Introduction: What is FX NextGen?
FX NextGen is a newly established forex and CFDs broker based in Georgia, the country.
When you decide to step into the forex market where your competitors are everywhere, your priority should be building a well-designed website with detailed information regarding the company, its legacy, trading conditions, etc. However, we found that a lot of information is missing on FXNextGen.com, signing that the company might actually be a scam.
We also understand it might be difficult for beginner companies to fulfil all the essential criteria. However, we still consider the broker doubtful.
Additionally, currently, the registration procedure is suspended for some reason, raising more doubts.
Therefore, in our detailed FX NextGen review, we will guide you through the company’s pros and cons to help you determine it is worth starting to work with them or not.
Speaking of regulation and authorization, FX NextGen Ltd is registered in the Republic of Georgia with Company ID 404574769 and carries a business license from Hualing Free Industrial Zone with License Number 0110/290. The company claims to be permitted to conduct “Financial Consulting and Services.”
However, the local registration number does not guarantee the broker is regulated and allowed to commit international financial services. It might lead you to severe economic issues, as lack of regulation automatically means lack of funds safety. Thus, we suppose FX NextGen is not entirely reliable, and you might become a victim of scam activities with them.
No transparency in account Types
There seem to be two different account types, a standard account, and an ECN account, but apart from the commission charged, we can’t find anything that can distinguish the two.
Throughout the review process, we will study the different parts of the trading conditions to mention any differences. In this section, we will outline the little information we know about the account.
The minimum deposit requirement for this account is 100 US dollars or Euros, the minimum transaction size starts from 0.01 lot, and hedging is allowed. Overnight holding transactions charge overnight interest. It can use MetaTrader 4 or MetaTrader 5 as a trading platform.
The margin call is set to 100%, the stop-loss is set to 50%, and the leverage can be between 1:1 and 1:500. The standard account commission for this account is 4 USD, and the ECN account commission is 12 USD.
Trading Platforms at FX NextGen
FX NextGen provides two platforms from MetaQuotes, MT4, and MT5. Although MetaTrader 4 is still the preferred trading platform for most traders, the slow and steady transition to MT5 continues.
Sadly, the company does not provide a proper demo account option, meaning we could not test their trading platforms.
Unfortunately, there is no information about the assets or tools available for trading, so we can’t provide any breakdowns or examples. Nowhere is mentioned on the website, which is a bit strange. Many potential new customers first look at the available tools, so the lack of available tools may discourage them.
Deposit and Withdrawal policy
There are three ways to deposit in FX NextGen, namely bank wire transfer, Bitcoin and Sofort. There is no charge for using bank or bitcoin deposits, but there is a 2.5% processing fee for using Sofort. When using bank wire transfers, be sure to check with your bank to see if they add any fees on their own.
You can use bank wire transfers or Bitcoin to withdraw funds. There is no additional charge when using Bitcoin. When using bank wire transfer, withdrawals of 250 USD or below require a fee of 10 USD or EUR. You should also contact your bank, See if they charge fees for incoming transactions.
The processing of Bitcoin and bank wire transfers indicates that withdrawals will take 3 to 5 business days, which will vary depending on many factors, such as the speed of the blockchain and the processing time of the banking institution.
Educational & Trading Tools
The educational aspect of the website only includes one type of frequently asked question about different elements of trading. It is fundamental and will not make anyone an expert trader.
This is a shame because many brokers now want to help their clients with trading or analysis through educational courses or tools to help them improve and increase their profits. It is excellent to see FX NextGen doing similar things for their customers. However, they provide managed accounts for those who prefer to let someone other than themselves manage their funds.
There are several different ways to contact us on the Contact Us page. You can use the online submission form to fill in your inquiry, and you should receive a reply via email. You can also directly use the email address provided. If you want to send a physical letter, you can also use a physical address.
Address: Georgia, Tbilisi, Old Tbilisi District, Krtsanisi str, II lane, N15, building N3, floor 4, flat 42
Final thoughts about FX NextGen
There is a lot of information missing on the FX NextGen website. First of all, there is no difference between the standard account and the ECN account except the amount of commission.
The swap fee and the spread link have no effect, so there is no clear indication of the spread. Besides, there is no tradable. A list or breakdown of assets, so any potential customer looking for certain assets will need to look elsewhere. Deposit methods and withdrawal methods are limited, but most people have no additional fees, which are very low.
Overall, from our Fx NextGen review, we don’t recommend this broker, and we consider this newly appeared company scammer. There still are hundreds of safer and better companies, so check out our Forex Brokers list, read the detailed analysis of hundreds of brokers, and pick up the best option.