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Next Coin Market Review - is it scam or safe?

Next Coin Market review - Is nextcoinmarket.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Next Coin Market
Next Coin Market is an offshore broker. Your money is not safe.

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Next Coin Market is a CFD broker focused on the crypt currency market. Actually, nowhere on their homepage do they mention CFDs, which stands for Contracts for Difference – a trading instrument where you bet on the price move of a certain underlying asset – and that might leave some of their clients with the false impression that they are buying or selling bitcoins and other crypto coins.

 

That however is not our main issue with Next Coin Market, but the fact that they are not regulated and have some rather unusual withdraw conditions, which we will discuss in length in our review.

 

Account type Min. deposit Max. leverage Spreads
Bronze Account $1000 n/a n/a
Silver Account $10 000 n/a n/a
Gold Account $50 000 n/a n/a
Fully Managed Bitcoin Account n/a n/a n/a

 

Next Coin Market Advantages:

 

Over 30 crypto CFDs

 

We always try to come up with any positive side about our brokers and with Next Coin Market  that might be the nice selection of crypto CFDs with some 30 popular crypto coins including Cardano, Ark, Bitcoin Cash, Binance Coin, Bancor, Bitcoin, Dash, EOS, Ethereum Classic, Ethereum, FunFair, Gas, IOTA, Komodo, Litecoin, NEO, Nxt, Power Ledger, Quantstamp,  Augur, StarCoin, Startcoin, Tron, Stellar, Monero, Ripple, Tezos, Verge, Zcash and Ox. Still if you are tempted to trade crypto assets we may also suggest that you take a look at our list of brokers also offering bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Next Coin Market Disadvantages:

 

No license

 

Next Coin Market says to be owned and operated by Novomountain Ltd, which has a contact address in Bulgaria. Unfortunately neither the company nor the broker are regulated by the local Financial Supervision Commission (FSC), as they should be, nor by any other official financial regulator in the EU for that matter.

 

Bear in mind that proper regulation is the single factor that can guarantee the safety of your funds with a broker, not to mention that unregulated brokers are prohibited by law to offer financial services on markets like the European Union, the U.S., Australia, Canada or Japan.

 

Being licensed by a well known institution such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC)  guarantees that your broker will follow strict rules, including to maintain at all times a certain minimum operational capital (730 000 EUR for EU regulated brokers and 1 000 000 AUD for brokers regulated in Australia), to keep all clients funds in a segregated, protected form creditors account, to file regular reports and to allow external audits.

 

On top of that FCA brokers are even obliged to participate in a client compensation fund, basically insuring your trading account for up to 85 000 GBP. Here you may check our list of brokers, regulated in the UK:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

From Next Coin Market Terms and Conditions we understand that they will require you to trade for a certain period of time (depending on your account type) before you will be allowed to request a withdraw. Such a condition is completely unacceptable. With legit brokers you are entitled to withdraw your funds whenever you wish.

 

Managed account 

 

On top of that Next Coin Market says that with a “Fully Managed Bitcoin Account – Client can start withdrawing principal after actively trading for a minimum of 1 year”. Here we see even a more serious issue.  Next Coin Market is a market maker, meaning that they make money, whenever you lose. So if a market maker offers you to manage your account they will have an incentive “to lose your money” in their own pockets. Basically this is a recipe for a scam. See for yourself:

 

 

Various fees and charges

 

Next Coin Market has a whole constellation of unusual fees - Management Fees, Quarterly Trading Commission,  Commission on both buying and selling  bitcoins,  Benchmark Fee, which is 30%, 25% currency  conversion commission and a 17.5% Non-trading service fee. See for yourself:

 

 

Skrill not accepted as payment method 

 

At Next Coin Market you can deposit money with VISA and MasterCard, bank wire BitPay, CryptoPay and bitcoin. Skrill, which is a popular e-wallet, however is not accepted and that is notable, because of the new anti – scam policy adopted by the money transfer company – since October last year they require all broker offering Skrill to their customers on the European market to show a legit financial licenses. As we already noted, Next Coin Market is not a licensed broker. Here you may check our list of brokers, where you can pay with Skrill:

 

>>Skrill Forex brokers<<

 

Excessive minimum deposit requirement

 

For a Bronze Account Next Coin Market requires a minimum deposit of no less than 1000 USD and that is about four times the industry standard. And besides, some well known players like FBS and IG do not have a minimum deposit requirement at all.

 

High spreads

 

The benchmark BTCUSD spread with Next Coin Market was fixed at 38 USD, which might be fine if you were buying bitcoins on a crypto exchange. If you trade crypto CFDs, however, such spread is definitely excessive. In any case, here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

And that is another negative point for Next Coin Market. They offer a lousy looking web based platform that lacks many of the standard features readily available with classical trading solutions like the MetaTrader4. 

 

 

For example we miss the option to run algorithmic trading sessions with customizable trading robots, as well as the advanced charting tools and the numerous market indicators that are integrated in a MT4 platform. Here you may also check our list of brokers offering MetaTrader4:

 

>>MT4 brokers<<

 

Conclusion:

 

Next Coin Market is not licensed and authorized to offer any financial services on regulated markets like the EU, the U.S. or Australia. On top of that the broker appears to offer managed accounts, while acting as a market maker. All of that leaves us with the impression that Next Coin Market most probably is involved in scam.

 

And here once again is our usual advice to trade only with properly regulated brokers, licensed and authorized by a well known financial institution such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia – this is the only way to avoid getting scammed.

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Traders` reviews for Next Coin Market

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