Beware! Nimble Markets is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Nimble Markets says to offer a variety of trading instruments, including over 60 forex pairs and plenty of CFDs on indices and precious metals, with leverage as high as 500:1, a choice of six account types and the MetaTrader5 platform. And the broker says to be comfortably situated in central London and to operate an office in neighboring France as well.
As it turned out however, the Nimble Markets website is not only not regulated, but also it is virtually anonymous, so be sure to read the following paragraphs before depositing any funds with them.
Nimble Markets regulation & safety of funds
Our main issue with Nimble Markets is the fact that their website is virtually anonymous. We are not told for example the name of the company that operates them, nor we are given any other corporate details, including any information abut their regulatory status.
It is true that they display some incomplete address in the UK (the address is without a postal code), and that is why we decided to check the registers of the local Financial Conduct Authority (FCA), because any financial company operating on British soil should be properly licensed and authorized by FCA.
Unfortunately nowhere in the FCA registers were we able to find any trace of Nimble Markets. So basically what we have here is a unregulated, virtually anonymous website, which most probably is involved in scam.
Bear in mind that proper regulation is the single most important factor for the safety of your funds. And that is why our general advise in such cases is to trade only with brokers, licensed and authorized by an official financial watchdogs such as the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC).
Nimble Markets deposit/withdrawal methods and fees
When we proceeded with our registration it turned out Nimble Markets accepts payments only with bitcoins – a payment method that is once again virtually anonymous and totally irreversible.
Most legit and properly regulated brokers on the other hand accept payments with major credit and debit cards like VISA and MasterCard, with which you can file for a charge back within 540 days in case you feel you have been cheated.
And legit brokers also accept payments with Skrill, formerly known as Moneybookers, and presently by far the most popular e-wallet on the market. The interesting moment about Skrill, however, is their new anti scam policy, according which they partner only with legit and properly regulated brokers. But as we already established, not only Nimble Markets does not have a legit forex license, but also their website is virtually anonymous.
Otherwise the minimum deposit requirement is just 10 USD, which is in line with the best practices on the market.
How does the scam work?
Call centers, aggressive marketing techniques, and expensive looking ads all over the social channels – scammers run elaborate networks to trap gullible investors. And they also use the so called robo scam websites like Bitcoin Revival and Bitcoin Profit – which are basically build around some promotional video, telling you a rather convincing story of how you can get fabulously rich by just joining some innovative trading platform or app, that is supposed to trade by it self and multiply your funds within days. Of course you will be assured that there is absolutely no risk, and that you just have to register and leave your e-mail and phone. Now, if you do that, in a second you will be redirected to the homepage of a unregulated, offshore, scam broker, where finally you will have to deposit about 250 USD.
Of course, scammers will be doing anything to make you deposit more, so do not be surprised by how successful your initial trades will be – your account will simply be manipulated, as this is just a part of the scam.
Also, you will surely be getting lots of phone calls – it will be your “senior account manager”, who basically will be trying to convince you exactly this – if you really want to make some real cash, you surely have to invest more – like at least 10 000 USD.
And many people do invest that kind of money without realizing they have been scammed right until the day they file a request to withdraw some of their funds. Than all of a sudden it turns out withdraws are not possible, because of some minimum trade volume requirement, most probably linked to a trading bonus. The pretext might certainly be different, but you can be sure that all of your withdraw requests will invariably be canceled.
What to do if scammed?
Among the few options you will have, in the unfortunate event you have been scammed, is to file for a charge back with your credit card company. That will be possible, of course, only if you have paid with VISA or MasterCard as both companies now allow their clients to request a charge back within 540 days.
And be aware that scammers might use any information that you have provided them to steal even more cash directly form your bank account. For example, if for some reason you have told them your personal banking details like your credit card number and online banking password, immediately change the password and block your credit card.
And one final note – do not trust the so called recovery agencies. Those people will not help you in any way, but simply will charge you some fees in advance, leaving you with even less cash.