nextmarkets Review 2023

How we ranked fees

We ranked nextmarkets's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of nextmarkets for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

We also compared nextmarkets's fees with those of two similar brokers we selected, eToro and Trading 212. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of nextmarkets alternatives.

To have a clear overview of nextmarkets, let's start with trading fees.

nextmarkets trading fees

nextmarkets has low trading fees. Real stocks and ETFs are commission-free, and fees are also low for CFD trading.

Real stock and ETF fees

nextmarkets provides commission-free real stock and ETF trading if your order is at least €250. Orders below €250 come with a fee of €1 per trade.

CFD fees

We know it's hard to compare trading fees for CFD brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have selected popular instruments within each asset class:

• Stock index CFDs: SPX and EUSTX50
• Stock CFDs: Apple and Vodafone
• Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP

A typical trade means buying a leveraged position, holding it for one week and then selling. For the volume, we chose a $2,000 position for the stock index and stock CFDs and $20,000 for the forex transactions. The leverage we used was:

• 20:1 for stock index CFDs
• 5:1 for stock CFDs
• 30:1 for forex

These catch-all benchmark fees include spreads, commissions and financing costs for all brokers. Let's see the verdict for nextmarkets fees.

Stock and stock index CFD fees

nextmarkets has generally low stock and stock index CFD trading fees.

Forex CFD fees

nextmarkets forex CFD fees are low.

Non-trading fees

nextmarkets has low non-trading fees. There is no account or inactivity fee, and likewise no fees are charged for deposit or withdrawal.

Can you open an account?

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52.55% of retail CFD accounts lose money

nextmarkets accepts clients mostly from the EEA region, but it is also present on some overseas markets such as Australia, Canada or Brazil.

What is the minimum deposit at nextmarkets?

The required nextmarkets minimum deposit is $0.

Account types

There are two account types you can choose from: personal and corporate accounts.

How to open your account

Account opening is fast, easy and fully digital. Our account was verified within one business day.

You need to go through the following steps to open your account:

1. Provide your email address and country of residence
2. Add your phone number and verify it
3. Enter some personal data like your name, gender, address or employment status
4. Answer a few questions about your financial status and trading experience
5. Identify yourself and confirm your application

To identify yourself, you must upload the following documents:

• Proof of identity - a passport or identity card
• Proof of address - a bank statement, utility bill, or the back of your identity card (if it contains your address, and unless it was already used as proof of identity)

Account base currencies

At nextmarkets, the only available base currency for the majority of clients is EUR. However, UK users can also open a GBP account.

If you have a personal bank account in a currency other than EUR or GBP, you will be charged a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These usually offer bank accounts in several currencies with great currency exchange rates, as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

nextmarkets charges no deposit fees. You can fund your account using bank transfer or a credit/debit card.

When using the bank transfer option, you have two possibilities. You can either go with a transfer via Trustly, or you can opt for a manual deposit by bank transfer.

Transfers using Trustly usually take only a few minutes, but manual bank transfers can take several business days to arrive. Payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

nextmarkets withdrawal fees and options

nextmarkets charges no withdrawal fee. You can withdraw money using a bank transfer or a credit/debit card.

How long does it take to withdraw money from nextmarkets? We tested debit card withdrawal and it took 2 business days.

You can only withdraw money to accounts that are in your name.

How do you withdraw money from nextmarkets?

• Log in to your account
• Hover over your profile at the top right corner and click 'Deposit and Withdrawal'
• Choose 'Withdrawal'
• Enter the withdrawal amount and your password
• Confirm the withdrawal request

nextmarkets has its own self-developed trading platform, available in 7 languages.

Look and feel

The nextmarkets web trading platform is user-friendly and easy to use. For example, important functions such as search, trading tools or your fee reports are easy to locate.

The biggest drawback is that the platform is not customizable. We also occasionally encountered some minor bugs during our test, such as our account balance being displayed in the wrong currency.

Login and security

nextmarkets provides a safer, two-step login. Each time you wish to access your account, a 6-digit code is sent to your phone number for verification.

Search functions

The nextmarkets web platform search function works well. You can search by typing the name of an asset or the ticker of a stock. In addition, you can browse pre-defined categories such as indices or bonds.

Placing orders

nextmarkets offers the most basic order types, but more advanced ones like One-Cancels-the-Other (OCO) are missing.

You can use the following order types:

• Market
• Limit
• Stop

To get a better understanding of these terms, read our overview of order types.

The web trading platform also offers two order time limits: Good 'til canceled and Good 'til day.

Alerts and notifications

You cannot set price alerts and notifications on the web trading platform.

