Beware! Thenine.Exchange 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.
Thenine.Exchange looks and feels exactly like a scammer broker. It’s even in the name: Thenine.Exchange is not a standard URL, meaning what? That it cannot be easily found, nor traced, and it probably uses this as a technique to appear out of nowhere and offer seemingly perfect trading grounds. It’s the same old story rehashed, but by a different set of people aiming at defrauding as many people as possible before moving away from this shady project, and on to the next one. The review that follows will unearth the truth about this company. Read on.
The first major setback was the inability to create an account which was caused by an error on the broker’s part. All of the links that should have lead to a registration page were utterly broken. There is no way to create an account, meaning that Thenine.Exchange completely fails as a broker. Although, there might be a hidden registration window saved for those users that are personally contacted by the firm; this si all part of the scammer scheme describe in the last sections of the review.
We have no other choice but to talk about the trading conditions that we see on the website. The leverage is maxed at 1:1000, and the Standard spread is 1.8 pips. The available trading instruments are categorized as follows: forex currency pairs, indices, spot indices, commodities, spot commodities, and cryptocurrencies. Remember that the trading conditions taken from the website might not be as accurate as one might think.
The website of the broker is available in English.
THENINE.EXCHANGE REGULATION AND SAFETY OF FUNDS
The center of all that this broker is made of is the following claim that the firm strictly sticks to: Thenine.Exchange is incorporated in Saint Vincent & the Grenadines as a licensed Business Company. However, we have no proof of this, not that it matter if it is true or not. Many businesses find it easy to incorporate themselves into this Caribbean nation because the legislative structure allows for easy integration. However, Saint Vincent and the Grenadines do not have an FX regulator, therefore all registered FX firms are technically unlicensed there.
Thenine.Exchange sticks to its guns and does not reveal anything else. It claims not to be regulated anywhere, and its offshore status is backed up by numerous claims throughout the website.
There are also no legal documents. Only the most fraudulent of brokerages don’t include these imperative provisions.
Thenine.Exchange is therefore unlicensed and a risk to all. The broker also presents itself as a scam, so don’t invest here!
Perhaps the most crucial move a user can make in the process of deciding what broker best suits her needs is to ascertain that the broker is regulated, properly, by a legitmate license issuer (there is a rise in fake regulators). Make sure your broker of choice is a UK, EU, US, or Aussie-licensed entity; there are other perfectly fine jurisdictions where a firm can be authorized, it’s just that these ones are the most developed in terms of providing the best possible trader security. Moreover, some specific regulators also allow for their regulated brokers to participate in compensation schemes which add a very sturdy extra layer of defense. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
THENINE.EXCHANGE TRADING SOFTWARE
There is actually an MT4 available for a change, making its presence the best part of the broker, although it cannot atone the company from its status as an unregulated broker.
The MT4 is the most popular trading software, although its successor is definitely slowly pushing it to the second spot. Yet, the MT4 will forever remain a superb terminal.
Unfortunately, we do not encourage users to use it here because of Thenine.Exchange is, whichever way you see it, a risk.
THENINE.EXCHANGE DEPOSIT/WITHDRAW METHODS AND FEES
According to the website, the minimum deposit is $10. The payment methods that the firm mentions are credit cards, wire transfers, local transfers, and a Bitcoin wallet.
The typical withdrawal processing time is around 5 days, and the broker has not revealed any withdrawal fees.
Please remember that the payment info is taken from the website of an unregulated broker, meaning that Thenine.Exchange is motivated to lie to users in order to craft a better name for itself.
Thenine.Exchange is, as we have said it before, a risk to all and probably a scam. All of your investments will be lost here. Do not waste your time with this one.
How Does The Scam Work
We can easily reverse-engineer the scammer process by looking at the whole thing as a series of contained events.
The first of these is falling for one of the thousands of online ads that lead to any number of fraudulent investment websites. The most obvious aspect of such ads is their ability to attract the eye gaze of users since they include glamorous content that we have all dreamed of owning.
Giving in to one of these ads will lead the user to one of two sources: either a so-called intermediary website or the scammer brokerage itself. The former works to introduce the latter, so the principle remains generally the same. The second step ensues once the user provides the crucial contact details that will be used by the firm to solicit funds. Because they are crucial to the scheming process, the broker will put a lot of input into this effort.
The third event is establishing grounds for communication, and a pivotal point for recruiting the user as a depositor. The first deposit is the hardest to sell, and that is why most scammer brokerages have dedicated internal departments whose only job is to entail a preliminary investment.
The fourth even is up to the retainers, or the expert scammers – account managers-, whose job is to keep the user invested as long as possible and to drain as much money out of her. Here is where many, unbeknownst to the user, psychological tricks are used by the scamming experts to really deplte funds from accounts.
The final step is containing the damages, or to put it in the lingo of the perps- to keep the stolen mon ey with minimal collateral damage. Here is where the scammers get cheap. Many will simply ignore the requests of withdrawals- or simply stall them-, or can shut down accounts and even entire websites for the purpose of keeping what they have stolen.
What To Do When Scammed
Fiel for a chargeback! It’s the surest way to get your money back, although not many scammer brokers allow for credit/debit card deposits. They are aware that users can file for a chargeback, and therefore condemn it by either not including cards payment gateways or by penalizing the client when she files for one. Note that, VISA and MasterCard have extended their cash-back period to 540 days.
A popular payment method is bank transfer, and here is where things get tricky. Users should contact the bank to help them out if they get scammed, but there is no real guarantee that the banking institution will be able to help them out. Moreover, change your bank account user name and password ASAP should you get defrauded.
Crypto payments are untraceable and are therefore non-refundable. For these reasons, crypto wallets are the favorite means for investing for scammers.
The last point to make concerns recovery agents whose promises will tempt many a victim. Agents or agencies promising some magical way to recover your stolen funds are separate fraudulent entities.