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Published on May 25th, 2020 | by Sara Kane

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FX NextGen Review: Is it safe to invest in this site?

FX NextGen is one of the new Forex and crypto trading platforms available online. The company claims to be a market leader in generating profitable trades for investors, especially in the Forex market. They provide a trading platform that is fully automated so users are expected to simply invest and wait for their returns. They offer payouts in both bitcoin and direct transfers. Although this platform might seem legitimate at first, there are a lot of aspects that do not add up, which means that you should review it carefully before deciding to invest in it. Because it is an offshore company, it makes it difficult for investors to verify information about this site. However, because they deal with Forex and crypto trading, their online activities can be analyzed to see whether it is actually worth investing in or not. You can find out whether they are paying the returns to investors as well as whether they are regulated or not.

FX NextGen was recently formed in 2019, which makes it an inexperienced firm. They claim to deal in Forex shares and cryptocurrencies, which are both high risk investments. The company is located in Georgia and their physical address is Georgia, City Kutaisi, Avtomshenebeli Street No 88, Kutaisi Hooling Free Industrial Zone. Although the company is actually registered, they are not regulated by any financial authority, which makes it illegal to deal with them. They also provide no information on their management or founders of the company. They can be contacted through email at: support.de@fxnextgen.com. However, they have not provided any phone numbers, which is unusual for a company that deals in financial services. Although the website claims that the company is permitted to deal in financial services, there is no information of their regulation with the government of Georgia. You can get further information on their website at: https://fxnextgen.com/.

FX NextGen Review

FX NextGen is basically a company that offers traders with a platform to trade in cryptocurrencies and forex without any experience. They claim to have an automated platform that will trade for you and get profits most of the time. There are two different plans, although they have not explained the difference between the two. However, the minimum investment required to create an account is $100. You will have to begin live trading once you open an account because they do not offer a demo trading account. The expected returns are also not explained in detail, although they claim to use a system of leverage trading as well.

Strategy

According to the FX NextGen site, they use a trading strategy that involves three different stages. These are common strategies that most investors use, whether they are investing in forex or regular stocks. You could choose a short term high frequency trading strategy or a more balanced option, depending on your capacity to handle risk. However, the company does not specify exactly how it plans to gain an advantage using these strategies. The company also does not provide enough information regarding your expected earnings, although they do stipulate that investing in Forex trading is highly risky. They also mention adding precious metals to their investments, although there is no relation to forex trading. They also provide very little information regarding how they plan on making profits through crypto trading.

Analysis

  • Company: FX NextGen
  • Product: Forex trading platform and crypto trading
  • Minimum investment: $100
  • Trading strategy: Leverage trading
  • Trading results: Unverified
  • Customer feedback: Negative
  • Location: Georgia

You may be interested in looking into other similar platforms…ConomiBitcoin Fast ProfitDeSeaCatch, and Crypto Omega.

Trading Results

While FX NextGen has laid out a strategy on how they plan to make a profit, there are several gaps in it. Firstly, they do not deal with numbers but give a vague description of their trading strategy. Another important aspect to note is that they have not provided any trading results to back up their claims. No third party trading platform can back up their claims. This applies to both cryptocurrency as well as forex trading platforms.

Client Feedback

Unfortunately, most of the customers who have created an account with FX NextGen were disappointed. In fact most of the reviews are from customers who claim that the site defaults on most of its payments. In addition to this, customers seem to be complaining that the site does not respond to withdrawal requests. This means that you are unlikely to get a return on your investment as the brokers will take all your money. While a few bad reviews does not mean that the entire company is a fraud, it certainly does not promote further investments.

Conclusion

Most people who have invested in FX NextGen have complained about it. Although they give a more detailed investment strategy than most online investment companies, they do not provide any accurate trading results to back up their claims. In addition to this, they are not regulated by authorities, which makes it risky to invest in this company.

If you have been considering using their services, we’d recommend you to be extra cautious. Share your thoughts with us, in the comments section below!

FXNextGen

$100 (minimum investment)

2.6

Price


4.0/10

Strategy


2.5/10

Trading Results


2.0/10

Client Feedback


1.5/10

Customer Support


3.0/10

Pros

  • They are offering fully automated user experience
  • They also offer multiple payout options (e.g. bitocin, direct transfer)

Cons

  • Being an offshore company, it is difficult to verify the given information
  • They're fairly new in the market so the overall market-experience is limited
  • No information about company founders
  • Trading results are unverified


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