Nittrex review – 5 things you should know about nittrex.io

Nittrex review – 5 things you should know about nittrex.io

Beware! Nittrex is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

IG USForex.com

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.

Rich Snippet Data
Review Date
Reviewed Broker
Nittrex
Broker Rating
11stargraygraygraygray

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US5/5$50 Click for a special offerWebsite
USA5/5$250 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite

18 Comments

  1. I was taken by Nittrex – lost through money transfer. Is there anyway they can be legally forced to pay back funds?

    1. Thanks for you info I’m going to cut my losses nitric is the
      Aer of crypto brigs
      Chris

  2. today unable to login in, then website not reachable, now emails returned undeliverable.

    1. I believe I’ve been totally screwed over by this crew. I’m at a loss for what to do to try and recover 50% if even possible. Site shut down and with it the “account” and no replies from the guy who was replying. I put in 2 withdrawal requests and the following morning 0800 GMT the amount I requested for had bought more Crypto. The 2nd time my initial contact calls me after I had made the 2nd withdrawal request and I explained how I wanted to pull 75% and leave the remaining 25% in play. The amount in the account was about to hit everyone’s dream number…I’m positive that my withdrawal request is what caused a shutdown…take the money and run.

      1. So how much was the withdrawal request for?

  3. Same for Me , no website access.I reached them yesterday they said it was for maintenance ; Now no phone answer, emails undeliverable !!!

    How to get back my funds?

  4. They changed theird domain to nittrex.co

    No longer able to login, account probably deleted

  5. I came up with the same results after leaving my account alone over Christmas The Key to any hopes of recovery I believe is my account manager Jack Levy
    Chief Investment Officer
    BrokerCheck Profile
    CRD#: 2232224

    Nittrex Fund
    1-332-209-3894
    850 7th Ave.
    New York, NY 10019
    Jack Levy is registered with Finra as a broker since 1993 with long term employment at Merrill Lynch and Goldman Sachs before moving to Centerview Partners LLP in March 2016 Centerview is a registered broker and according to Jack Levy is the brokerage behind Nittrex Centerview regn no. is 133796 Jack is also listed as a registered broker in New York State. I called FINRA SeniorHelpLine which opened a case no. CAS2141054 Anyone else with a Nittrex account can always call and add to this case’s info. The case worker’s name is Richard and you can also email the help line at [email protected] My subsequent call to Centerview offices 212-380-2650 had immediate live receptionist response and although she did not have any information as to the status of Nittrex she acknowledged Jack Levy works there and transferred me to his extension. He did not answer and I left him a detailed message asking for a call back asap. that was around 11 am EST It is now 6.17 pm and no return call or email from Jack. On Monday I am following up with Centerville Finra and NYState broker registration for Jack Levy If Nittrex does not somehow resurface by Monday I think it may be wise to consult a securities fraud attorney with a view to a speedy court action with injunction against Jack Levy and Centerview Partners Jack certainly misrepresented his involvement in Nittrex and that of Centerview Partners of which I presume he is a partner. Those misrepresentations came in direct reply to my due diligence questions of Jack before making my initial investment by BTC transfer from at crypto account I had in Canada. I am Canadian with a residence in Florida as well as Canada.

    1. thank you for the info we will follow up with it tomorrow and call Centerview offices.

  6. In able to log in what to do got all kinds of money with them

  7. If anyone else has any info on the whereabouts of these people please post it here. I have been trying to obtain their IP address through email. We will be making a report here tomorrow as we are Canadian
    If you are in the US you can report to the FBI and local police as well.
    Let’s all be dilligent about this and do whatever we can and share info here.

  8. Hi, I’ve just found this company and trying to see what it is, they have contacted me and had two phone calls so far, gave them my id and tomorrow I’ll have another phone appointment with my account manager!
    They have deposited $300 to my account “as a gift!” that’s their min deposit.
    I wasn’t really sure about them so I thought before tomorrow’s phone call I’d google them & I’m glad I did.

    One thing that was really off was the phone call with this guy that was helping me set up a Crypto wallet (to deposit/withdraw money), there was a lot of noise in the background that I could not hear him. loud music, people laughing it was like a party going on in their so called office! and I told him several times, he just ignored! I found it very disrespectful and unprofessional.

    P.S. the account manager also gets 5% commission of your profit. I asked him How does it work, but he refused to provide more detail. said he doesn’t like to talk about it now.

    Thank you for sharing your experiences, I hope you guys can get your money back.

    1. I just got off the phone with a chick…said same thing..im goin recieve a call tomorow with broker..they want 5% of my 10% profit..so i only get 5%..lol…this is all greek to me…

    2. Is your account manager Thomas?

  9. if it helps anybody:

    US Support Department: 200 Vesey Street, Three World Financial Center, Battery Park City, New York City
    UK Support Department: Tower 42, 25 Old Broad St, Cornhill, London EC2N 1HN

    Contact Us: +1 3322 093 894 (US – CANADA Toll-Free)

    unfortunately I don’t know their address in Canada, they said it’s in Toronto!!

  10. Same happened with me – first it was Nittrex.io and then they changed to Nittrex.co – I have requested my money more than once without success. My account manager was Frank Goldberg – stay away from him. If there is anything to do to recuperate my money, please let me know. I am in Canada.

  11. Stay away from this scammers. First Mathijs Sauer called me, I deposit my money to Nittrex. After Freddie Spencer called me and asked more money. I told him I cannot give more than this. I also asked if I can withdraw my money whenever I want, so he said yess! Almost a week, I have been keeping sending emails and calling them. Freddi replied me and said he would inform. But nothing happened. When I call their number to speak with these guys, I was always told they would call me back!!!! They are scammers. DO NOT TRUST THIS COMPANY.

  12. A friend of mine has been scammed by them. They have moved their website from nittrex.io to https://nittrex.co They try to make you buy crypto currency on their platform or their new tactic: they tell you you can transfer your bitcoins to their platform so that you can buy alt-coins which you might not be able to buy in your current trading platform. They promise you that you will make way more money with alt-coins offered by their platform. But once you make the transfers, they do not let you withdraw anything. Do not send them money or coins. If they provide you with bitcoin wallet addresses; report their addresses. For bitcoin you can use this website to report the abuse: https://www.bitcoinabuse.com/reports/create
    Put their bitcoin address into Bitcoin Address field. Not your bitcoin address but theirs.
    From the abuse type select other and type scam into the other textbox

Leave a Reply

Your email address will not be published. Required fields are marked *