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Nexo-Group (Nexo-group.com) is another Crypto Currency and Forex scam to hit the lucrative trading world. NexoGroup is claiming to give users a more modern way to invest thanks to their intuitive platform. Nexo Group is calling on all investors to trade together with professional brokers found on this platform. All these could be true if only the platform was legit. Read this genuine and honest NEXO-GROUP Review for more details.
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Complaints have been coming in from all corners of the world from disgruntled members. Most of these complaints were about the failure to release funds on the side of the platform. Withdrawal is one of the biggest challenges facing online platforms. With such an illicit platform, no one should expect a real trading experience. Before we start exploring the platform, we need to know why investors fall for such scams. Empty claims and promises are the leading cause of victims falling for scams.
Professionals scam artists know for a fact that we all want to make a quick buck or two. They take advantage of this and offer over the moon claims and promises. Some of the tactics used include offering an insane welcome bonus to anyone who deposits with them. A trend has been emerging of scam artists offering 100% welcome bonus to anyone who signs up. By doing so, they trap investors into depositing more funds hoping to get an exact sum. And this is where we draw the line with NexoGroup.
Nexo-Group is claiming to be based in Berlin; this is according to details posted on their contact page. Apart from this detail, we don’t have much regarding the actual history of the company. Our company page does not provide details of how the platform came to being a licensed operator. As an investor, you would want to know whether a platform is having the right online reputation. Little details are posted in regards to the platform which raises more questions than answers.
Anonymity is another problem we face with this platform. Who are the founding members of this platform? Why can’t we get the actual names of people running this website? These are some of the red flags we noticed with Nexo Group. According to complaints we have seen, this could be another offshore based scam. Offshore brokers are notorious for posting fake credentials and using random company names. No company register in Europe has this platform registered with them.
How can the platform be licensed yet BaFIN does not license platforms which are anonymous? A search conducted by our investigation team shows no company is licensed under this name. We also reached out to other European regulatory bodies just to confirm their status. All the regulatory institutions we contacted have never licensed this platform. They include CONSOB, FCA, FSC, and others. With this as proof, it is clear Nexo-Group is not licensed to conduct any Forex trading services.
If the platform was dully licensed, why have they failed to post copies of their license certificates? You would expect the platform to be having some sort of documents to prove their authenticity. The disclaimer at the footer of their homepage does not show any license or registration number. And this is where we put the platform on the spot, why fail to do so? Scam artists fear being exposed and so, fail to reveal their actual license status. Feel free to check with your regulator and see whether the platform is licensed.
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No advantage can come out of trading with a platform with so many withdrawal complaints. Since the platform is not licensed, Nexo-Group is not insuring funds as dictated by law. What these scam artists are doing is tragic as more and more victims are falling for their trap. We hope exposing their dirty tricks will stop them on their tracks. Also, authorities are asked to step in and shut the website down.
Nexo-Group is furnishing users with three account types to choose from. Accounts are listed as Bronze, Silver, and NEXO. What we noticed odd with the accounts is the high minimum required deposit. Bronze account which is the basic account dictates users to deposit $1,000 to begin trading. The industry has set $250 to be the overall acceptable minimum trading deposit.
Nexo-Group is no different as they have been using bonuses to sidetrack investors. A welcome bonus is given to anyone who deposits over $50; this is according to their website. Remember they have quoted $1,000 as the minimum trading deposit. Why then would they claim to offer bonuses to people who deposit $50 and above? These are simply professional scam artists out to steal from unsuspecting investors.
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Another serious issue we found with Nexo-Group is having no demo account to test their platform. A demo account is used by smart investors to know how well a platform works. With a demo account, users get to know some of the advanced features a platform offers. How fast does the platform executes trades? These are some of the questions a demo account gives to users before opening a real account. Scam artists will want users to open accounts without testing how their platform works.
Customer support is an important factor to consider when signing up with a trading platform. Since this is an investment platform, you would expect communication channels to be open all the time. Sadly, the platform only uses email and phone numbers which are not reliable. Emails may take time to get response and their number is always busy. These are traits scam artists have since they don’t want to be contacted by authorities and victims. Stay away from any platform whose response time is not within a few minutes.
Segregation of accounts is another huge problem as Nexo-Group is pooling funds in one account. Members of this platform are depositing funds straight to owner’s personal bank account. Recovering funds from anonymous platforms is next to impossible. Ensure you use platforms which follow strict industry guidelines.
Ensure you stay away from this platform and sign up with legit and recommended platforms. Warn your family and friends from signing up with this illicit trading platform. No one should sign up with a platform whose withdrawal requests go unanswered. NexoGroup is planning to steal from anyone who deposits and also sell personal information. Woe unto you who is planning to open an account.
We will be adding this platform to our blacklist to ensure readers are aware of the dangers of NexoGroup.
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Wishing you the very best in your Forex trading experience.
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