Want a no-nonsense FXON broker review that shows you what really goes on behind the scenes? Most traders only look at advertised rates, but hidden fees can affect your profits by a lot.
Our exploration of this forex broker shows FXON provides a high maximum leverage of 1000:1 that can increase both profits and risks. On top of that, FXON is licensed by the Financial Services Authority Seychelles and keeps funds separate through Barclays Group-affiliated institutions. The broker has around 5,395 monthly visitors and no published user reviews yet. Their security setup includes independent damage insurance and membership in an arbitration organization to resolve disputes.
This detailed review dives into FXON’s actual trading costs, platform choices, and security measures to help you decide if this broker matches your trading style. You’ll learn what FXON doesn’t advertise upfront and essential facts to know before opening an account.
FXON Trading Platforms: MetaTrader 4 vs MetaTrader 5
FXON lets traders pick between two powerful MetaTrader platforms, each with its own strengths. These platforms are industry standards that set up your trading foundation, but there are key differences that can affect how well you do. I’ve found some interesting things about how FXON uses these platforms that you won’t see in their marketing.
MetaTrader 4: Exclusive to Elite Accounts
Here’s something important – FXON only gives MetaTrader 4 to Elite account holders. This platform has stayed at the top of its game since 2005. It’s been the #1 platform for 16 straight years, both in terms of how many brokers use it and how many traders love it.
People keep coming back to MT4 because it’s rock-solid and works with tons of MQL4 programs. The platform has more than 50 technical indicators you can tweak and mix to create your own way of analyzing markets. MT4’s one-click trading panel makes quick trades simple – you can jump in and out of positions with just one click.
Technical analysis fans will love MT4’s tools for tracking trends, checking rates, and drawing all sorts of charts with horizontal lines, channels, and triangles. The platform also lets you set up alerts based on price, time, or trading volume so you can act faster when markets shift.
MetaTrader 5: Multi-functional and Fast
MT5 works differently – FXON gives it to everyone, no matter what account type they have. MT5 builds on MT4’s success with better features and faster performance. The big upgrade is 64-bit processing (MT4 only has 32-bit), which means it can handle huge amounts of price data without slowing down.
The new MQL5 programming language makes everything run smoother and faster, which really helps with quick trading styles like HFT and scalping. MT5 gives you 21 different timeframes to look at, way more than MT4’s 9 options, so you can dig deeper into price movements.
MT5 also lets you set up multiple windows just the way you want them – much better than MT4’s limited options. You get to see market depth (inside market prices) and there’s a built-in economic calendar, which MT4 doesn’t have.
The platform’s quality shows in its awards. MT5 grabbed the Multi-Asset and Mobile Trading Platform award at FOREX EXPO from 2020 to 2024, plus the Multi-Asset Trading Platform award at Finance Magnates London Summit several times.
Free FXON Indicators Included
Here’s a great bonus – FXON throws in over 20 MetaQuotes-tested custom indicators with both platforms. These aren’t just any indicators – they’ve passed tough testing by MetaQuotes (who made MetaTrader) and meet FXON’s high standards.
The free indicators help you with:
- Entry timing and trend identification (Custom signal indicator, GMMA indicator, Perfect order indicator)
- Advanced chart analysis (ATR bands, Auto Fibonacci, Currency strength indicator)
- Trading efficiency measurement (Execution speed measurement, Slippage recording tool)
Setting these up is easy – just download from FXON’s platform, install on your desktop MetaTrader, drag it to your chart, and set it up how you like.
Platform Compatibility and Installation
Both platforms work on different systems. The Windows version is the main one – it’s perfect for all types of trading and works with all custom indicators, including FXON’s special ones. Setup takes a minute or two, and the platform starts right up after installation.
Mac users can run MetaTrader through Wine, getting the same features as Windows users. FXON suggests MT5 for Mac users since it runs better.
You can also trade through your web browser without installing anything – great for quick trades or as a backup. Mobile traders get dedicated apps for iPhone/iPad and Android with solid analysis tools and easy-to-use trading screens.
Account Types at FXON: Standard vs Elite
FXON offers two different account types to match your trading style and priorities. Let’s look at what makes each account unique and help you pick the right one.
Standard Account: Zero Fees, Wider Spreads
The Standard Account uses an ‘all-inclusive’ model that builds trading commissions into the spread. You won’t see separate fees for each trade. Major currency pairs have spreads between 1.2 to 2.0 pips.
This account gives you access to the MetaTrader 5 platform. It delivers quality execution through a mix of STP (Straight Through Processing) and OTC (Over The Counter) execution. Traders who like simple cost management without extra transaction fees often choose this account.
The Standard Account works great for mid-to-long term traders. It’s perfect if small spread changes don’t affect your strategies much or if you do swing trading where tiny pip differences don’t hurt your profits.
Elite Account: Tight Spreads, MT4 Access
The Elite Account uses a ‘Raw Spread + Commission’ model and charges USD 3.00 per side per lot. Even with this fee, you’ll often pay less than with the Standard Account because of the much lower spreads. Major currency pairs come with very competitive spreads from 0.0 to 0.8 pips.
