Nenx Review
| Broker | Nenx |
|---|---|
| US Traders Accepted | |
| Company Name | Gametech (Cyprus) Ltd. |
| Headquarters | Limassol, Cyprus |
| Regulation | CySEC (licensed number 291/16), UK Gambling Commission (license #000-038061-R-319186-006) |
| Bonus Type | Deposit bonus |
| Bonus Size | 100% |
| Max Payout | 92$ |
| Out-of-Money Reward | 0% |
| Trading Platform | Nenx Mobile |
| Deposit Options | Credit/debit cards, Neteller, Skrill, PayPal |
| Deposit Currencies | Great Britain pound |
| Minimum Deposit | £10 |
| Minimum Trade | £1 |
| Maximum Trade | £50 |
| Online Since | 2015 |
| Trading Instruments | Currencies: AUD/CHF, AUD/USD, Bitcoin, CAD/CHF, EUR/AUD, EUR/CAD, EUR/GBP, EUR/JPY, EUR/NZD, EUR/SGD, EUR/USD, EUR/ZAR, GBP/CHF, GBP/USD, JPY/CHF, USD/CAD, USD/CHF, USD/DKK, USD/JPY, USD/NOK, USD/SEK, USD/SGD, USD/ZAR Indexes: UK100 Commodities: Crude Oil, Gold, Silver Equities: 21st Century Fox, Amazon, Apple, Baidu, Ebay, Electronic Arts, Facebook, Google, Microsoft, Netflix, Tesla, Vodafon, Yahoo |
| Number of Trading Instruments | 38 |
| Binary Option Types | High/Low, One Touch, Short-Term, 60 Seconds |
| Customer Support Types | Email and phone |
| Education Offered | FAQ, getting started page, and educational blog |
| Tools Offered | Various windows that display different market information:
|
| Commission | £10 withdrawal threshold. No fees for withdrawing funds. |
| Languages | English |
| Demo Account | No |
Nenx is relativity new to the world of binary option trading. The platform was launched in early 2015 by the mobile application developer Gametech. They are not a traditional broker but instead, operate under the United Kingdoms’ gambling commission. Due to this, only people from the United Kingdom are able to open an account and trade. Over the past two years Nenx has been becoming increasing popular in the UK. This is largely do their trading platform. They offer a very user friendly and easy to understand interface. This seems to appeal more to the gaming/gambling audience then it does to regular financial investors. Along with this, players can choose a wide variety of trading instruments to place short term bets on. It is currently only available for mobile devices but Nenx has said a desktop version should be available soon.
Getting Started
It’s very easy to setup an account and get underway trading quickly. To start, you need to download and register within the application. Both iTunes and Google Play carry this app in their marketplaces. After answering a few questions and verifying your identity, you can then deposit money into your account and start trading. It is important to note that Nenx does not offer any type of demo or practice account. This should always be considered before opening an account on any type of trading platform.
Account Funding and Withdrawing
Nenx makes funding your account very easy. A user simply goes to their accounts homepage and clicks on the “deposit” button on the bottom of the page. The initial minimum deposit is €10 and any subsequent deposits are a minimum of €10. This is great for traders who want to try out the system and not risk too much of their bankroll. Funds are immediately available to trade with once the deposit is made. You can deposit money at any time through the various payment processors offered on the application. Visa, MasterCard, and Maestro are all accepted credit/debit card payment options. Other payment methods include Neteller, PayPal, and Skrill. It is completely free to fund your account and all customer deposits are held in separate accounts for protection. You can also easily view all recent transactions to make sure everything is properly in order. Nenx does not charge a fee for people to withdraw money from their accounts either. According to their website, withdrawals are normally approved within the same working day (Monday-Friday). Once approved, bank funds typically take about three days to reach your personal bank account.
Trading Platform
The platforms interface itself is well organized with a modern design. It makes it easy to navigate with its readily available menu items. All of the basic functionality that one would expect is included in this app. Options to view open bets, settled bets, transaction history, account settings, and preferences are all accessible through the main menu. Furthermore, Nenx offers a unique single touch trading mode. To use this, you simply select the market you want to trade on, rotate your mobile device to landscape mode, and the “one touch” buttons of up or down are made available for you to make a trade. This can be very helpful when wanting to place fast trades and get in on the market where you want. Currently the option expiration times range from 10 seconds, 30 seconds, 60 seconds, 2 minutes and 5 minutes. As you can see, this platform focuses on extremely short term options and is why it caters more to the gambling audience. Overall, the trading platform is easy to use and provides a simple approach to letting players place trades.
Drawbacks
There are few drawbacks to the Nenx service. The first being that it does not offer any type of demo or practice account. Many traders like to test out a platform before they deposit real money into the account. However, they do offer such a low minimum initial deposit this may not be an issue for some people. Another downside to using this service is their lack of in-app market information and analysis. There are no indicators are charting tools available on this platform. The only information that is provided while trading is a line chart that displays the current underlining instruments price. The lack of more advanced features may deter some potential traders. Lastly, compared to many other binary option trading services, Nenx does not have many educational resources offered. There is an educational blog existing on their website but it is rarely updated and does not provide the most helpful information. And finally, one of the biggest drawdowns for most of the binary traders is the fact that Nenx does not accept customers from outside of the UK.
Conclusion
Overall, Nenx is a fun and easy to use platform that beginners may find great to start trading with. The interface gives you more of a “gaming” feel than other binary option services and is very intuitive in nature. Their low initial deposit rates appeal too many in the United Kingdom who just want to see what binary options are all about but don’t want to invest a lot of money. On the other hand, they are relatively new to the binary options industry and are still trying to build up their general reputation. The company only offers extremely short-term trades, no real time trading tools, and hardly any educational material. These are features that many other binary option websites provide and will be needed if Nenx wants to create a positive reputation in the future.