Beware! NexosPro 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.
NexosPro is a textbook scam broker – unlicensed, based in an offshore location, offering devious bonuses, and reluctant to accept new clients. We believe that this is a terrible investment choice – which is why we urge you to read the following review and inform yourself about the way such scams function.
NexosPro REGULATION AND SAFETY OF FUNDS
NexosPro claimed to be based in the UK at first:
However, we could not find any record of such a broker being licensed in the UK – when we checked the FCA database, we got zero matches:
However, it soon turned out that the company behind the broker is based in a different country altogether – in St. Vincent and the Grenadines.
The reason why so many scam brokers prefer to register companies in St. Vincent and the Grenadines is that the local financial regulator does not deal with forex brokers which means that locally regulated companies are not obligated to meet any sort of requirements and are not under any supervision when conducting business.
If you choose to work with an unlicensed broker, you would not be able to get access to the countless protections you would be able to benefit from as a client of a legitimate UK broker. UK brokers are generally a sound choice since they answer to a merciless regulator that expects them to abide by all laws and conduct business in a fair and transparent manner. UK brokers have to maintain a minimum operational capital of €730 000 to prove that they are financially stable. They are also obligated to participate in compensation schemes so if a broker becomes insolvent, each of their clients could receive compensation of up to £85 000. Client money is kept segregated from the broker’s own funds – you can be sure that no mixing of client investments and broker money could happen, with or without the broker’s knowledge. Negative balance protection is provided to all retail clients – you could never lose more money than you have in your account.
As you can see there are many perks to choosing a licensed broker – most importantly, you would always be sure that the broker is not acting unsupervised and is doing everything by the book.
NexosPro TRADING SOFTWARE
If you believe NexosPro’s website, you will be able to trade on the broker’s own web-based trading platform. However, we did not manage to try that platform – opening an account with this broker turned out to be impossible for some reason. And without an account, we cannot confirm that this broker actually offers any sort of trading platform at all.
Try MetaTrader 5 if you want to get access to a platform that is both accessible and highly efficient. Not only would you get access to 38 technical indicators and 21 timeframes, but you would also be able to use Expert Advisors to trade automatically, create your own trading bots and indicators, set signals, exchange strategies in a community chat, use Strategy Testers, and purchase different add-ons on the MT market. MT5 is definitely a better choice than rudimentary platforms like the one shown above – both for beginners and seasoned professionals.
NexosPro TRADING CONDITIONS
Once again, we cannot say too much about NexosPro’s trading conditions without an actual account. The only things we were able to learn from the website were that we will be able to “trade over 200 high-liquidity assets (including) Stocks, Commodities, Currencies, and much more” and that the minimum deposit amount for the most basic type of account was ₮5000. We were quite surprised to see that the broker offers accounts in Mongolian tugrik – after all, there are very few local Mongolian forex brokers (even though most big, international brokerages accept Mongolian clients). However, we also have reasons to believe that NexosPro has made some sort of mistake here – ₮5000 equals around $1.49 which, although not unheard of, is a quite small deposit amount. Even the most expensive, extremely advanced accounts did not cost more than $45.
Even if this is actually true and NexosPro actually offers extremely cheap accounts, we would still like to point out that there are many completely legitimate forex brokers that are also very affordable.
NexosPro DEPOSIT AND WITHDRAWAL METHODS AND FEES
Since we were unable to open an account, we are also unable to say which deposit methods this broker accepts. However, we would once again like to remain you of the fact that this company seems like a dangerous scam and urge you not to deposit any money with them even if you are able to do so at some point.
The broker also seems to offer bonuses – which by the way are banned in the UK where NexosPro supposedly has offices. However, if you try to withdraw that bonus before reaching the broker’s insanely high trading volume requirement – 30 times your deposit plus the bonus – you would not be able to withdraw the bonus, any profits – even those that were the result of your deposit – and even some of your deposit. The broker states in its Terms and Conditions that “in the event that the client’s account is in profit but has not yet reached the bonus requirements, only the initial deposit can be withdrawn minus a handling fee”.
That handling fee can be as big as 30% of your deposit. As the broker itself has put it, if you have deposited $10 000 and received another $10 000 as a bonus and you try to withdraw before reaching $600 000 in turnover, you would only be able to withdraw the initial $10 000 minus a fee of, in the example above, $750. However, that fee could be as big as $3000.
Obviously, no legitimate broker would ask you to reach such huge turnovers, prevent you from withdrawing your profits, or charge such huge fees – but scammers would do everything in their power to prevent you from withdrawing your money too soon. At some point, you will not be able to withdraw at all since they will disappear with your money.
HOW DOES THE SCAM WORK?
This type of scam is really not that complicated – but it has proven to be quite effective and has managed to trick quite a few people. Given such schemes’ growing popularity, it is important to know how to avoid them – so reading the following paragraphs carefully is vital.
The scam starts with you seeing an ad on the Internet for a certain broker’s website. Such websites usually promise amazing conditions and extremely fast profits – but offer very little in terms of license and company information. However, sometimes scammers can be very elaborate in their promise – so you fall for it and provide them with a phone number or an email. There is another option – they might have stumbled upon your contact details somewhere and are the first to make contact. After that, a game of cat and mouse begins – you will be asked to open an account and make a deposit. Keep in mind that these are professional scammers who convince people to transfer money for a living – they will sweet-talk you into depositing by talking about profits and opportunities.
After that, you might indeed see profits and deposit even more money – but all of this is smoke and mirrors, scammers often manipulate results to make you transfer bigger amounts.
At some point, of course, you would want to withdraw your money – and the problems will start. Additional fees or unfulfilled clauses in the Terms and Conditions will appear, and you will be denied access to your money. At this point, you will probably discover something is wrong – and this is when the scammers will drop out of sight.
WHAT TO DO WHEN SCAMMED?
There are a few things you could do if you discover you have been scammed. Chargebacks are possible in some cases depending on the payment method you have used to deposit. Both Visa and MasterCard allow such chargebacks within 540 days while bank transfers and cryptocurrency transactions are irreversible.
Make sure to change all banking passwords. If you have installed any remote access software, remove it immediately – scammers ask their victims to install such software under different pretexts but their endgame is to just get access to your banking accounts and steal even more money.
Notify authorities and share your story with as many people as possible – the more people know about such scams, the less they will fall victim to fraudulent schemes.
Last but not least – don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam, sometimes even conducted by the same people that stole your money in the first place.