NuxTrade Review – What Are The Risks Of Investing Here
NuxTrade is a primarily anonymous offshore broker registered in St. Vincent and Grenadines. With its registration in 2022, they have already earned a bad reputation. In general, if so quickly your services are exposed as a scam, there is no reason for anyone else to trust their money here.
But to discover exactly why read this NuxTrade review carefully.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||FCA|
|Owned by:||NuxTrade Ltd|
|Headquarters Country:||St. Vincent and Grenadines|
|Supported Platforms:||Web trader|
|Minimum Deposit:||500 USDT|
|Cryptocurrencies:||Yes – BTC, DASH, LTC|
|Types of Assets:||Forex, Commodities, Stocks, Indices, Cryptocurrencies|
|Free Demo Account:||N/A|
|Accepts US clients:||No|
Is NuxTrade a Scam Broker?
Firstly, NuxTrade trading companies can’t have domestic regulations. St.Vincent and Grenadines are not providing any trading licenses. Mostly due to many fraudulent companies that have made their headquarters there. What FSA suggests is that brokers apply for licenses in the country where they provide services.
The broker is not regulated. There is already a warning from the FCA. Non-competitive trading platform. Extreme leverage and non-transparent trading conditions. No demo account available.
One of the main countries targeted here is the UK. All companies providing trading services there must have an FCA license or TPR (Temporary permission regime). But upon checking the register of FCA, also BaFin and ASIC, we couldn’t find any license information for the NuxTrade scam broker.
Financial Watchdogs’ Cautions
The research on the NuxTrade license was completely disappointing once we found a warning. In fact, from one of the most trusted Tier 1 regulators.
In less than one year of business existence, FCA exposed its fraudulent activities. Therefore, it’s time to opt for another broker. Take a look.
What Traders Are Saying About NuxTrade
After all, we can confirm FCAs statements through the NuxTrade reviews. For instance, on Trustpilot, there are already 57 reviews.
Out of these, almost 30% of those are with a 1-star rating. Expected or not, many traders complained about withdrawal issues. That’s where regulation plays a key role.
NuxTrade Software – Platform Comparison
Another key point for experienced clients is trading software. Nobody wants an uncompetitive platform with almost no features. What NuxTrade scam broker offers is a plain web trader with minimal trading options available.
It has only basic charting options, a small number of indicators and basic trading options. If you were looking for social or copy trading, you can forget it. Not to mention that mobile users can only get access to the platform through the browser. In general, nothing available can compare it to the best option in the industry – Meta Trader.
NuxTrade’s Trading Assets and Instruments
NuxTrade broker advertises only 3 instrument classes – commodities, currencies and crypto. However, their web trader is accessible and we can see there are some more options. But it’s concerning that they can’t even present their offer properly.
Anyway, you can choose between:
- Forex AUD/CZK, GBP/HKD, EUR/HUF
- Commodities natural gas, palladium, aluminum
- Indices DE 30, FRA 40, ITA 35
- Shares Amazon, Sony, Aurora
- Cryptocurrencies BTC, DASH, XRM
NuxTrade Countries Of Service
What we can see from NuxTrade reviews is their operations pattern. They are primarily scamming traders from:
- United Kingdom
- New Zealand
Since UKs FCA already issued a warning, it’s just a matter of time before ASIC and FMA will do the same. Be careful when investing with an anonymous broker like NuxTrade.
NuxTrade List of Account Types
Generally speaking, what’s important for this broker is to clearly present their offer. There are 5 account types available. Those are designed to attract traders to make bigger deposits. What you get in return for that is higher leverage which leads to higher risks. And some minor educational and support plans.
Here are the offers:
- Prelude 500 USDT
- Growth 5.000 USDT
- Expert 25.000 USDT
- NuxTrade Ace 100.000 USDT
- NuxTrade Zenith 150.000 USDT
The important fact is that all deposits are made through anonymous crypto transactions.
Can a Trader Use a Demo Account?
The company doesn’t offer any risk-free options for its customers. Instead of risking $500 with this broker, you can open a micro account with some licensed company.
Those accounts start at $10. But more importantly, they present a perfect balance between a demo and a live account.
Terms of Service for NuxTrade
Nothing that this broker presents on their website is relevant. The only goal this broker has is to scam traders. So, whatever terms and conditions or withdrawal policy they have it’s fraudulent. They are not obligated to meet any of their conditions.
Moreover, the only available payment method is cryptocurrency. To be precise, Bitcoin. This is extremely shady, especially for a non-licensed offshore broker scam.
Leverage, Spreads and Fees
Since they are trading in Europe, their leverage shouldn’t exceed 1:30. Yet, this broker provides leverage up to 1:600 for Pro accounts and 1:400 for retail.
As for spreads, those are not clarified. The broker advertises prelude, gold, expert and custom spreads but without any numbers. So, don’t get shocked if this broker rips you off through spreads. Additionally, they are using swap fees as well to extort more money. Allegedly they offer a discount for the bigger account type. But any deposit ends up in their scamming pocket.
Scammed by a NuxTrade Broker? – We Want To Hear Your Story.
Since this broker lacks important regulations you can’t seek a solution through authorities. Let us hear your story first. That way we can raise voices against this company and prevent traders from getting scammed.
Consequently, you can reach out to our expert team for advice on the fund recovery process. With CipherTrace technology our team can trace even crypto transfers. Once you find the final destination you might get your money back. Not all hope is lost.
What Is the Chargeback Procedure?
In cases where you are using debit/credit cards, you can file a chargeback. For your information, it is often requested by the cardholder or merchant. However, it is only available in the first 540 days of the transaction.
Our team is at your disposal. Don’t hesitate and contact us to start your money recovery process already today.
What Is NuxTrade?
NuxTrade is an offshore company providing FX and CFD trading services from SVG since 2022.
Is NuxTrade a Scam Broker?
Absolutely. They are not regulated and FCA issued already a warning against the broker.
Is NuxTrade Available in the United States or the UK?
NuxTrade services are not available for clients from the US, but yes for the UK.
Does NuxTrade Offer a Demo Account?
No. We couldn’t see information about the demo on their website, only live trading accounts.