NextTrade Review | Is NextTrade a Scam or Legit Forex Broker?

NextTrade Review and Analysis

Overview

NextTrade has entered the online forex brokerages landscape, aiming to became the preferred venue for both existing and seasoned traders, as well as for complete novices to place their… next forex trade, under the clever slogan “Place Your NextTrade with Confidence”.

As revealed by its name, this broker claims to be offering next generation technology to its clients and more making their trading journey more accessible than ever.

The review below has been prepared by our resident team in order to present and highlight all the aspects of NextTrade’s offering, aiming to help interested users decide if NextTrade is the most suitable brokerage to best match and serve their own specific forex trading needs.

NextTrade isn't your average forex trading firm. It's a comprehensive trading platform with its own unique style. Right now, NextTrade offers Contracts for Difference (CFDs), a popular type of financial derivative. With CFDs, traders and investors can speculate on the price changes of various assets without owning them. NextTrade provides CFDs for Forex, Cryptocurrencies, Metals, Indices, US Shares, EU Shares, and Energies, making it a one-stop financial hub for traders and investors.

Investor Protection & Regulations

NextTrade is a brand of Riza Financial (Pty) Ltd, with company Registration Number 2021/910163/07), an authorized Financial Services Provider, licensed and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, with FSP Number 52855. Thus, a notable aspect of NextTrade is its strong dedication to regulatory compliance.

The company ensures that all its activities fully comply with the strict regulations set by relevant authorities. This commitment provides traders with a reliable level of protection, ensuring that their investments in different asset classes are secure and trustworthy.

Furthermore, by implementing obligatory two-factor authentication, NextTrade enables it customers to keep their personal data and account safe and secure.

Moreover, regular auditing of operational risks allows the brokerage to manage capital and compliance and to tackle suspicious or dangerous activity in a timely manner. Where individual users are concerned, NextTrade insists upon a Two-Factor Verification system for account login, and customer details are encrypted throughout the KYC process. These measures are not universal across brokerages and offer valuable layers of protection to customer details and finances.

Tradeable Products

NextTrade caters to trading diversity with over 150 different assets across 5+ asset classes being available for trading. More specifically, traders may choose to trade what best suits their preference or interest among popular FX crosses, FX exotic pair, metals, indices, US shares, EU shares, energies and futures.

Fees and Commissions

In terms of deposit fees, NextTrade offers a fee of 0% for Bitcoin deposits, including those made via Debit/Credit Card, while Cryptocurrency deposits such as USDT, DOGE, ETH, LTC, USD Coin, and Ripple incur a 2.5% fee. As for withdrawal fees, NextTrade does not levy any charges; however, users should be mindful that wallet providers may impose associated fees, particularly for Crypto withdrawals, where network fees may apply.

Moving on to trading commission fees, NextTrade's fee structure varies according to the account type. For Standard accounts, the commission stands at $5 per lot, while .Pro accounts incur an $8 per lot commission. .Var accounts, on the other hand, do not carry any commission fees per lot, and .Mini accounts are subject to a $1 per lot commission. It's important to note that spreads also differ across the various account types offered by NextTrade.

Trading Platform

The trading platform used is TradeLocker, an innovative and intuitive platform which has been built for traders by other traders and as such it is packed with features and capabilities that facilitate and enhance the trading journey for both novices and pros.

Seamless integration of TradingView ensures superior charting capabilities, while trading on the go is enabled since you can trade across not only all web browsers, but on iOS and Android as well. Tools and indicators are fully customizable to meet the different needs of each trader, while you can always remain on top of the game through automated feature updates.

Account Types

Within your trading account, you'll have access to various sub-accounts, each denoted by specific symbols on the trading terminal upon login. For instance, EURUSD signifies the Standard ECN account, where major pairs feature moderate spreads and a $7.00 commission. EURUSD.pro represents the Pro ECN account, characterized by low spreads and an $8.00 commission.

