Nessfx Review 2020
Nessfx is a regulated trading broker offering Forex and CFD trading online via the user-friendly MetaTrader 4 (MT4) platforms for desktop, web and mobile devices (iOS & Android). The broker does have a variety of account types along with flexible payment options but they are lacking in educational materials to help new traders and also have a high minimum deposit requirement to open an account. They also do not offer any social trading platforms or daily market analysis and their spreads are not the lowest. Thus, the trading brokers review team believe that there are areas for improvement for this particular brokerage.
Nessfx Review 2020, Pros & Cons
- Regulated broker
- Around 200 trading instruments
- User-friendly MT4 platform
- Investor Compensation Fund (ICF)
- Islamic accounts
- Variety of account types & funding methods
- No cryptocurrency trading
- Minimum account opening deposit of $500
- Not the lowest spreads
- Platinum account required for tightest spreads
- Lack of educational materials
- Does not accept clients from the USA
In this detailed Nessfx review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Nessfx is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including Nessfx.
Nessfx Review: Summary
Nessfx is a trading broker that offers online trading of around 200 instruments from multiple asset classes including Forex & CFDs. They provide the popular and user friendly MetaTrader 4 (MT4) platform and have competitive trading conditions although not the cheapest brokerage that we have come across.
Nessfx works tirelessly to keep advancing the quality of their trading services and to create a comfortable, secure environment for clients to thrive in. They combine extensive knowledge and expertise of the industry with innovative technology, excellent customer support and trusted payment solutions to supply traders with high quality online trading services.
Founded in 2016, the brokers goal is to give traders a chance to invest under fair and transparent conditions, with spreads starting from 0 pips (requires large account), reliable trade execution speeds without rejections and re-quotes and leverage, that is based on your knowledge and previous trading experience. Nessfx allow scalping, hedging and news trading strategies.
- Real Time Market Execution
- No Rejections, No Requotes
- Hedging, Scalping & News Trading Allowed
- Spreads Starting From 0 Pips (Platinum Account)
Nessfx Review: Regulation
Nessfx is a brand name of FxNet Limited – a Cypriot Investment Firm (CIF), which provides online trading services on Forex and CFDs. They are authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). CySEC is the financial regulatory agency of Cyprus. Being regulated means that the company can only provide their services in compliance with strict regulatory requirements. Their activities are monitored on regular basis and they are required to periodically submit efficient financial reports.
Since 2012, CySEC has been continuously updating their regulatory framework to incorporate several new initiatives that are designed to safeguard investors. As an EU member state, CySEC’s financial regulations and operations comply with the European MiFID financial harmonization law. CySEC works extensively with the European MiFID to create guidelines that concentrate on ensuring that all compliant members are honest in their dealings with the general public, to help maintain the integrity of the financial markets.
Nessfx segregates client funds in accounts with EU banks, thus they should not be used for any purposes such as business running costs. The broker takes preventative measures to help ensure that client funds are highly secured under all circumstances.
The broker is a member of the Investor Compensation Fund (ICF). ICF is a fund that has been in place to secure the claims of eligible clients against investment firms. Clients can claim for compensation through the fund which can give some protecting in the event of the Company’s insolvency.
As per regulatory requirements, the broker states that they fully protect clients from having a negative balance, something which may be caused by a rapid and violent market movement. The maximum risk associated with trading is limited to the equity gathered on your account.
Nessfx Review: Countries
NessFx does not provide trading or any other services to residents of the following countries and regions: Belgium, Turkey, Russia, Japan, Canada, British Columbia, Quebec, Saskatchewan and the United States of America. Some Nessfx broker features and products mentioned within this Nessfx review may not be available to traders from specific countries due to legal restrictions.
Nessfx Review: Trading Platforms
MetaTrader 4 (MT4)
Nessfx provides traders with one of the world’s most popular trading platforms – MetaTrader 4 (MT4). Developed by Russian software company MetaQuotes, MT4 is available as a desktop platform and web trader that runs directly in the browser without needing to download or install any additional software. You can also trade anywhere and anytime using the MT4 mobile application that runs on iOS and Android devices. This is useful for users who need to monitor and execute trades from their phone or tablet.
MT4 allows flexible and customized trading through a user-friendly interface with a wide variety of dynamic trading and analysis tools at the traders’ disposal. Some of the key MT4 trading platform features include:
- Fully customisable user interface
- Real time bid/ask price quotes via the market watch window
- Multiple chart timeframes from 1 minute to 1 month
- Multiple chart types including bars, lines & candlesticks
- Multiple order types including limit & pending orders
- Built-in indicators & drawing objects for technical analysis
- Automated trading through expert advisors (EAs)
- Strategy tester to back test EAs over historical data
- MQL community to share ideas & tools with other traders
- MetaEditor to create custom indicators, scripts & EAs
- Price alert notification via SMS, email & platform pop-ups
Nessfx Review: Trading Tools
Whilst MT4 should have more than enough tools for the average retail trader, Nessfx do provide a few basic additional tools that some users may find useful.
This shows up and coming holidays that will affect the Forex/CFD market during the current month. If no dates are displayed that means the Forex/CFD market will not be closed outside of normal hours within the current month.
The economic calendar on the brokers website is powered by MetaQuotes. It displays the dates and times of news releases along with the previous, forecasted and expected impact they have on various markets around the globe. This can be a useful tool as part of a fundamental analysis. You can customise the calendar to only display the news that is most relevant to you.
Nessfx Review: Education
Unfortunately, Nessfx does not have a trader’s academy or educational resources such as tutorial videos, detailed trading guides, webinars, etc. There is however a few FAQ’s scattered around the brokers website but no dedicated learning section.
