NEWFX

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

General Information

NEWFX, a trading name of New Finance LLC, is allegedly a forex and CFD broker registered in the United Kingdom that claims to provide its clients with various tradable financial instruments with leverage up to 1:200 and floating spreads on the MetaTrader4 and Sirix Web Trader trading platforms via 2 different live account types, as well as 24/5 customer support service.

NewFX is an unregulated Forex and CFD trading provider that has been blacklisted in multiple countries including Malta, Spain, Italy, and Belgium, due to scam activities raises serious concerns about the legitimacy and trustworthiness of the broker. It is important to exercise caution and consider alternative regulated brokers with a strong reputation and a track record of adhering to regulatory standards. Conducting thorough research and seeking advice from financial professionals is crucial before engaging with any online trading platform.

It is important to exercise caution and consider alternative regulated brokers with a strong reputation and a track record of adhering to regulatory standards. Conducting thorough research and seeking advice from financial professionals is crucial before engaging with any online trading platform.

Here is the home page of this brokers official site:

Is NewFX legit or a scam？

No regulation. NewFX operates without any regulatory oversight or supervision. This means that the broker is not subjected to the rules, guidelines, and standards set forth by reputable regulatory authorities in the financial industry. The lack of regulation is a significant concern for traders as it diminishes the level of investor protection and transparency typically associated with regulated brokers.

Regulatory bodies play a crucial role in safeguarding the interests of traders and ensuring fair practices within the financial markets. They impose strict requirements on brokers, including capital adequacy, segregation of client funds, risk management protocols, and adherence to ethical standards. Regulated brokers are also often required to maintain records and submit to regular audits, enhancing accountability and trust.

By operating without regulation, NewFX bypasses these regulatory requirements. This raises several red flags as traders may face increased risks. The absence of regulatory oversight can lead to potential fraudulent activities, such as fund misappropriation, unfair trading practices, price manipulation, or the lack of proper client protection measures. It can also make it more challenging for traders to seek legal recourse in case of disputes or issues with the broker.

In the absence of regulation, it is advisable for traders to exercise extreme caution and consider alternative options with regulated brokers that adhere to the necessary regulatory frameworks. Dealing with a regulated broker helps to mitigate risks, ensures compliance with industry standards, and provides a higher level of confidence in the integrity of the trading environment.

Regulatory Warnings:

Market Instruments

NewFX offers a wide range of market instruments for trading, providing traders with various options to diversify their portfolios and engage in different markets. The broker offers 73 currency pairs, allowing traders to participate in the foreign exchange market and take advantage of fluctuations in currency exchange rates. Currency pairs typically include major pairs such as EUR/USD, GBP/USD, and USD/JPY, as well as crosses and exotic pairs.

In addition to currencies, NewFX provides access to 26 indices. Indices represent a basket of stocks from a particular market or sector and serve as indicators of the overall performance of the underlying assets. Traders can speculate on the price movements of popular indices like the S&P 500, FTSE 100, or Nikkei 225, and potentially profit from market trends and volatility.

For those interested in commodities trading, NewFX offers 29 commodities to choose from. Commodities include various raw materials such as gold, silver, crude oil, natural gas, and agricultural products. Traders can take positions on the price movements of these commodities, which are influenced by factors such as supply and demand dynamics, geopolitical events, and economic indicators.

NewFX also provides access to a wide selection of individual stocks, with 367 stocks available for trading. Stocks represent ownership shares in publicly traded companies, and trading them allows investors to participate in the performance of specific companies. Traders can choose from a range of global stocks across different sectors, such as technology, finance, healthcare, and energy.

Furthermore, the broker offers exposure to the cryptocurrency market, with two cryptocurrencies available for trading. Cryptocurrencies are digital or virtual currencies that use cryptography for secure transactions and operate independently of central banks. Popular cryptocurrencies like Bitcoin and Ethereum are examples of the digital assets that traders can access through NewFX.

To summarize, NewFX offers a diverse range of market instruments, including 73 currency pairs, 26 indices, 29 commodities, 367 stocks, and 2 cryptocurrencies. This wide selection provides traders with ample opportunities to explore different markets, implement various trading strategies, and potentially profit from price movements in multiple asset classes.

Here is a table summarizing the market instruments offered by NewFX:

Account Types

NEWFX claims to offer 2 types of trading accounts, namely Beginner and Professional. However, it says nothing about the minimum initial deposit requirement to open an account.

