FXNet
sogotrade
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Overview
FXNet was founded in 2012 and is headquartered in Cyprus, while sogotrade was established in 2016 and is based in USA. Both brokers are regulated by Financial Conduct Authority (FCA), among other authorities. FXNet serves 10,000+ clients worldwide; sogotrade has 1,000,000+. The minimum deposit is $50 at FXNet and $250 at sogotrade.
| Feature | FXNet | sogotrade |
|---|---|---|
| Min. Deposit | $50 | $250 |
| Regulation | Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) | Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of The Bahamas (SCB) number SIA-F307 |
| Founded | 2012 | 2016 |
| Country | Cyprus | USA |
| Clients | 10,000+ | 1,000,000+ |
Fees
Fees are a critical factor when choosing between FXNet and sogotrade, directly affecting your bottom line as a trader. sogotrade has a lower barrier to entry with a minimum deposit of $250 (vs $50 at FXNet). sogotrade charges withdrawal fees while FXNet does not, giving FXNet an edge for frequent withdrawers. sogotrade applies inactivity fees on dormant accounts; FXNet does not. Overall, FXNet scores higher on fees in our assessment.
| Feature | FXNet | sogotrade |
|---|---|---|
| Min. Deposit | $50 | $250 |
| Withdrawal Fees | No | Yes |
| Inactivity Fees | No | Yes |
| Deposit Fees | No | No |
| CFD Fees | No | No |
Platforms
FXNet offers MT4, MT5, cTrader, while sogotrade supports MT4, MT5, cTrader. Both brokers provide mobile trading apps for iOS and Android. FXNet supports social and copy trading features, which sogotrade does not offer. The two brokers are closely matched on platform offering.
| Feature | FXNet | sogotrade |
|---|---|---|
| MT4 | Yes | Yes |
| MT5 | Yes | Yes |
| cTrader | Yes | Yes |
| Windows App | Yes | Yes |
| iOS App | Yes | Yes |
| Android App | Yes | Yes |
| Trading Platforms | MT4, Web Trader, Tablet & Mobile apps | MT4, MT5, Mac, ZuluTrade, Web Trader, cTrader, Tablet & Mobile apps |
Education & Research
Education and research tools help traders at every level make more informed decisions, and here's how FXNet and sogotrade compare. Both brokers run regular live webinars. Both provide video tutorials, including advanced content. Daily market commentary is available from both brokers. Both integrate third-party research tools including Trading Central. Archived webinars are available at both brokers for self-paced learning. FXNet scores higher overall in education and research.
| Feature | FXNet | sogotrade |
|---|---|---|
| Forex Education | Yes | No |
| CFD Education | Yes | Yes |
| Weekly Webinars | Yes | Yes |
| Daily Commentary | Yes | Yes |
| Trading Central | Yes | Yes |
| Autochartist | Yes | No |
Deposits & Withdrawals
Convenient deposit and withdrawal options reduce friction for traders, especially important when managing positions across time zones. FXNet accepts 2 of the tracked payment methods (bank transfer, credit/debit card), while sogotrade supports 5 (bank transfer, credit/debit card, PayPal, Skrill, Neteller). sogotrade uniquely supports PayPal and Skrill and Neteller among the two brokers. sogotrade scores higher on deposit and withdrawal flexibility.
| Feature | FXNet | sogotrade |
|---|---|---|
| Bank Transfer | Yes | Yes |
| Credit Card | Yes | Yes |
| PayPal | No | Yes |
| Skrill | No | Yes |
| Neteller | No | Yes |
Support
Responsive customer support matters most when you're locked out of your account or need urgent help with a trade. Both FXNet and sogotrade offer live chat support. Both provide phone support. Email support is available at both brokers. FXNet supports 2 languages and sogotrade supports 8, giving sogotrade broader global reach. Both brokers are comparable on support quality.
| Feature | FXNet | sogotrade |
|---|---|---|
| Live Chat | Yes | Yes |
| Phone Support | Yes | Yes |
| Email Support | Yes | Yes |
| Languages | English, and Chinese | English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic |