multi-device support
Cons: Alert system is basic|Website design could be more modern
What really bothers me about FXonet is the disconnect between their marketing and reality. They position themselves as a premium service but deliver a below-average experience. Found them after hearing about them at a conference and I fell for the polished exterior. Never again.
Pros: API access|Regular updates|Fast deposits
Cons: Minimum deposit could be lower|Limited cryptocurrency options
Opened my account with FXonet through a financial advisor and regretted it within the first month. The platform crashed during a critical moment, I lost potential gains, and support basically told me it was not their problem. Absolutely unacceptable behavior.
Pros: Two-factor authentication|Personal attention
Cons: Email notifications too frequent|Limited ETF selection