NuxTrade presents itself as a CFD broker with a crypto focus, a characterization that immediately triggers concerns. The cryptocurrency market is regrettably rife with fraudulent entities, and most companies claiming to specialize in this asset class do little to inspire confidence. For a comprehensive understanding of its numerous shortcomings, read this complete NuxTrade review.
Website – https://nuxtrade.com/
Address – ST. VINCENT AND THE GRENADINES
Warning – Financial Conduct Authority (United Kingdom)
Regulation – Unregulated, Blacklisted
Domain Age –
| Domain Name | nuxtrade.com |
|---|---|
| Date Registered | August 17, 2022 |
| Domain Age | 1 year, 1 month, 23 days, 18 hours, 41 minutes, 22 seconds |
Is NuxTrade legit or a scam broker?
According to their statements, NuxTrade was founded in St. Vincent and the Grenadines. Nevertheless, there were no results found in the Financial Services Authority of St. Vincent and the Grenadines (SVG FSA) registration when we searched for this company. This implies that NuxTrade is misleading gullible investors with their claims.
Another red flag is that this broker does not disclose any more information on its regulatory status; reputable brokers always clearly exhibit their licenses and accreditation. Furthermore, NuxTrade has received a warning from the Financial Conduct Authority (FCA) for unauthorized financial services and products offered in the UK.
Essentially, there is no regulatory authority that oversees NuxTrade. It is extremely dangerous to entrust investors’ money to this broker because there are no legal safeguards in place to protect the money.
NuxTrade Review: Trading Assets
NuxTrade’s sole praiseworthy feature lies in its extensive array of trading assets, encompassing Forex, Indices, Commodities, Crypto, and Shares. Nevertheless, given that all these assets, and more, can be found with reputable brokers, we continue to grapple with endorsing this particular firm.
NuxTrade Review:Trading Platform
In addition to two mobile trading apps (Android & iOS) and a tablet trading app, NuxTrade provides a browser-based trading platform called WebTrader.
Comparing this web-based terminal to more sophisticated trading programs like cTrader, MT4, and MT5, which NuxTrade does not support, is insignificant.
Deposit and Withdrawal Methods
NuxTrade minimum deposit of $500 is just too high to ask for in the modern world. The majority of brokers easily set up microaccounts for a maximum of $10. A high entry barrier is perhaps also a sign of a hoax.
NuxTrade accepts only one type of payment, which is cryptocurrency. Transfers of digital assets cannot be reversed. They are incredibly anonymous as well. This makes them the go-to technique used by offshore companies to con their victims. NuxTrade exhibits the warning sign of a fraudulent broker once more.
Before you may access your cash, you could be required to meet a high trading volume requirement. There can be hefty withdrawal costs. Scammers demand that you give them between 10% and 20% of your desired exit amount.
NuxTrade Review: Trading Conditions
NuxTrade offers reasonably competitive spreads, comfortably below the commonly accepted maximum of 1 pip that brokers charge their clients today. Nevertheless, we must refrain from recommending this broker for trading.
Another disconcerting aspect of NuxTrade is the exceptionally high levels of leverage it provides. This follows the trend seen in many offshore brokers, offering excessively low margin requirements to all. For inexperienced traders, these leverage amounts pose a significant risk and can lead to substantial losses.
Customer Reviews and Complaints
Our concerns about the potential risks linked to this unregulated broker have been validated. Traders are expressing their discontent with NuxTrade and its deceptive practices.
Specifically, on several review websites, we came across a multitude of grievances against the broker. Recurring issues encompass withdrawal difficulties, funds disappearing, account freezes, poor communication, and more.
Conclusion
There’s no reason to panic if you’ve lost money through NuxTrade. The good news is that assistance is easily accessible. Our team is ready to help you through the entire fund recovery process. We are a committed group of people who help people recover lost funds online. To get a free consultation from our team of specialists, just fill out the complaint form on our website.
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