NewFX offers a tiered system of trading accounts to cater to the varying needs and preferences of traders. The broker provides a range of account types, each with its own features and minimum initial deposit requirements. Let's explore the different account types offered by NewFX:

1. Basic Account:

1. Minimum Initial Deposit: $200

2. Features: Free e-book, free training, personal account manager, one-click trading.

2. Discovery Account:

1. Minimum Initial Deposit: $2,000

2. Features: Free e-book, free training, personal account manager, one-click trading.

3. Silver Account:

1. Minimum Initial Deposit: $5,000

2. Features: Free e-book, free training, personal account manager, one-click trading, Trading Central.

4. Gold Account:

1. Minimum Initial Deposit: $10,000

2. Features: Free e-book, free training, personal account manager, one-click trading, Trading Central.

5. Premium Account:

1. Minimum Initial Deposit: $15,000

2. Features: Free e-book, free training, personal account manager, one-click trading, Trading Central.

6. VIP Account:

1. Minimum Initial Deposit: $30,000

2. Features: Free e-book, free training, personal account manager, one-click trading, Trading Central.

7. VIP Account +:

1. Minimum Initial Deposit: $50,000

2. Features: Free e-book, free training, personal account manager, one-click trading, Trading Central.

The Basic and Discovery accounts cater to traders who prefer to start with smaller initial deposits. As traders progress to higher-tier accounts, additional features such as Trading Central, a platform offering market analysis and research, are introduced. The Premium, VIP, and VIP Account + levels are designed for more experienced traders or those with higher investment capital, providing them with a broader range of services and benefits.

Here is a table summarizing the different account types offered by NewFX:

Leverage

The leverage offered by NEWFX is adjusted based on the account type. The default leverage is 1:50, while 1:100 on the Beginner account and 1:200 on the Professional account. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

NewFX offers varying spreads and commissions, which are dependent on the specific trading accounts available. The spreads and commissions can differ based on factors such as the account type, financial instruments being traded, market conditions, and the trading platform used.

As mentioned earlier, NewFX offers multiple trading accounts with different features and minimum deposit requirements. Typically, brokers offer different spreads and commission structures across these account types. Higher-tier accounts or accounts with larger initial deposits may have access to more competitive spreads and potentially lower commissions.

Spreads refer to the difference between the buy and sell prices of a financial instrument. They are generally presented in pips and can vary between different currency pairs, commodities, indices, and stocks. Lower spreads can be advantageous for traders as they reduce the cost of executing trades.

Commissions, on the other hand, are fees charged by the broker for executing trades. They can be a fixed amount per trade or calculated as a percentage of the trade volume. Commissions are often associated with certain types of accounts or specific financial instruments, such as stocks or certain CFDs.

To obtain accurate and up-to-date information on the spreads and commissions offered by NewFX or any other broker, it is recommended to visit their official website or reach out to their customer support. They will be able to provide detailed information on the specific spreads and commissions associated with each trading account and financial instrument.

It's important for traders to carefully consider spreads and commissions when choosing a broker, as they can impact overall trading costs and profitability. It's also advisable to compare spreads and commissions across multiple brokers to ensure you are getting competitive pricing and favorable trading conditions that align with your trading strategy and goals.

Trading Platform Available

The platform available for trading at NEWF is one of the most notable and preferred trading platforms the market offers - MetaTrader4 and Sirix Web Trader. The MT4 is highly praised by traders and brokers alike due to its ease of use and great functionality, offering top-notch charting and flexible customization options. It is especially popular for its automated trading bots, a.k.a. Expert Advisors.

Deposit & Withdrawal

NEWF says to work with numerous means of deposit and withdrawal choices, consisting of credit cards such as Visa and MasterCard, Wire Transfer and Bitcoin. The minimum deposit for credit cards is €200. There is no deposit fee charged, while no costs are charged for withdrawals via credit cards and checks, but a small fee is applied to all bank transfer requests.

NewFX provides a range of deposit and withdrawal methods to facilitate seamless transactions for their clients. The company accepts various payment methods, including:

1. Credit/Debit Cards: Clients can use their credit or debit cards to deposit funds into their NewFX trading accounts. Accepted card types may include Visa, Mastercard, and other major card providers.

2. BPay: BPay is an electronic payment system widely used in Australia. Clients can utilize BPay to transfer funds from their bank accounts directly to their NewFX trading accounts.

3. China UnionPay: China UnionPay is a popular payment method in China. NewFX accepts China UnionPay for clients who prefer this payment option.

4. PoLi: PoLi is an online payment method used in Australia. Clients can use PoLi to make deposits into their NewFX trading accounts securely.

5. Skrill: Skrill is an e-wallet service that allows clients to store funds and make online payments. NewFX accepts Skrill for both deposit and withdrawal transactions.

