NYFX claims to be a brokerage providing trading services in forex, precious metals, energy, commodities, and indices for investors. The official website is https://nyprofx.com/, and the website supports Traditional Chinese, English, German, French, Russian, Japanese, Vietnamese, Korean, and Thai as primary languages. According to the Whois query for the website's domain registration, the domain was registered on June 24, 2023, and, as of now, it has been registered for less than half a year.
Company Background:
NYFX's official website does not provide information about the company's registration. However, the Whois query results show that the domain registration contact is located in New York, USA. A search on the New York Department of State website indicates that there is a suspicion of NYFX possibly misusing registration information from NYFX QUEENS INC and NYFX INC, both of which were dissolved in 2000 and 2009, respectively. Additionally, according to the Whois query for the website domain registration, the NYFX website's domain was registered on June 24, 2023, less than six months ago.
Account Registration:
NYFX's website indicates that the company provides a registration link for real accounts. The registration process involves clicking on "Support" at the top right, selecting "account registration," and following the prompts to provide information such as email, password, invitation code, and verification code to complete the real account registration. The NYFX real account registration page supports Traditional Chinese, English, German, French, Russian, Japanese, Vietnamese, Korean, and Thai. However, the website does not provide a link for demo account registration.
Account Types:
Information about the types of trading accounts offered by NYFX is not available on the company's website.
Trading Products:
NYFX's website states that the company provides trading services for forex, precious metals, energy, commodities, and indices. While the website provides specific tradable products in these categories and information on costs and minimum trading units, it does not offer details on spreads, margin ratios, trading hours, etc., for specific products.
Margin Ratios:
NYFX's website only mentions in the "Frequently Asked Questions" section that it offers leverage ratios from 1:1 to 1:500. However, specific margin ratio information for individual tradable products is not provided.
Trading Hours:
NYFX's website does not provide information on trading hours for specific tradable products.
Deposits and Withdrawals:
There is no information on supported deposit and withdrawal channels, currencies, fees, processing times, or minimum deposit and withdrawal amounts on the NYFX website.
Trading Software:
NYFX's website indicates that the company provides a trading platform similar to MetaTrader 4 (MT4) or MetaTrader 5 (MT5). The website states that the trading software supports desktop (Windows/MacOS), web, and mobile (iOS/Android) platforms. However, there may be issues with downloading and installing the Android version of the software in certain countries or regions.
Other Services:
NYFX's website mentions that the company provides research and learning services, including explanations of terms related to financial markets or trading analysis and an economic calendar providing information on past or upcoming financial events.
Regulatory Information:
NYFX claims to be licensed by the National Futures Association (NFA) in the United States and regulated or authorized by the NFA. However, a search on the NFA website indicates that the company is not a registered member of the NFA and is not regulated or authorized by the NFA.
Conclusion:
NYFX raises suspicions of potential fraud. The company not only lacks essential information regarding account types, deposits and withdrawals, and specific tradable products but also presents potential misuse of registration information from dissolved entities. The false claim of being regulated by the NFA further adds to the concerns. Based on these findings, NYFX is considered suspicious, and investors are advised to exercise caution when considering the services of this company. TraderKnows reminds you to be vigilant about your financial security and avoid falling into fraudulent traps.
