The NuxTrade Review Uncovers the Truth
What you are about to read is an all-encompassing review of NuxTrade. We are going to analyze everything from their regulation to the way they perform the scam. Be sure to read our NuxTrade Review for all the information about this scammer. So without further ado, let’s start.
|St. Vincent and the Grenadines (SVG)
Is NuxTrade Legit? Regulation and Safety of Funds
The short answer is NO, NuxTrade is unregulated and therefore not legitimate. But let’s explain. On their website, they have a badge that says they are SVG certified. However, don’t get fooled by this.
NuxTrade is certified by SVG, but although SVG does give out financial certification, it does NOT provide Forex trading licenses. This is because a bevy of scam brokers operate from SVG, and this Caribbean country decided they want no part of it.
What’s more, if you check the local Financial Services Authority (FSA) website, you will find no information about this broker at all, which is a huge red flag. The UK Financial Conduct Authority (FCA) even issued a warning against NuxTrade.
As far as your funds are concerned, it is best to avoid doing business with this shady brokerage. Since they are not regulated, they cannot guarantee your funds will be safe, which is a good enough reason to stay away from them.
Trading Platform Overview
When it comes to NuxTrade’s trading platform, we have to say it is quite poor. On their website, you can see that their main platform is a plain WebTrader.
WebTrader is far inferior software to the state-of-the-art platforms we have today, like MT4, MT5, and cTrader. It offers traders just simple charts and graphs, which are not that useful for serious traders.
This financial swindler also offers an iPhone, Android and Tablet trading app.
Account Type Offered
NuxTrade investors can choose between five accounts:
- Prelude Account – $500
- Growth Account – $5,000
- Expert Account – $25,000
- NuxTrade Ace Account – $100,000
- NuxTrade Zenith Account – $150,000
The first three accounts have fewer features than the latter two. With them, you have access to over 16,000 assets and receive trading tips, but your leverage and spreads differ from the type of account you choose. You also get a dedicated account manager with the Expert account.
Taking a look at the latter two, you receive higher leverage, risk management, private education sessions, and a cashback plan, among other things. And if you want to attend NuxTrade VIP events, the Zenith account is the only one that gives you that opportunity.
NuxTrade Funding Method
There is absolutely no information about the funding method, which is yet another red flag. You cannot find the Terms and Conditions section anywhere on their website, and the withdrawal policy is also missing.
However, from their Account section, we know that the minimum amount you have to deposit is $500. As far as we could tell, the only payment method this shady broker accepts is cryptocurrencies. This doesn’t come as a surprise since this way the scammers can remain anonymous.
How is the Fraud Orchestrated?
Frauds in the Forex trading world generally follow the same pattern. You sign up on a scammers website, giving your email and phone number in the process. The brokers then start calling you, trying to convince you to make the initial investment.
They do this in different ways, but the gist is that they make you an offer that sounds perfect, too perfect even, and this is how they catch most of their victims.
We cannot emphasize this enough – no broker will make you an offer that requires them to give something for free. So when you hear something that sounds too good to be true, just walk away.
If they lure you into their web, it will be extremely hard to get out of it with your money in your hands. When you request a withdrawal, the scammers will try to prolong this process, and if you don’t act quickly, you can lose your money forever.
We hope that you got some valuable information from our NuxTrade Review about this fraudster. But be careful!
NuxTrade is just one of many scammers in the forex trading world and you never know who is legit and who isn’t right off the bat. So do your due diligence, keep your eyes wide open and always be on the lookout for red flags. It just might save you from a financial disaster.
FAQs About NuxTrade Broker
What Can I Trade with a NuxTrade Broker?
NuxTrade gives its customers a lot of options for trading. You can trade Forex, Energies, Crypto, Metals, and Commodities.
What are the Available Methods of Withdrawal?
Sadly, there is no information regarding the methods of withdrawal on their website. This is a major red flag.
Is NuxTrade Broker Regulated?
NuxTrade is completely unregulated. What’s more, there is a public warning issued against them by the FCA.