Portfolio and fee reports

nextmarkets has a clear portfolio and fee report. You can access it if you scroll down a bit on the web trading platform. There is no separate menu for the report; you can always find it when you are at the trading segment of the site.

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52.55% of retail CFD accounts lose money

The application is available for both Android and iOS. We tested the Android version.

The mobile platform comes in the same 7 languages as the web trading platform.

Look and feel

Like its web-based counterpart, the nextmarkets mobile trading platform is user-friendly and easy to use. You can navigate the app smoothly even when using it for the first time.

Login and security

nextmarkets provides a safe, two-step login for its mobile platform. However, biometric authentication is not supported.

Search functions

Similarly to the web trading platform, the mobile app's search function works well. You can search by the name of the asset or by stock ticker. Alternatively, you can browse pre-defined categories like stocks or indices. You can also view your recent searches.

Placing orders

You can use the same order types as on the web trading platform.

Alerts and notifications

Unlike on the web trading platform, price alerts and notifications are available in the form of push notifications. However, you can't set up email or SMS alerts.

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52.55% of retail CFD accounts lose money

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52.55% of retail CFD accounts lose money

Stocks and ETFs

All real stocks and ETFs on nextmarkets are available from gettex, a German trading venue founded by the Munich Stock Exchange. On gettex, you can also find stocks and ETFs listed on non-German exchanges like the NYSE or Nasdaq.

CFDs

In comparison with some close competitors, nextmarkets' product selection is great when it comes to stock and ETF CFDs. However, nextmarkets offers relatively few currency pairs, stock index CFDs or commodity CFDs.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 52.55% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

You can change leverage levels at nextmarkets manually, which is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as preset leverage levels may be too high.

Trading ideas

At nextmarkets, trading ideas are provided by several 'coaches', who support their positions with arguments. You can also see the exact position they took, should you wish to copy their strategy.

Fundamental data

nextmarkets does not offer fundamental data.

Charting

nextmarkets has good charting tools and indicators. You can use 26 technical indicators, which is not an exceptional selection but can be used conveniently for basic analysis.

News feed

nextmarkets offers no news feed.

Compare research pros and cons

You can contact nextmarkets via:

• phone
• email

We received relevant information when contacting nextmarkets either via email or phone.

When reaching out via email, we usually received a reply in less than 20 minutes. Phone support was also prompt; we were connected to an agent within a minute.

We missed live chat and 24/7 availability, though.

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52.55% of retail CFD accounts lose money

At nextmarkets, educational content is relatively limited. You can learn in the following ways:

• Demo account
• Quality educational articles

You gain access to a demo account automatically when you finish the account opening process; allowing you to try out the platform's features without committing actual money.

In addition, nextmarkets provides some educational texts on its website, e.g. a glossary of terms or an introduction to day-trading strategies.

There are no educational videos, although customer service informed us that nextmarkets is planning to offer such videos in the near future.

nextmarkets offers some webinars, but these are available only in German, and only accessible via the nextmarkets Facebook page.

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52.55% of retail CFD accounts lose money

Is nextmarkets regulated?

Yes, nextmarkets is regulated by the Malta Financial Services Authority (MFSA).

Is nextmarkets safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

All customers are served by nextmarkets Trading Limited, which is regulated by the Malta Financial Services Authority (MFSA). Customer assets and cash are protected up to €20,000 per account.

nextmarkets provides negative balance protection. If the balance on your account goes into negative, you will be protected.

Background

nextmarkets was established in 2014 and is headquartered in Germany. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

Find your safe broker

Lower fees, lower costs?

We detailed this in our nextmarkets fees article.

What about the minimum deposit?

Our ultimate guide to the nextmarkets minimum deposit is updated regularly.

How to start your nextmarkets account?

Look no further than our evaluation of the nextmarkets account opening.

How's their trading app?

Here's our expert view after checking the nextmarkets trading app.

Is the quality of customer service satisfactory?

All you need to know about the nextmarkets customer service.

Legit or scam?

Is nextmarkets legit features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether nextmarkets is really free.

Is this broker good for beginners?

We checked it in Is nextmarkets good for beginners.

Should you buy your silver bullets on nextmarkets?

Research for silver bugs in the Silver buy on nextmarkets guide

I want to trade options, are they available at nextmarkets?

We explored the topic in Can you trade options on nextmarkets?

What is the minimum account balance at nextmarkets?

Check out the current account balance requirements at nextmarkets in our What is the minimum account balance at nextmarkets article.

Looking for commission and fees data for nextmarkets?

We collected them in nextmarkets commission and fees.

How do you withdraw money from nextmarkets?

We tested it and collected the options and costs in How to withdraw money on nextmarkets.