NYFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://nyprofx.com/en/index, about the company's legal and temporary regulatory information, the company's address .
NYFX Forex Broker
Basic Information
United States
2-5 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
Nyfx Forex Broker - Complete Information Guide
1. Broker Overview
Nyfx, officially known as NY FX Financial Services LLC, was established in 2020. The company is headquartered in the United States, specifically in New York. It operates as a private entity, providing a range of financial services primarily to retail and institutional clients. Over the past few years, Nyfx has aimed to cater to a diverse clientele, including individual traders and larger financial institutions.
The development of Nyfx has been marked by its commitment to offering a variety of trading instruments and competitive trading conditions. Despite its relatively short operational history, the broker has made notable strides in establishing its presence in the forex market. Its business model focuses on retail forex trading, offering clients access to various financial products including forex, commodities, indices, stocks, and cryptocurrencies.
Nyfx broker aims to provide a comprehensive trading experience, integrating advanced technology and customer support to enhance user satisfaction. However, it is important to note that the company has faced scrutiny regarding its regulatory status and operational practices, which will be discussed in detail in the subsequent sections.
2. Regulatory and Compliance Information
Nyfx operates in a high-risk environment, as it is currently unregulated. The broker has claimed to be regulated by the Financial Conduct Authority (FCA) in the UK, under the license number 764353. However, this claim has been flagged as suspicious, with indications that it may be a clone license. Furthermore, its previous regulatory license from the Securities and Exchange Regulator of Cambodia (SERC) has been revoked, raising significant concerns about the broker's legitimacy.
The lack of valid regulation means that Nyfx does not adhere to the stringent compliance requirements typically imposed by financial authorities, such as client fund segregation and participation in investor compensation schemes. This absence of oversight may expose traders to higher risks, as there are no guarantees regarding the safety of their funds.
In terms of compliance measures, Nyfx has stated that it implements Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. However, the effectiveness and enforcement of these measures remain questionable due to the broker's unregulated status. Traders are advised to exercise caution and conduct thorough research before engaging with Nyfx broker.
3. Trading Products and Services
Nyfx offers a diverse range of trading products designed to meet the needs of various traders. The broker provides access to over 61 forex currency pairs, including major, minor, and exotic pairs, allowing for a robust trading experience in the forex market. Additionally, Nyfx offers Contracts for Difference (CFDs) across various asset classes, including:
- Commodities: 13 different commodities, including precious metals and energy resources.
- Indices: 15 indices, enabling traders to speculate on broader market movements.
- Stocks: Access to 300 stocks from the US and EU markets.
- Bonds: 5 different bond options.
- Cryptocurrencies: 8 popular cryptocurrencies for trading.
The introduction of new products appears to occur periodically, although specific details about the frequency of updates and new additions are not thoroughly documented. Nyfx primarily focuses on providing retail trading services, but it also caters to institutional clients, offering various account types and trading conditions.
The broker does not currently offer white label solutions or asset management services, limiting its appeal to traders seeking comprehensive institutional support.
4. Trading Platforms and Technology
Nyfx supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms, which are widely recognized for their user-friendly interfaces and advanced trading features. These platforms provide traders with a range of tools for technical analysis, automated trading capabilities, and customizable interfaces to suit individual trading styles.
In addition to the desktop versions, Nyfx offers web-based trading platforms, allowing clients to access their accounts from any device with internet connectivity. The mobile applications for both iOS and Android devices enable traders to manage their accounts and execute trades on the go.
The execution model employed by Nyfx is primarily ECN (Electronic Communication Network), which allows for direct market access and typically results in tighter spreads. The broker claims to utilize advanced technology infrastructure to ensure fast order execution and minimal slippage.
While Nyfx provides API access for automated trading, specific details regarding the technical infrastructure, including server locations, have not been disclosed, leaving some aspects of their technology stack unclear.
5. Account Types and Trading Conditions
Nyfx offers several account types to cater to different trading preferences and capital levels. These include:
- Variable Account: Minimum deposit of $10, with variable spreads starting from 1.0 pips.
- Fix Account: Also requires a minimum deposit of $10, offering fixed spreads from 1.5 pips.
- ECN Account: Designed for more experienced traders, requiring a minimum deposit of $1,000, with tighter spreads and lower commissions.
- VIP Account: Targeted at high-volume traders, this account type has a minimum deposit requirement of $1,000 and offers competitive trading conditions.
The leverage offered by Nyfx can go up to 1:1000 for forex trading, although this high leverage comes with increased risk. The minimum trade size is typically set at 0.01 lots, allowing traders to manage their positions effectively.
Nyfx implements overnight fees, but specific details regarding these fees and their calculation methods are not readily available, which may create uncertainty for traders.
6. Fund Management
Nyfx supports a variety of deposit methods, including bank transfers, credit cards, and electronic wallets. The minimum deposit requirement varies depending on the account type, with standard accounts starting as low as $10.
Deposit processing times are generally quick, with most transactions being processed instantly. However, specific details regarding any deposit fees have not been disclosed, leaving traders to potentially incur costs without prior knowledge.
For withdrawals, Nyfx allows clients to withdraw funds using the same methods as deposits. The minimum withdrawal limit is typically set at $50, and processing times can range from minutes to 24 hours, depending on the method used. However, traders have reported issues with withdrawal requests being delayed or rejected, raising concerns about the broker's reliability in fund management.
