NewFX Review – New Domain, Same Unregulated Trading Scheme
NewFX is an online broker switching between names and domains for a year. The company was known as newfx.co, a brand of NewFX Limited. This company claimed to be regulated by the Maltese regulator, MFSA. Once MFSA issued an official warning, along with several other EU license providers, the company changed its domain to newfx.us, stating it doesn’t accept EU clients any longer. Read our NewFX review and find out all the details about the scheme.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||CNMV, CONSOB, FSMA, MFSA|
|Owned by:||New Finance LLC|
|Headquarters Country:||US (allegedly)|
|Supported Platforms:||WebTrader, MT4|
|Cryptocurrencies:||Available – BTC, ETH – total 2|
|Types of Assets:||FX, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is The NewFX Regulated In The Countries In Which It Operates?
The NewFX currently claims to be a brand of New Finance LLC, based in Delaware, US. Besides, the company allegedly has offices in the UK and the UAE. All these are Tier1 regulatory zones, and the broker should have a firm license. However, it seems it has never opted for any regulation in any country.
Furthermore, the Terms and Conditions indicate that the governing law is the law of Vanuatu, an offshore zone with close to non-existing regulatory supervision.
Why Must a Broker Have a License?
A broker must have a license to secure your funds and ensure that you have your initial deposit back even if something goes wrong or the company goes bankrupt. Tier1 regulators, including the US CFTC, the UK FCA, and the DFSA of Dubai, oblige Forex firms to have compensation funds for this purpose. Like its old brand, the NewFX currently operating is unlicensed and provides illegal financial services.
NewFX Warnings From Financial Regulators
MFSA announced that this authority body never regulated NewFX Limited, and all the website claims are fake.
Italian CONSOB added the broker to the list of fraudulent domains, and the warning was later republished by the Belgian FSMA.
In the end, Spanish CNMV issued a warning stating that NewFX provides financial services, including Forex trading and financial advising, without a proper license.
Traders Reviews About NewFX Scam
NewFX is not very popular among investors. Clients of this scam firm wrote reviews about the broker’s unprofessional behavior, stealing funds, and disappearing. Once the old domain was exposed as a scam, they simply vanished without notifying customers and returning the funds left on their platform. The new domain is no better, never approving withdrawals.
Supported Trading Platforms – Available Trading Software
The company claims to provide two trading platforms – Sirix WebTrader and an MT4.
The Broker Offers an MT4 Platform and SIRIX – Is It Really True?
Sirix is a white-label platform provided by Leverate, a firm with a bad reputation for giving its CySEC license and other trading tools to scheme firms. Besides, the company says to offer an MT4, one of the industry’s best platforms.
What made us quite suspicious is that there’s no link to download MT4 or access the WebTrader. You can read about these platforms, but you cannot download or confirm they actually exist. Sometimes, scam brokers announce reputable software to lure you into investing when in reality, they offer nothing but a plain TradingView chart.
Mobile Trading From NewFX
Allegedly, MT4 is available as an app for Android and iOS, but again, there’s no link to download it.
Social Trading Platform
Every MT4 enables social trading. Assuming the broker really offers one, you may be given a chance to trade with others and copy their trades.
All About NewFX Accounts
Clients can choose among 7 NewFX account types.
- Basic – $200
- Discovery – $2,000
- Silver – $5,000
- Gold – $10,000
- Premium – $15,000
- VIP – $30,000
- VIP+ – $50,000
Accounts differ in the initial deposit, price discount, rollover discount, etc.
Countries Where NewFX Scams Operate
Based on our research, the broker is mainly active in:
NewFX Range of Trading Instruments & Markets
The company provides investing in the following trading instruments:
- 73 currency pairs
- 26 indices
- 29 commodities
- 367 stocks
- 2 cryptocurrencies
Since there’s no Demo account, we cannot confirm this information.
Also, remember the names of the trading frauds TradingBloom, Warden VC and Tradiso trading scams and avoid them at all costs! Furthermore, before investing, always check the background of internet trading organizations!
What Are The Conditions For Bonus Withdrawal
The company offers up to a 100% bonus on the initial deposit. However, if you wish to withdraw funds, you have to have a rollover of the initial deposit plus the bonus amount 5,000 times before getting any money back. Suppose you have started with the initial deposit of $200 and got the same bonus. You have to repay $2 million before getting a penny back. And that’s just another way to scam you into investing more and put yourself into a never-ending loop.
NewFX Deposit and Withdrawal Methods
The company accepts the following payment methods:
- Credit/debit cards
- China UnionPay
- Wire transfer
Allegedly, there are no deposit or withdrawal fees.
Scammed by NewFX Broker? – Let Us Hear Your Story
If you were scammed by NewFX or a similar bogus broker, it’s time to let us know. Instead of allowing scammers to run with your hard-earned money, get in touch and let’s recover your funds through a chargeback dispute.
But What Is A Chargeback?
This is a way for your bank to retrieve the money from the scam firm. Contact us via online chat to book a FREE consultation, and let’s act right away while there’s still a chance.
What Is NewFX?
NewFX is an online Forex and CFD trading provider with no regulations.
Is NewFX a Scam Broker?
NewFX has been blacklisted in Malta, Spain, Italy, and Belgium for scam activities.
Is NewFX Available in the United States or the UK?
The broker provides its services in the US and the UK.
Does NewFX Offer a Demo Account?
No, NewFX doesn’t offer a Demo account, only seven Live accounts.