Beware! FXNobels is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Is FXNobels scam or legit forex broker? Read the complete review before opening an account with fxnobels.io
FXNobels is a forex and CFD broker, which has been blacklisted by several regulators in Europe, including the Italian Commissione Nazionale per le Società e la Borsa (Consob) and the Comisión Nacional del Mercado de Valores (CNMV) in Spain. The broker is also associated with another brand FX Nobel, which is also included in the warning list of the authorities in Spain and Italy.
Otherwise FXNobels offers six account types with a leverage of up to 500:1 and a choice between a web based trading platform and the Meta Trader4 platform.
FXNobels Review regulation & safety of funds
Although FXNobels has a contact address in Malta, the broker appears to be owned and operated by a company based in Bulgaria – Cohen Group LTD. Neither the company nor the broker however, appears to be licensed by an official financial authority and that is one of the reasons why they have been blacklisted by Consob and CNMV.
Take a note that all brokers targeting customers on regulated markets like the European Union should be authorized and licensed by an official financial regulator in Europe, such as the Financial Conduct Authority (FCA) in the UK or the Cyprus Securities and Exchange Commission (CySEC).
Among other benefits, dealing with a properly authorized broker gives you additional security because of the insurance covering your funds. For example, if you are trading with a CySEC broker your funds will be guaranteed up to 20 000 EUR even if your broker files for bankruptcy. Similarly if you trade with a FCA broker the insurance will cover 50 000 GBP of your funds.
FXNobels Review deposit/withdrawal methods and fees
All withdrawals with FXNobels are subject to withdrawal processing and handling fees. Those include 50 USD for bank wire transfers and 25 USD with all other methods plus an additional 10 USD processing fee. Also, if FXNobels decides to investigate your account for any reason, you will be allowed to withdraw only 10% of your capital on a monthly basis.
On top of that, if you tray to withdraw anything before you have reached a minimum trade volume of at least 200 standard lots or 20 million USD, you will have to pay an additional 10% levy on the amount you want to withdraw.
Bear in mind that most legit brokers does not have such fees and conditions.
Apart from that the minimum withdraw amount with a wire transfer is set at 250 USD, while with all other payment methods – at 100 USD.
Finally, be aware that FXNobels my offer you trading bonuses. If you accept such a bonus you will have to trade at least 25 times each dollar you have received as a bonus before you will be allowed to withdraw.
All of that combined with fact that FXNobels reserves the right to amend its Terms and Conditions any time and at its sole discretion means that they will be able to cancel any withdraw request, no matter if you have reached a certain trade volume or not.
FXNobels accepts payments with MasterCard, VISA, Bitcoins and wire transfer, as well as e-wallets, without bothering to specify exactly which. The minimum deposit requirement is 1000 USD, which is also unacceptably high.
How does the scam work?
Scam techniques have evolved in the past few years and now more and more often involve social media channels like Instagram, Facebook and the Internet in general. If you happen to open one of the so called robo scam web sites like CryptoContractsApp or Crypto Revolt for example, you will be greeted with some irresistible offer for fast and easy returns in exchange of a tiny investment – of course completely risk free. And all you will be asked in the beginning will be your e-mail and phone.
Now, if you do register, you will be immediately transferred to the web page of unregulated scam broker where you will be invited to open a trading account with about 250 USD. And your firs trades will be surprisingly successful and soon your balance will almost double. That however will be a plane manipulation – scammers simply want to make sure, that you will get hooked and will invest a more substantial sum.
That is when you will start receiving phone calls as well. It will be your “senior account manager”, who will explain you with confidence, that if you want to make some real cash you will definitely have to invest more – like at least 10 000 USD.
Believe it or not, but at that moment most people do invest such capital, without realizing they have been scammed until the very moment they request to withdraw some of their funds. Than all of a sudden it turns out they do not have right to withdraw, because they have not met some minimum trade volume requirement, possibly linked to the welcoming bonus they have accepted in the first place. Certainly it could be something else, but in the end it always leads to the same – all of your withdraw requests will be canceled, your positions will suddenly turn red and pretty soon your account will be depleted.
What to do if scammed?
Among the few meaningful options you will have in case you have been scammed, is to file for a charge back with your credit card company. The good news is that both MasterCard and VISA recently extended the period in which you will be allowed to do that to 540 days. The bad news is that if scammers have tricked you to send them copies of your ID and a prove of address – your latest electricity bill for example – your chances to get your deposit back will be smaller.
Also scammers might have tried to get to your personal banking details like credit card number or online banking password. If by any chance you have reviled such information, be sure to immediately cancel your credit card and change your banking password.
Finally, do not trust the offers of the so called recovery agencies. Those people will not recover your money, but will simply make you pay them some cash in advance and basically that will be the end of the story.