Beware! NixForex 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.
NixForex is nothing more than another shady broker that asks you to invest but offers very little in return. This is not a safe trading option – the broker is not formally regulated and is mostly anonymous. And since their trading conditions are far from spectacular, you have virtually no reason to choose NixForex over a regulated, reliable company. Do not get fooled by any attractive promises these scammers make and look into safer alternatives.
NixForex REGULATION AND SAFETY OF FUNDS
NixForex claims to be a UK-based broker but has not mentioned anything about being regulated by the local financial regulator, the FCA. And indeed, when we searched the FCA register, nothing came up:
This basically means that the broker is offering services without formal authorization and without having met any sort of requirements. Never trade with unregulated brokers. If you choose to deposit with such a company, you will have no guarantees that you would be treated in a fair manner and would not just get scammed.
If you want to trade safely, be protected by countless laws, and know how your money is being handled, turn to a licensed UK or EU broker. In both cases, there would be authorities making sure that your interests are being respected and that the broker is treating you fairly. We already mentioned what minimum operational capital European brokers have to maintain but that is far from the only requirement. They also have to participate in compensation schemes that protect you in case of a broker’s insolvency – if your (licensed) broker goes bankrupt, you could claim compensation of up to £85 000 in the UK and €20 000 in the EU. Client money must be kept in segregated accounts managed by third parties – this promotes transparency and proves that the broker would not be able to use your funds for their own business, knowingly or unknowingly.
NixForex TRADING SOFTWARE
NixForex offers access to a simple, basic web-based trading platform:
The number of features you would be able to use if you start trading on such a platform is quite limited. The software might seem like a good fit for beginners because it is easy to use but in reality, there are platforms that offer the same accessibility along with a much better trading experience.
Better check out brokers who offer the currently most popular platform in the world of trading – MetaTrader 5. This software manages to be intuitive and user-friendly while also offering a variety of useful tools. You would be able to access 38 technical indicators and 21 timeframes, use Expert Advisors and Strategy Testers, create your own trading bots and indicators, purchase VPSs, exchange strategies with others in a community chat, set signals check out the MT market for trading apps, have a built-in economic calendar at your disposal, and much more. MT5 is well worth checking out – open a demo account with a legitimate broker to see how efficient the platform is yourself.
NixForex TRADING CONDITIONS
NixForex did not provide us with comprehensive account-type descriptions on its website so we were figuring stuff out as we went along. The minimum amount we were able to start trading with was $10 which makes the broker’s offer quite affordable. However, there are much better brokers that would also allow you to start trading with a small amount of money and offer a much higher degree of safety.
NixForex offers leverage of 1:200 – and that number could not be set any lower. First of all, trading with such high rates can be very dangerous since trading with higher ratios can result in much bigger losses. Second of all, no UK broker can legitimately offer such leverage. Leverage caps exist in the UK, as well as in some other stricter jurisdictions. As a retail client, you would not be able to get access to leverage higher than 1:30 on forex brokers. Any broker that claims to offer higher rates is doing so against the law. Be extremely careful when it comes to leverage and only choose rates you are sure you can handle. And if you still want to trade with high leverage, check out these brokers that can legally offer 1:100.
NixForex DEPOSIT AND WITHDRAWAL METHODS AND FEES
Unsurprisingly, NixForex only accepts cryptocurrency deposits. You can choose from a number of cryptocurrencies – Bitcoin, Ethereum, Tether, Binance Coin, and TRON – but you could not transfer money using any other payment solution. Never deposit with shady brokers using crypto – there is a reason why so many scammers urge their clients to use this specific payment solution. All crypto transactions can easily be traced to a wallet – but you can never be fully sure who that wallet belongs to. What is even worse is that they are completely irreversible by default. If you have already used this payment solution to deposit, getting your money back would be completely impossible. Make sure that the company you are depositing with is reliable before using this payment method.
Another thing that bothered us was a certain fee the broker mentioned:
That fee is of unspecified size and will be charged if you attempt a withdrawal without having reached a turnover of 5 lots (500 000 currency units) in closed positions over the last 30 days. This is a quite high turnover requirement and you should not be charged additional fees because you have not reached it. However, such brokers are usually very willing to rob you in any possible way – always read the Terms and Conditions carefully.
HOW DOES THE SCAM WORK?
In recent years, such scams have become more frequent than you can imagine. That is why it is very important to learn how they usually work and how to tell scam brokers apart from legitimate ones.
Always make sure to check the registers of regulatory bodies to make sure that a broker is licensed and reliable. Stay away from shady-looking websites that promise enormous profits in no time with zero effort. Do your own research – never blindly trust what a certain broker is telling you.
All scams start in a fairly similar way. You see an ad on the Internet promising immense fortune in no time – the only thing you have to do is open an account with a particular forex broker. You give in to curiosity and provide the scammers with your phone number and e-mail – at this point, you might still be reluctant to deposit. But once the scammers have your contact information, you will start getting calls and messages from them. They will ask you to deposit to unlock the full potential of their platforms and turn a profit. Keep in mind that such people are well-versed in the art of sweet-talking – they can promise amazing things and make effortless profits seem possible.
After you make an initial deposit, they would not leave you alone and keep asking for more money. You might even be happy to deposit since, at this point, it might seem like you are turning a profit. Scammers tend to manipulate platforms and results to make it look like you are doing great when you are actually just pouring money into their schemes.
The moment you try to withdraw, you will find out that something is not quite right. Reasons why withdrawals are impossible will show up – additional taxes, new clauses in the broker’s Terms and Conditions, etc. At some point, you will figure out that you are being scammed – but it would already be too late. The scammers will stop answering your calls and e-mails – and they will simply disappear with all your deposits.
WHAT TO DO WHEN SCAMMED?
The first thing you should do is contact your bank and inform them about what has happened. Change your banking passwords to ensure that the scammers would have no way of stealing more money.
If you have installed remote access software – such as TeamViewer or AnyTesk – make sure to remove it. Some scam brokers will try to convince you that such software is necessary for a better trading experience – in order for them to help you with platform issues, or even with trading. Their true goal is to get access to your computer and banking systems – so they can start draining your accounts.
If you have deposited with a credit or debit card, make sure to contact your card issuer as soon as possible. Both Visa and MasterCard try to combat scams by allowing chargebacks within 540 days of the transactions. Retrieving your money might still be possible. If you have deposited in crypto, on the other hand, there would, unfortunately, be no way for you to get your money back.
Make sure to inform the authorities in your country about the broker and share your story – online and with acquaintances. This will prevent people from getting scammed in the same way.
One final important note – never trust anyone that calls themselves a “recovery agent”. Such “agents” promise to track down the scammers and retrieve your money – for a fee, of course. This is nothing more but another type of scam directed at desperate people.