NESSfx Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this NESSfx Review.
NESSfx offers its clients a choice of four account types, based on the initial amount deposited. With this broker, clients may choose between two trading platforms – Sirix and MetaTrader 4, fixed or variable spreads and benefit from its pure NDD execution and commission-free trading.
Premium account holders are offered tighter spreads, Individual trading coach and accelerated withdrawal processing (within 48 business hours), while Platinum ones can get rebates and guaranteed automated orders and stops.
The Company. Security of Funds
NESSfx is a forex and CFD broker that offers pure NDD execution on two different trading platforms. The brand was initially operated by Lionsman Capital Markets Ltd. (currently operating binary options brand OptionWeb), however the company renounced its CIF license, and oviously sold the business to FXNet Ltd. The latter is a Cyprus Investment Firm that is licensed by Cyprus Securities and Exchange Commission (CySEC) and also operates FxNet and Rynki brokerage brands.
CySEC-licensed brokers must hold at least €730 000, keep client funds in segregated accounts, report to the Commission on a regular basis and also comply with numerous other requirements. In return, however, they are authorised to operate throughout the EU under the MIFID rules, and are covered by a compensation scheme.
In addition, NESSfx claims to offer its clients Negative Balance Protection.
Minimum Initial Deposit
In order to open an account with NESSfx, traders have to invest a minimum of $200. Such minimum initial amount is considered average; however, other other Cyprus-based brokers require less. For instance, leading EU brokerage XM demands just $5 from its clients as a start.
Spreads & Commissions
NESSfx offers commission-free trading, however its spreads are high – amounting to 3 pips for the EUR/USD. Most fixed-spread brokers offer spreads of 2 pips for this pair.
In fact, the best spreads offered by this broker on the Platinum account type are above the average – 1.8 pips on EUR/USD, while the average is within the range 1.0 – 1.5 pips.
For purposes of comparison, XM’s average spreads on the commission-free accounts amount to 1.7 pips on EUR/USD, while the ones on the Zero account type are averaged 0.1 pips on EUR/USD and involve commission of $5 per standard lot (per side). For further information, you may check out real-time spreads of 15 leading brokers here.
The maximum leverage level offered by NESSfx is 1:200, which is a average. However, many Cyprus-based brokers offer higher leverage levels – for example, XM provides leverage up to 1:888. For further information, you can check out a list of brokers, providing leverage equal to or exceeding 1:500 here.
High leverage provides opportunities of earning big profits on a relatively small deposit. Nonetheless, we advise traders to be careful when using it, as higher leverage also involve greater risk of losses, which may even exceed the initial investments.
NESSfx supports the standard MetaTrader4 (MT4), available as desktop version for Windows and Mac, as well as Sirix.
The Sirix platform is equipped with built-in advanced indicators and charting options. Charts can be displayed in various timeframes and traders can add their own lines, measures and annotations. It also enables users to view and copy other traders’ actions. Sirix available with this broker as a PC, web and mobile versions
Besides, some extra services such as forex signals and social trading are also available with NESSfx.
Methods of Payment
The following payment methods are available to NESSfx clients: credit/debit cards, bank wire transfer, and e-wallet payment systems Skrill, Neteller, NeoSurfa and PaySafeCard.
NESSfx is a well-regulated forex & CFD broker that offers satisfactory trading conditions on two trading platforms. Its main disadvantage is that its spreads are high.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
NESSfx Review Conclusion
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