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NenX Review - Is it scam or safe?

NenX Review - Is nenx.com scam or safe binary options broker?
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Basic Information

 

Min./Max. deposit 

Min. bet size

Payout %

Bonus

         Trading platform   

Regulation

€10/€20,000

 €1

Up to 92%

100% welcome bonus

Nenx app

Cysec

 

NenX is mobile-only binary options broker, that allows traders to make fast, simple bets on the global markets.

 

NenX’s offering seems quite limited – both regarding the trading platform and the trading options. Its clients can use only Call/Put options with expiry times ranging from 60 seconds to 5 minutes, however the trading conditions appear to be fairly attractive. More importantly, unlike many other binary brokers, this one is regulated.

 

The Company. Security of Funds

 

NenX is a brand name of Gametech (Cyprus) Ltd., a registered Cyprus investment company, licensed and regulated by Cyprus Securities and Exchange Commission (CySEC).

 

The Cypriot financial watchdog requires Cyprus-based brokers to hold a minimum of €730 000 as a proof of financial stability. Besides, all CySEC-regulated companies are members of the Investor Compensation Fund, which may cover investment loss to a maximum of 20,000 EUR per person if the broker becomes insolvent. Such compensation schemes serve as an additional guarantee to clients’ funds.

 

Additionally, every CySEC- regulated broker is also entitled to offer cross-border services within the EU under the MiFID regulations.

 

Nenx is part of a mobile app developer in the gaming sector called Gametech. Gametech UK Limited is licensed and regulated by the Gambling Commission Gambling and betting activities.

 

Trading Conditions

 

Trading Options: Call/Put, 60 seconds

Assets:  Currencies, Stocks, Indices and Commodities (Bitcoin included)

Expiry Times: 60 seconds, 2 minutes, 5 minutes

 

As you can see, popular trading options such as long-term Call/Put, One Touch, Ladder and Pairs are not available with Nenx.

Also, keep in mind that 60 seconds are not available with most stocks.

 

Minimum Initial Deposit

The minimum initial deposit for clients of NenX is just 10 EUR/USD, which is a low initial amount. Most binaries brokers require $100 - $200 from traders as a start. For instance, another CySEC regulated broker – AnyOption - demands an initial amount of $100.

 

Min. bet size

The minimum bet size with this broker is also among the lowest in the industry, amounting to just 1 EUR. In comparison, with AnyOption one can place a trade with at least $25. A bet size of €1 allows lower-risk trades.

 

Payout amount

NenX offers high payouts, reaching 92%.  In comparison, with AnyOption returns vary from 61% to 81%, however clients of this broker also get refund on losing trades of up to 25%. 

 

Trading Platform

 

NenX mobile applications for iPhone/iPad and on Android devices are quite intuitive and easy to use. It offers short-term binary trading on the markets of your choice and customer service is available directly through the app. Sadly, there are no analytical information or indicators, which would be ble to help traders make their decisions. 

 

 

In addition, the broker plans to introduce an online version of its platform that can be accessed via desktop/laptop computer web-browser.

 

Promotions

NenX offers various types of bonuses, which may be offered upon the sole discretion of the company - Registration and Account Activation bonus, Deposit bonus, Loyalty bonus, Special Event bonus, and other.

Typically, the broker provides 100% welcome bonus (up to €200) which is provided for trading purposes only and cannot be withdrawn. To withdraw the proceeds from such a bonus one has to meet the wagering requirements, i.e. to trade binary options of 10 times the amount of the bonus plus the deposit amount. 

 

Methods of Payment

 

There are several payment methods available to NenX’ clients: Credit cards (Visa), and e-payments Skrill, Neteller & PayPal.

 

Gametech (Cyprus) Ltd does not charge any fees for deposits or withdrawals.

 

Conclusion

 

As more and more people prefer to trade on the go and as easily as possible, NenX offers solely iOS and Android applications with simple, limited trading options. Its trading conditions seem quite good and more importantly, the broker has a CySEC license. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros

Cons

CySEC-regulated

No desktop/web platform available

Unique and easy to use trading app

Limited trading options

Attractively high payout amount

No Social Trading

Low minimum bet size and minimum initial deposit

No demo account

 

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