Nolxweb Review: All About the Nolxweb.Com Broker
Nolxweb Review, It doesn’t take a rocket scientist to recognize when something is terribly wrong with a broker’s website. That is exactly the case with Nolxweb, where we immediately found legal documentation to be missing.
In short, it means that the company doesn’t provide any proof of its regulatory status. They also do not have clear policies on withdrawals, deposits, pricing, and other crucial aspects of trading.
While Nolxweb claims to have two licenses – ASIC and VFSC, in reality, they don’t, and we will explain why it is so further in this Nolxweb review. Luckily for all retail traders out there, the Nolxweb site currently seems to be out of function. Too bad if you’ve already invested here, as chances for you reclaiming your investment are next to zero.
|Leverage||Up to 1:500|
Should You Trust Nolxweb? Regulation and Security
The shortest and most accurate answer to that question is no, you can’t trust Nolxweb. How so? Keep reading this review and we will show you.
What seemed most suspicious right off the bat was the claim about having two licenses, one from ASIC and the other from VFSC. Although Vanuatu is an offshore zone, some global brokerages have acquired this license in order to be able to offer their services to an international clientele.
ASIC on the other hand, the leading financial watchdog in Australia, has an exactly defined set of rules brokers have to abide by if they wish to be rewarded an ASIC license.
In Australia, every single broker has to be able to invest at least 1 000 000 AUD in their business. After they’ve proven to be a stable firm with responsible and competent leadership, they have to meet the ASIC security standards. The major one is storing clients’ deposits in segregated bank accounts, which are separated from the company’s capital.
While Nolxweb dares to offer leverage of 1:500, which is absurd in the eyes of the Australian financial authority. That’s one proof of this shady broker representing nothing more than a monkey business. The other is the evident lack of transparency, especially considering the company data and transactions.
Reviewing the databases of regulated brokers that ASIC and VFSC keep, gave us no results for a broker called Nolxweb. Since Nolxweb gives a US address, we also went to see if they appear in the official members list at NFA. Guess what? They do not!
Shady, lying, and non-transparent, this offshore company displays concerning signs of being a definite scam.
Trading Platform Available at Nolxweb
Before we could make any move and test the alleged world-class software at Nolxweb, we had to verify our account. Somewhere along the way, we got stuck in the process and the system wouldn’t let us proceed. A demo account is not an available account type at Nolxweb. So our only choice was to attempt to open a real-time trading account, but that also ended as a failure.
Based on our user experience at Nolxweb, we have nothing to say about their trading terminal. If we were at least given a chance to try it out, we’d be able to confirm that Nolxweb at least has a trading terminal. This way, the broker may as well be offering completely fictitious software. It would be the same for us, as we could not preview it.
Nolxweb Account Types
Nolxweb likes to advertise itself as a broker that combines a transparent trading environment with the best pricing. After reviewing their offer of account types, we were sure this was yet another lie among the others. See the absurd pricing and it will all become clear to you too:
- Basic Pack – $500
- Silver Pack – $2,600
- Gold Pack – $6,000
- Diamond Pack – $10,000
- Platinum Pack – $21,000
- Ultimate Pack – $60,000
Even the Basic Pack costs $500, which is double the expected amount with most brokers. If you keep reading our Nolxweb review we’ll give you some credible recommendations that demand far lower deposits for live trading accounts. Their conditions are realistic while the Nolxweb offer is hardly believable with the promises of huge profit and guaranteed returns.
The Nolxweb Deposit and Withdrawal Method
Nolxweb makes several claims on the site where they state to provide about a dozen depositing channels. Without being able to use our live trading account, we couldn’t figure out what those funding methods were.
Naturally, we’d be able to dig out that information from the legal docs and policies, which are unsurprisingly missing from this website. All in all, Nolxweb keeps you completely oblivious to the transaction policies, monetary procedures, and possible fees. All in order to be able to choose their conditions as they, please.
How Is The Fraud Carried Out?
If you could see the Nolxweb site right now after you’ve read our review, the scam signs would be painfully obvious. Starting from shallow company contact info, no legal docs lies about regulation, pricey accounts, and an evasive platform.
How Nolxweb tends to entrap their unwary victims with bonuses and promises of fast money. The reason why you should avoid these supposed benefits is the notorious fees and trading volume requirements that come along.
Nolxweb didn’t bother publishing a bonuses policy, which regulates how the broker handles this service. Thanks to that Nolxweb could change the pricing, fees and turnover demanded out of the blue and without notifying you. All this makes it possible for Nolxweb to reject your refund applications and prevent you from retracting your investment.
In a desperate race to catch a trader’s attention, Nolxweb tries to stand out with their offer. However, comparing them with other scam brokers we review on a daily basis, they have nothing unique about their faulty websites. The entire offer and all their products are fake and basically, a dream put on sale but with a ridiculous price tag.
We wholeheartedly advise you to refer to some popular brokerages that have licenses and permits necessary to be in the broker business. They do not have to be from our recommendations but trust us we have a good reason to choose them among many others. Good offers with even better pricing and highly dedicated customer support make these companies global brokerage powerhouses.
FAQs About Nolxweb Broker
Is Nolxweb Broker Authorized?
No, this company doesn’t have authorization from any financial entity to conduct the brokerage business, which we have proved by comparing the regulatory standards and checking the registers of regulated brokers.
What Kinds of Assets Can I Trade with Nolxweb Broker?
Traders are supposedly able to trade Currency pairs, Commodities, Indices, Shares and Futures, but since we didn’t get permission to preview the platform we cannot confirm this.
What are the Nolxweb Available Methods of Withdrawal?
This broker doesn’t disclose their funding methods and there are no deposit and withdrawal policies available on their website.