Clients of NewForex have two account options: Cent & Standard accounts. Both of them offer high leverage levels, low minimum initial deposit, commission-free trading, fixed spreads, instant execution and micro tradeable lots on the MetaTrader 4 platform. Besides, Standard account holders may benefit from 2.5% interest on deposits per annum.
Overall, NewForex’s trading conditions seem reasonable: you may start with just $1, and its fixed spreads are average – 2.0 pips on EUR/USD. In comparison, another offshore broker, FxChoice, offers average spreads of 1.2 pips on its commission-free accounts. In general, floating spreads tend to be tighter than fixed ones, however they widen during news releases, for example. For further information and comparison, you may look up the real-time spreads of 15 leading brokers here.
As this broker offers only fixed spreads, instant execution and on-deposit bonus, we suspect that it acts as a Market Maker.
The Company. Security of Funds
Founded in 2013, NewForex is a broker that offers trading in more than 30 currency pairs and commodity and metals CFDs on the popular MT4 platform. It has offices in Hong Kong, Dubai, London, and Moscow and it looks like it originates from Russia.
The company behind the brand is FinPark Ltd. (according to the client agreement on the broker’s website), which holds a license from British Virgin Islands’ Financial Services Commission.
Although offering regulated status, the BVI Commission allows companies to be entirely based overseas and does not exercise effective supervision. So, we do not recommend investing with offshore brokerages, as it is extremely risky – these companies can easily manipulate the platform, delete your winning trades, and do whatever they like with your money. You’d better choose among brokers regulated by the FCA, ASIC or another trustworthy regulatory body.
NewForex offers its clients the most popular software in the forex industry – MetaTrader 4. Unfortunately, there is only desktop version available.
The MT4 Terminal is a perfectly equipped – It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, and create and use automated trading programs (Expert Advisors).
This broker offers 30% bonus on each deposit, which can be withdrawn after certain volumes are traded.
Methods of Payment
NewForex offers its clients the following payment modes: credit/debit card (Visa, MasterCard), bank wire transfer, and e-wallets Skrill, Neteller, WebMoney, QIWI and PayCo.
Accepted currencies: USD, RUB. EUR.
It looks like NewForex is another offshore forex and CFD broker and supposedly a market maker that supports the MT4 platform.
NewForex Review Conclusion
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