NewForex Review

Review

NewForex is a Forex broker domiciled in the British Virgin Isles with offices in Moscow, London, Hong Kong and Dubai. It opened its doors to business in 2014 and trades Forex, commodities and CFDs. It is licensed by the local FSC.

Accounts

There are two different trading accounts at NewForex. The MT4 First Stream account can be opened with $1.00 but a $25.00 deposit is recommended to start. This account has a fixed spread of 2 points. Leverage is from 1:1000 - 1:100.

NewForex Account Types

The MT4 New Grade account requires $10 to start but here too, a $25.00 is recommended. There is a fixed spread of 2 points and leverage is 1:700 - 1:100.

Both accounts offer instant execution, swap-free accounts and a 50% margin call level. In addition, traders can trade with micro or standard lots, unlimited access to MetaTrader4 and expert advisor trading, free regular intra-day market updates and technical analysis, multilingual customer support,  a personal account manager and more.

The MT4 First Stream account accepts USD cents, EUR cents, RUR kopecks while the MT4 New Grade account can be opened with USD, EUR, RUR.

A demo account is provided as well.

Features

An interesting feature at NewForex is their trading session map where traders can move a mouse over the map and click on one of ten locations and participate in the session being held at that time.

NewForex Trading Sessions Chart

There is also a listing of the holidays throughout the year when Forex markets are closed to trading.

The Trader’s Calculator offers  the calculation of necessary pledged demands to open positions, calculation of profit on positions, calculation of partner’s fee from trades of referrals and the calculation of position parameters such as spread, swap, pip price, etc.

NewForex Trader's Calculator

A nice feature at NewForex is their forum where anyone can participate in discussions with other account holders and benefit from the Community Bulletin Board where information about Forex or other brokers is posted in real time.

Even non registered account holders can sign up for the forum.

Deposits/Withdrawals

There was no mention of how funding or withdrawals were made but credit cards and bank transfers are the most popular methods.

Education

NewForex offers a wide choice of interesting articles on a variety of topics. There is also a section with recommended reading material--along with their reviews—which covers many financial topics.

NewForex Educational Articles

Forex news is posted daily and company news is posted as it happens.

NewForex Market News

Bonuses/Promotions

There is a $50 welcome bonus for anyone opening a new account at NewForex regardless of the amount of money deposited.  The bonus is given as a credit of the (real) trading account.

At the time of writing this review there was an additional bonus of 30% on every deposit. This bonus cannot be in awarded to accounts where a no-deposit welcome bonus was given.

NewForex also offers a participation promotion wherein a trader can win extra money according to the amount of money traded. Prizes of up to $250 go to the top 25 participants and participation is free.

There is no FAQ section and no glossary.

Customer Support

According to the website, NewForex representatives are available to help traders 24/7 via chat or telephone to any of the broker’s locations. Email communication and skype are also offered. I sent a question to a representative on Chat and the response was immediate and informative.

Conclusion

NewForex is certainly a new broker on the block. The website is easy to navigate and there is a choice of two different trading accounts. But there are some important features missing and trading can only be done on a web based platform to trade on which is not always accessible to traders.

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Features

There are some nice features at NewForex. The ones that stand out are the forum and the Trading Session Map. The Trading Session Map which is a highly interactive way of tuning in to all the online sessions offered by the broker throughout the world while the forum offers traders a way of socially communicating with other registered traders. In addition, the numerous educational offerings at NewForex are of high quality and informative.

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Platforms

MetaTrader 4

The only platform available to traders at NewForex is the MT4 which is the most popular platform used by Forex traders. The platform offers the bells and whistles of the MT4 operating system for Windows.

No mobile platform was offered at the time of this review. 

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User Reviews

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