Is FX NextGen Scam or Legit Broker?

It is not safe to trade with FX NextGen as it is an offshore broker. According to the broker’s 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.

About Fx NextGen
🗺️ Registered inVanuatu
🗺️ Type of LicenseOffshore License
🛡️ Is Fx NextGen safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerIC Markets - licensed by ASIC in Australia

What is FX NextGen?

FX NextGen is a Forex and CFDs broker. Its business model is geared towards offering the most competitive spreads (Find out brokers with the lowest spreads here) and market conditions for traders. The company claims to be licensed in Georgia and founded by industry veterans who bring a combined experience of more than 50 years. FX NextGen offers 77 currency pairs, 12 precious metals, 10 indices, 4 energy instruments, 39 cryptocurrencies, 37 US shares, and 30 EU shares. According to the website, their trading servers are located in London and offer traders fast access for execution with minimal slippage. This broker specializes as a multi-asset FX fund and our STP model of execution means that traders get the very best conditions that the market has to offer (Check STP Trading Account).

  • Besides Georgian regulation and location, FX NextGen is incorporated in Vanuatu, but there is no information on its regulation there. We would like to remind the traders that Vanuatu is one of the popular offshore destinations for Forex brokers. All the investments with such brokers may be put at risk since there is literally zero protection provided by 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, the 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, 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 license. The provider is therefore not permitted to trade on a commercial basis.”

 

Overall FX NextGen Ranking 

Based on the findings of our research there are multiple issues in respect of FX NextGen regulation and reliability, we do not rank positively FX NextGen, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

  • FX NextGen Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.
RankingFX NextGenXTBHFM
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe? NoYesYes
AdvantagesNoneTrading InstrumentsTrading Conditions

FX NextGen Alternative Brokers

Considering the FX NextGen safety issues we found during our research, we suggest much better Alternatives to FX NextGen with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

FX NextGen in India

FX NextGen allows Indian traders to open accounts and trade. However, FX NextGen has no mention of complying with any Indian regulators on its website. It is also worth mentioning that Forex trading is actually prohibited in India. The broker is not regulated by any regulatory body in India, that’s why money safety may be the issue here.

FX NextGen in the USA

FX NextGen is not legal in the USA and is not available for American traders. As per U.S. law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for FX NextGen, you are only permitted to trade with U.S-regulated platforms

Fx NextGen does not offer its services to residents of certain jurisdictions such as Austria, Iran, Cuba, Sudan, Syria, Japan, and North Korea.

Deposits and Withdrawals

The minimum deposit requirement is 100$ (Also read about Fortrade broker minimum deposit here). Deposits can be made via online payment or bank transfer. In order to make a deposit, log into the broker’s Client portal and select the ‘Deposit’ area. Within the processes, you can choose your deposit source e.g. bank transfers, or bitcoins. Also, traders should note that bitcoin payments are immediate while bank transfers can take up to 2-5 working days to be processed depending on the method used.

Withdrawals are usually processed within 1 working day. 

Apps

Fx NextGen offers its traders MT4 and MT5 platforms (Find out the Best MT5 Platform). The mobile trading platform interface allows you to stay in control of your trading no matter where you are. All you need is connectivity from your mobile phone and get access to real-time market news and monitor and manage your positions.

Demo Account 

Fx NextGen gives an opportunity to open a demo account. Demo trading is a simulation of real trading on Forex, which is made for practicing and training. The demo account does not require investments, it is free. It allows you to gain experience in online trading, and practical skills in working with MetaTrader and test your strategy without any risks.

Fx NextGen Review Conclusion

We strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules and have a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

  • Overall ranking and experience for Fx NextGen is Negative

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