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NextMarkets Review - is it scam or safe?

NextMarkets Review - is nextmarkets.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz NextMarkets
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Trading Accounts & Conditions

 

Account type Minimum deposit Min. trade size Maximum leverage Spread
Standard Unspecified 0.01 1:200 (1:30) Fixed 0.6 pips

 

It appears that the newly-launched forex and CFD broker NextMarkets offers a single account on its innovative platform that intelligently combines e-learning with trading. Clients of NextMarkets can trade with tight fixed spreads and leverage that will meet the new European standard, as well as to mace use of professional analytical research.

 

 

NextMarkets Advantages

 

Regulated in Malta

The most important advantage of this broker is the fact that it holds a Category 3 investment services license issued by the Malta Financial Services Authority (The MFSA). The license allows NextMarkets to provide any investment service, to hold clients’ money and to deal on own account in the country and throughout the EU. 


Brokers licensed with the MFSA are subject to a lot of rules, including a minimum capital requirement of €730,000, which should be satisfied on an ongoing basis, reporting client activity, providing fair order execution and adequate internal controls for their day-to-day operations. As regulated brokers in Malta have to meet all these requirements, their clients can trade with the ease of min that their interests are protected and their money is safe.

 

Very low trading cost

NextMarkets has indicated a spread of 0.6 pips on EUR/USD on its website with no commission fees. When we tried out its web-based platform we found the spread on this pair indeed fixed at 0.6 pips, which is a very tight spread. Most fixed-spread brokers offer a spread of 2 pips for the most liquid currency pair.

 


>> Compare the spreads of some of the best brokers <<

 

 

Innovative web-based platform

The in-house web based trading interface provided by Nextmarkets is clean, simple and easy to use, offering CFD trading in wide range of assets. The platform is also available as iOS and Android apps. Here is a snapshot:

 

 

Its charting is good, with different time frame options and a bunch of technical analysis indicators.

 

 

What makes this platform truly unique is the fact that users may both trade on their own, well as follow the professional advice of a dozen expert analysts. The latter provide investors with real-time trading ideas. Find more information in the next point.

 

All-in-one education and trading

Clients of Nextmarkets are able to follow analyses with one click and subscribe to a certain Trading Coach. The subscriber most often sees the approach based on chart analysis and which indicators the coach uses. Moreover, the coach's comments appear in a kind of "chat monologue", so that subscribers can understand how the coach analyzes the markets why he makes certain decisions. 

 

Simply put, if one of the coaches makes a profit in his analysis of, say EUR/USD, and investor can do it on his own account. Dominic Heyden, the founder and CTO at Nextmarkets, describes this model as “Curated Investing”.

 

A lot of markets covered, cryptos to be launched soon

Another strong side of this broker is its rich product portfolio. NextMarkets offers trading in many currency pairs, CFDS on commodities, bonds, as well as wide selection of European and American indices and shares. Besides, as it becomes clear from some media statements of company representatives, NextMarkets intends to launch trading in crypto CFDs in the near future.

 

 

NextMarkets Disadvantages

 

MT4 not available

Although we like the unique web platform offered by NextMarkets, it is mostly intended for beginner traders. A lot of professional traders will surely miss the MetaTrader 4 with its great charting and support of automated strategies commonly referred to as Expert Advisors (EAs).

 

 

>> Chosse a MT4 broker instead <<

 

 

No information on minimum deposit, payment methods
Most forex and CFD brokers do business with e-wallets such as Skrill and Neteller, in addition to bank wire and credit/debit cards. The lack of any details about payments (including the minimum requirement) on NextMarkets’ website is not as big of an issue, yet we have to mention it here.

 

Leverage up to 1:30 (1:200 currently)

In different sections of NextMarkets’s website we noticed different information on the maximum leverage provided by the broker- 1:200 and 1:30. We suppose that currently the highest level available is 1:200, but as of August, the broker will offer a maximum of 1:30, in accordance with ESMA guidelines. This is a low leverage ratio, but all European brokers must comply with the requirements set within the EU, which are about to enter into force from August 1, 2018 for a period of two months. If you are looking for higher leverage, check out brokers regulated in Australia.

 

 

>> ASIC-licensed forex brokers <<

 

 

Conclusion

 

 

 

 

launched by Manuel Heyden, the former CEO of Ayondo, NextMarkets is an innovative forex broker, placing a special focus on technical analysis, education and social trading. The broker offers trading in decent selection of forex pairs and CFDs on its web-based trading platform, which is also available as mobile apps and is actually quite good. Nonetheless, it cannot be compared to the good old MT4, especially when it comes to EAs.

 

Another thing we like about NextMarkets is its tight spreads, but what is even better, is the fact that it is regulated in Malta and therefore legally entitled to offer its services in any EU Member State.

 

To sum up the key positive and negative features of NextMarkets:

 

Pros Cons
Regulated in Malta MetaTrader4 not available
Very low costs of trading No information on deposit methods (& min. investment)
Innovative web-based platform Leverage up to 1:30
All-in-one education and trading  
A lot of markets covered  

 

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Traders` reviews for NextMarkets

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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