7. Customer Support and Educational Resources
Nyfx places a strong emphasis on customer support, offering multiple channels for assistance, including telephone, email, and live chat. The support team is available during regular business hours, but the exact service hours and time zone coverage are not clearly specified.
The broker supports multiple languages, primarily focusing on English and Chinese, catering to a diverse clientele. However, the effectiveness of customer support has been questioned, with reports of delayed responses and unresolved issues.
In terms of educational resources, Nyfx provides a limited selection of materials, including basic trading tutorials and market analysis. More comprehensive educational offerings, such as webinars, advanced tutorials, and in-depth research reports, appear to be lacking, which may hinder the development of novice traders.
8. Regional Coverage and Restrictions
Nyfx primarily serves clients in the United States, but it also caters to a global audience. The broker has established a presence in various regions, although it is essential to note that it does not accept clients from certain countries due to regulatory restrictions.
Specific regions where Nyfx does not operate include those with stringent financial regulations or where the broker cannot comply with local laws. This may include countries in the European Union and regions with strict forex trading regulations.
In summary, while Nyfx broker offers a range of trading products and services, potential clients should be aware of its unregulated status and the associated risks. Thorough research and caution are advised for anyone considering trading with Nyfx.
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Latest Reviews
Ada-w
Taiwan
1. I am a victim of fraudulent platform NYFX (exchange: Saved Trivia), the previous exchange was: Textdiy (platform: Themax). I received an email on 2023/7/31 informing me of the exchange change. 2, the scammer added my LINE account, we are familiar with it, he showed me his foreign exchange gains, and revealed that with his uncle to do foreign exchange trading, uncle has a team of analysts, sometimes you can get a good profit. Because of the epidemic in the past few years, the company also rely on doing foreign exchange to obtain profits to continue to maintain. Liar pre induced me to download the exchange. The first small transaction can be withdrawn. Then he induced me to participate in platform activities, deposit 50,000 can receive 5,000 bonus, deposit 100,000 can receive 10,000 bonus, deposit 200,000 can receive 20,000 bonus, deposit 300,000 can receive 30,000 bonus. The scammer helped me make a large deposit to receive the campaign bonus. Once the campaign is applied for, it takes 15 working days to complete. If not completed within the specified time, the account will be frozen. Serious overdue will be reported to the Foreign Exchange Supervision Bureau, the user will become a defaulter. 3, I applied for 50,000 activities, customer service said only 100,000 activities and only 3 places. If the completion of the 100,000 deposit activity is led to finish will automatically upgrade to 200,000, the middle can not be canceled. The liar hesitated for a while and said that it would apply for 100,000 dollars. What I want is to give him the full amount with bonus. 4, into the gold to a certain extent, the crooks began to all kinds of reasons can not get money. At that time just met the typhoon attack, the scammer has a better reason. He said that the goods were stuck in Japan's dock can not come out, the goods can not reach the customer also has no way to pay. Before helping me to deposit money part of the money is public money, and now the company knows that he is being investigated. At the same time, he revealed that he is only a minority shareholder of the company, may face criminal liability, and then an uncle to help him solve the problem. In this case, the thought that he is a real name registration, worried about credit problems, began to think of ways to deposit money. I had a hard time completing the 100,000 activity, the results of customer service said that the collar is finished, the platform automatically upgraded to 200,000, required to be completed within a few working days. If not completed, it is still the same as the previous, frozen account funds reported to the Foreign Exchange Supervision Bureau, and pay late late fees. When I want to find a way to complete the activities, the platform has the activities of the bonus remitted to the account, when the crooks will take you to operate the transaction, earn a considerable amount. After the liar and induced me to apply for membership, the account balance accumulated up to 500,000 can upgrade gold members, accumulated up to 1 million can upgrade platinum members. The first time because of the money has been exhausted, I really do not have the will. Liar or the same that he will find a way to complete, I was in a variety of temptation and applied for membership. The first deposit process also received anti-fraud center police officer's phone, said that the other side of the collection account is a problem account they monitor. I was worried about the deposit of money out, did not listen to the words of the police officer. All of their bank accounts were protected by the anti-fraud center for a month. Account thawed, I want to think of all sorts of ways to complete the deposit, hoping to get the money out quickly, which is more and more deep, and finally in debt. 5, I completed the membership deposit application for gold, was told that the serious overdue, need to pay 10% of the total amount of account late fees can be normal out of the gold. I opened the road to get money together, the liar also think of ways to sell cars, continue to use public funds, etc., once again staged by the company to check the company withdrew shares, by the judicial investigation, may face criminal liability.... Liars will describe the process more and more difficult and more serious, in exchange for sympathy, gratitude. Finally really can not get the money, the platform or the same words. Not completed within the specified time to pay late fees, the relevant departments of the company will freeze the account all the funds, serious overdue departments of the company's account blocking, will be uploaded to the personal data credit, as a breach of trust. This time the liar also disappeared without a trace!
Exposure
2023-10-09
Sammi291
Taiwan
To withdraw USDT currency, you need to make up for the exchange difference, and for USDT, you need to make up for the exchange difference.
Exposure
2023-10-23