NabCrypto – Can You Trust Them?

Website URL: https://nabcrypto.io

Founded: 2022

Regulations: None

Languages: English

Deposit Methods: Unspecified

Minimum Deposit: £1

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Commodities, Indices, Forex, Stocks, Cryptocurrencies

Trading Accounts and Conditions

NabCrypto offers their clients 7 different types of trading accounts:

• Basic: The deposit range is from £0 to £2,500. The maximum leverage for FX majors is 1:50, for FX Exotics is 1:25, for Commodities, Indices and Stocks is 1:5, and for Cryptos is 1:1.
• Student: The minimum deposit is £3,500. The maximum leverage for FX Majors is 1:100, for FX Exotics is 1:50, for Commodities, Indices and Stocks is 1:10, and for Cryptos is 1:3.
• Bronze: The minimum deposit is £10,000. The maximum leverage for FX Majors is 1:200, for FX Exotics is 1:100, for Commodities and Indices is 1:20, for Stocks is 1:10 and for Cryptos is 1:4.
• Silver: The minimum deposit is £25,000. The maximum leverage for FX Majors is 1:300, for FX Exotics is 1:200, for Commodities and Indices is 1:25, for Stocks is 1:15 and for Cryptos is 1:5.
• Silver+: The minimum deposit is £50,000. The maximum leverage for FX Majors is 1:300, for FX Exotics is 1:200, for Commodities and Indices is 1:50, for Stocks is 1:20 and for Cryptos is 1:6.
• Gold: The minimum deposit is £100,000. The maximum leverage for FX Majors is 1:400, for FX Exotics is 1:300, for Commodities and Indices is 1:100, for Stocks is 1:50 and for Cryptos is 1:7.
• Platinum: The minimum deposit is £250,000. The maximum leverage for FX Majors is 1:500, for FX Exotics is 1:400, for Commodities is 1:200, for Indices is 1:250, for Stocks is 1:100 and for Cryptos is 1:10.

Spreads are not mentioned anywhere on this broker’s website, and we also do not know the fees or commissions that this broker is imposing.

NabCrypto – Advantages

NabCrypto does not offer their clients any advantages. This is not a broker you should deal with.

NabCrypto – Disadvantages

Here are all the disadvantages we have found with NabCrypto:

• Lack of Regulation

The first sign of this broker’s scam is the fact that they are completely unregulated. On their footer, NabCrypto provides an Ireland address.

Now here are all the issues we have uncovered about this broker. First, there is no corporate information provided anywhere on NabCrypto’s website; we do not know the name of the company that runs this website, we do not have any contact details either.

Next, to operate in Ireland, a broker needs to be regulated by the Central Bank of Ireland, the regulatory authority of this country. However, when we checked the online register of the Bank, we found no trace of any broker or company by this name.

Thus, we are dealing with an anonymous and unregulated broker – a classic scam operation.

Plus500

$100

Minimum Deposit

Start Trading

Read Review

82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

AvaTrade

$100

Minimum Deposit

Start Trading

Read Review

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

• Poor Legal Documents

The next sign of a scam is the quality of a broker’s legal documents. Legal documents need to contain all the details of the terms of service – a contract between trader and broker that specifies exactly what services the broker provides, what policies they have in place and what the client can expect from the broker.

The legal documents provided by this broker are of extremely poor quality. All the sections are short, vague and have absolutely no details about the terms of service or policies adopted by the broker.

• Contradiction on Trading Instruments Offered

When you go through this broker’s website, you get the impression that they offer the full range of trading instruments – forex, commodities, shares, and cryptocurrencies. However, when you read the fine print, you will realize that you can only trade in cryptocurrencies.

This kind of contradiction is typical of a scammer. Traders invest with them thinking they will get the full range of services, and then they find out that they can only trade in cryptos.

• Cannot Open Account

Every single link that we clicked on in an attempt to open an account was useless. You can only login if you already have any account with the broker – you cannot open a new account.

This means that the only way that you can open an account with this broker is if they create one for you – by getting in touch with you. This is so typical of scammers. They select their targets, usually novice traders who have no idea how the forex and crypto market works.

• No Trading Software

NabCrypto does not mention the kind of trading software they offer and we could not find any link to download or even access their platform – not even for a demo account. Furthermore, since we could not even open and account with this broker, we do not know if they even have a working trading platform at all.

• Incomplete Trading Conditions

The only detailed information that NabCrypto provides about their trading conditions is the leverage ratios for various trading instruments. We would like to say that the leverage ratios offered by this broker are too high – and illegal. Ireland, like other regulated jurisdiction limits the amount of leverage that brokers can offer to their customers. In this country that limit is 1:20 for forex majors, exotics and minors, as well as for major indices.

There is also a contradiction on the minimum deposit requirement. In their Accounts page, the broker states that the minimum deposit is from £0 to £250. A zero-pound deposit sounds rather odd. Added to that, in their FAQ section, the broker states that their minimum deposit amount is £250.

There are no spreads, fees or commissions mentioned either.

• No Information on Payments

Besides the minimum deposit requirements, there is no information on payments; we do not know how much the deposit and withdrawal fees are, we do not know what fees are being charged for transactions, we do not even know the payment options available to customers.

Conclusion

NabCrypto is a scammer and needs to be avoided so you do not lose your money to them.

NabCrypto

2.6

User Experience

3.5/10

Payment Options

2.4/10

Security

2.6/10

Support

2.1/10

Reputation

2.2/10

Pros

• None

Cons

• Lack of Regulation
• Poor Legal Documents
• Contradiction on Trading Instruments Offered
• Cannot Open Account
• No Trading Software