Name of Broker – New Forex Limited (NewFX)
Website – https://www.newfx.us/
Regulated By – None
Warning Issued By – Commissione Nazionale per le Società e la Borsa (Italy)
NewFX is a broker that messes around with the data it gives. In this NewFX review, we look at the features New Forex Limited offers. This review is an answer to the questions like – Is NewFX legit and reliable? The survey cover parts of the broker’s license, withdrawal techniques, etc. Read this review to see what we need to say about the NewFX broker.
NewFX, based in the United Kingdom, got a warning from the Italian regulatory Commissione Nazionale per le Società e la Borsa for illegally offering investment services to individuals. The broker tends to fraud innocent traders by luring them with fake promises. CONSOB warns the public to avoid trading with NewFX broker.
Several new or experienced investors are trying their hands on trading without realizing if the trading platform is genuine or not. One of the major drawbacks here lies in the scam done by scam brokers, who can be any Forex Scam broker, Binary Scam broker, Cryptocurrency Scam broker, Investment Scam broker, Romance/Dating scammer, Pet scammer, or any type of scammer. These brokers have a unique yet common way of finding their victims through cold calling, creating fake websites, or pop-up advertisements.
Investors and Traders Guidelines to check NewFX Scam
NewFX Review – Is NewFX Legit?
No, an anonymous site like NewFX, which transparently looks to misdirect brokers that they are authorized and approved, is not legit. Look at our scam broker 2022 list to see more potential scam brokers.
Licensing is a significant part since we trust the directed broker somewhat to avoid anything fraudulent. Traders should check regulatory bodies like Financial Conduct Authority- FCA, Cyprus Securities and Exchange Commission – CySEC, Australian Securities and Investment Commissions ASIC, etc., before trading.
After investigating their site, it shows that they fall under no significant regulation from such authorities. That is a big alert which is enough for you to avoid this scam broker.
So New Forex Limited is simply one more unregulated broker that implies the traders are not secured as they will pull off your funds, and no controlling organization considers them liable.
NewFX Review – Fund Withdrawal
When you ask your broker to withdraw your funds, they will postpone the process for a long time so that you cannot even file a chargeback any longer, and your funds may go forever. It doesn’t matter how regularly you remind them or demand in withdrawing your funds, you won’t get them back.
You can find several NewFX complaints on the various online review sites. The low rating on several platforms makes the negatively reputation of this broker among investors. The investors have accused them of being scam brokers and state how they have been victims of the New Forex Limited scam and lost all their money.
NewFX Review – Conclusion
It is not safe to trade with an unregulated broker and broker with such issues. Security of funds is an enormous issue with unregulated companies. They can undoubtedly do senseless things since they do not have to answer anyone. We can’t suggest trading with such a broker.
Compiling all the points mentioned in this review, it can be concluded that New Forex Limited is a potential scam broker. All Scam Reports Team is here to help you to file a complaint against NewFX for fund recovery. All you need to do is to fill out a small NewFX complaint form, and we will be in touch with you shortly with a free consultation.
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