NuxTrade Review – Why Is The nuxtrade.com Broker a Scam?

NuxTrade Fake Licence And Regulation Documents

NuxTrade claims to be a next-generation forex broker but in reality it is a typical online fraud.

A legitimate broker’s website will provide clear and complete information about the company it owns, its location and the regulatory regimes it is subject too. A comprehensive set of legal documents is required for licensed financial service providers.

The NuxTrade website does not include all of these details. The website states that NuxTrade is owned by a company called Saint Vincent and the Grenadines, but doesn’t give any details about the company. It does not contain any Terms and Conditions, Customer Agreements or other documentation that would explain who we are dealing and the terms we agree to when we create an Account.

We haven’t found any company whose name includes “NuxTrade” among those registered with SVG, so we don’t know if it is true.

Even though the NuxTrade’s owner is located there, it doesn’t guarantee customers’ money. SVG is an off-shore zone without any broker regulations. The warning message that appears on the website of the local Financial Services Authority warns you that it does not license forex brokers or other types of brokers. It also does not oversee the activities of International Business Companies involved in such activities.

After registering for an account, the website will redirect once to the pipsworkshop.com address. This website is registered in Bulgaria. It claims to sell vaguely defined financial literacy education programs.

There are many options available to you if you decide to invest in financial instruments.

Depending on where you live, it’s a good idea to choose a company that is regulated either by the Commodity Futures Trading Commission in the US, Australian Securities and Exchange Commissions (ASIC), UK Financial Conduct Authority (FCA), or another EU regulator such as Cyprus Securities and Exchange Commissions (CySEC).

These brokers offer protections to their clients, such as segregation of client funds from broker funds and negative balance protection. Brokers in the UK and EU must participate in guarantee programs that protect a trader’s investment in the event of insolvency. These guarantees can be up to 20 000 EUR for the EU or 85 000 GBP for the UK. The likelihood of such bankruptcy is very low, however, because the regulators have high net capital requirements for companies. These include EUR 730 000 in UK, Cyprus and AUD 1000 000 in Australia, and at least 20,000,000 USD in the United States.

Choose only trustworthy and reliable brokers. You can read about the best ones in our article Best online brokers in 2023.

NuxTrade Trading Assets

NuxTrade claims that it offers trade in cryptocurrency, commodity, and currency. However, the website doesn’t provide detailed information about trading parameters and tradable instruments like legitimate forex brokers.

Every day new scam brokers and trading bots appear on the web with only one goal – to steal your money. We have already exposed some of them, for example – SF Trading, Clark Financial, FinTech Platform.

NuxTrade Maximum Leverage

NuxTrade claims to offer very high leverage up to 1:600.

This level is not available to regulated brokers. High leverage trading allows for higher profits but increases the chance of unexpected and large losses. Retail traders are limited by all the major regulators. The maximum allowed level in the EU, UK, and Australia is 1:30. In the USA it is 1:50.

This maximum level is only applicable to major currency pairs. You can use even less leverage for volatile assets.

Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you are not a professional trader, but are willing to accept the risks of high-leverage trading then the most viable option is to use the services of an offshore affiliate of an established brand.

NuxTrade Deposit and Withdrawal

NuxTrade accepts only Bitcoin as a payment method. This surprised us not at all. Most financial fraudsters prefer cryptocurrencies as a payment method. This is because cryptocurrencies offer anonymity, they do not allow the defrauded person to ask for a refund.

There are legitimate brokers who accept digital currencies such as Bitcoin. However, these brokers also accept other transparent payment methods like credit/debit card or bank transfer.

NuxTrade’s minimum deposit is 500 USDT. This amount is equivalent to 500 USD – an amount for which you can open an account with any licensed broker in the world. Starter accounts offered by established brands typically have a lower minimum deposit.

NuxTrade: Video

You can also write a comment under the video on our YouTube channel to tell other traders about your experience. But if you’ve already been a victim, contact us for a free consultation by filling out the form at the top of the page.
Below you will find a short video about NuxTrade. Watch it so you don’t miss anything important. In a few minutes you’ll learn the whole truth about NuxTrade!