NBHM.com is yet another shady broker that has paid attention to its visual details a little more than most illicit brokers, which is a real cause for concern since many traders will be lured into its scheme. And we cannot blame them for this. The main reason for this review is to break the illusion that NBHM.com creates, and to showcase that this is nothing more than your typical scammer broker. Read the review before you do anything that you may regret.
The only way to get the best trading info is by registering an account. Unfortunately, NBHM.com’s registration page is nowhere to be seen. There are multiple links to a live account creator as well as a demo one, but all these links lead to the home page of the website. There was no way around this nuisance.
Brokers that do this are those that either hide their registration processes to common users, or those that have abandoned their sites altogether.
In any case, we cannot take any trading or payment details from the user area, which causes us to worry. The website of the broker may not be as trustworthy as it preliminarily seemed to be.
With that said, we learn that the available trading instruments are forex currency pairs, cash indices, precious metals, and shares. We learn that the spreads start from 0 pips, which is impossible in reality. These o pip costs of trades are always commissioned. The 0 pips spread comes with the Elite account. The Standard account spread is allegedly at 1.6 pips. The leverage is capped at 1:500.
We cannot be sure that these are the actual trading conditions. Without being able to access a user area, we cannot even be sure that there is a trading software!
The website of the broker is available in English, Indonesian, Malaysian, and Russian.
NBHM.COM REGULATION AND SAFETY OF FUNDS
Everything we learn of this broker’s alleged regulatory status is deceptive and fake.
First of all, it gives us pretty solid information that it is registered in Saint Vincent and the Grenadines, a nation that has nothing to do with FX brokers, but its ironically the most overpopulated scammer FX nation in the world. There are thousands of scammer brokers claiming Saint Vincent and the Grenadines as their home. The country does not have an FX regulator, so NBHM.com is not licensed there!
Next, we are given reason to believe that NBHM.com is licensed by CySEC. We will close all doors to this ridiculous claim. The broker is not licensed by the Cypriot watchdog! However, there is more than meets the eye. NBHM.com claims that NBH Markets EU Ltd is CySEC licensed, which it actually is! However, NBH Markets EU Ltd owns NBHM.eu, and not NBHM.com. In fact, in this new light, NBHM.com seems to be a clone frim of NBHM.eu!
NBHM.com is therefore UNREGULATED, a risk to all, a scam, and a clone firm of a legit broker. It doesn’t get any worse than that.
Never rely on unlicensed brokers. They are scams and will steal from you! Put your money where the real FX trading happens, with any FCA or CySEC regulated broker, or any other brokerage licensed by a legit overseer. All watchdogs demand safe and integral conduct and do not tolerate unlawful behavior. Moreover, the FCA and CySEC offer compensation schemes applied to users whose brokers cannot pay them back. CySEC offers a €20 000 refund amount per person, while the FCA guarantees up to £85 000.
NBHM.COM TRADING SOFTWARE
Seeing as this is a clone, we can assume that all trading platforms and servers are stolen. Yet, we cannot even find a trading software link anywhere!
Thus we cannot speak of a trading platform here, because there is none.
NBHM.COM DEPOSIT/WITHDRAW METHODS AND FEES
There are no fees for withdrawal or deposits. Withdrawals are processed within 2 days.
We learn that the broker will charge the user who files for a chargeback This is a move entirely reserved for scammer brokers.
None of this information is truly trustworthy. The entire broker is a sham! Do not invest here!
How does the scam work?
The scam really works when the reps of the broker contact the user, either through a phone call or an email address. They will start asking for deposits all the while promising super profit gains. Those that deposit might even get a taste of false gains, whose true purpose is to compel the client to deposit more. These scammers know very well how to manipulate users. Their catalog of psychological trickery is vast, and their patience is unbreakable.
An initial deposit leads to a second one, a third one and so forth.
As for the methods of these fraudsters getting a hold of your phone numbers or email addresses, they are many, and most of them follow simple steps. It takes a false ad to convince a user to give her contact details. These false ads are very promising but ultimately misleading and very manipulative. You might have already seen them: luxurious cars and villas, carefree lifestyles, expensive items, and beautiful vistas. All are stock images to start your imagination and propel you to give away your contact address, and in the perfect scenario, to invest.
Once the client wishes to withdraw, either because she feels suspicious, or because she wishes to take out some cash from her profit, the broker will apply a number of very cheap techniques to make withdrawals impossible. For one, the scammer will close down the account, shut the entire website, or just not return phone calls and emails.
What to do if scammed?
If a user has lost funds by means of a credit or debit card, then the first thing to do is file for a chargeback. MasterCard and VISA have a chargeback period of 540 days.
Bank account swindles are harder to get bank but not impossible. First of all, change your bank account user name and password, and then call the bank to find a plan of action together.
Never invest with cryptocurrencies sin an unregulated broker. All such deposits are lost, and cannot be recuperated.
Also, don’t trust the self-proclaimed recovery agents. These are also scammers, and will ask you for a fee, and in return they promise to recover all your lost funds. Obviously, once this commission is paid you will never hear from them again!