NextTrade is a forex and CFD broker that provides online trading services globally. It is an offshore forex broker located in South Africa. The broker offers a wide range of trading instruments including CFDs on stock indices, various commodities, such as gold and silver, and a wide choice of FX pairs. Being an unregulated forex broker enables NextTrade to offer high leverage and unrestricted trading, which are often restricted in many regulated markets. However, the lack of regulation also exposes traders to potential risks. Despite this, many traders opt for NextTrade due to its competitive trading condition, high leverage, and lower minimum deposit.
In this content, we will analyze and review NextTrade, exploring its features, pros, and cons. We will also answer the most common questions people ask about NextTrade. By reading this review, you will gain a better understanding of whether NextTrade is the right broker for your trading needs and preferences.
What is NextTrade?Â
Founded in 2020, NextTrade is an online forex and CFD broker. It is an offshore forex broker that offers 138 forex pairs, stocks, indices, commodities, and cryptocurrency services to traders worldwide. The broker allows all trading styles including scalping, hedging, news trading, etc. The maximum leverage of NextTrade is as high as 1:500.Â
NextTrade at a Glance
- Founded Year: 2020
- Headquarters: Stamford Hill, Durban Kwa-Zulu Natal 4001.
- Minimum Deposit: $10
- Maximum Leverage: 1:500
- Regulations: None (Unregulated Offshore Broker)
- Trading platform: TradeLocker,MT5
- Account Types: Standard ECN
- Trading Style: Scalping, Hedging, Swing Trading, Day Trading, Automated Trading
- Payment Options: Bitcoin (BTC),Ethereum (ETH),Litecoin (LTC),Ripple (XRP),Dogecoin (DOGE), Tether (USDT) (TRC-20),USD Coin (USDC) (BEP-20/TRC-20),Credit Card or Bank Transfer
- US Traders: Accepted
Key Features:
- Trading Instruments: CFDs on stock indices, various commodities, such as gold and silver, and a wide choice of FX pairs,
- Trading Platforms: MT5, Tradelocker
- Minimum Deposit: $10
- Maximum Leverage: 1:500 (Forex), 1:200 (Metals, indices), 1:20(stocks), Cryptos: 1:100 (Cryptos)
- Trading Fees: Commission $7 per standard lot traded. Variable spreads from 0.4 pips. A rollover commission is applied on open positions overnight.
- Minimum Trade Size: 0.01 lot.
- Funding Currencies: Credit Card or Bank Transfer, Ripple (XRP), USDT (Tether), USDT (TRC20), USD Coin (TRC20), Dogecoin (DOGE), Litecoin (LTC), Ethereum (ETH), and Bitcoin (BTC):
- Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account.
- Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
- Trading Style Allowed: All including Scalping, hedging, News trading, and EA Trading.
- PAMM/ MAM: Available
- Stop Out Level (retail): 20%
- Margin Call Level: 50%
- Negative balance Protection: Yes
- Investor Protection: No investor protection is Available.
- Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity.
- KYC Verification: Required
NextTrade Pros and Cons
Pros:
Cons:
Our Ratings for NextTrade:
Review and Reputation on Public Domains:
Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process
NextTrade Ratings and Reviews from Trustpilot:
NextTrade has earned a rating of 2.4 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.
NextTrade Ratings and Reviews from Forex Peace Army:
NextTrade has achieved an average rating of 3.8 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.
Frequently Asked Questions
Is NextTrade a Legit Broker?
NextTrade is considered a good offshore forex broker and is registered in South Africa. The broker offers a variety of trading instruments, including CFDs on stock indices, various commodities, such as gold and silver, and a wide choice of FX pairs. However, the broker is not regulated or authorized by any regulatory authority. Due to this lack of regulation and the absence of available financial information, we do not recommend trading with NextTrade.
Is NextTrade regulated?
No, NextTrade is not a regulated broker. It is an unregulated offshore forex broker which offers restriction-free trading facilities.
Does NextTrade Offer CFD Trading?
Yes, NextTrade offers CFD trading. CFD is a form of derivative trading that allows traders to speculate on the price movements of various financial instruments such as stocks, commodities, indices, and currencies, without actually owning the underlying asset. NextTrade provides a variety of trading CFD instruments including CFDs on stock indices, various commodities, such as gold and silver, and a wide choice of FX pairs.
Where is NextTrade Located?
NextTrade is located in South Africa. South Africa is the home of many offshore forex brokers.
Does NextTrade require KYC Verification?
Yes, NextTrade requires KYC (Know Your Customer) verification. This process involves verifying the identity of its clients to comply with brokers’ requirements and ensure the security of the trading environment. Typically, this includes providing identification documents such as a passport or driver’s license, and proof of address, such as a utility bill or bank statement
Does NextTrade payout?
Yes, NextTrade does payout to its clients. Traders can withdraw their funds from NextTrade using cryptocurrencies only. Payouts are processed within 24 hours. Once processed, it can take 1-6 hours, or as soon as there are 3-6 confirmations on the blockchain before the funds will be available in your crypto wallet
Is NextTrade an ECN broker?
No, NextTrade is not an ECN forex broker.
What is the minimum deposit for NextTrade?
The minimum deposit for NextTrade is $10.
Conclusion:
NextTrade is an offshore forex and CFD broker that offers online trading services to traders and investors worldwide. The broker provides a wide range of trading instruments, including CFDs on stock indices, various commodities, such as gold and silver, and a wide choice of FX pairs. The broker’s spreads start from as low as 0.4 pips. NextTrade offers high leverage (as high as 1:500 ) and a low minimum deposit (as low as $10). The restriction-free trading facilities, such as CFD trading, lower minimum deposit, and higher leverage, make NextTrade a good choice for many traders.
However, the broker is not regulated by any regulatory authorities. Therefore, do your research and ensure you are comfortable with this. We only recommend brokers regulated by the relevant financial authorities
