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By trying to claim to be regulated fraudulently, NFX.ae has a lot of investors fooled. Thanks to our keen eye, we will help expose this broker. Before you sign up with any online broker, it’s recommended that you do some due diligence. Finding out whether a broker is legit or not will save you the misery of losing funds. It’s what most members are facing with this ridiculous trading platform. Get to learn more in this detailed NFX.ae Review for more.
A better understanding of how the trading world works brings more clarity. The best and safest way to trade is to have a reliable and trusted broker by your side. Ensure you sign up with brokers who have what it takes to take your trading to the next level. Sign up with brokers that have years of experience and have proven their worth. It’s what separates successful investors from the pack. Your time to start a memorable trading experience starts with having the right broker.
As the domain name would suggest, this is a dark web trading platform. Judging from the website, we can tell that the people behind it don’t know anything about trading. It uses a dark theme which is a turn-off for trading websites.
To make the matter worse, the broker uses a shouting red color. Net Forex is the pseudonym that this broker is also going with. We have all the facts proving that this is probably a trading scam.
Once you start the signup process, you will have to send your verification documents. This is not something new, although NFX.ae is taking it to a whole new level. When verifying your account, the broker demands a copy of your ID and credit card number.
In all our years of trading, verification is sent by email or SMS with a code. We believe that the broker is harvesting banking information from investors who sign up.
There’s an IB program available for those interested in helping the broker scam investors. We know that the broker doesn’t pay any commissions for it. Once you become their partner, you are also an accessory to online fraud.
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Most affiliate marketers have shunned the broker claiming harassment from clients. Victims have been venting their anger on these marketers for directing them to a scam.
According to their markets page, the broker claims to offer seven precious trading assets. These include crypto, energies, forex, indices, precious metals, shares, and soft commodities. The maximum leverage for these assets is set at 1:500, which is another reason to stay away.
In most jurisdictions, the regulators have capped leverage to levels below 1:100. In American maximum leverage is set at 1:50. European regulators set the maximum leverage at 1:30.
Another reason we doubt the legitimacy of this broker is their welcome bonus. Members get a 100 percent bonus on all deposits. The industry regulators are against these bonuses, and with good reason.
Investors might flock to the broker knowing that they will double their deposit amount. Just know that the bonus will later be used to leverage members into depositing more funds. It’s a scare tactic meant to keep investors as slaves of the platform.
Records from domain checker tools reveal that the platform is two years old. The exact date the platform went into existence has been redacted. We do know the name of the registrant, Satish Mostra.
These scam artists are using the name of a well-known forex trading advisor. The real Satish Mostra owns NEXT Technology. He is also the owner of NFX, which these scam artists have cloned.
Fund management is a lucrative market, especially for corporates and joint account holders. The broker claims to offer users the software to help them build a perfect trading portfolio. All you have to do is use their HUBx software, which also comes at an extra cost.
Satish Mostra’s NFX website is known as NextFX, and these scam artists have coined it to Net forex. There are no fund management services, and it’s a trap to deposit large sums of money into the scammer’s account.
NFX.ae furnished members with five accounts. These accounts include standard, premium, prime, professional, and custom account. The minimum deposit for the standard account is $100. It’s a strategy these scam artists are using to scam naïve and newbie investors.
Instead of having the recommended industry amount of $250, they use $100. This way, they will have more clients to sign up.
Another statement to doubt is their client testimonial which shows users profiting from the platform. These offshore brokers will use every trick in the book to create an illusion of a profitable website. These are likely paid reviews meant to fool investors into signing up. I don’t believe anything on this platform, as it’s a clone.
With their claim of being tech-savvy, they forgot to add a live chat option. You only get to email them or call them. From the word go, we can see that the broker wants to control the communication channel. The broker wants to shift the communication from their website to other options.
You can even try to Skype with them, but no one responds to our calls. Please refrain from interacting with the broker as they want to scam investors.
The broker claims to offer instant deposits and fast withdrawals with no commissions. Depository options on their list include Bitcoin, MasterCard, Neteller, Skrill, and more. Avoid sending any funds as this is a clone website.
We believe that the brokers will transfer the funds to their personal bank accounts. No member has made any withdrawals. It’s a sign that withdrawing is next to impossible.
Although the broker offers an MT5 trading platform, it’s no use. With the platform being a clone, there’s no way you will withdraw funds. The broker also fraudulently uses high leverage to fool users. Their custom account type comes with a leverage of 1:1000 and 1:2000.
These are high leverage with a high loss risk. The discrepancies on the entire page make us shiver as this is a scary website.
NFX.ae is an unregulated entity that has no business offering trading services. With the contact details having a UK phone number, we did a thorough check using the FCA’s register. There’s no broker licensed under their name, which makes our statement clear.
This is a ridiculous trading platform that does not protect the interest of members. We hope the FCA will act soon and issue a warning regarding this broker.
Funds’ safety is out of the question, especially that this is a cloned website. The broker does not follow strict regulatory rules such as the segregation of accounts. .
Most scam artists use offshore bank accounts, which protect their privacy.
NFX.ae is a clone website trying to mimic an industry advisor’s legit website. Please stay away.
There’s no way we will ever recommend using cloned websites. Kindly refrain from interacting with the website.
The best option for investors is using experts who enjoy the backing of the trading community. This is your chance to enjoy trading with the help of experts.
We wish everyone a happy and prosperous trading experience.
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