NewFX is not a licensed or regulated broker even though it states offers that look good to be true.
NewFX claims to be a reliable broker while presenting no details about its regulations. In adittion, the broker also claims to be located in the USA and has offices in the United Kingdom and Dubai. As per this information, we searched in several regulatory bodies including:
1) The National Futures Association (NFA) of the United States;
2) The Commodity Futures Trading Commission (CFTC);
3) The United Kingdom Financial Conduct Authority (FCA);
4) The Dubai Financial Services Authority (DFSA).
However, we did not find any match results to this broker in the above authorities.
More importantly, NewFX has been warned by three regulators including: the Italy Commissione Nazionale per le Società e la Borsa (CONSOB), the Spain Comisión Nacional del Mercado de Valores (CNMV), and the Malta Financial Services Authority (MFSA). You can check full warnings from CONSOB, CNMV, and MFSA.
The truth is, NewFX is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like NewFX and trade with licensed brokers.
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