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Nomads FX Review
Nomads FX claims to offer the best trading conditions. From what we have seen, the platform is way out of line with reality. There are harsh trading conditions and an insane minimum deposit. Find out more in our exclusive nomadsfx.com review.
Nomads FX (nomadsfx.com) is offering a 100 percent welcome bonus to investors. That might seem generous to naïve investors. From experience, we can straightaway tell you that this is a huge issue. Most users who received the deposit bonus don’t get to withdraw a penny from the platform. It seems NomadsFX is taking advantage of investors. We need to find out what’s wrong with the platform. Here’s our complete NOMADSFX REVIEW.
A Clear Summary of Nomads FX
On the homepage, the platform claims Nomads FX is a successful trading platform created by forex Nomads. However, there’s no information on the background and history of the platform. And this makes it a scary investment platform to use. What we see is an attempt to hide their identity.
We can straight away tell you that investing with an anonymous investment platform is a hard sell for us. There’s no way we would even think of investing with an unknown and offshore investment platform.
The risks that come with such platforms is beyond measure. We have a platform that fails to deliver on its promise of creating a fair trading environment. NomadsFX will eventually shut down once regulators complete their investigation.
You should join reliable forex brokers that guarantee safety for your investment. Go for platforms with a proven track record. It’s what you need as the professionals will cater to all your trading needs.
Signing up with nomadsfx.com should be the last thing on your mind. Despite having an aesthetically appealing website, it’s a fluke. Those who have already signed up are ruing the decision.
Your first step in ensuring safety is to do a thorough background check on the investment platform. Next, make sure to check whether the platform is good enough for you. Finally, use industry-leading platforms that ensure your safety at all times.
Accounts and Plans Nomads FX
Nomads FX offers three account types to investors. These include Aspire, Vegabond, and Go Pro. Each of the accounts comes with a different set of features. However, what stands out is the high deposit amount and leverage found on the platform.
Here’s a closer look at each of the three accounts;
It’s the most basic account, and the platform insists it’s the best account for junior traders. But, unfortunately, the account comes with an insane minimum deposit of $5,000. That’s twenty times the acceptable minimum deposit set by regulators.
With the Vegabond account, investors will have to deposit over $5,000 to start using it. However, it’s a swap-free account with spreads starting from 0.3 pips. In addition, the account comes with a commission of $3.
For the Go Pro account holder, the minimum acceptable deposit is $10,000. There are no commissions on the platform with spreads starting from 0.0 pips. The account is also Swap-free and leverage of 1:200.
We have to point out that the account features are far from favorable to investors. The first issue we have with these three accounts is the bloated minimum deposit. Regulators ensure a fair trading environment with a set minimum deposit of $250.
The other issue we have with the platform is high leverage for the accounts. There’s a leverage of 1:500, 1:400, and 1:200, which isn’t in line with regulators’ standards. The maximum leverage is set at 1:100 and 1:50 for retail traders.
Are funds Safe with Nomads FX?
Your funds are far from safe with an anonymous, offshore, and unregulated platform. In addition, segregation of accounts is not possible, and we believe the platform pools funds in one offshore account.
Bonus on Deposit
There’s a 100 percent welcome bonus on each account. So those who deposit $5,000 expect the platform to offer another $5,000. And that’s what makes naïve investors sign up due to the high bonus amount.
It would be best if you understood the reason why regulators ban the use of these bonuses. The platform will later hold your account for ransom. You won’t get to withdraw funds unless you pay back in full the bonus amount.
Even if your account has enough funds to clear the bonus, the platform demands a fresh deposit. And this is why regulators had to step in. The bonus should be a gift for signing up but, these platforms consider them as account loans.
Nomads FX Limited is the entity we are told owns and runs the platform. The disclaimer at the footer of their homepage says it all. Details indicate the entity is registered in St. Vincent and the Grenadines.
And this makes Nomads FX Limited an offshore investment platform. You will notice that there are no names mentioned on the platform. And this means investors are depositing funds to an unknown platform.
As an investor, it’s your right to know who handles funds. The platform should be transparent enough to name staff members. What looks like a real trading platform now clearly indicates an anonymous offshore platform.
Contact and support
When searching for a viable investment platform, you should also check out the support structure. Try and find out what makes the platform tick and how fast their support is. A platform that doesn’t offer direct means of communication is a no-go for us.
Despite posting phone numbers, these phone numbers rarely go through. And when it does, the person will claim to call you later. When they do, it’s to hassle members into depositing more funds. And this is the reason to stay away from the platform.
We are glad that the platform offers a demo account; it’s where all investors should start. The problem with their demo account is the failure to have all features. For example, you only get to see a buy and sell option.
With other genuine demo accounts, you get an account with complete MT4 or MT5 platforms. It gives you a chance to test the platform’s strategies or your own. Make sure first to find out how the demo behaves before committing funds.
You can only fund your account using bank and wire transfers. After opening an account, the platform will send details on how to deposit funds. Your balance will reflect in your dashboard within 24 hours.
It’s at this juncture where you start trading with the platform. Your balance will increase or decrease based on your trades. When you decide to withdraw funds, that’s when the platform shows its true colors.
You won’t get to withdraw funds as the platform blocks all attempts. It’s what members are going through with the platform. The best option is to avoid such platforms and join reliable investment options.
License and Regulation Nomads FX
Nomads FX is not a licensed or regulated platform. There are no records from any regulator with the platform’s registration details. Even the company details the platform posts don’t match records in the Company Registrar.
What we have is an attempt by the platform to fool naïve investors. So we have to confirm registry records with all investors. And ensures we can confirm with regulators that a platform is fully compliant.
It would be best if you went for platforms that enjoy the full backing of regulators. So go for platforms licensed by reputable regulators such as ASIC, CFTC, CySEC, FCA, and the SEC. Other reliable regulators include BaFIN, CNMV, CONSOB, FINMA, FMA, FSA, and NFA.
These regulators ensure all parties adhere to strict trading regulations. No one gets to impose harsh and unfair trading conditions. Regulators also ensure that your deposits enjoy insurance cover from bankruptcy or insolvency.
We have to blacklist the platform due to failure to comply with industry regulations.
The best option for you is to join leading brokers that guarantee safety. Go for platforms that ensure your trading is in line with regulators.
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