WikiFX Review: Traders need to understand the current situation of NYFX(NYGCM)

About NYFX/NYGCM

NYFX global is the trading name of NYFX Financial Services LLC licensed and regulated by the Financial Services Authority St.Vincent and the Grenadines (SVG FSA), providing retail, professional, and institutional clients with multi-asset trading. NYFX provides investors with popular and mainstream tradable instruments in the global financial market, including Forex (over 40 tradable currency pairs, major, minor, and exotic currency pairs), commodities (metals, energies, and soft commodities), indices (spot and futures products), stocks (US and EU stocks) and bonds. However, due to its recent scam behavior and regulatory status, WikiFX has given this broker a fairly low score of 1.88/10. Please be aware of the risk.

Minimum Deposit

Four account options are listed on the NYFX platform: Variable, Fix, ECN, and VIP accounts. The minimum initial deposit for the variable and fixed accounts is only $10, while the minimum deposit for the ECN and VIP accounts soars to $1,000.

Leverage

In terms of trading leverage, leverage is up to 1:1000 for Forex instruments, 1:200 for Commodities trading, 1:100 for Indices, 1:50 for Stocks, and 1:10 for Bonds.

Spreads & Commissions

The minimum spread for Variable accounts is 1.4 pips for EURUSD, 1.5 pips for EURGBP, 1.5 pips for Gold, and 1.5 pips for Silver. The lowest spread for fixed spread accounts is 1.6 pips for EURUSD, 2.2 pips for EURGBP, 3.7 pips for Gold, and 1.5 pips for Silver. The lowest spread is 0.8 pips, and the lowest spread for Silver is 0.8 pips. For the Variable account, the fixed spread account, and the VIP account, commissions are calculated into spreads for forex trading.

Trading Platform

The MT4 is an intuitive and flexible user interface that provides traders with ample room for full customization. MT5 is the most advanced online trading platform, the latest version of MT4, with professional charting tools and a full range of professional features such as order following and automated trading. Both trading platforms are available in web, desktop, Android, and iOS versions, allowing traders the flexibility to choose according to their needs.

Deposit & Withdrawal

The minimum withdrawal limit is $50, and forex traders can only withdraw the available balance. If the trader has any open positions, he should consider the amount withdrawn. If the user's margin ratio is less than or equal to 100% after deducting the withdrawal amount, then the user's withdrawal application will not be processed.

Regulation

This broker exceeds the business scope regulated by Cambodia SERC with license number: 032

The FCA regulation with license number 764353 claimed by this broker is suspected to be a clone.

Exposures

WikiFX has received more than 22 complaints against this broker within 3 months. The biggest problem that this broker has lies in withdrawal rejection. Below are some cases that we want to show you.

Field Investigation

l To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.

l On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

l WikiFX did make an on-site survey on NYGCM in August 2022 and failed to find their office.

The investigators did not find the traders name on the water sign. After verification by the front desk, it was determined that NYFX does not exist in the building now, and no information about the dealer has been found in the historical entry data. As a result, the survey staff confirmed that the dealer does not have an office here.

Conclusion

WikiFX does not adivse you to invest in a unregulated broker with a low WikiFX score like NYFX. please do more research and make yourself comfortable before making a decision.

If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.