Beware! Nittrex 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.
Nittrex seems like your regular shady brokerage that tries a little too much to conceal its true nature. The industry is full of these types of firms, and it does not seem like there is an end to them. This one here, Nittrex, is an alleged crypto broker, with a name taken straight from an action-packed movie. Will this broker blow our expectations, or is there nothing to be excited about? Read on for the answers.
The account creation process is nothing out of the ordinary, and in fact, is as basic as things can get. Before we get to a user area, Nittrex required us our credit card details and an initial deposit. We, of course, did not proceed this way. To our surprise, the broker redirected us to the trading software even without depositing or providing the real credit card details.
Through the platform, we learned that the broker lives up to its name as a crypto-only brokerage. There are no other assets to be named, and while the prospect of a crypto-only broker may seem opportunistic, we believe that Nittrex is not up to par with the industry standards. The best example we can give you to affirm this is the missing leverage value; neither the platform nor the website has an indication of it.
Speaking of the website, Nittrex’ one put in as much effort in it as a genuine broker puts into making its least important subpage. As a website, Nittrex gets the lowest score, because there is only a home page to make up the entire website, that is without including the short and uninformative Terms and Conditions. The entirety of the website is put together into a single page- the Home Page- from which one can gather only so much info. In this light, Nittrex has to be one of the most limited brokers out there.
The website cannot be changed from its English version.
NITTREX REGULATION AND SAFETY OF FUNDS
Because Nittrex is such a limited experience, we were not surprised to find out that there was just one source of information that would be of use in this section of the review- the footer.
There a whole pile of a mess is revealed. Nittrex is allegedly located in Belgium, yet there is mention of offices in the Czech Republic and Canada, as well as in the United States. It’s a small mess of false claims. We assure our readers that none of this is true. Fore one, the United Sates regulators cannot allow such a pesky broker to be regulated in the country.
All we have seen thus far makes us sure that Nittrex is UNLICENSED and a definite risk to all investments!
You might as well be throwing your money out the window if you invest in an unregulated broker. Before doing so, we urge all readers to check for a license. This is imperative! Usually, those that have an FCA and/or CySEC license are the ones for you, for these two regulators are best at what they do! These two watchdogs, alongside other overseers, include in their regulatory repertoire a long list of crucial requirements that all brokers must meet and must continue to abide by once they get licensed. What’s more is that the FCA and CySEC, as well as others, have included compensation funds. Thus all users of brokers under these agencies will be reimbursed, up to a point, should the brokers become insolvent.
NITTREX DEPOSIT/WITHDRAW METHODS AND FEES
As we saw in the intro of the review, the 0only way to deposit is through a credit card. The minimum requirement there was $250.
Withdrawal information is limited only to what the Terms and Conditions reveal. There we found out that the withdrawal request is processed in 24 hours. However, there is no mention of fees, and any limits on the withdrawal amount.
Overall, Nittrex is reduced to very little in terms of, well, everything. For a broker to be offering cryptocurrencies as its only asset there are certain industry principles that must be followed. Not only does Nittrex not abide by them but it also is unregulated. Therefore, there is absolutely nothing for investors here!
How does the scam work?
If you feel that something is not right, better stop doing what you are doing because you are probably being scammed!
The main scammer scheme is being used by most fake brokers out there! The only difference from broker to broker is noticeable in the approach, but the structure and idea remain ubiquitous.
The first step in this popular scam is the pop-up ads, or those annoying sidebar ads on certain websites, most notably social media ones. By means of these fake ads, the scammers lure in unsuspecting users to a form or a cover-website, where these same users are asked to give their names and contact information. If these are given away, and they mustn’t, the user will start receiving emails or getting contacted on the phone by representatives of the scam website asking you to deposit/invest an initial sum.
Should one deposit, he or she has fallen into the trap. Now he or she will start receiving calls from the pro scammer, or as they are referred to, the account managers. These people are good at what they do, and they are capable of charming anyone into depositing a second time. The cycle goes on for as long as the user keeps investing. Once a user gets suspicious, the broker usually cuts all communications with him/her by deleting the account or not replying to the client. Another popular method is stalling withdrawal requests.
What to do if scammed?
The very first move of the scammed ones should be to file for a chargeback. The good news is that VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the investment has been made through a bank transfer then there are two main things that the user can do to save his or her funds. Either immediately change both bank user name and password, or contact the bank and follow their instructions., What’s important is not to delay action!
NEVER invest in unregulated brokers through bitcoin or any other form of cryptocurrency. Payments made this way are almost all the time untraceable, and so once they are through they cannot be refunded!
Another very crucial piece of advice is to stay away from recovery agents, or similar “helpful” individuals or service providers. These are most of the time scammers that promise to get your money back in return for a piece of the pie. However, they require payment before the “recovery” is done. Once the payment goes through, they will disappear along with your money.