NGFX Company

NGFX Forex Broker - Comprehensive Information Guide

1. Broker Overview

NGFX, officially known as Interest Trade Fund Limited, is an online forex broker that has been operating for approximately 5 to 10 years. The broker is registered in New Zealand, with its main office located in Hong Kong. NGFX operates as a private entity, catering primarily to retail clients interested in forex trading and various financial markets.

Throughout its operational history, NGFX has aimed to provide a diverse range of trading services, including forex, contracts for difference (CFDs), and cryptocurrency trading. The company has established itself within the forex trading community, although it has faced scrutiny regarding its regulatory status and business practices.

Despite its claims of legitimacy, various sources indicate that NGFX may not have a valid regulatory framework, raising concerns among potential investors. As a result, traders are advised to conduct thorough research before engaging with the NGFX broker.

2. Regulatory and Compliance Information

NGFX operates under the supervision of the Financial Services Provider Register (FSPR) in New Zealand, but its regulatory status has been flagged as unverified. The relevant license number is 88181, associated with Interest Trade Fund Limited. However, it is crucial to note that this license has been deregistered since 2018, casting doubt on the broker's legitimacy.

• Regulatory Bodies:

• FSPR (New Zealand)

• License Number:

• 88181

• License Status:

• Deregistered

The broker does not currently participate in any investor compensation schemes, which could offer additional protection to traders. Furthermore, NGFX has not provided clear information regarding its Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures, which are essential for safeguarding client funds and ensuring transparent operations.

Given the lack of valid regulatory oversight and the potential risks involved, it is recommended that traders exercise caution when considering the NGFX broker.

3. Trading Products and Services

NGFX offers a diverse selection of trading products, primarily focusing on forex and CFDs. The broker provides access to a wide range of currency pairs, including major, minor, and exotic pairs.

• Forex Currency Pairs:
• A significant number of pairs are available, catering to various trading strategies.

In addition to forex, NGFX provides CFDs on various asset classes, including:

• Indices:

• Major global indices for traders looking to diversify their portfolios.

• Commodities:

• Trading options in precious metals and energy products.

• Cryptocurrencies:

• A growing selection of cryptocurrencies for traders interested in the digital asset market.

The broker frequently updates its product offerings, aiming to meet the evolving needs of its clients. However, detailed information regarding the frequency of updates and the introduction of new products is not clearly specified.

NGFX primarily serves retail clients but may also offer services to institutional clients, although specific details on institutional services are limited.

4. Trading Platforms and Technology

NGFX supports the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are renowned for their user-friendly interfaces and extensive analytical tools. These platforms allow traders to execute trades efficiently while providing various features for both novice and experienced traders.

• Platform Support:
• MT4 and MT5

In addition to the standard trading platforms, NGFX may offer a proprietary trading platform, although specific details regarding its features and functionality are not explicitly mentioned.

The broker also provides a web-based trading platform for traders who prefer not to download software.

For mobile trading, NGFX offers applications compatible with both iOS and Android devices, ensuring that traders can manage their accounts and execute trades on the go.

• Execution Model:
• The broker employs an ECN execution model, which is designed to facilitate faster trade execution and improved pricing.

The broker's servers are located in Hong Kong, providing a strategic advantage for traders looking to access Asian markets. However, detailed information regarding the technological infrastructure and API access for automated trading is not readily available.

5. Account Types and Trading Conditions

NGFX offers various account types to cater to different trading preferences and experience levels. The following account types are typically available:

• Standard Account:

• Minimum Deposit: $250

• Spreads: Variable spreads starting from 1.0 pips

• Commission: None

• Premium Accounts (VIP or Professional Accounts):

• Minimum Deposit: Higher tiers typically start from $1,000 or more.

• Spreads: Reduced spreads, potentially starting from 0.5 pips.

• Commission: May vary based on account type.

• Islamic Accounts:

• Available for traders who require Sharia-compliant trading conditions.

NGFX also provides a demo account for traders to practice their strategies without financial risk.

• Leverage:

• Offers leverage up to 1:500, allowing traders to amplify their market exposure.

• Minimum Trade Size:

• Generally starts at 0.01 lots, accommodating both small and large trades.

• Overnight Fees:

• Specific policies regarding overnight fees or swaps are not clearly stated.

6. Fund Management

NGFX provides multiple deposit methods to facilitate fund transfers for its clients, including:

• Bank Transfers

• Credit/Debit Cards

• E-Wallets (specific options not detailed)

• Minimum Deposit Requirements:

• Varies by account type, with standard accounts typically requiring a minimum deposit of $250.

• Deposit Processing Time:

• Usually processed within 1 to 3 business days.

• Deposit Fees:

• Information regarding deposit fees is not explicitly provided.

For withdrawals, NGFX supports various methods, although specific withdrawal options and any associated limitations are not detailed.

• Withdrawal Processing Time:

• Generally ranges from 3 to 7 business days, depending on the method used.

• Withdrawal Fees:

• Information on withdrawal fees is not clearly stated.

7. Customer Support and Educational Resources

NGFX offers several channels for customer support, ensuring that traders can reach out for assistance when needed.

• Support Channels:

• Phone: +512-314-0000

• Email: info@ngfxpr.com

• Live Chat: Available on the website

• Service Hours:

• Customer support is typically available during business hours, although specific time zones are not mentioned.

• Multilingual Support:

• The broker supports multiple languages, although the exact languages offered are not specified.

In terms of educational resources, NGFX provides a limited range of materials, including:

• Webinars:

• Occasional webinars covering trading strategies and market analysis.

• Tutorials:

• Basic tutorials for new traders.

• Market Analysis Services:

• Daily market analysis and news updates to keep traders informed.

• Trading Tools:

• Basic tools such as calculators and economic calendars.

8. Regional Coverage and Restrictions

NGFX primarily serves clients in New Zealand and Hong Kong, with a focus on the Asian market. However, it may also cater to traders from various other regions, depending on regulatory compliance.

• Regionally Covered Markets:

• Asia-Pacific region, with potential access to global markets.

• Regional Offices:

• Main office located in Hong Kong.

• Countries/Regions Not Accepted:

• Specific restrictions on countries are not detailed, but potential clients should verify eligibility based on local regulations.

• Special Restrictions:

• None explicitly mentioned, but caution is advised due to the broker's questionable regulatory status.

In conclusion, while the NGFX broker offers a range of trading products and services, potential clients should be aware of the regulatory concerns and conduct thorough research before engaging with the platform.