NewForex Review
Overview
Company Information NewForex is an exciting new name in the world of Forex online trading that’s started its services in 2014. The owner of the brand is Finpark Ltd. a… more
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| Broker | NewForex |
|---|---|
| Website URL | http://www.newforex.com/ |
| Founded | 2013 |
| Headquarters | British Virgin Islands |
| Support Number | +44 20 376 96 475 |
| Support Email | support@newforex.com |
| Support Types | Phone, E-mail, Call Back, Skype, Call from Site |
| Languages | English, Russian, Indonesian |
| Minimum Trade Amount | 0.01 lots |
| Maximum Trade Amount | 100 lots |
| Free Demo Account |  |
| Regulated | |
| Regulation | British Virgin Islands Financial Services Commission |
| Account Types | MT4 First Stream, MT4 New Grade |
| Deposit Methods | Visa, Yandex Money, MasterCard, Qiwi, WebMoney, Skrill, PayCo, Neteller |
| Withdrawal Methods | Visa, Yandex Money, MasterCard, Qiwi, WebMoney, Skrill, PayCo, Neteller |
| Types of Assets | Forex, Commodities, CFDs |
| Account Currency | USD, EUR, RUB |
| US Traders Allowed |  |
| Mobile Trading | |
| Tablet Trading | |
Full Review
Company Information
NewForex is an exciting new name in the world of Forex online trading that’s started its services in 2014. The owner of the brand is Finpark Ltd. a fully certified company the British Virgin Islands. The broker is licensed by the FSC (BVI), and it has offices in London, Moscow, Hong Kong and Dubai. Despite its brief history, NewForex has already established a very excellent list of clients from all over the world. They have already won a prestigious award from the FXShow community for the “Best Execution 2015”. The company does offer what a nowadays trader would want, and the advantages are already used to many of their clients. You can find various bonus offers, excellent trading features, and trading conditions that much other lacks. Using tight spreads, a reliable trading platform and excellent trading instruments NewForex aims to please even the most demanding customers. Let’s see what trading opportunities can NewForex offer.
Trading Information
The account options they offer are very simple and easy to understand even by beginner traders. For starters, they have the “MT4 First Stream” account option. It’s thoroughly explained on their web page. You can open an “MT4 First Stream” account with just $1. They have given a recommended deposit for at least $25 because it’s not much opening a Forex account with a dollar. The leverage for different trading instruments goes from 1:1000 to 1:100. The spreads are fixed and start from 2pips for majors like EUR/USD. Minimum lot size is 0.01 and the same goes for the minimum step. Next is the “MT4 New Step” account which also has a relatively small deposit requirement. It starts from $10, and the recommended amount is again $25. The spreads are the same, but the leverages go from 1:700 to 1:100. Also, there is a 2.5% interest you can take advantage of while trading. Otherwise, there is not much difference between the two. Both accounts have swap-free options and same trading period (Monday – Friday). Scalping and hedging are allowed in both.
Trading Platforms
The platform that the people from NewForex have chosen is the true and proven Metatrader4 (MT4). It’s suitable for novice and expert traders and is one of the most trusted platforms for Forex trading. There are a lot of customization options, and the users can easily set up their trading workspace. Charts, analysis information, news and many other features are available for the traders. What’s a bit surprising here is that the MT4 has different versions for almost every desktop and mobile device, but NewForex has chosen to provide only the one suited for Windows. It’s a bit limiting compared to all other excellent features they have. They will surely implement a mobile and WebTrader platform in the future, but for now, traders who have chosen the NewForex broker will have to use a Windows desktop device.
Security and Customer Services
Regarding security have done very well to implement an SSL encryption on their new account page. It ensures all personal data is protected and stealing personal details is next to impossible. The lack of a segregated account option is a bit disappointing, and it means that your funds are not separated from the companies. Where customer support is concerned the people from NewForex have done an exceptional job. There is a phone number for every office they have around the world an international one you can use from anywhere. You can directly call from the website or request a callback. An online form and an email are available for people who want to use this type of communication. And last but not least there are several Skype accounts where you can ask different questions about the service or the platform. The website is translated in Russian, English and Indonesian, and there is support for all the languages. There is also a forum page where you can talk with other clients and discuss successful trading strategies.
Deposits and Withdraws
There are a lot of deposit methods available at NewForex with the usual credit/debit card options and some digital wallets. The processing times are very quick (usually instant), and there are no deposit fees whatsoever. The account currencies are Euro, Russian Ruble, and US dollars. As we mentioned the minimum deposits are $1 and $10, but there is no mention about the maximum. Reports say that there isn’t a maximum limit, but you might want to double check on that. Withdrawal options are the same as the deposit ones. There are no withdrawal fees and processing times are very quick. It takes up to 3 business days for the slowest method, but it’s usually one business day.
Deposit Bonus and Loyalty Programs
This where NewForex shines and proves that it is a very well-built Forex trading platform. The people behind the brand have made quite an effort to think about all sorts of promotions, bonuses, affiliates programs and contest. The first bonus is the 30% for every deposit without restrictions. The second one is a $50 no-deposit bonus for every real account. This offer is only for one account per person. The last one is a type of contest where you can win up to $250 from a prize pool of $1000 if you’re trading a lot on the platform. It’s called the “Participation prize” and the only thing you have to do is to sign up for it and place amongst the first 25 places.
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