NextLevelFunding Review: Next Level Con Devised to Rob You Blind

While the prop trading business is a largely unregulated niche of financial services, some nations are pushing for more strict supervision of these entities. One of the nations on the forefront of prop firm regulation is the UK.

The company we’re having a look at in our NextLevelFunding review claims to be based out of the UK, but it doesn’t appear in any legitimate registry.

Illegal Online Business

The legal information about NextLevelFunding prop firm is not readily available on the website. To learn anything about where the company might be from, or where it should be registered took some digging.

The Terms of Service makes a passing mention that the company is incorporated under the laws of Ireland. No additional information, like a company address or such, is available.

Now, this creates an ambiguous situation where, depending on whether the firm were from Northern Ireland or the Republic of Ireland, it would be subject to vastly different legal frameworks.

If the former were the case, it should be registered with the Companies House as well as the FCA. In the latter case, however, it should appear in the CORE database.

Unfortunately, this particular firm appears in neither of these databases. This is irrefutable truth, then, that the firm is a completely illegal, anonymous entity that exists to steal from their investors. Needless to say, you won’t see this behavior from reliable companies like BC Vault.

Unknown Partnered Brokerage

You won’t find any information about the partnered broker no matter how deep you dig or how hard you try. The customer support live chat is an AI powered chatbot, which will respond with a predetermined script each time you ask.

Allegedly, it’s a regulated brokerage and you don’t have to worry about who you are trading with on your NextLevelFunding funded account. Since the entire website is a labyrinthine horror of false advertisements and misdirection, we can count this out as a lie as well.

Customer Opinions

The only platform to see NextLevelFunding reviews is TrustPilot, where the company enjoys a rating score of 4,1. Although this result seems impressive enough, the company still misrepresents it on their site.

Majority of the testimonials are fakes, many of which are directly contradicted in the negative comments. Other ratings websites like SiteJabber and TrustedReviews currently contain no testimonials, which raises further suspicion.

How Online Fraud Works

The company operates a few social network pages, including ones on Instagram and Pinterest. There, they peddle the usual “get rich overnight” scheme present with other similar charlatans.

When it comes to attracting new victims, however, the brunt of the work is done by boiler room agents. Usually, they claim to be representatives of profitable enterprises with years of business behind them. The fake reviews surely help with these claims, further deepening the deception.

Evaluation Packages

There’s only one test phase and it offers several options for funding. Buying any of the NextLevelFunding evaluation accounts requires a small deposit to be made. 

This depends on the sum you want to trade with. Of course, each account features some conditions that have to be met in order for the trader to become eligible for obtaining a live funded account. This is yet another proof of how important knowledge is. To learn about methods of improving your skills, consider reading our Grok Trade review.

The terms that refer to passing the evaluation phase are the same for every account: 12% profit target with a maximum drawdown of 12% of the sum. Number of trading days during which you have to be active is not defined. Here is the deposit required for opening each of the available accounts:

• $10k – $65
• $25k – $145
• $50k – $260
• $100k – $420

However, the issue with company’s transparency is apparent in this sector. These prices were given on the web presentation, while slightly higher prices are given in the client area.

Trading Platform Available

Another opposing information refers to the trading software. There’s only one place on the entire website where the terminal is mentioned – FAQ. 

Here, it says that the only downloadable app is MT5, without the possibility of trading on MT4. However, after we’ve registered for an account, we realized that the client zone proposes only Tradelocker for web, Android and iOS. Trading instruments available are never listed.

Costs and Other Parameters

Generally speaking, trading costs and commissions are not well defined. What we know for sure is that the maximum leverage ratio available is 1:100. NextLevelFunding price paid per trade in the form of trading commission is not known. 

Also, other costs, such as spreads, allegedly range from 0 to 1 pips, but without clarification on costs of each individual instrument or Forex pair.

Split Profit and Payment Channels

First payout is allowed to be requested 30 days after first trade. After that, traders are eligible for a withdrawal in 15 days intervals. The initial NextLevelFunding profit split is 70% for the first payout. Second payout features increased profit split of 80%, while third and all next payouts are split at 90%. 

Credit cards and crypto currencies are available transaction channels that the platform accepts. While the site denies charging any taxes for payouts, keep in mind that sudden costs are common practice among suspicious service providers.

Not Nearly as Reliable as Claimed

Suspiciously high ratings on several review websites while the firm is barely present on social networks casts doubt on their credibility and reliability. Operating out of the UK demands prop firms to be properly registered, while the one in question isn’t. 

Therefore, we recommend you to try out our recommendation. Cooperation with properly regulated brokerage platforms is crucial in our line of work. For more information, you can consult our company reps and find out how to quickly get funded with up to $180.000.

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