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Noor FX (Noorfx.com) is another fully managed account service provider with sketchy details. The platform has no prior trading experience and is off to a negative start with hundreds of complaints. They claim to be regulated by the Dubai UALQ investment authority. After a search for search a regulatory body, we found out it doesn’t exist. Abu Dhabi Investment Authority is the primary regulator of financial institutions in Dubai. And this is one of the most significant flaws we found with NoorFX.
They claim that their team is founded on core principles such as low risks to investors. This is not the case as investors are up in arms over what they term as an unfair practice. After landing on their homepage, it is easy to see why an investor would believe the platform. They have created a professional-looking website that easily entices the eye. Before signing up for a managed account, it is best to read this detailed Noor FX Review. The review will help reveal the traps set by these online scam artists.
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From what we can gather, the platform claims to have their main office in Dubai. They also claim to have other offices in Hong Kong and Malta. It is not the case as the platform is hiring a virtual office provider. These providers will give them a local business address to help fool investors. It is what we are afraid of since the platform is not in any of the three locations. These are most likely offshore scam artists who want to target wealthy investors in the Middle East.
The main assets that the platform claims to manage and trade include currencies, gold, and silver. They also claim to be in the Crypto trading world and can manage Crypto trading assets. Digital currency is another lucrative market that scam artists are targeting. Investors should be wary of online websites that use false regulatory details. Other assets that the platform claims to have since 2017 is CBD/Cannabis. Platinum is another metal that they claim to have introduced in 2014.
With all the rant of this platform being a professional led website, there are a lot of loopholes. They fail to give readers any names of the founding members. If these were real trading professionals, they would have given us their names. Once a platform provides the founder’s name, it makes it easy to track them down for comment. Transparency is also shown by sites that openly reveal their chain of command. It looks like this website is anonymous, which is a bad sign for investors.
The comments from users are not favorable as most are unhappy with what transpired. Most of them deposited funds and could not make withdrawal even after weeks of trying. The platform has decided to shut down all avenues when it comes to withdrawing funds. And these members have turned to authorities and trading platforms to vent their anger. Such a sad turn of events is proof we are dealing with a rogue trading platform. It is best to stay away since there is no positive comment regarding the website.
From our search, we uncovered that the website is over 11 years old. This is the amount of time that the platform has scammed investors. They started off offering legit services but started blocking withdrawals when clients began trickling in. It is what a professional-looking website does to stay for long. Offer legit services to the first few members so that they can go round praising the platform. After the first clients build trust, the next batch of clients will start getting lousy services.
The platform guarantees monthly returns of 2 percent and 5 percent. And this is another feature that makes it a scam. Giving users a guarantee is one of the biggest lies a platform can use. The market is volatile, and prices change without any warning. It is why making such a bold statement is not recommended. There is no expert or professional robot that can make monthly profit guarantees. It is not possible as the market prices change due to unforeseen circumstances such as politics.
Noor FX is NOT LICENSED OR REGISTERED to offer any trading services to investors. They fail to give users legit papers or copies of them. The regulatory body that they claim issued them with a license is nonexistence. They have come up with their own regulatory body, which is proof of their inefficiency. A legit platform will post copies of their license documents for all to see. The clients will be able to match the license number with that on the regulator’s license page.
Most of the regulators in Europe are already issuing a warning in regards to this platform. They are afraid that some of their members will fall victim to this scam. What seems to be a professional-looking website is nothing but a well-designed scam. Regulators in the Middle East are also warning all investors of the risks involved. It Is why trading with such a platform is a huge problem. No one should be able to steal from naïve clients and get away. The website should be brought down.
Noor FX is offering users five account types depending on the assets available. These accounts come as Gold, Gold Plus, Platinum, Digital Currency, and CBD/Cannabis. They do not give the depository amount required with each of the accounts. All they do is provide a list of their performance since 2013. The problem with this is that the platform is 11 years old. Why have they failed to give their performance before 2013? These are some of the scam features that naïve investors fail to spot.
Making contact with such a platform is not recommended in the first place. They have issued members with a phone number at the bottom of their homepage. What is clear is that the number is ever busy. Once your call gets picked, you will be directed to a broker who is not under their wing. And this makes it an affiliate marketing website. Their contact page only has a messaging platform, no email address.
They claim that their top strategy can earn users an estimated 259.23 percent in growth. The Gold account is the only account with a depository requirement of $10,000. For a platform with no positive feedback and proof of concept, this is way too much. The other problem is that the platform is unable to offer any realistic profit margins. They lack the credibility of coming out with proof of any member withdrawing. And this is what makes trading with such a platform a risky move.
The security of funds is not guaranteed by a broker who is not liable for any mistakes. They have no valid trading license, which means they are not compliant. Any deposits made to the platform do not get insurance cover. And this is why we believe that this is another rotten scam. Investors should stay away from the platform and ensure no one else falls for their trap. Without insurance cover, these owners may decide to hold your deposit until kingdom come. It is why this platform is considered a scam.
Noor FX is a scam that must be stopped by any means necessary. They have been in the industry for over 11 years and fail to have a credible license. Majority of investors who deposited since 2013 are distraught lot. Stay away from the platform or else become another of their victim.
By adding the platform to our scam blacklist, we will be protecting our esteemed readers.
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