One big plus of the Elite Account is that you get both MetaTrader 4 and MetaTrader 5 platforms. Advanced traders love this flexibility for technical analysis and execution.
Day traders and scalpers benefit most from the Elite Account’s consistent pricing. It’s great for traders who want clear cost breakdowns and use short-term strategies where every pip counts.
Minimum Deposit Requirements
FXON’s official documents don’t list minimum deposit requirements for either account. Your best bet is to ask their customer service about starting deposit amounts.
Which Account Suits You?
Your trading style and priorities should guide your account choice. Here’s a simple breakdown:
The Standard Account works better if:
- You like simple cost structures without commission math
- You focus on medium to long-term positions
- You trade less often or with bigger positions
- You’re happy using just MetaTrader 5
The Elite Account proves more suitable when:
- You use scalping or day trading strategies
- You need the smallest possible spreads
- You want both MetaTrader 4 and 5 platforms
- Your frequent trading makes the commission structure economical
FXON’s ‘Account Type Simulator’ helps you find the right account by looking at your favorite instruments and how often you trade. This tool gives tailored suggestions based on your trading patterns.
The Elite Account might give you better value if you mainly trade major currency pairs, with spreads as low as 0.0 pips on popular pairs like EURUSD, GBPUSD, and USDJPY. But if you trade occasionally, the Standard Account’s simplicity could be more your speed.
Hidden Fees and Real Trading Costs at FXON
FXON’s real trading costs affect your profits in ways you might not notice right away. You need to know about these hidden costs to project your profits and develop strategies accurately.
Spreads and Commissions Breakdown
FXON sets up different trading costs for each account type. Standard accounts build costs into spreads without direct commissions. This works well for swing trading where stable but wider spreads make sense. Elite accounts work differently – they use a “Raw Spread + Commission” model. These accounts charge USD 3.00 per side per lot but give you spreads as low as 0.0 pips on major pairs like EURUSD, GBPUSD, and USDJPY.
Day traders and scalpers should pay attention to this difference. Elite accounts give you tighter spreads but they can change quickly when markets get volatile or liquidity shifts.
Swap Fees on Forex and CFDs
Swap fees are a vital cost element at FXON. You pay these fees when holding positions overnight – they show the interest rate difference between two currencies. Here’s something interesting: you can make money if you buy a higher-interest currency and sell a lower-interest one. But you’ll lose money doing the opposite.
The broker charges swap rates for positions that stay open during server date changes. BTCUSD and other cryptocurrency CFDs come with a fixed 10x leverage.
VPS Hosting and Latency Costs
FXON gives traders access to MetaQuotes’ official VPS service. This service is a big deal as it means response times of 0-4ms, which helps your trades execute faster. The numbers speak for themselves: 72% of users get 0-4ms response times, and 24% see speeds under 1ms.
The VPS service can be free if you meet certain conditions. New traders need to complete 5+ lots in round-trip trades within 30 days and keep USD 500+ in their account. To keep the free service, you’ll need 10+ lots traded and USD 1,000+ balance.
Withdrawal and Deposit Charges
Your withdrawal fees at FXON depend on your chosen method. You’ll pay extra if you withdraw within two weeks of depositing without any trades. Deposits are free when you meet the minimum requirements, but you’ll need to cover any bank transfer fees.
Slippage and Execution-Related Costs
Slippage can eat into your profits at FXON. This happens when your trade executes at a different price than expected. Markets that move fast or large orders that exceed available liquidity often cause this.
The broker recognizes three types of slippage. These include pre-execution (from order travel time), depth-of-market (due to insufficient liquidity), and maker slippage (when liquidity providers change prices). The broker won’t process orders outside their operating hours, which might affect your after-hours trading.
For re-quotes, you’ll get secondary prices when your requested rates aren’t available. You’ll need to agree to these new prices before the trade goes through.
Security, Regulation, and Fund Protection
Security in forex trading depends heavily on regulatory oversight and fund protection. Let’s look at how FXON protects your trading capital through various safeguards.
Seychelles FSA License Overview
FXON holds Securities Dealer’s License Number SD091 from the Financial Services Authority of Seychelles. The FSA Seychelles, a 2013 old institution, supervises non-banking financial services across the jurisdiction. Seychelles has grown as a financial center, but its regulatory framework is different from major financial hubs. The FSA makes its licensees follow strong AML/CFT policies and maintain strict client protection standards. On top of that, FXON follows international regulatory standards that help curb illicit financial activities.
Client Fund Segregation Practices
FXON keeps client funds in segregated accounts at Barclays Group’s Absa Bank, separate from their operational assets. This setup is a vital protection layer. If bankruptcy occurs, these segregated accounts would be handled by an independent third-party property manager. This ensures clients get their funds back directly. Each fund transfer gets a unique 17-digit ProcessID, which makes deposits and withdrawals completely transparent.
