NuxTrade Review – Broker Offering Nothing Different Than Other Scams
As a company registered in St. Vincent and Grenadines traders can’t expect much from them. Since their registration in 2022, they tried to swindle traders all over the world. Luckily, their activities are exposed and nobody should trust them anymore.
To find out what exposed this company but also how to recover money if you were a victim, read this NuxTrade review. But if you read also our Leadtradesfx and XBTFX you can expand your knowledge about trading and avoid uncomfortable situations.
|Headquarters||St. Vincent and Grenadines|
|Review Rating||Average 3.4 on Trustpilot|
Regulation and Fund Security at NuxTrade
As the company comes from SVG it can’t opt for a license from Financial Services Authority. However, they should get licenses in the countries where they provide services. In this case, that would be the UK primarily. Therefore, we are checking the most known regulator worldwide – FCA. Unfortunately, the research didn’t bring anything good. Not only the broker is not licensed, but it got a warning from the FCA.
Besides the FCA, the company is not licensed by any other Tier 1 regulator. Starting with BaFin, ASIC, CONSOB, and CFTC. With this in mind, you know that the broker is not up to good. But also, that everything they claim on their website is speculative. They might or might not comply with those statements.
Thus, if they don’t comply with it you don’t have anywhere to complain about it. That’s where regulation comes into play. As mentioned above, here’s the warning from FCA.
Trading Software Available
With their poor software offer traders couldn’t maximize their profits. Primarily, because the software is far from trusted. Instead of third-party cTrader or MT, the company chooses web-based software. It lacks the most important tools. For example, advanced analytical tools and charting options. But also, social and copy trading that became very popular nowadays.
Above all, NuxTrade reviews reveal that the company is also manipulating market data. Which is highly possible with web-based software. Through the back-end process broker can easily change market data or even profits that you are fictively gaining.
Another key point is missing mobile apps for iOS and Android devices. Traders that want to use this platform on mobile must log in through the browser. Which makes trading less enjoyable and way slower.
Account Types Offered
If you check NuxTrade broker account types you will realize there is nothing spectacular about it. The only goal of these accounts is to rip you off. As you can see from NuxTrade broker reviews as well. Their account types consist of
- Prelude $500
- Growth $5.000
- Expert $25.000
- Ace $100.000
- Zenith $150.000
With their insanely high leverage and none funds protection measures traders are exposed to huge risk. In fact, that’s exactly why it’s recommended to trade with licensed brokers. All EU Regulators require brokers to allow a maximum of 1:30 leverage for retail traders. Thus, the NuxTrade scam broker allows up to 1:600. Sadly, spreads and fees remain mysterious with this offshore investment scam.
Deposit and Withdrawal Methods
Another major red flag about this broker’s activities is their funding methods. Instead of FIAT methods, the company only accepts cryptocurrencies. To be precise, Bitcoin. With its anonymous nature, hard traceability, and no option to reverse transactions, it became a very popular choice among scammers.
So, once you send money to these swindlers you can forget about it. It goes straight to their pockets and whatever you see on the platform is fictive. When it comes to withdrawals, it’s practically a nightmare. Firstly, the company doesn’t have any kind of withdrawal policy. With this in mind, you can expect the unexpected. No processing time or withdrawal fees are disclosed.
How the Fraud Has Carried Out
Most scam brokers will use quick money schemes to attract their victims. Once you register your privacy is gone. Either you change your phone number or you deposit the money. There is no other choice for these swindlers.
Besides market manipulation on their web-based software, traders experience mainly withdrawal issues. As can be seen in any NuxTrade review. They will persuade you to invest enormous amounts of money. Suddenly, once you want to withdraw those you face certain issues.
Many traders reported that their accounts got frozen in the end. With attempts through AML laws, inadequate documentation and non-existent fees brokers try to extort the last money from traders. In case they can’t they are gone. But also if they do extract a bit more money they are gone. They know they can’t get anything more from that trader. Therefore, not worth their time.
Completely anonymous broker without a trading license. Above all, they earned a warning from trusted regulators like FCA. As for software and trading conditions, traders will be disappointed as well. But in the end, the most problematic is the withdrawal policy and payment methods. Or payment method, to be precise since they only accept cryptos.
Luckily, our team is equipped with software like CipherTrace. If this broker or any other stole money from you through crypto transfers, let us know. We can guide you through the steps to recover your money. Contact us today.
FAQs About NuxTrade Broker
Can I Trust NuxTrade Broker?
No. They don’t have any security measures and they operate without a license.
What Kinds of Accounts Does NuxTrade Provide?
There are 5 account types with this scam broker: Prelude, Growth, Expert, Ace and Zenith.
What Is NuxTrade Minimum Deposit Amount?
The minimum requirement is higher than traders are used to and starts from $500.