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NewForex Review

NewForex Review




NewForex is a forex broker company in Belize. In regards to what exactly is a Forex broker, it is a firm that gives traders admittance to platforms that let them buy and sell foreign currencies.

Finding a reputable NewForex review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth review of NewForex to help you make an informed decision before opening your account or trading on their platform.

The different names for Forex brokers are retail forex brokers or currency trading brokers. There are slight differences as Retail currency traders use these brokers to gain access to the 24-hour currency market for theory purposes.

Forex brokers can also provide services to not just individual traders, but also provide for institutional clients and large businesses, for example, investment banks.

NewForex is a Belizean forex broker company that is now based in the British Virgin Isles. NewForex was founded back in 2013 and officially opened its doors to business in 2014.

They have since opened trading offices around the world in places like the UK, the United Arab Emirates, Russia, and even China. The company claims that its main goal is to render such a high level of service that it would satisfy even the most fastidious clients.


Awards and Recognition

When it comes to deciding what broker to choose, a trader has to look at the broker’s stability and reputation over the years.  Awards gained by a brokerage by esteemed organizations do provide much more confidence in the world of forex.

Although NewForex is rated highly by many happy customers in personal reviews, there is no information available on the NewForex homepage about any official awards received.


NewForex Accounts

A forex account that is held by the trader is normally given by the broker with the sole purpose of trading different currencies and market instruments.

Usually, the number and type of accounts that a trader can open with a broker company differ according to the broker or country in which they operate.

Normally the country of residence of the broker would provide the regulatory authorities under which they would fall.


Types of Accounts and their Features

NewForex offers its clients a choice between two different account types based on their skill level:

  • The MT4 First Stream Account – This account type was created for novice traders and can be opened with a tiny amount of 1 USD.


However, it is recommended that you deposit 25 USD as you will not be technically able to start trading with it until you do. It offers maximum leverage of up to 1:100 and a fixed spread of 2pips

  • The MT4 New Grade Account – This account type was created for more experienced traders and can be opened with just 10 USD.


However, just like the MT4 First Stream Account, you will not actually be allowed to trade until you have deposited 25 USD. It offers maximum leverage of up to 1:700 and a fixed spread of 2 pips.

Both the MT4 First Stream account and the MT4 New Grade Account allow you access to the full MetaTrader4 platform as well as the mobile version, these are both swap-free accounts and you get access to instant trades and a 50% margin call level.

You also get a personal account manager, expert trading advisors, free intraday market updates, technical analysis, and traders can trade micro or standard lots as they please.


Deposits and Withdrawals

When you have an account with a Forex broker, you will find that each company offers different ways to make deposits and withdrawals.

MasterForex offers the following methods for both deposit and withdrawal:

  • Wire Transfer
  • Visa
  • Mastercard
  • Skrill
  • E-wallet
  • Neteller
  • WebMoney
  • QIWI
  • PayCo


Cost and Fees, Commissions and Spreads

Each broker charges its own costs which entail commissions, spreads, and margins. Traders should be aware of exactly what their broker’s fees will involve before deciding to trade with them.

The following describes what exactly a spread, margin, and commissions are:  The spread of a currency pair is the variance between the bid and the asking rate.

A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

A margin means that it is the amount of money essential in your account to open a place. Margin is planned based on the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your trading account.

The commissions are the costs levied by the broker on a client for making trades on the client’s behalf. The level of commissions will differ between various brokers and it will also depend on the different kinds of services, accounts, and trades done by the brokers.

There are, however, execution-only brokers, they do not get involved with any direct personal investment guidance. These brokers charge much fewer commissions but the traders have to take complete control over how they trade the markets.

Although contract for differences (CFDs) trading is a method of offshoot trading that allows traders to gamble on the rising or falling prices of fast-moving global financial markets.

This type of trading of shares does incur commission. CFD trades on different markets have no commission but do wrap a spread around the market price of a certain instrument.

NewForex offers its clients a fixed 2pip spread on major currencies with both of its accounts, there are no other commission charges per trade.



Leverage is the ability that will enable a trader to gain greater exposure to the market than the sum a trader deposited to begin a trade. Leveraged products increase a trader’s prospective revenue – yet also create a risk for loss.

The sum of leverage is conveyed as a ratio, for instance, 50:1, 100:1, or 500:1. For example, if a trader has $1,000 in his trading account and is trading ticket sizes of 500,000 USD/JPY, this leverage will compare to 500:1.

NewForex offers its clients a maximum leverage ratio of 1:700.



