Naristech review – 5 things you should know about naristec.com

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

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Naristech advertises itself as “the number one forex broker in the world”, which is a rather dubious claim for a brand we had never heard of. Fact checking shows not only that this is not a leading forex broker, but provides plenty of evidence that this is not a legitimate financial services provider at all. Let’s take a detailed look at why you should stay away from Naristech and should go with a more trustworthy forex broker.

Naristech Regulation and safety of funds

The first thing to look for in a forex broker’s website is which legal entity runs it, where it is based and what regulatory oversight it is subject to. But keep in mind that the availability of such information does not guarantee that it is not false or misleading

According to the homepage of the website, this broker is run by the company Naristech Corp which is authorised and regulated by The Securities Commission of the Bahamas.  But at the same time, the company is said to be headquartered in London, United Kingdom.

The first problem is that an offshore broker cannot operate in a regulated jurisdiction such as the United Kingdom. The second is that we do not find Naristech among either the registered brokers in the Bahamas or the licensed financial services providers in the United Kingdom.

The financial authorities in another European country, Belgium, have blacklisted Naristech.

If you have decided to invest in financial instruments, and especially if you are a novice trader, you should use the services of a licensed broker based in a jurisdiction with strong regulations.

Depending on your location, it is advisable to choose a company that is regulated by an institution such as Commodity Futures Trading Commission (CFTC) in the US, Australian Securities and Investments Commission (ASIC), UK’s Financial Conduct Authority (FCA) or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).

Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.  In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Naristech Trading software

After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.

Legitimate brokers offer clients a wide selection of trading software, including desktop, mobile apps and web-based platforms. The most widely used platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

Naristech Trading instruments

In theory, Naristech offers trading in forex, metals, indices, futures, stocks, cryptocurrencies and commodities. But we have no reason to believe this trading is real. It is in your best interest to trade only through licensed and established brokers.

Naristech Spreads and cost of trading

In the trading platform of Naristech  we see a very low spread of 0.4 pips. But Naristech  does not provide information on the trading cost, so we do not know if there are additional commissions and what their amount is.

Naristech Maximum leverage

Naristech offers leverage up to 1:200 for different account types. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

Naristech Deposit and withdrawal methods

There is a choice between cryptocurrencies and credit/debit cards on the deposit menu at Naristech, but we have been unable to confirm that the second option is actually available.

Scammers prefer cryptocurrencies because these transactions are not subject to refunds. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.

Naristech Minimum deposit

Naristech specifies a minimum deposit of 250 EUR/USD, which is the industry standard. But this means that for the same amount you could open a trading account with an established and duly licensed forex broker. Some of the leading brands in the industry offer Micro and Cent accounts with a very low entry threshold that are suitable for novice investors.

Naristech Withdrawal requirements

Naristech charges a whopping 10% withdrawal fee for a starter account. Most legit brokers don’t charge any transaction fees.

But withdrawing funds becomes very difficult if the account has received a bonus. In such a case, minimum traded volume requirements of 25 times the value of the bonus plus the deposit must be met. Regulated brokers do not offer bonuses at all, and scammers often use them to tie withdrawals to huge fees and impossible to meet conditions.