Beware! Nimble Options 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.
Warning! Nimble Options is a pure scam! They claim to offer a 1000% rate of return per week with their starter account! The so-called Luxury Monthly Plan is said to bring 20 000% profit each month, which is totally ridiculous a promise! Such a return is merely impossible, and any broker that offers such insane profitability is nothing else but a pure scam. It’s easy to confirm that we are correct to claim so because a Canadian financial watchdog has already blacklisted Nimble Options. Find out which one in the full Nimble Options review.
Nimble Options REGULATION AND SAFETY OF FUNDS
Nimble Options lists a UK address and contact number, but they do not hold an FCA broker license, as expected. In their T&Cs, however, we found that the agreement between the broker and its customers is governed by the laws of St. Kitts and Nevis. Just like many other countries in the Caribbean Sea, it’s an offshore jurisdiction that does not regulate or otherwise controls the Forex brokers operating there. But the lack of regulation is a minor problem for Nimble Option compared to the warning that was issued against them in Canada and Europe. British Columbia Securities Commission– a watchdog in Canada that makes sure that the financial services companies operate abiding by the laws and CONSOB– the Italian financial authority both put Nimble Options in their warning lists! You can see the publication made by the Canadians at the end of this section.
Your funds are in danger if you make a deposit with Nimble Options because it’s an unlicensed, unauthorised and unregulated scam Forex broker that’s blacklisted on two continents!
The EU (mostly CySEC regulated) and the UK (FCA regulated) Forex brokers are considered to be the safest in the world, so we recommend them to the traders. It’s not about the trading conditions only, but because Europe managed to create a financial environment that’s predictable and secure for the traders. But most importantly, there are deposit insurance funds that protect the funds of the traders such as ICF in Cyprus and FSCS in the UK. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations. In Cyprus, you can claim up to 20 000 EUR, while in the UK you are guaranteed of even up to 85 000 GBP.
Nimble Options TRADING SOFTWARE
The trading platform that Nimble Options provides is web-based and untrustworthy, notwithstanding the bright outlook that they promise! It’s not in the Metatrader league that’s out of the question, but you should know that the web-based trading software the brokers develop by themselves is prone to fraud and price manipulation.
But it’s even worse because they offer only Cryptocurrency pairs to trade, which is a red flag itself. The Cryptos alone are prone to fraud and price manipulation, which makes us recommend that you should not only avoid but run away from Nimble Options and report immediately if they contact you.
Warning! There are no spreads, but only a single price of the pair! It’s yet another major red flag that we have to note! The spread is a fundamental factor, which constitutes the price that the trader has to pay to open a position. The lower spreads benefit the traders, improve the trading conditions and raise the profit potential.
No leverage level is known either! The account opened comes with a default ratio that the trader doesn’t know and cannot adjust it to his/her own preferences! The leverage is a powerful financial instrument that opens the market for everyone, allowing the traders to place a position by providing only a fraction of the sum that they intend to buy or sell. It amplifies the potential profits, but the risks involved increase proportionally. If misused, the leverage might utterly destroy the trader’s account very quickly indeed. As a customer protection measure, EU, UK and Australia (from spring 2021) capped the maximum allowed leverage ratio at 1:30; USA and Canada don’t allow higher levels than 1:50. Brokers offering higher levels might as well be a scam, so beware!
We recommend that the traders should choose regulated MetaTrader4 or MetaTrader5 brokers because MT is the most powerful Forex trading platform for free. It’s stable and reliable, also features sophisticated trading tools such as Expert Advisors, Algo trading and even its own marketplace.
Nimble Options DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Nimble Options is $100, which is said to bring 1000% profits by the end of the week, and that’s funny. We have to say it once again, such a return is impossible, it’s a scam! The deposit requirements are in line with the rest of the industry, though!
Nimble Options claims to offer 10+ funding methods, but Bitcoin is the only available that we can confirm. That’s yet another very red flag because the Crypto payments should be considered final and impossible to chargeback! So beware!
There is no information about minimum withdrawal restrictions, but a withdrawal itself is subject to $250 penalty fee because Nimble Options claims to pay the customers at specific dates. It’s a scam broker, however, so the traders shouldn’t expect money from Nimble Options!
Also, no information about dormant accounts and inactivity fees is available. The legit brokers usually charge the dormant accounts with 5 to 10 dollars inactivity fee per month at most.
Nimble Options grants 5% Referral Bonus meaning that it operates as an MLM scheme or a financial pyramid, as well. It’s a dodgy business creature that should be avoided at all cost!
HOW DOES THE SCAM WORK
Scammers introduce financial or investment opportunities which are too good to be true. Lucrative returns (we’ve seen 800% per day) with low or no risk at all, unbeatable trading conditions, trading robots and bots that always execute the winning trades. The scammers might also make a loud statement that they possess insider’s information and the profits you are going to make are guaranteed.
The scammer will promise you the moon and the stars only to gain your confidence, will persuade you to get involved and sooner or later will take advantage of you. Once you submit your personal details including ID, credit or debit cards, bank accounts or national insurance number, the risk becomes long-term. The scammers might not only refuse to make a withdrawal but might as well use your details to conduct criminal activities. They might dry up your bank account, might make deals on your behalf or you might even end up being an owner of a hugely indebted company. Beware!
Remember, always trust forex brokers that are legitimate and regulated by a financial authority such as CySEC or FCA.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. These will most likely ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!