FX NextGen Review (2023)

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).

Licenses & Regulation

Is FX NextGen regulated?

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

Is FX NextGen a scam?

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

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 the U.S law, brokers regulated by CFTC are the only brokers allowed for the USA traders. So, except for FX NextGen, you are only permitted to trade with the 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 broker’s Client portal and select the ‘Deposit’ area. Within the processes you can choose your deposit source e.g. bank transfers, 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, practical skills in working with MetaTrader, and to test your strategy without any risks.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and 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.

Yet, it is always great to hear your personal opinion about Fx NextGen. So you may share your experience or thoughts or discuss them below or ask us for additional information.