Beware! NoorForexTrading.com 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! Unregulated Copy Trading provider ahead! In fact, the products and services they offer are of inferior quality, which will surely keep most of the people away, but we feel the urge to warn the traders about the hazards they might encounter. NoorForexTrading.com offers monthly gains of 40% on average and it instantly set off the alarm bells! Find out the rest of the details that you need to know about this dubious entity in the full NoorForexTrading.com review.
NoorForexTrading.com REGULATION AND SAFETY OF FUNDS
NoorForexTrading.com is a Nigerian copy trading provider that also offer other “Investment Opportunities”, as they call it. Nigeria is known not to regulate the Forex brokers and similar to them financial service companies that operate there. It’s one of the many places where the financial regulator doesn’t even care to take customer protection measures, so we cannot recommend NoorForexTrading.com.
Your funds are not safe if you make a deposit with NoorForexTrading.com because it’s an unlicensed, unauthorised and unregulated entity which cannot guarantee the safety of the traders’ funds.
Our advice is to avoid shady entities and pick legit EU(mostly CySEC regulated), or UK(FCA regulated) brokers because Europe created the safest financial environment for the traders’ funds and not surprisingly accommodate the leaders in the retail FX industry. Most importantly, money protection schemes were developed in Europe, such as ICF in Cyprus and FSCS in the UK, which is laid out to guarantee the deposits made by traders and investors. Under CySEC(Cyprus) supervision, you can claim up to 20 000 EUR per client in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar insurance funds, which are considered to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
NoorForexTrading.com TRADING SOFTWARE
NoorForexTrading.com is a copy trading provider, but they do not maintain their own platform, unlike the regulated companies offering similar services. NoorForexTrading.com wants from the trader to open MT4 account and later subscribe to their services by choosing one of their plans. So far, so good, but they promise monthly grow that’s unrealistic- starting from 20%, and that makes them a shonky enterprise to run away from.
The two fundamental elements in trading- spreads and leverage do not apply in this case. Still, we will outline what’s essential for the traders. The spread is the difference between the Buy and Sell quotes, and it forms part or all of the trading costs for the clients. The lower spreads make trading affordable and substantially increase the profit potential. You should trade with brokers that offer tiny spreads, but the company you choose should be regulated one, and the word regulated must be remembered.
The leverage, on the other side, is a powerful financial tool that makes the retail trading possible because it allows the traders to open a position by providing only a fraction of the sum placed on the market. It comes at a cost, though, because the risk of loss increases proportionally. A leverage ratio of 1:500 is dangerous for the funds of the traders because a small move in the wrong direction might trigger a margin call accompanied by losses that are difficult to recover. EU, UK and Australia (coming in effect from the spring of 2021) forced a leverage cap of 1:30 as a customer protection measure, disallowing the regulated Forex brokers to offer higher levels to the traders. USA and Canada agreed 1:50 to be the maximum ratio available. There is a handful of other jurisdictions that provide increased leverage, but other customer protection measures are making it impossible for scammers to exist. Switzerland, as an example, hasn’t imposed a leverage cap, but minimum capital requirements of 20 million Swiss Francs apply, which certainly keeps the scammers away.
We recommend that the traders should avoid fishy brokers, signal sellers and copy trading providers and focus on the legit MetaTrader4 and MetaTrader5 Forex broker because MT is the best retail FX platform for the traders. It’s stable, reliable and easy to use, but also comes with sophisticated trading tools that one can hardly find anywhere else for free. The list includes Expert Advisors, Automated trading, Complex Indicators, Strategy Tester, its own programming language- MQL and even a marketplace where the traders can buy or use for free third-party-developed solutions.
NoorForexTrading.com DEPOSIT/WITHDRAW METHODS AND FEES
Warning! NoorForexTrading.com doesn’t even present T&Cs or User Agreement to the customers, and that makes their products and services illegal, which ultimately means that you should avoid NoorForexTrading.com at all cost!
The minimum deposit is said to be $100 with their Marnush plan. The funding methods are not listed, which instantly raise the next red flag. The only way you can find out something about it is if you contact them. We do not rule out it’s possible that they might want from the traders to make deposits over the phone, which might be a bothersome security issue!
Also, there is no information about minimum withdrawal amount restrictions to apply. They claim that there are monthly profits guaranteed but do not specify what the withdrawal conditions are and it’s yet another warning sign we have to note.
NoorForexTrading.com charge way too many fees! There is a One-time Setup Fee of minimum $50, a monthly service fee that varies- $35 to $450 and some VPS monthly Fee- $15-$150. It turns out that their service is quite expensive, while at the same time the quality of it being truly amateur-ish! There are way too many regulated Forex brokers nowadays that offer similar services for free or with a tiny commission applied.
Inactivity fees do not apply. No bonuses or other trading incentives are also unavailable. Just a quick note- the bonuses offered by the Forex brokers are not free money but a leverage tool instead that further increases the risks, which benefits the broker, not the traders. Brokers offering should also be avoided!
HOW DOES THE SCAM WORK
The scammers will introduce unbeatable trading conditions and will promise guaranteed no-risk profits to the people. At the same time, they will include many scam clauses in the Terms and Conditions, the Client Agreement or the Disclaimer, which is considered the contract between the two parties. These clauses will include unbearable fees, very high deposit/withdrawal conditions, trading restrictions and so on. The scammers will rely on the fact that many people do not read these legal documents. If the trader is not familiar with all of these unfair conditions, he or she might easily decide to start investing lured by the pledges and the unrealistic expectations. The scammers are aggressive and bothersome, trying to make the people deposit as quickly as possible. They will approach the traders in social media, through e-mails or over the phone, and might not give up even for months!
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!