6. Neteller: Similar to Skrill, Neteller is an e-wallet that enables clients to deposit and withdraw funds from their NewFX trading accounts.

7. FasaPay: FasaPay is an online payment system popular in Southeast Asia. NewFX accepts FasaPay for convenient deposits and withdrawals.

8. Wire Transfer: Wire transfer is a traditional method of transferring funds between bank accounts. NewFX allows clients to deposit and withdraw funds through wire transfer, which typically involves transferring funds from a bank account to the NewFX trading account.

It is worth noting that according to the provided information, there are allegedly no deposit or withdrawal fees imposed by NewFX. As for the processing time of deposits and withdrawals, credit card deposits can be processed instantly or within one business day (it depends on the technical time of the transaction); the time required for credit card withdrawals varies depending on the issuer of the credit card and can take up to one billing cycle for the crediting of funds to the credit card; Wire Transfer deposits and withdrawals require about 1-2 days (domestic) and 3-5 working days (international).

Trading Platforms

There are two trading platforms mentioned in relation to NewFX: MT4 (MetaTrader 4) and Sirix. However, there seem to be concerns regarding the availability and credibility of these platforms.

1. MT4 (MetaTrader 4):

   NewFX claims to offer MT4, which is widely recognized as one of the industry's leading trading platforms. MT4 provides traders with a comprehensive suite of tools and features, including advanced charting capabilities, technical analysis indicators, customizable trading strategies, and the ability to automate trading through expert advisors (EAs). It is highly regarded for its user-friendly interface and extensive functionality.

However, there are suspicions regarding the existence and availability of the MT4 platform from NewFX. The lack of a link to download the platform or access the WebTrader raises concerns about whether the broker actually provides the MT4 platform. It is crucial for traders to be able to verify and access the trading platform they are offered before committing to any investments.

1. Sirix:

   NewFX is mentioned to offer Sirix, a trading platform provided by Leverate. However, there are concerns raised about Leverate's reputation and association with firms involved in fraudulent activities. These concerns suggest caution when considering a platform provided by Leverate.

It is important for traders to have confidence in the trading platforms they use, as they form the foundation for executing trades, accessing market data, and managing their investments. Traders should ensure that the platforms they choose are reputable, reliable, and suit their trading needs.

Considering the uncertainties and suspicions raised about the platforms offered by NewFX, it is advisable for traders to conduct further research, seek independent verification, and carefully assess the available platform options before making any investment decisions.

Associated Brands:

• DBFX

• OnspotBNK

• DubaiFXM

• One Financial Markets (FCA-regulated)

Customer Support

NEWFXs customer support can be reached by telephone: +44 77 2387 6639, email: support@newfx.co, live chat or send messages online to get in touch. You can also follow this broker on social networks such as Twitter, Facebook and YouTube. Company address: UK Office: 33 Cavendish Square, Marylebone, London W1G 0PW, United Kingdom; UAE Office: Trade CentreTrade Centre 2-Dubai-United Arab Emirates; US Office: 1000 NW Street, Mid-Town Brandy Wine, Ste 1200, Wilmington, DE 19801 Delaware, United States.

Summary:

NewFX is an online Forex and CFD trading provider that offers a range of trading instruments, including currency pairs, indices, commodities, stocks, and cryptocurrencies. However, there are several pros and cons to consider when evaluating the broker.

Pros:

1. Variety of Trading Instruments: NewFX provides a diverse selection of trading instruments, allowing traders to access different markets and potentially diversify their portfolios.

2. Multiple Account Types: The broker offers a tiered system of trading accounts, catering to traders with different levels of experience and capital. Each account type comes with varying features and benefits.

3. No Deposit or Withdrawal Fees: According to the information provided, NewFX allegedly does not charge deposit or withdrawal fees. This can be advantageous for traders, as it reduces the overall trading costs.

Cons:

1. Lack of Regulation: NewFX is described as an unregulated broker. Trading with an unregulated broker carries higher risks, as there may be a lack of oversight and investor protection measures.

2. Blacklisted in Multiple Countries: The broker has been blacklisted in Malta, Spain, Italy, and Belgium for scam activities. This raises concerns about the legitimacy and trustworthiness of the broker.

3. Uncertainty Regarding Platforms: There are concerns raised about the availability and credibility of the trading platforms offered by NewFX. This may cause uncertainty for traders who rely on reputable and widely recognized platforms.

It is crucial for traders to conduct thorough research and due diligence before engaging with NewFX or any other broker. Considering the risks associated with an unregulated broker and the blacklisting in multiple countries, it is advisable to proceed with caution and consider regulated alternatives with a strong reputation.

Frequently Asked Questions (FAQs)