Beware! NordicTradeFX.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.
NordicTradeFX.com does not look good and this simple fact says so much about the broker. We can conclude, most crucially, that because of its sloppy looks NordicTradeFX.com is definitely not regulated nor up to par with modern standards. We won’t dig into the visuals because users can see them for themselves. The review will focus on more technical things. Read on.
And soon enough we encountered the worst possible issue a user can experience with a broker- a broken sign up page. Yes, NordicTradeFX.com is one of those… There seems to be no way to register for the reason of a broken necessary section on the website. Or some brokers tend to hide their account creation process and reveal them only to a chosen few. Whatever the case is with NordicTradeFX.com, the result is the same. We must take all the trading and payment information from the website. Note that nothing stands in the way of NordicTradeFX.com completely lying to users!
With that said, we learn from the website that the alleged trading instruments are forex currency pairs, indices, commodities, cryptocurrencies, and shares. The Bronze account type has a starting spread of 1 pip, although it does not say to what asset this relates to; we find on a subsection of the website that the EUR/USD spread is fixed at 2.5 pips which is not all that good. The leverage is capped at 1:500.
The company uses Google Translate as its provider of translation services. The usage of third party services in order to enhance one’s website is a sign of a lack of professionalism.
NORDICTRADEFX.COM REGULATION AND SAFETY OF FUNDS
The regulatory information revealed here is confusing and incredibly misleading. Let us explain.
The footer of the website reveals that the company is licensed by some of the most severe regulators in the world, namely CySEC, the FCA, and ASIC.
We went to each and every one of these regulators to check for a license held by NordicTradeFX.com, and found no such thing. NordicTradeFX.com has lied about it being licensed by these three respected authorities.
Moreover, the official contact address is in the UK suggesting an FCA license and a local registration. The former we know to be untrue, while the latter may very well be a fact, but without a license, NordicTradeFX.com’s UK, supposed, registration is a ticking bomb.
There are also no terms and conditions to be seen anywhere, and with that, we can say that the user is barely legally covered in case the broker does something to him or her.
And NordicTradeFX.com will definitely try because it is unregulated and a risk to all users and their money!
Any UK, EU, US, or Aussie-regulated broker is your best hope of getting back on the trail and avoiding scams. Investing, and even dealing with unregulated brokers is both a waste of time and money! Licensed brokers tend to the need of their users, and provide a safe and fair trading environment, accommodated with all the necessary tools to bring clients a superb trading experience. Not to mention that the FCA and CySEC, offer reimbursement schemes that see users getting covered for any losses should their broker fall into insolvency. The FCA guarantees up to £85 000, while CySEC guarantees up to €20 000 per person.
NORDICTRADEFX.COM TRADING SOFTWARE
The website reveals that is offers the MT4. Unfortunately, this is a lie. The broker does grant obstructed access to a web version of the MT5, but it does not seem to have anything to do with NordicTradeFX.com. The broker, it seems, has added this as false proof in order to back its lies. This MT5 does not belong to the company at hand, and it is useless here!
We can conclude that NordicTradeFX.com does not offer a trading software!
NORDICTRADEFX.COM DEPOSIT/WITHDRAWAL METHODS AND FEES
The website will be the only source of payment information. Note that the site may include misleading statements!
So, the website claims the minimum deposit to be €500, with the following payment methods: credit cards, debit cards, wire transfer, and crypto wallets.
The minimum withdrawal is €200, and it takes up to 5 days to process a request. The only payment method available to users when withdrawing is bank transfer. There are no mentions of fees.
NordicTradeFX.com is not regulated and a risk. It’s as simple as that!
HOW DOES THE SCAM WORK
The scam works very easily. Users are lured by online ads that promise unrealistic, and therefore unattainable things. Then they are redirected to the investment schemer website, and from then on the manipulation begins.
First, users will be asked to provide contact details so that the broker can directly contact them and ask them for payment. But this is not done directly; there are scripts upon scripts with psychological tricks and tactics that lead to users being charmed into investing.
These tricks range from all the imaginable to the impressive. What the main goal is to keep the user invested in the scam, and deposit at least once!
After a while, each user will feel the pressure and will want to withdraw. This is where the last line of defence of the fraudulent broker will deploy, cutting the user from his or her funds by means of shutting down the account, stalling clients, or simply shutting the website. The scammer will do everything not to let you withdraw!
WHAT TO DO IF SCAMMED
File for a chargeback with your credit or debit card provider. It’s the surest way to get your money back, although it is not set in stone. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to trace and are most like lost for good. Although, certain banks might have a special plan-of-action ready for scammed users, so be sure to check with your local bank for more info. It is also a good idea to change your bank account password and user name.
Crypto investments are lost for good. The only way to get them back is if the broker itself reimburses the money back.
Do not trust recovery agents that promise to return your lost money without ever giving any technical details. These are separate fraudsters that will ask a commission for the “service” and will alter disappear without a trace!