To attract new business from traders, Forex brokers normally lure them with eye-catching deposit bonuses.  For new investors, this can be very handy, but one has to know what to determine is a decent bonus.

A bonus is a way to reward traders for deciding to choose a certain broker since once the account is opened, the trader will have the same expenses as any other.

The bonus is just a reward for the trader’s choice that gives some of these expenses back to the trader, once proving himself as an active trader.

Furthermore, since 1 August 2018 The European Securities and Markets Authority (ESMA) has placed investor protection measures on the marketing, distribution, or sale of CFDs to retail clients.

This stops brokers from directly or indirectly providing the retail client with a payment, monetary, or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, other than the realized profits on any CFD provided.

NewForex ran a promotion in 2015 offering new and existing clients a 30% on deposit bonus which you were able to withdrawal after certain volume trading conditions had been met.

More New Forex has run a promotion where new traders who sign up and open a live trading account with them will receive a 50 USD ‘no deposit bonus as a way to attract more clientele.

However, to withdraw these funds, you must first meet the following requirements:

  • You need to make a deposit that is equal to or higher than your account balance
  • You will need to have made 50 full open and closed transactions
  • You will need to have generated a trading volume that is equal to 0.7 lots for every unit of currency, for example, 9000 cents * 0.07 = 665 lots
  • You only have seven months from the date of the first deposit to have fulfilled the above requirements


Trading Platforms, Software, and its Features

Brokers provide different trading software for their clients. This is normally called a trading platform and it is used for making trades.

A platform can be a multi-asset one, which means that it allows clients to not only trade forex but also other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

The choice about which platform to choose mostly depends on what a client would like to trade, therefore it will be one of the standards when choosing a broker too.

NewForex offers its clients access to the very popular MetaTRader4 platform, they do not yet have their own web-based platform.


MetaTrader4 desktop and mobile

This is one of the most popular and widely used platforms in the trading industry, MetaTrader4 is known for having a user-friendly interface, excellent educational material, and intuitive research tools that appeal to both beginners and advanced traders.

MetaTrader4 is compatible with several operating systems such as Linux, Mac, Windows, IOS, and Android. The platform does not overload your computer, is available in over 30 different languages, and offers the following execution modes:

  • Instant execution
  • Execution on request
  • Execution by market


The platform also offers automated trading by programming with MetaQuote’s proprietary MQL4 language and constructing custom indicators.


Markets, Products, and Instruments

The majority of brokers will provide various kinds of market instruments for trading. A new trend that is picking up momentum is trading in cryptocurrencies.

The following are various types of cryptocurrencies: The most well-known of these is Bitcoin (BTC) which is the digital currency with the major market capitalization and price levels since it began in 2008. It controls 50 percent of the total crypto market cap.

Ethereum (ETH) is the second major cryptocurrency after Bitcoin and provides developers to create smart contracts on a platform.

Another cryptocurrency is Litecoin (LTC) which is similar to Bitcoin but varies in terms of scalability.  Litecoin is also a very popular altcoin and LTCUSD is a fork of Bitcoin (BTCUSD), copied from Bitcoin’s code and with some changes and launched a new project.

Ripple (RPL) is also popular amongst large banks with the Ripple network a next group real-time gross settlement system. It gives a trader instant cross-border fund transactions at very low costs.

Lastly, Bitcoin Cash (BCH) was produced by the Bitcoin hard fork in 2017 as a new form of the blockchain with altered rules.

Your other market instruments consist of Commodity markets which offer different asset opportunities for traders. Investing in contract-based tradable goods is a dependable way to alleviate risk during times of inflation or economic uncertainty.

Precious metals are another dependable investment for traders. This consists of the trading in gold and other precious metals which are hard commodities.

A lot riskier is your energy products because this is affected by political and environmental situations. The great supply and demand however this make it a popular trading choice.

Your normal currency trading known as Forex trading, also named currency or FX trading, involves the monetary exchange market where individuals, companies, and financial institutions exchange currencies for one another at fluctuating rates.

Lastly, you get your Equity or stock indices which are actual stock market indexes. They measure the value of a specific unit of a stock market. They can signify a specific set of the largest companies of a nation or they can represent a specific stock market.

NewForex gives its clients the option to trade in CFDs, Over 30 Currency Pairs, Commodities, Metals, and Gold



Safety and Regulation

When a broker is regulated by a governing regulatory organization, the risk is lowered for traders.  This will determine if NewForex is safe to trade with.

NewForex complies with the regulations of the FSC BVI (Financial Services Commission) (British Virgin Islands).


