Beware! NbForex is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
In an ocean of shady and scammer brokers we find the simple NbForex, which glimmers for a moment, and then no more. This is pretty much the story of most shady brokers. They get their one minute of glory and then get replaced by an equally inadequate firm. During theit short reign they accomplish nothing and do not offer anything new. All of this applies to NbForex. Read the following review to find out all there is to know of this broker, and do not invest in it before you go through all the points. You will regret doing so!
After filling this registration form, we got a very insignificant “thank you, your message has been sent” notice, and that’s it. We checked our email, and nothing. They were completely barren of any mail from NbForex. After waiting for some time, we decide that the broker did not want us in on its schemes and that is why it denied us access to its user area.
Without having access to a client portal, we are left with nothing else to do but to look to the website for all the trading and payment details. Please note that we truly doubt that any of the following are accurate.
Nonetheless, here is what we found out. The maximum leverage is capped at 1:1000, while the average cost of trade is around 1 pip. The page also assets that the spread is 0 pips on average for VIP account holders but this seems a tad bit exaggerated. No such spread exists without a commission. Sadly, we find no info on any available trading instruments.
The website of the broker is available in English only.
NBFOREX REGULATION AND SAFETY OF FUNDS
The only thing we learn that would be of any help here is the contact address putting the broker is the jurisdiction of Andorra. As far as we’re concerned the small sovereign nation of Andorra does not have an FX regulator. Yet, that does not stop brokers from taking refuge there. Unfortunately, brokers have no initiative to do so, as there seem to be no benefits for doing so.
A simple Andorran address is not nearly enough to prove a point. It could have easily been any other mini-state. We were at least expecting a license from neighboring France or Spain, but nothing of the kind exists. Thus NbForex might really be incorporated in Andorra, but it definitely is not licensed there or anywhere near the country.
Other than that NbForex is completely anonymous, without leaving any trace behind it. The aforementioned address is a simple claim in an of itself.
Moreover, there are no legal documents, which seals the coffin. We can now easily label this broker as an UNREGULATED firm, and deem it a risk to all investors.
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
NBFOREX TRADING SOFTWARE
To reveal an MT4 and not to provide any download links to it is a very irritating move, but not an uncommon one. This is exactly what NbForex does. A false promise followed by proof of its fallacy.
We think that users will either be greeted by a common scammer-broker web trader, or by nothing at all!
NBFOREX DEPOSIT/WITHDRAW METHODS AND FEES
What we found about the minimum deposit was the last straw. The alleged minimum deposit requirement is €25 000
This pretty much tells us everything we need to know of this broker. Everything is dialed to the max, to the ludicrous level. The fact of the missing payment details – methods for investing or withdrawing, processing fees and times, etc, – is no more an issue. Such a minimum deposit completely speaks to us on a level that turns our back to NbForex, never to look at it ever again.
This broker is a risk to all and a scam. Stay away from it!
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!