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Connext Spreads, leverage, minimum deposit Revealed

WikiFX | 2023-07-05 10:47

Abstract：Connext is a global CFD broker. It offers trading in forex, precious metals, energies and cryptocurrencies via the MT5 platform, with leverage of up to 1:1000. Account types include Micro Accounts, Ultra Accounts (0.6 pip spread, $6 commission per lot), No Swap Accounts for Islamic traders, and demo accounts. Features such as copy trading and multi-device MT5 access are also provided.

Connext Review Summary
Registered	2022
Registered Country/Region	Saint Vincent and the Grenadines
Regulation	FSA (Offshore Regulated)
Market Instruments	Forex, Precious Metals, Energies, and Cryptos
Demo Account	✅
Leverage	Up to 1:1000
Spread	From 1.2 pips (Standard account)
Trading Platform	MT5
Minimum Deposit	$10
Copy Trading	✅
Customer Support	Tel: +248 4377028
	Email: support@connextfx.com
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Connext Information

　　Connext is a global CFD broker. It offers trading in forex, precious metals, energies and cryptocurrencies via the MT5 platform, with leverage of up to 1:1000. Account types include Micro Accounts, Ultra Accounts, No Swap Accounts for Islamic traders, and demo accounts. Features such as copy trading and multi-device MT5 access are also provided.

Pros and Cons

Pros	Cons
Demo accounts available	Offshore regulation risks
Low minimum deposit of $10	Commission fees charged
No deposit fees	Limited info on deposit and withdrawal
MT5 available
Copy trading function

Is Connext Legit?

　　The Seychelles Financial Services Authority (FSA) offshore regulates Connext with license number SD155. Although the platform claims to be regulated by the FCA, a top UK regulatory authority, it has not provided actual proof. It is recommended that traders prioritize brokers regulated by top-tier regulatory authorities for their transactions.

What Can I Trade on Connext?

　　Connext provides forex, precious metals, energy, and cryptocurrencies, specifically including over 60 major and minor currency pairs (such as EUR/USD, GBP/JPY), gold, silver, crude oil (such as UKOIL, USOIL), natural gas, Bitcoin, Ethereum, Monero, and more.

Tradable Instruments	Supported
Forex	✔
Precious Metals	✔
Energies	✔
Cryptocurrencies	✔
Indices	❌
Stocks	❌
Bonds	❌
Options	❌
ETFs	❌
Mutual Funds	❌

Account Type

Account Type	Micro	Ultra	Standard	No Swap	ULTRA GOLD
Minimum Deposit	$10 (1,000 cents)	$10
Maximum Leverage	1:1000
Spread from	1.4 pips	0.6 pips	1.2 pips	1.5 pips	1.5 - 2.3 pips
Commission	❌	From $6 per lot	❌	❌	From $3 per lot
Swap	✔	✔	✔	❌	✔

Connext Fees

　　Spread: The minimum spread for major currency pairs is 0.6 pips (Ultra account), and the spread for gold is 1.5-2.3 pips (ULTRA GOLD account).

　　Commission: $6 per lot for Ultra, $3 per lot for ULTRA GOLD.

　　Swap: Overnight holding will generate interest for all accounts except the No Swap account, with the interest being positive or negative depending on the long/short position.

Leverage

　　The leverage can be as high as 1:1000. From 00:00 GMT+2 on April 1, 2024, the new margin rates for financial products will be as follows:

Stock Amount Range (USD)	Maximum Leverage
＜15,000	1:1000
15,000 - 30,000	1:500
30,000 - 50,000	1:400
50,000 - 60,000	1:200
60,000+	1:100

　　Margin

Asset Class	Margin
FX (Majors, Minors)	Account Leverage
FX (Exotics, Nordics)	1%
Indices (US30 contract size 1, All others 10)	0.5%
Gold	Account Leverage
Energy (NGAS, UKOIL, USOIL)	1%
Indices (US30 contract size 1, All others 10)	10%
Crypto (Except Monero)	20%
Crypto (Monero)	50%
Stocks	10%

Trading Platform

　　Connext provides MetaTrader 5 (MT5), which supports multi-terminal synchronization, such as desktop, mobile, and web terminals. It also supports the EA intelligent trading system, making it suitable for Experienced traders.

Trading Platform	Supported	Available Devices	Suitable for
MT5	✔	Desktop, Mobile, Web	Experienced Traders
MT4	❌	/	Beginners

Copy Trading

　　Through the built-in Copy mechanism of the platform, users can replicate the strategies of over 6,000 professional traders worldwide, making it suitable for traders lacking time or experience.

Deposit and Withdrawal

　　Connext offers a minimum deposit of only $10 and it does not charge any deposit fees. However, other details such as payment options, processing time, and accepted currencies, are not clear.