Whenever you want to start trading, you need to do a thorough review of the broker. Is it regulated? Where is it based? How does it work? When it comes to NessFX, we did all that for you. Read our NessFX review and get it all in one place.
NESSfx Regulation and Security
NessFX is a brand of FxNet Limited, a company based in Cyprus. The broker has CySEC regulation since 2012.
The company is using an MT4 trading platform that is considered highly secure. The platform has many features, and it’s very user-friendly. It can be used as a web trader and the app, and that way, it can satisfy even the most demanding traders. When it comes to trading assets, the company offers a wide range of shares, commodities, indices, currency pairs, and cryptocurrencies.
Now, the problem that we noticed is that the company requires a very high minimum deposit. If you compare it to other FCA, CySEC, or ASIC regulated brokers; you can understand that $500 is too much for beginners to meet the platform. Also, the spread is relatively high for the small account – starts from 2.3 pips. If you are willing to deposit more, the minimum of $20,000, you can get a spread-free account. However, it is for sure not worth the risk.
If you decide to open an account with a NESSfx broker, for sure, you have things to think through.
Despite being a CySEC regulated broker, it seems that the company still has excesses. According to AMF warnings coming from Quebec, the broker is operating in Canada with no regulations. This is something a regulated broker cannot afford to itself.
As we said before, be aware of this NESSfx, it might be a scam!
In which countries does this broker work?
As a CySEC regulated broker, the company can operate legally within the EEA zone as well as in third countries if it complies with the trading regime. In this case, the broker is free to operate in China, South Africa, Switzerland, Uganda, and the United Arab Emirates.
Also, there is a list of restricted areas: the USA, Belgium, Turkey, Russia, Japan, and Canada.
Wherever you are, be aware that you might not be able to get your money back.
Conclusion about NESSfx
After our NESSfx trading review, you can easily make your own conclusion.
The company does offer an MT4 trading platform, which is very safe. On the other hand, there are security warnings against it, meaning that there are areas where the broker shouldn’t be operating, but it still does. Be aware of this fact.
Also, you need to pay attention to minimum deposit and high spread. Unfortunately, the broker decided to set the minimum deposit to $500, which might turn down certain clients. Especially when you know that other FCA, ASIC, and even CySEC regulated brokers offer you to start with as little as $100.
Before starting an account with this broker, think it through carefully. And if you get scammed, do not hesitate to ask for help! https://globalfraudprotection.com/