Newfx.co is a brand name of NEWFX Limited and claims to be a leader in Financial trading matters. New FX does provide some insightful ways of trading with available advanced tools for newbies. With the platform residing in the UK, we would expect a license from the Financial Conduct Authority. However, it’s not the case as they provide no license or registry from any regulator in the region. Here’s our full NEWFX REVIEW.
A Closer Look at What NewFX offers
The platform claims to have a worldwide presence, and this is according to their homepage. With 10 years of experience, they claim to understand the importance of reliable data. The platform, it seems, is hell-bent on providing a safe and secure trading environment.
Advanced technology, operating with reputable bank accounts, and segregation of accounts are all under their preview. But, the question remains, is New FX a transparent and trustworthy platform? And that’s why you are here to find out.
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NewFX offers a variety of forex investment options. When it comes to overall security, there’s no denying that the platform offers secure data protection. However, it’s the trading part that we want to check out. Does it offer a profitable and friendly user experience?
Judging by the comments we see on TrustPilot, the platform seems to have a following. The website has a trust score of 4.4. However, we preserve our comments for this for concrete reasons.
The comment section has 13 comments, all within a week. Didn’t the platform claim to have over 10 years of experience? These are some of the reasons we have our doubts about the platform. We suspect that these are paid comments on TrustPilot.
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Account Types NewFX
NewFX provides users with seven account types. That’s a large array of investment plans to choose from. Most of the plans come with similar features, such as pop-up alerts and free training.
What sets these accounts apart include price discount, rollover discount, and Trading Central. But, first, let’s give you a brief overview of each account.
It’s the standard account and best suits beginners and newbies. The account comes with a minimum deposit of $200, with the maximum set at $1,999. Unfortunately, you won’t enjoy Price Discounts, Rollover Discounts, or Trading Central.
Members have to deposit a minimum of $2,000 and a maximum of $4,999 to start trading. You won’t get rollover discounts or Trading Central. There’s a price discount fee of 10 percent.
To start using this account, a member must deposit $5,000 to a maximum of $9,999. There’s a price discount of 20 percent, and members don’t get rollover discounts.
For the gold account member, they have to deposit $10,000 to $14,999, respectively. So again, there’s a price discount of 30 percent and a rollover discount of 17 percent.
You will have to deposit $15,000 to start trading, with the maximum amount set to $29,999. Members enjoy a price discount of 40 percent and a rollover discount of 20 percent.
There’s a price discount of 50 percent and a rollover discount of 33 percent. The expected minimum deposit is $30,000 and a maximum of $49,999.
It’s the most exclusive account you will get under the New FX platform. To start using the account, you must deposit $50,000 and above. There’s a price discount of 60 percent and a rollover discount of 50 percent.
Are funds safe with NewFX
With the platform failing to provide a license from a reputable regulator, the security of funds is not guaranteed. In addition, the platform does not mention whether there’s a compensation fund available for investors.
What they do instead is claim they have segregated accounts. We can’t take their word for it, as failing to have a license comes with great consequences. With the platform failing to mention names, we feel they are an anonymous platform.
Despite having several positive comments, it would be great if they had a license. That way, investors would know for certain that funds are safe. But, unfortunately, for now, there’s no safety net to protect investors.
Available Trading Instruments
You get five trading assets, including commodities, Crypto, forex, indices, and stocks. Highlights of commodity trading include leverage of 400:1. Gold and silver leverage is set at 200:1.
Forex trading features include getting the most popular currency pairs such as EUR/USD and GBP/USD. Moreover, the platform promises investors of a cost-efficient and low latency Forex rate. In addition, get some of the popular indices such as FTSE 100 and the S&p 500.
The spreads for indices are set at 100:1 with zero commissions. In addition, you can trade CFDs on stocks with the leverage set at 20:1, which is an exciting feature. Members can also diversify their trading experience by building a portfolio of asset classes.
Deposit and Withdrawal Options
There are several deposit and withdrawal options available on the platform. These include Bank transfers, Bpay, MasterCard, Neteller, PayPal, and more. And this brings us back to the Trustpilot comment section.
A user by the name of Jason Keegan claims the platform didn’t process his withdrawal. That said, the platform support did comment and insists Jason Keegan doesn’t have an account. Unfortunately, there’s no way of pointing out who’s telling the truth.
Withdrawing funds should not be a problem, and platforms should indicate the terms. As an investor, you’re entitled to know how fast a company releases funds. Jason is the only person we’ve seen with a negative withdrawal comment.
Is NewFX Licensed or Registered?
NewFX is not a licensed or registered platform which is a risk in itself. We only recommend signing up with platforms that are licensed or registered by official regulators. The platform should get its license from the Financial Conduct Authority.
Without a proper license, it means there’s no oversight. The platform is free to operate as they please. And this creates a dent in the trust investors put on forex trading platforms. The platform should come clean and warn investors of their license status.
When searching for a proven and safe investment platform, there are notable features. First, go for platforms that enjoy the license from ASIC, BaFin, CONSOB, CySEC, FCA, FINMA, and SEC. A platform with a license from any of the above bodies will guarantee the safety of funds.
Pros and Cons of NewFX
There are several trading platforms to choose from with New FX. The platform delivers in terms of reliable platforms. You can choose to use MT4 or SIRIX platforms which are considered some of the best.
NewFX also has its own custom-made platforms. However, we only recommend using MT4, MT5, and SIRIX as they offer intuitive tools. In addition, you will enjoy charting tools, fast execution, high reliability, and social trading features.
When it comes to supporting, the platform offers live chat and email responses. The speed at which their chat representatives respond is quick. Our initial conversation was with an agent by the name of Chiara.
Reasons for our hesitancy regarding using NewFX
Here’s what we think about New FX and the reasons we won’t recommend it
- Lack of transparency regarding their license and registration status
- No information on their withdrawal process
- The platform fails to provide insurance cover for deposits made by investors.
These are the reasons we are adding Newfx.co to our blacklist.
To get ahead, you need to use transparent platforms with a proven track record. That’s the only way to invest safely.
If you have any views, leave a comment or send us an email.