Nessfx Review: Trading Instruments
With Nessfx you can choose from nearly 200 of the most popular trading instruments including major, minor and exotic Forex currency pairs, Metals, Energies, Commodities, Equity Indices, Bonds and Shares of the some of the biggest companies across the globe.
Foreign exchange, also referred to as Forex or FX, is the trading of one currency against another – and it is the largest financial market in the world in terms of volume, with over 4 trillion traded on a daily basis. With NessFx you get access to the Forex Market 24/5 and for extra accuracy, prices of the currency pairs are quoted up to the fifth digit after the decimal point. There are around 45 FX currency pairs to choose from.
Online trading on some of the most popular precious metals, such as gold and silver is available through NessFx. The broker offers competitive spreads and a variety of metals to choose from.
With NessFx you have access to a variety of commodities. The brokers selection of CFD Commodities includes Energies, Grains and Softs. You can trade Cocoa, Sugar, Crude Oil, and more.
Share CFDs trading with NessFx allows you to access around 80 of the the world’s biggest companies, including Apple, Amazon, eBay, Facebook, Google and Coca Cola without having to physically purchase the underlying shares. When investing in CFD Shares, you can speculate on the price movement and trade based on its fluctuating value.
With NessFx, you can go long or short on some of the most popular Indices around the globe, such as DAX 30, CAC 40 and the FTSE 100.
NessFx allows you to trade on the shifting value of common government bonds through CFD trading. You can speculate on the price of the underlying asset without owning the asset itself and choose whether to go long or short.
Nessfx Review: Trading Accounts & Fees
Nessfx offer a variety of accounts to suit the individual needs of their clients. Both individual and corporate clients have the choice between three types of trading accounts, designed to meet the expectations of every investor.
- Minimum $500 deposit
- Spreads from 2.3 pips
- Up to 1:30 leverage
- No commission charges
- Market execution
- Minimum $2,000 deposit
- Spreads from 1.9 pips
- Up to 1:30 leverage
- No commission charges
- Market execution
- Minimum $20,000 deposit
- Spreads from 0 pips
- Up to 1:30 leverage
- Commission charged
- Market execution
Those who qualify as professional clients can apply for the professional account which gives increased leverage of up to 1:500 for certain instruments and a reduction on current margin rates, allowing you to trade with more leverage, as opposed to the limitations imposed by ESMA on retail clients.
To qualify as a professional client requires meeting 2 out of the 3 following guidelines, 1) Have a portfolio of greater than $500k (not including property or cash) 2) Have a verified history of placing significant sized positions (down to broker discretion) 3) Have worked in the capacity of a professional position related to derivatives / speculation / trading. Match any two of these requirements to qualify as a professional client.
It is important to note that negative balance protection, Investor Compensation Fund and recourse to the Financial Ombudsman Service is removed should you qualify for a professional account as you are then classified as professional trader under ESMA regulation.
Demo accounts are available if you would like to try out the brokers services and practice your trading strategies with virtual funds.
Islamic accounts are also available thus making Nessfx a Muslim friendly broker. An Islamic account is an interest-free account which adheres to Islamic Sharia Laws applicable to Forex, Shares, Commodities and Index Trading.
Nessfx Review: Customer Service
Nessfx have a support team on hand 24/5 if you require any help or technical support. They can be reached via email, telephone and online chat. If you wish to find out more about NessFx or you have general questions regarding the services that they provide, you can also check out the FAQ section on the brokers website to find instant answers to some of the more commonly asked questions.
Nessfx Review: Deposit & Withdrawal
Nessfx have a variety of convenient methods for depositing and withdrawing funds from your trading account. This includes bank wire, credit/debit card and online payment systems such as Neteller and iDeal. Please note that some methods may only be available to specific countries and not all are available for both deposit and withdrawal.
Some fees may be charged when using certain payment methods. Withdrawal requests are processed within the same day or next if outside working hours. The withdrawal time can vary depending on the payment provider and method. Bank transfers may take a few business days to clear whilst some methods can be instant.
Some payment systems may have transaction limits, restrictions, and requirements which are indicated on their respective websites. You may need to verify your account to remove limits on particular methods in some countries. Nessfx strictly do not accept third-party payments. All funds deposited into your trading account must be under the same name as your Nessfx trading account.
Accounts can be opened EUR, USD, PLN. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.
Clients’ financial transactions are all protected by the Comodo’s Secure Sockets Layer (SSL) with 256 Bit Encryption, which is a security technology used for establishing an encrypted link between a web server and a web browser which helps to ensure that all data passed between the two remain private.
As broker fees can vary and change, there may be additional fees that are not listed in this Nessfx review. It is imperative to ensure that you check and understand all of the latest information before you open a Nessfx broker account for online trading.
Nessfx Review: Account Opening
To open a real live trading account with Nessfx, you will need to complete the online application form available from the brokers website. Make sure that you thoroughly read and understand all of the brokers terms and conditions before proceeding. These are the steps to follow:
- To get started fill in the form, click CONTINUE and wait for the SMS/Email containing your PIN number.
- Fill in the Appropriateness Test and complete the registration process from your Secure Members Area.
- Choose your account type (Micro, Premium or Platinum) and its specifications (base currency, leverage).
- Submit your documents, fund your account & trade when you feel ready to do so.
Nessfx Review: Conclusion
Nessfx is a regulated broker with a reasonable selection of trading instruments for trading online via the popular MT4 platform. They have a variety of account types and payment options. However, the minimum deposit of $500 is more than many other brokerages whilst the platinum account is required for the tightest spreads. Leverage is restricted to 1:30 for non-professional clients. The broker could benefit from adding some more educational materials to help beginner traders improve their trading skills and knowledge. They could also offer social trading platform integration and daily market analysis to improve their brokerage service. For alternative options, you may browse our best trading brokers.
76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.