NEWFX-Overview of Minimum Deposit, Leverage, Spreads

General Information

NEWFX is allegedly a global STP/ECN forex broker based in Dominic that provides its clients with the industry-standard MeatTrader4 trading platform, leverage up to 1:100, fixed or floating spreads and no commission on over 250 tradable financial instruments, as well as a choice of seven different live account types.

Market Instruments

NEWFX advertises that it offers more than 250 trading instruments across five asset classes in financial markets, including CFDs on forex, indices, commodities, stocks and cryptocurrencies.

Account Types

There are seven live trading accounts offered by NEWFX, namely Basic, Discovery, Silver, Gold, Premium, VIP and VIP+. Opening a Basic account requires the minimum initial deposit amount of $200, while the other six account types with the much higher minimum initial capital requirements of $2,000, $5,000, $10,000, $15,000, $30,000 and $50,000 respectively.

Leverage

The maximum leverage ratio provided by NEWFX is up to 1:100. Bear in mind that leverage can magnify gains as well as losses, inexperienced traders are not advised to use too high leverage.

Spreads & Commissions

Different traders can enjoy quite different spreads. Also, spreads are influenced by what asset classes traders are holding. NEWFX reveals that the default spread for forex is 1:50, for commodities or index is 4%, for stocks is 10%, for cryptocurrency is 100%. However, the spreads beginners or professionals can experience are different. In particular, the spread for forex, commodities, index, stocks and cryptocurrency is 1:100, 2%, 2%, 5% and 50% respectively on beginners, while the processionals can enjoy 1:200, 1%, 1%, 2.5% and 20% separately. All charging no commissions.

Trading Platform Available

When it comes to trading platforms available,NEWFX gives traders Web Trader, Mobile Trader and MetaTrader4. MT4 is the best-known and widely-used trading platform in the world, offering 9 different time frames, technical indicators, one-click trading, automated EAs and more. While with Mobile Trader, trading can be done from anywhere and at any time through the right mobile terminals including Android and iOS.

Deposit & Withdrawal

NEWFX accepts deposits via credit cards like Visa and MasterCard, bank wire transfers and cryptocurrency of Bitcoin. The minimum deposit requirement for credit cards is € 200, while the maximum deposit amount by credit card is € 50,000 for each calendar month. And the maximum amount per deposit or transaction is $/€ 5,000. The broker says that it charges no withdrawal fees via credit cards, however, a small fee is applied to all bank transfer requests. As for the processing time of deposit and withdrawal requests, deposits via credit cards can be processed in real-time or within one working day; withdrawals with credit cards can take up to one billing cycle for the crediting of funds to the credit card; deposits or withdrawals via bank transfers usually require 1-2 days (domestic) and 3-5 working days (international).

Fees

NEWFX will charge some rollover fees. To be more specific, 0.015% of the overnight exposure for currencies, commodities, indices, shares and ETFs, while 0.05% for cryptocurrency, whether on retail clients or on professional clients.

Customer Support

NEWFXs customer support can be reached through telephone: +44 77 2387 6639, email: support@newfx.co, cs@newfx.co or live chat. Besides, you can also follow this broker on some social media platforms like Facebook, Twitter and YouTube. UK office: 33 Cavendish Square, Marylebone, London W1G 0PW, United Kingdom; UAE office: Trade CentreTrade Centre 2 – Dubai – United Arab Emirates; US office: 1000 NW Street, Mid-Town Brandy Wine, Ste 1200, Wilmington, DE 19801 Delaware, United States.