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Nexo-Group Review - is it scam or safe?

Nexo-Group Review - is nexo-group.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz Nexo-Group
Nexo-Group is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Bronze  €1 000 N/A N/A
Silver  €5 000 N/A N/A
Nexo  €10 000 N/A N/A

 

Nexo-Group says to be a forex broker based in Germany. They offer several trading account types, but the trading conditions remain utterly unclear, and so is the corporate information on the broker’s website.

 

Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with Nexo-Group.

 

 

Nexo-Group Advantages

 

Not any significant.

 

 

Nexo-Group Disadvantages

 

Anonymous website, no regulation

As a matter of fact, Nexo-Group‘s website does not feature much details about the entity behind the brand. The only information that we were able to find that can help us determine the legitimacy of the broker is found in the contact us page.

 

 

There the broker claims to be based in Berlin, Germany. Yet, it’s website mentions nothing about regulation, and doesn’t even feature the name of the company behind the operation.

 

We remind readers that forex brokers that wish to operate in the European Union have to be licensed by Germany’s BaFin, UK’s FCA, Cyprus’ CySEC or another financial regulator of a EU Member State. That said, Nexo-Group is obviously not regulated, and anonymous brokerage, which is one of the worst scenarios in the world of online trading.

 

Furthermore, Nexo-Group has not included any legal documents, meaning that the broker can basically do business however it sees as there are no binding agreements between the company and its clients.

 

Overall, the things listed above indicate that Nexo-Group is anonymous and UNREGULATED, and therefore a risk to all investors.

 

Blacklisted by the Austrian FMA

The fact that Nexo-Group is anonymous and unregulated means that it is not entitled to offer financial services on heavily regulated markets like the USA, Australia or the EU. Yet, the broker just does that, as it was blacklisted by the Austrian financial authorities.

 

Click to zoom in.

 

This is a clear sign of trouble, as the regulator has probably received a number of complaints against the broker from investors who have fallen victims to their scam.

 

Zero clarity on trading conditions

As was mentioned above, Nexo-Group’s website lacks information on the most important details of its offer, such as the reference spreads, maximum leverage levels provided, account types, etc. Free testing service is also unavailable, so we can safely conclude that the broker is not transparent with its services and pricing, which is also very typical of scam brokers.

 

No real platform

As the broker doesn’t offer free testing service, we opened a live trading account (without investing any money) in order to be able to at least take a look at some trading platform. Unfortunately, we got access to some strange interface with quotes from major exchanges, where trading isn’t enabled.

 

Click for a larger view.

 

It seems the people behind Nexo-Group only aim at receiving deposits from gullible clients whoa are unaware of its ill-minded intentions.

 

That said, most forex traders prefer using the good old MetaTrader4 (MT4) platform. This perfectly equipped trading terminal offers some great functionalities, and is reliable, easily customizable and user -friendly.

 

 

>> Check out the best MT4 brokers <<

 

 

Excessive initial deposit

Last but not least, this broker requires an initial investment of at least €1000, which is quite excessive. Most brokers ask for $100 - $250 as a start, and many of them are duly licensed and reliable.

 

 

Conclusion

 

All we have listed above points to the conclusive fact that Nexo-Group is one of the many fraudsters on the forex market.

 

As always in such cases, our best advice for traders is to direct themselves to better trading options to which we have linked throughout this review. There are plenty of brokerages that hold licenses issued by reputable financial authorities. Speaking of reputable regulators, one of the most prominent ones is the Financial Conduct Authority in the UK.

 


>> A list of FCA regulated brokers <<

 

 

And once again, here are the highlights of the present review of Nexo-Group:

 

Pros Cons
None Anonymous website, no regulation
  Blacklisted by the Austrian FMA
  Trading conditions not disclosed
  No platform
  Excessive initial deposit

 

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Traders` reviews for Nexo-Group

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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