Do you want to trade with NixForex FX? Why NixForex.com is not a genuine broker! Read detailed NixForex review to know about this platform.
This article promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
NixForex FX
NixForex otherwise known as NixForex.com is an offshore brokerage company owned and operated by NixFX International Limited with a lot of promises for forex traders. The company openly presented a office address in the UK, and a claim of regulation by the the Australian Securities Investment Commission (ASIC) and Financial Conduct Authority, FCA, UK. This, you will find out if that is true.
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
Deposit and Withdrawal
NixForex Minimum Deposit:
NixForex deposit is not indicated for clients. In contrast, a licensed FX broker clearly spells out its regulation and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
As for the funding methods, NixForex only allows cryptocurrency transactions such as Bitcoin, Ethereum, Tether, Binance Coin, and TRON. Just so you are aware, offshore brokers are commonly known for accepting crypto currencies. Cryptocurrencies are the payment methods of choice for most financial scammers.
Sadly, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
NixForex withdrawal leaves us with no specific information on withdrawal fee nor processing days on withdrawal request. The broker provides no clear description on trade requirements that must be met before a withdrawal.
NixForex Platform:
NixForex platform claims to use easy-to-use platform, that is, web based trader. However, that cannot be compared to the advanced trading platforms of MT4/MT5. Many scammers have trading software to fool their victims that their money is being invested.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
As for NixForex leverage, it can get up to 1:200. This is not a level that you see with regulated brokers. Trading with high leverage allows higher profits, however, it equally increases the risk of sudden and excessive losses. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50.
Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Why You Should Avoid NixForex.com Forex Broker
First and foremost, NixForex.com has no financial authority overseeing its financial services. As far as we’re concerned, this is the one of the most ambiguous yet common remarks made by scammer entities, helping them become as vague as possible but yet retaining the illusion of being legit.
On a quick check, we searched the registers of the local watchdog – the Financial Conduct Authority (FCA), UK and it turned out that NixForex isn’t licensed and is operating against the law.
Further, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
NixForex Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Verdict:
NixForex FX located at NixForex.com claims to appear like a trustworthy trading broker, however, that cannot be ascertained. From indications, we would advise traders to steer clear from this broker as it likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
In case you found this information valuable, please share with us your experience in the comment section below.
Read earlier reviews on Innotrade-io , Forextimeprime brokers
