NuxTrade is not what it is presented on the website. There are several shady details about this offshore broker.
First of all, the biggest issue here is the regulatory status. That’s our primary concern in the NuxTrade Review, and after that come areas in which the broker operates, trader reviews, the trading platform, conditions, and payment options.
Shortly, yes. NuxTrade is an unlicensed broker and we’ll explain why. This anonymous online entity is based in Saint Vincent and the Grenadines (SVG). That’s bad news for the NuxTrade regulation.
Basically, SVG is known for being the nest of many scammers. The local Financial Services Authority (FSA) explicitly states on its website that Forex trading is not regulated in that domain.
Your funds aren’t safe with NuxTrade. This broker is not licensed to provide Forex trading services and no financial watchdog oversees its operation.
It’s much safer to find a broker that operates under the jurisdiction of the European Securities and Markets Authority (ESMA). We recommend providers with a Tier 1 license, issued by the likes of the FCA, ASIC, FINMA, BaFin, etc.
If you’re from the US, make sure your provider is registered with the CFTC and the NFA. Canadian brokers have to be registered with IIROC.
NuxTrade is an unregulated SVG-based broker that offers users trading in FX pairs, CFDs and crypto assets. Since 2022, this fraudulent entity has scammed traders from the UK, New Zealand, Australia, and Bulgaria.
SVGFSA-regulated? We’ve just debunked that lie so there’s not much else to add. NuxTrade’s reputation is fake and this broker is unregulated.
NuxTrade didn’t even include a real address we could check. To make matters worse, the FSA register doesn’t have any data on NuxTrade. Always check your broker’s address and license before investing to trade.
It seems that NuxTrade was offering services to UK traders without a permit. Hence, the warning was issued on April 4, 2023, which means that the FCA became aware of client complaints.
Since NuxTrade is an offshore broker, it’s bound to look for victims in onshore domains with tight regulations. Here’s a list of countries where NuxTrade was active:
The UK’s FCA issued a warning against the NuxTrade scam broker. Australia & New Zealand both have Tier 1 regulators, which means that NuxTrade has no business there either.
Bulgaria is an EU member state, meaning the Bulgrain FSC implements ESMA’s regulations, the ones that NuxTrade doesn’t abide by.
NuxTrade is not present on social media. Nevertheless, the broker included a phone number and an email, which can also be used to find traders and persuade them to invest in this scheme.
Similar scammers also use private WhatsApp & Telegram chats to find potential clients. Dating apps such as Tinder aren’t safe either. NuxTrade may have also run fraudulent online marketing campaigns with the help of hired agents and fake reviews.
We were right about the potential risks associated with this unregulated broker. Traders are fuming with NuxTrade and its lies.
Namely, on Trustpilot, we found numerous complaints against the broker. Common themes include withdrawal issues, missing money, accounts freezing, lack of communication, etc.
I deposited £500k at the beginning and true to their words, the money grew but as time went by, I noticed money was being taken from my account without me knowing about it… I decided to pull out and clear my account myself but this time, I was locked out of my account and I was in shock as to what was going on…
NuxTrade offers a browser-based trading platform – WebTrader, as well as two mobile trading apps (Android & iOS) and a tablet trading app.
Sorry NuxTrade, but “cutting-edge” and WebTrader don’t belong in the same sentence. This web-based terminal is lackluster compared to advanced trading software such as MT4, MT5 and cTrader, which NuxTrade doesn’t support.
Aside from basic charts and graphs, there’s not much else to it, plus the shady broker is unregulated.
You cannot trade CFDs on stocks and indices. Here’s an overview of NuxTrade’s available trading instruments:
The exact spreads & commissions weren’t disclosed. According to NuxTrade’s website, the broker offers different spreads for each account type.
However, NuxTrade didn’t specify the pips or how much it charges per lot. It basically means that the trading costs of this phony broker are unknown.
NuxTrade offers three primary and two professional accounts. Here’s an overview:
These accounts are quite pricy. There are many legit and licensed brokers that will require you to pay much less than 500 $ to get started.
As for the leverage for the primary, i.e. retail accounts, it’s way too high and risky. Really high leverage is a double-edged sword that often results in losses, hence the limit of 1:30 imposed by regulators such as the FCA, ASIC and ESMA.
Not at all. NuxTrade omitted a free demo account and we believe it was done on purpose. This way, you’re not allowed to see what the broker’s trading is like unless you invest real money.
As soon as you invest your money, you’re at risk of getting scammed by this unregulated broker. Any reliable broker will offer you a free demo account to try things out.
The T&C section is missing from the website, and so is the NuxTrade withdrawal policy. The whole funding process is rather vague; we don’t know whether the broker charges fees or not.
Based on what we did read on the website, it seems that NuxTrade accepts payments only via cryptocurrencies. Given NuxTrade’s illicit status and shady background, it makes perfect sense.
Scammers love crypto transactions because they allow them to remain anonymous. Moreover, crypto transactions are extremely hard to trace.
Please write a complaint on trading forums to warn other traders about this anonymous trading scam. NuxTrade cannot violate any terms and conditions because there are none.
That’s a red flag and we hope this website gets taken down. As for your lost money, Global Fraud Protection can assist you in getting it back.
If what we read was true and NuxTrade accepts only crypto payments, our experts can help you track down your transaction using CipherTrace, an advanced crypto-tracing software.
If this broker steals your money, contact us for help. Book a free consultation with our team and find out what you can do. The easiest and fastest way to do so is via Online Chat.
No. NuxTrade has been blacklisted by the UK’s FCA for attempting to provide services while unlicensed.
No, which is a red flag. It means you have to risk money right away without seeing the platform.
Yes, NuxTrade claims to offer Android, iOS and tablet trading apps.
WebTrader is a lackluster and simple trading platform without any advanced features and tools.
No. NuxTrade has been blacklisted by the UK’s FCA for attempting to provide services while unlicensed.
No, which is a red flag. It means you have to risk money right away without seeing the platform.
Yes, NuxTrade claims to offer Android, iOS and tablet trading apps.
WebTrader is a lackluster and simple trading platform without any advanced features and tools.
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