Insurance and Dispute Resolution
FXON has joined the Financial Commission, an independent dispute resolution organization. This membership gives clients protection up to €20,000 per claim from a dedicated compensation fund. The service works as an alternative to traditional legal options and provides a simplified process to resolve trading disputes. FXON also has separate damage insurance to protect against data breaches and disasters.
AML/KYC and Identity Verification
FXON uses complete identity verification procedures that match international AML/KYC standards. New accounts need these documents:
- Photo identification (passport, driver’s license)
- Proof of current address (issued within 6 months)
- ID selfie showing both face and ID document clearly
Clients can verify their identity in several ways. Smartphone users can use an eKYC option that doesn’t need an ID selfie. FXON strictly follows the Financial Action Task Force (FATF) guidelines to spot potential risks.
Trading Conditions and Market Access
FXON’s trading environment combines exceptional leverage choices with reliable infrastructure built for speed and precision. My firsthand look at the broker’s operational setup revealed several key features that affect trading performance.
Leverage Options up to 1000:1
FXON sets itself apart with its high leverage offerings. Traders can use up to 1000:1 leverage for forex pairs, which means you can manage positions worth 10 million yen with just 10,000 yen margin. Metal CFDs come with up to 500:1 leverage, while other CFD instruments range from 10-50x. These options can lead to substantial returns with minimal capital, but they also increase your risk exposure. My research shows that FXON rarely puts time-based leverage restrictions during economic announcements or at the start of weeks, unlike many other brokers.
Available Instruments: Forex, Crypto, Stocks, Metals
FXON’s product range covers 221 trading symbols. These include:
- Major, minor, and exotic forex currency pairs
- Cryptocurrency CFDs (fixed at 10x leverage for BTCUSD)
- Metal markets
- Stock CFDs
Traders can keep up to 200 open positions at once in their trading account.
Execution Speed and Infrastructure
A sophisticated dual-component infrastructure powers FXON’s performance. The “Order Infrastructure” handles liquidity and AI dealing capabilities, while the “System Infrastructure” manages execution speed. FXON has frontend servers in major global regions to reduce latency. Their trading servers at London’s Equinix data center (LD4) feature triple fault countermeasures and direct connections to liquidity providers’ price servers.
Market Tools: Calculators, Charts, Volatility Data
FXON goes beyond standard platform tools by offering specialized market analysis resources. Their volatility data helps traders learn about price movements and spot potentially profitable market conditions. Daily volatility charts show highest-to-lowest price ranges, and their weekday-specific analysis reveals historical price patterns for different days. These tools are great for planning trades and timing executions, though they aren’t heavily advertised.
Conclusion
I’ve taken a good look at FXON’s offerings and found some clear pros and cons you should think about before opening an account. Of course, their impressive 1000:1 leverage potential creates great opportunities if you have limited capital, but it also increases your risk exposure. Their two-account setup works for different trading styles. Standard accounts are perfect for swing traders who like to keep things simple. Elite accounts give day traders better value through raw spreads and exclusive MT4 access.
All the same, you need to watch out for several hidden costs. Your bottom line takes a hit from swap fees, withdrawal charges, and potential slippage – beyond what’s advertised. You’ll need to factor these costs into your strategies, especially when you have high-frequency approaches that depend on quality execution.
FXON’s security setup looks pretty resilient. While their Seychelles FSA license isn’t as strict as regulations in major financial hubs, it still provides simple oversight. On top of that, their fund segregation through Barclays Group-affiliated banks helps protect against insolvency. The €20,000 coverage from Financial Commission membership adds another layer of security.
FXON works best for experienced traders who understand leverage risks and can handle complex fee structures. Their platform offers solid execution capabilities that technical traders will love, thanks to free custom indicators. But new traders should take it slow and get a full picture of the real costs beyond advertised rates before putting in significant capital.
FAQs
Q1. What types of trading accounts does FXON offer? FXON offers two main account types: Standard and Elite. The Standard account has zero fees but wider spreads, while the Elite account features tight spreads and access to both MetaTrader 4 and 5 platforms, but with a commission structure.
Q2. What is the maximum leverage available at FXON? FXON offers exceptionally high leverage of up to 1000:1 for forex pairs. For metal CFDs, the leverage can go up to 500:1, while other CFD instruments range between 10-50x leverage.
Q3. How does FXON protect client funds? FXON maintains client funds in segregated accounts at Barclays Group’s Absa Bank, separate from corporate operational assets. They also offer protection of up to €20,000 per claim through membership in the Financial Commission, an independent dispute resolution organization.
Q4. What trading platforms are available at FXON? FXON provides access to both MetaTrader 4 and MetaTrader 5 platforms. However, MetaTrader 4 is exclusively available to Elite account holders, while MetaTrader 5 is accessible to all account types.
Q5. Are there any hidden fees when trading with FXON? Yes, there are several potential hidden costs to consider when trading with FXON. These include swap fees for overnight positions, withdrawal charges, potential slippage during volatile market conditions, and VPS hosting costs for automated trading strategies.
