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NaviFX Review

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NaviFX is an STP broker that uses the popular MT4 platform. On their website the information regarding the company is slightly confusing as on one hand they speak about the NAVIFX company and its claims and on the other hand they also mention the company CHF CLEARING which in fact is a member of the Financial Conduct Authority. They boast that CHF clearing won a number of awards including Best Liquidity Provider, Finance Magnates awards 2014/2015/2016/2017. The relationship between the two is unclear, and we when tried to find the connection, we didn’t find any relationship between NaviFX and CHF clearinghouse. We also found it quite strange that NAVFX does not state where they are located as no address is provided.

Moving on from this worrisome information, this broker offers 1 type of account with a variety of assets to choose from. Their website seems to be a bit outdated and it is translated from Chinese so getting a clear idea of what this broker has to offer might be slightly challenging. Join us as we delve into their website to discover more of what this broker has to offer.

Account Types

Surprisingly information regarding their available accounts is not available on this broker’s website. We went on their Create Account page to find out some more information and there seems to be only one type of account available. It is indicated that the minimum deposit required to open up this account is $1000, but apart from this, nothing else is mentioned.

Platforms

This broker uses the most popular platform available, the MT4. This is a well-equipped trading platform that provides analytical tools, detailed charts, Expert Advisors, real-time transactions and many more. From NaxiFX’s website, clients can download this platform for their Desktop, Iphone or Android device.

Leverage

On their Traded Product List, clients can find the leverage offered by this broker, but it is written under the title Margin. It seems like the highest leverage offered it 1:100 and this is available on certain currency pairs such as EUR/USD, USD/CAD AND AUD/NZD just to mention a few. The lowest leverage we could see was 1:10 and this was available for EUR/TRY and USD/TRY. Other pairs have a leverage of 1:50, 1:25 and 1:33. Although there is a variety, the leverage offered seems to be quite low in general. Clients can find the full list of available leverages on their Product list page.

Trade Sizes

On the same list, clients can see the contract specifications for each asset available for trading. The broker does not specify whether the amount listed is the maximum or the minimum but we assume it is the maximum. For example, a large number of currency pairs such as EUR/CHF, AUD/JPY and GBP/JPY have a contract specification of 100,000 whereas XAU/USD has a contract specification of 100. On their Advantages page, we found a small mention that the broker allows trades as low as 0.01 mini lots, but we are unsure if this is the case for all available assets.

Trading Costs

Although this broker claims to offer very low trading costs, we could not find any information regarding the type of spreads that this broker has to offer so we cannot comment on this at the moment.

Assets

NaviFX has 4 types of assets available for trading namely; Forex with up to 43 currency pairs including Us Dollar, Euro, British Pound, Japanese Yen, Australian Dollar, Swiss Franc, etc, Precious metals including Gold and Silver, CFDs including Brent Crude Oil, and Us Crude Oil and lastly Stock Index. Their Stock Index page was empty so we cannot specify which indices are available for trading.

Spreads

The only mention of spreads on their website is a generic question about what spreads are on their FAQ page, so we are unsure about the type of spreads one can expect when dealing with NaviFX.

Minimum Deposit

Although it is not clearly outlined, from their Create an Account page we found that clients must deposit a minimum of $1000 to open up an account with NAVIFX.

Deposit Methods & Costs

Unfortunately, the deposit and withdrawal page found on NaviFx’s website is either not working at the moment, or nonexistent. Apart from claiming to have fast and secure deposit and withdrawal methods, we found no other mention of what methods are available.

Withdrawal Methods & Costs

We cannot comment on this as no information is provided.

Withdrawal Processing & Wait Time

Same as before, we cannot comment about withdrawing processing and time. We did try to contact the broker via e-mail but we did not receive any information.

Bonuses & Promotions

From what we could see from their website, NaviFx does not have any bonuses or promotions on offer at the moment.

Educational & Trading Tools

NaviFX has a Learning Center on their site which has a number of articles which explain what certain terms such as Spreads and Margins mean, how certain fundamentals affect the trading market as well as information about how to read charts and determine the best trading strategies to go with them. NaviFx also has a video page under their learning center, but this seems to be empty at the moment.

When it comes to Trading tools, clients can find updated news articles as well as an updated financial calendar on NaviFx’s homepage.

Customer Service

Clients who’d like to contact NaviFx can do so via email or through a message form found on their website. They do have a live chat button on their website but the button seems to not be working at the moment. We did try to contact the broker via email but we haven’t received any feedback yet. We find it quite strange that NaviFx can only be reached through e-mail and no telephone numbers or addresses are provided.

Demo Account

For those who would like to test out the trading conditions offered by this broker, a trial demo account is available. Potential clients can open up this demo account by filling in a simple online form. On this form, clients have to choose their deposit amount which varies from 3000 – 5000000 (the currency is not specified) and also the group which can either DemoNGL or DemoNGL02. Unfortunately, the difference between the two groups is not explained anywhere on the site, so we cannot comment on what this means.

Countries Accepted

Although we found no information about banned countries, on their Create an Account form we found no countries missing on their list. If you cannot find your country of residence, we suggest speaking directly to the broker.

Conclusion

As you’ve probably noticed, this broker seems to be involved in a shady brokerage business and there are multiple reasons why we got this impression. The information about the brokerage itself, such as registration, license and contact info such as address or telephone number is nowhere to be found. NaviFx also mentions the CHF Clearing company which is in fact a regulated company, but we could not find the relation between the two. Apart from this, there are certain buttons on their website that are either not working at the moment or are simply put there to impress potential clients.

Information about Accounts provided and their specifications such as spreads and minimum deposits required are nowhere to be found. We also realized that this broker does not have a terms and conditions page and their FAQ page only has generic questions and not specific to the broker’s own trading conditions. Obviously, this lack of information should trigger warning signs for any potential customer thinking about opening up an account with this broker. However, if you still think this broker might be the one for you, test out their demo account before actually investing your money with NAXIFX.

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