Conversely, EURUSD.var denotes VAR pairs, which entail no commission but exhibit higher spreads. Meanwhile, EURUSD.mini offers smaller lot sizes, with contract sizes reduced by a factor of 100, alongside a $1.00 commission. It's essential to note that certain symbols and Forex options are only compatible with specific account types. For instance, indexes can engage in .mini pairs, incurring a $7 commission.

Supported Countries

Being regulated by the South African watchdog, NextTrade accepts customers from different countries globally, however, according to their own website, currently the company does not provide its services for the residents of certain countries, such as the United States of America, the United Kingdom, Canada, Japan, the Islamic Republic of Iran, Russia and the countries of the European Union.

Leverage

When setting up a Live Trading account on NextTrade, users are required to select their preferred leverage option. The leverage options available vary depending on the chosen pair or instrument. NextTrade offers the following leverage options: Stocks (1:20), Cryptos (1:100 excluding SHBUSD100, which is 1:30, and for accounts with equity exceeding 500K, leverage is 1:50), Metals (1:200, and for accounts with equity exceeding 500K, leverage is 1:50), Indices or Energies (1:200, and for accounts with equity exceeding 500K, leverage is 1:50), and Forex (1:500, and for accounts with equity exceeding 500K, leverage is 1:200).

Deposit and withdrawal

NextTrade is dedicated to providing a diverse array of deposit options to cater to the needs of its traders. Currently, the platform offers a selection of deposit methods including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Dogecoin (DOGE), Tether (USDT) (TRC-20), and USD Coin (USDC) (BEP-20/TRC-20).

With flexible deposit limits, ranging from a minimum of $10 to unlimited maximum deposits, NextTrade ensures accessibility for traders of all levels. It's important to note that deposit processing times vary and are subject to the Blockchain Network, with an estimated processing time of 1-3 hours to reach the Blockchain Network and an additional 3-6 hours for blockchain confirmation post-processing. During periods of increased market volatility, these processing times may experience significant fluctuations.

NextTrade provides traders with a straightforward process for withdrawing funds to their NextTrade accounts. The platform continually endeavors to enhance its range of withdrawal options to better serve its users, with current offerings including Bitcoin (BTC) and USDT.

With a dedication to accessibility and convenience, NextTrade ensures that traders have access to a diverse selection of withdrawal methods tailored to their preferences and requirements.

Usability

The user experience when trading on NextTrade’s website is of a very high level and the user experience is enhanced by the straightforward and clear layout and structure of the site, as well as its intuitive and responsive navigation.

Customer Support

NextTrade customer support is available on a 24/7 basis and traders can literally ask any question they may have and expect to immediately find the answers or help they need.

NextTrade may also be contacted, besides via its website, also via its social media accounts on all major platforms, while customers may also join the broker’s Discord community.

Nextrade also puts at the disposal of traders a detailed and comprehensive FAQs section, covering many topics, while in case a query is not adequately addressed customers can open a ticket with details of their specific question which is then promptly dealt with by a customer service agent.

Education and Research

NextTrade aspires to empower its clients to acquire the knowledge and skills necessary to up their trading gaming.

Within this framework it has created a vibrant Discord community where clients may share their insights, knowledge, and opinion, thus encouraging peer to peer learning. Moreover, it often offers live trading sessions and webinars, while also offering a rich library of video resources covering a multitude of topics ranging from guidance on how to sign up for an account, to depositing funds and trading effectively.

Furthermore, NextTrade clients can also subscribe to the broker’s newsletter and receive regular updates in their inbox.

Overall Conclusion – Final Thoughts

As a newcomer, NextTrade is certainly an impressive contender in the brokerage industry. The platform would suit beginner and experienced traders alike thanks to its community-focused positioning and above average trading conditions in terms of account flexibility, leverage, spreads, and payment support.

The range of tradeable products is more than adequate for traders searching for mainstream assets, and the integration of crypto account funding marks NextTrade as a forward-thinking, modern brokerage.

It will be interesting to see how the NextTrade concept unfolds as the platform grows, especially with its extra community elements for Affiliate traders and content creators. It is these kind of touches that differentiate NextTrade from many of its competitors and may well win over users searching for an interesting and dynamic trading experience.

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