Besides the claimed company HQ address, there is very little information to go around with this broker. The company registration number is false as well. At the same time, the broker does not provide any license number.
The license and regulation is not the only issue with Nextonbid. The market prices and overall fees may seem cheaper with this broker, but our Nextonbid Review will give you ample reasons to avoid this fraudulent entity.
Nextonbid offers their services to many developed nations, but they do not possess any trading license. For brokers that are established in the UK, a financial supervisor called the FCA has legal precedent.
One quick search of the FCA database reveals that Nextonbid indeed does not have authorization. Similarly, there is no information about Nextonbid in either ESMA, BaFIN, FIN-FSA, AMF, CySEC or FSMA. A regional Canadian regulator, BSCS has an outstanding warning about Nextonbid.
This is no wonder, since Nextonbid violates many of the regulatory rules in the UK. One of these is the maximum allowed leverage. For the UK brokers, a maximum leverage is 1:30, whereas Nextonbid leverage is as high as 1:100. This leverage cap is mirrored in the EU, and only slightly higher in Canada, set at 1:50.
The regulatory framework in the UK requires the brokers to control at least £730 000 in initial capital to be eligible for a license. In the EU, this is €730 000, while in Canada the minimum capital is CA$1 000 000.
Moreover, all these jurisdictions’ regulators require segregated bank accounts as well as full transaction transparency. Nextonbid can make their finances opaque through the widespread use of Cryptocurrencies, as you may see later in our Nextonbid Review.
There are discrepancies with the deposit and withdrawal methods offered at Nextonbid. Thus, we are led to believe Nextonbid blatantly ignores AML regulation as well.
We must point out that a regulator from British Columbia has issued a warning about Nextonbid. The warning in question clearly states that Nextonbid is offering their services without authorization. This authorisation should be issued by the former IIROC, or the New SRO of Canada.
The traffic on Nextonbid website suggests that their victims live primarily in Europe. Judging from the BSCS warning, we see that their operation is more or less global. Frauds like Nextonbid do not care about regulation or authorization. This is why they target people in developed nations.
These are the countries in question:
The user testimonials on Nextonbid show the telltale scam signs. There are those people who give it a 5 star rating, but recently more prevalent are the reviews with 1 star rating. Their high score is based mostly on account of paid supporters of the platform.
One of the credible user reviews states:
[…] Just as you are about to withdraw funds, a mysterious trade will open on your account and reduce your ‘supposed’ funds to zero. […]
The scam broker Nextonbid doesn’t support industry standard platforms like cTrader, MT4 or MT5. Their only trading application is a Web Trader. Briefly explained, it is a no download, browser-based platform. It lacks much of the advanced utilities found in other third-party software. Frauds use the Web Trader for the ease of data manipulation.
The Nextonbid scam uses the prevalence of social networks to actively recruit their victims. We can see this in their contacts page – there is just a phone number available. In order to attract customers, Nextonbid boiler room agents lurk on Facebook, Linkedin and even romance applications like Tinder and Badoo.
These boiler room agents are quite talented people, but horribly misguided in their world view. They would pester their marks with e-mails, phone calls, chat messages and so on until the victim is hooked. Furthermore, the website of Nextonbid has an aesthetic that is pleasing to the younger, and inexperienced audience.
Nextonbid allegedly offers a wide variety of trading instruments, spread across a number of categories. This scam offers not only the widely speculated Forex, but also commodities and even NFTs.
Here is a short list of different supported instruments:
Nextonbid supposedly does not charge any fees or commissions, and swap is not even mentioned on the website. The only fee on Nextonbid is a maintenance charge of $50/month after 30 days.
As per norm with these scam brokers, Nextonbid has a wide array of different tiered accounts. These are quite pricey, and the minimum deposit is $250. Although you would expect some variation in the trading conditions, Nextonbid disappoints even more. Accounts only vary in lot sizes for different financial instruments.
Here are the Nextonbid accounts and their deposit ranges:
Nextonbid does not offer a demo account. This is a detrimental affair for new traders. A demo account is quite a necessary strategy testing tool, and allows for risk-free speculation.
Nextonbid’s client base has many critics when it comes to withdrawals. The trader accounts are regularly manipulated by the frauds to reduce the perceived profits. This, in tandem with the bonus policy and minimum trading volume requirements, effectively block any withdrawal attempts.
There are a few withdrawal options listed:
The diverse withdrawal methods are in direct conflict with the AML regulation. This is on account of the only deposit method being a Bitcoin Transfer. Many legitimate brokers avoid Crypto Payments outright, due to the lack of transparency.
If you, or somebody close to you has become a victim of the Nextonbid scam, feel free to contact our staff. Do not feel ashamed – many people have already been deceived by these scammers.
We cannot stress enough how information and evidence are important when it comes to these affairs. With your help, we can expose these dangerous people with the authorities.
You may contact our personnel through Online Live Chat for the quickest response. Moreover, we can start a chargeback process and recover what is rightfully yours! This consultation is absolutely free.
We have a firm reason to believe that Nextonbid is a scam broker. If you have already lost money due to the Nextonbid Scam, let our staff know and provide you with advice on how to recover your funds.
Nextonbid does not offer a demo account to their clients. This is more problematic for novices, as they cannot test their skills prior to investing.
There is an active referral program at Nextonbids. These swindlers want you to pull your friends into the same problems. Do not trust them!
The Nextonbid trading platform is the very basic Web Trader. The software lacks many options of a quality 3rd party trading application.
We have a firm reason to believe that Nextonbid is a scam broker. If you have already lost money due to the Nextonbid Scam, let our staff know and provide you with advice on how to recover your funds.
Nextonbid does not offer a demo account to their clients. This is more problematic for novices, as they cannot test their skills prior to investing.
There is an active referral program at Nextonbids. These swindlers want you to pull your friends into the same problems. Do not trust them!
The Nextonbid trading platform is the very basic Web Trader. The software lacks many options of a quality 3rd party trading application.
The post Nextonbid Review – See Through the Lies appeared first on Global Fraud Protection.
