NewFX trading is not a safe brokerage. Client complaints and regulatory warnings testify to that fact. Our NewFX trading Review is here to prove once and for all that this entity is not reliable.
We carefully analyzed NewFX trading’s legal background, warnings against the broker, areas in which the broker was active, trading platforms, instruments, and funding methods. Please take this information into account before deciding whether to invest or not.
NewFX trading is the trading brand of New Finance LLC, allegedly based in Delaware, US. Hence, checking NewFX trading’s regulation was easy. We simply searched the database of the US National Futures Association (NFA) for this company.
As expected, there’s no entity by the name of New Finance LLC there. No info in FINRA’s database either. Thus, it’s safe to say that NewFX trading is unregulated.
All US-based brokers must be registered with the NFA and the CFTC. Furthermore, NewFX trading offers CFD trading, meaning this isn’t a legit American broker since the US Securities and Exchange Commission banned that kind of trading in the States.
But what about Europe? Is NewFX trading allowed to provide services on the old continent? No, the trading offer on the broker’s website is not compliant with the regulations of the European Securities and Markets Authority (ESMA).
Our claim that NewFX trading is not eligible to operate in Europe has been confirmed by regulatory warnings. We found several warnings that NewFX trading was operating illicitly.
NewFX trading was active in several countries. After doing some research, we managed to discover where this financial swindler looked for victims:
Thankfully, all the European regulators from this list issued firm warnings against the NewFX trading fraud. That’s good news but this scammer is still active so watch out.
Facebook, Twitter, and YouTube, that’s the social media NewFX trading uses. Aside from social media platforms, this broker also has an email and phone number so we guess those are the main communication tools.
It’s obvious that NewFX trading isn’t up to par with legit brokers. Traders seem to think so. Some have written complaints against this broker on the forums.
On the one hand, traders were frustrated due to a lack of a demo account and high deposit requirements and on the other, they experienced withdrawal issues.
Stopped responding when I requested for a payout…
Indeed, NEWFX offered a wide selection of account types, but I didn’t find one that suited me. Why no demo accounts? Why no mini accounts? Why minimum deposit is so high?
NewFX trading offers two trading platforms. The first and also main platform is MetaTrader 4, available for desktop, Android and iOS.
MT4 was designed by MetaQuotes in 2005 and has been setting the bar high ever since. This platform offers an array of cutting-edge trading tools such as automated trading, multiple timeframes, a customizable interface, etc.
The other NewFX trading platform is WebTrader, a web-based terminal with limited features. Although MT4 is phenomenal, it still cannot compensate for the lack of an official trading license.
Here’s an overview of NewFX trading’s assets and instruments:
NewFX trading provided a misleading table that was supposed to reveal the spreads and commissions. We would assume that the percentages in the table indicate the commissions.
Then again, it doesn’t make sense at all. For instance, for crypto, it’s 100%. Nevertheless, what we do know is that NewFX trading charges a fee of 0.015% of the overnight exposure.
Here’s an overview of NewFX trading’s account tiers:
NewFX trading claims to offer discounts for each account type but we believe that’s just a ruse. As for the leverage, the broker offers up to 1:100 for beginners and up to 1:200 for professionals.
In the US, the legal limit for the leverage that brokers can offer to retail clients is 1:50. NewFX trading offers 1:100, which is a clear sign that this isn’t a regulated brokerage.
NewFX trading doesn’t offer a risk-free demo account. What this basically implies is that you cannot access the trading platform or try out trading unless you deposit money.
When it comes to different payment methods, NewFX trading included three options:
The minimum deposit is 200 $ with no related fees. However, NewFX trading’s withdrawal fees are unknown. And NewFX trading wouldn’t be your typical scam broker without a shady bonus policy.
This clause was taken directly from NewFX trading’s T&C text: “If the client deposited $1,000 (one thousand) and received a bonus of $250 (two hundred and fifty), client must achieve: (1000+250) x 5000, then a total turnover of $6.250.000 before being eligible to withdraw any bonus amount at the end of Term.”
It’s an absurdly high trading volume that you most likely won’t reach. NewFX trading will not allow you to withdraw funds.
The fancy website is a distraction from the real underlying scheme. If NewFX trading violated any terms and conditions, please let us know so we could report the scammer.
Need help getting your money back? Global Fraud Protection’s got your back. Our experts will gladly assist you with the chargeback procedure. Also, they are skilled at tracing crypto transactions with CipherTrace.
If this broker steals your money, contact us for help. Use Online Chat to book your free consultation with us.
No. NewFX trading has been blacklisted by multiple European financial market watchdogs. Do not invest in this trading scam. If you did, call us for help.
NewFx trading does not offer a risk-free demo account. It’s bad news because you’re not allowed to try things out for free.
Yes, MT4 is a great platform but it doesn’t change the fact that NewFX trading is an unregulated scam broker.
No. NewFX trading has been blacklisted by multiple European financial market watchdogs. Do not invest in this trading scam. If you did, call us for help.
NewFx trading does not offer a risk-free demo account. It’s bad news because you’re not allowed to try things out for free.
Yes, MT4 is a great platform but it doesn’t change the fact that NewFX trading is an unregulated scam broker.
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