Newrgy Pty Ltd Review 2024

The site of Newrgy Pty Ltd happened to catch my eye. I don't even remember which resource had a link to it. The trading conditions are almost not specified on the site, but it mentions that it is part of some banking organization. However, I couldn't find a license number, and the name Newrgy Pty Ltd is not listed in the ASIC (The Australian Securities and Investments Commission) registry, which theoretically should track its activities. Additionally, the broker's website provides information that it offers leverage up to 1:500, but as far as I know, registered brokers in Australia are prohibited from offering such high leverage. After reading reviews about Newrgy Pty Ltd, I am convinced that it is a scam rather than a reliable broker.

Although I started with a small amount of $200 with Newrgy Pty Ltd, I lost much more because I didn't withdraw profits but invested them in new trades. Well, the first withdrawal was approved, but I can't consider it a positive withdrawal experience since the bank commission ate up half of my $50. The next time, I decided to withdraw more substantial amounts to avoid paying the bank $25 for payment processing each time. But there was no next time. The broker rejected my withdrawal request, citing a "violation of the user agreement" in the explanatory message. I don't even remember how many times I contacted client support to find out the details. They refused to let me withdraw my money.

A year ago, I was looking for a broker that allows earning through copy trading. Newrgy Pty Ltd does not prohibit copy trading. Moreover, it offers access to signals from the MQL website, which is a popular resource with thousands of profiles of successful traders. I registered with the broker and went through verification without any problems. After reading about the commissions, I chose Skrill for depositing funds. The money arrived within a couple of minutes. I subscribed to two traders I liked, and that's when the problems started. Delays in execution at Newrgy Pty Ltd prevented effective copy trading, even though it happened automatically without my intervention. I unsubscribed from the signals and switched to another broker.

I did not find any significant advantages with Newrgy Pty Ltd. The broker operates dishonestly and against its clients. I understand that the spread markup is the main income for an STP broker, but they should have a conscience. Spreads on EURUSD in the range of 5-10 pips are already too much. Moreover, there were constant issues with execution and the trading platform's performance. At some point, I got fed up with it all and requested a withdrawal. Initially, they fed me promises and asked for document screenshots several times, then simply stopped responding. If Newrgy Pty Ltd were a real broker, they would have definitely processed the remaining funds. Instead, I realized it was a fraudulent scheme.

I didn't like anything from Newrgy Pty Ltd. At least I didn't find any advantages for me. Currency spreads are very high, the broker has no license, and there is no negative balance protection. The choice of payment systems is very limited, and they all charge fees for depositing and withdrawing funds. I wanted to invest funds in a managed account, but the manager requested a $1,000 deposit. Client support is simply terrible. It seems like it's only there for show. I haven't encountered such slow execution as at Newrgy Pty Ltd with any other broker. I can't imagine how Expert Advisors (EAs) can work properly in their platform. In short, the website is a money trap.

I tried to trade with broker Newrgy Pty Ltd on my own and also invested in managed MAM accounts. Neither of them brought me any profit. I only lost my nerves and money. There are no real quotes in their platform, and the execution is just awful. The spreads on EURUSD widened significantly, reaching up to 11 pips. The account manager drained my invested funds within a week. Although you can't track his trades, only the statistics are transmitted. What the manager does and how is a mystery. I didn't have to withdraw money because there simply was none left. Don't trust Newrgy Pty Ltd, it's a highly skilled scam.

If you dig deeper, every broker has some drawbacks, but Newrgy Pty Ltd has too many of them. The only advantages I can note are a decent selection of currency pairs, around 70 of them, and high leverage, although I didn't use it to the maximum. Otherwise, trading with Newrgy Pty Ltd is a constant disappointment for me. The broker consistently canceled my orders or executed them at a disadvantageous price for me. It got to the point where every trade I made was unprofitable. I understand that such situations are possible sometimes since the market is constantly moving. However, with Newrgy Pty Ltd, this situation was constant, giving me confidence that it's a typical bucket shop rather than a brokerage company.