Customer Support

Prospective traders have to be assured that whoever they choose to invest with will give them the required support and assistance whenever and wherever they might need it.

The NewForex customer support team can be reached via telephone, live chat on their website, email, and even skype. The live chat replies are fast and informative and the consultants are always available, 24 hours a day, seven days a week.



Would-be traders must do what is possible into the inquiry around theoretical trading before beginning to do it.

Trading with confidence and success counts heavily on knowledge and understanding of the markets, consequently research options accessible by brokers form an essential part of its features when choosing the right company to trade with.

NewForex offers its clients several helpful research tools such as access to a live news feed, expert trading advisors, free intraday market updates, technical analysis, and also a personal account manager.


Education and Training

New clients of NewForex should try and gain as much information as possible about what type of trading expertise will be needed to be effective in the world of forex and commodity trading.

NewForex’s website should provide all the information one needs to gain skills and knowledge to be able to trade successfully with them.

NewForex offers its clients a variety of informative articles that are beneficial to both beginner and experienced traders, their content gets updated regularly and covers many interesting financial topics.



NewForex is certainly new to the world of forex trading, that doesn’t stop the company from offering a competitive edge with their low fixed spreads and excellent customer service.



NewForex cautions possible traders that Forex and CFDs trading constantly carries a high level of risk, thus may not be appropriate for all investors.

Before customers decide to trade the products offered by NewForex, they are recommended to anticipate their investment objectives, financial situation, needs, and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use NewForex’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions.

Trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While NewForex assures traders to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading.

Quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.


NewForex at a Glance

Broker’s Name NewForex
Headquartered the British Virgin Isles
Year Founded 2013
Regulating Authorities FIC BIV (Financial Services Commission) (British Virgin Islands)
Countries not accepted for trade The United States, Canada, and Japan
Islamic Account (Swap Free) No
Demo Account Yes
Institutional Accounts No
Managed Accounts Yes
Maximum Leverage 1:700
Minimum Deposit 1 USD
Deposit Options Wire Transfer, Visa, Mastercard, Skrill, E-wallet, Neteller, WebMoney, QIWI, and PayCo
Withdrawal Options Wire Transfer, Visa, Mastercard, Skrill, E-wallet, Neteller, WebMoney, QIWI, and PayCo
Platform Types MetTrader4 desktop platform
OS Compatibility None
Tradable Assets CFDs, Over 30 Currency Pairs, Commodities, Metals, and Gold
Languages supported on Website English
Customer Support Languages English
Customer Service Hours 24 hrs a day, seven days a week




Trading Environment


How many instruments can I trade with NewForex?

You can trade several different instruments with NewForex, which include the following:

  • CFDs
  • Over 30 Currency Pairs
  • Commodities
  • Metals
  • Gold


Which platforms are supported by NewForex?

NewForex provides the following trading platforms:

  • MetaTrader4


Does NewForex offer leverage?

Yes, NewForex offers maximum leverage of 1:700


What spreads can I expect with NewForex?

NewForex offers spreads that are fixed at 2pips


Does NewForex charge commission?

No, they do not


Is NewForex regulated?

Yes, NewForex is regulated by the FSC BVI (Financial Services Commission) (British Virgin Islands)


Is NewForex a recommended forex trading broker for experts and beginners?

Yes, thanks to the educational material provided and the MetaTrader4 platform, NewForex would be suitable for both beginner and expert traders


What is the overall rating out of 10 for NewForex?





What is the difference between a demo and a live trading account?

A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.


Does NewForex offer a demo account?



Can I convert my demo account to a live trading account with NewForex?

The demo account can be used at real-time prices and trading conditions for a period of 30 days maximum


Which live trading accounts does NewForex offer?

  • The MT4 First Stream Account
  • The MT4 New Grade Account


What are the available deposit currencies for a live trading account?



Deposits and Withdrawals


What is the minimum deposit for NewForex?

1 USD to open an account, 25 USD to start trading.


How do you make a deposit and withdrawal with NewForex?

NewForex offers the following deposit and withdrawal methods:

  • Wire Transfer
  • Visa
  • Mastercard
  • Skrill
  • E-wallet
  • Neteller
  • WebMoney
  • QIWI
  • PayCo


The same method that was used to fund an account must usually be used to withdraw money again and monies will only be refunded to accounts that carry the same name as the trading account with NewForex.


Does NewForex charge withdrawal fees?

No, but fees from a financial institution may apply


How long does it take to make a withdrawal?

NewForex claims that withdrawals usually take only a few days. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.



Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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