FX NextGen is a Forex and CFDs broker. Its business model is geared towards offering the most competitive spreads and market conditions for the traders. The company claims to be licensed in Georgia and founded by industry veterans who bring a combined experience of more than 50 years.

Is FX NextGen a scam or legit broker?

No, it is not safe to trade with FX NextGen as it is an offshore broker. According to the brokers website, 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. However, as the main Forex license issuer in Georgia is the National Bank of Georgia, we haven’t found any information about this broker on the regulator’s website. Also, a license from the Hualing Free Industrial Zone doesn’t mean anything since it is not the regulatory authority in the country.

Besides Georgian regulation and location FX Next Gen incorporated in Vanuatu, but there is no information of its regulation there. We would like to remind the traders that Vanuatu is one of the popular offshore destinations for the Forex brokers. All the investments with such brokers may be put into risk, since there is literally zero protection provided from the Vanuatu authorities. We have a detailed article explaining the risk of trading with brokers from Vanuatu.  

On top of all that, there is one more license FX NextGen holds, Belize license. It is also an offshore zone same as Vanuatu. You can read more about Forex Trading: Why Avoid IFSC Brokers from Belize in our article. 

Moreover, the Austria’s FMA has recently issued a warning against FX NextGen stating that:

“FX NextGen Ltd is not entitled to carry out banking transactions in Austria that require a licence. The provider is therefore not permitted to trade on a commercial basis.”

We advise all investors and traders to avoid FX NextGen and other brokers from Vanuatu or Belize. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FXTM.

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