Nekstra – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Nekstra - - DO NOT TRADE WITH THIS PROVIDER
2.5/10
100$
Minimum Depositupdated 2021
There is no information provided on the broker’s website about the spreads; all it says is that you need to contact your account manager to find out about the spreads for the Basic and Bronze accounts. For the other accounts, all we are told is there are Silver Spreads, Gold Spreads and Platinum Spreads available – what these spreads are is not clarified. We also have no information about the leverage provided by Nekstra.
However, we were able to open an account with this broker and found that the spreads offered for the EURUSD pair began at 3 pips. The leverage was placed at a maximum of 1:200, but we couldn’t adjust it to a level we would have liked.
Try these regulated brokers if you want to start trading cryptocurrencies
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.
Website URL: https://nekstra.com
Founded: 2020
Regulations: Unregulated
Languages: English, Polish, Russian
Deposit Methods: Credit Cards, Wire Transfers, E-Wallets, Perfect Money, Neteller, Skrill
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Cryptocurrencies, Forex, Commodities, Indices
Trading Accounts and Conditions
Nekstra offers its clients 6 different types of trading accounts:
- Basic: The lowest deposit is $250, and you are given a 20% Welcome Bonus.
- Bronze: The lowest deposit is $2,500, and you are given a 40% Welcome Bonus.
- Silver: The lowest deposit is $5,000, and you are given a 60% Welcome Bonus.
- Gold: The lowest deposit is $10,000, and you are given an 80% Welcome Bonus.
- Platinum: The lowest deposit is $20,000, and you are given a 100% Welcome Bonus.
- Black: The lowest deposit is $100,000, and further information about this account is only provided once you contact your account manager.
There is no information provided on the broker’s website about the spreads; all it says is that you need to contact your account manager to find out about the spreads for the Basic and Bronze accounts. For the other accounts, all we are told is there are Silver Spreads, Gold Spreads and Platinum Spreads available – what these spreads are is not clarified. We also have no information about the leverage provided by Nekstra.
However, we were able to open an account with this broker and found that the spreads offered for the EURUSD pair began at 3 pips. The leverage was placed at a maximum of 1:200, but we couldn’t adjust it to a level we would have liked.
Nekstra – Advantages
We could not find any advantages to trading with Nekstra.
Nekstra – Disadvantages
Here are the numerous reasons why Nekstra should be avoided:
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Unregulated, Anonymous Brokerage
The first thing we check about a broker is how legitimate it is. And Nekstra unfortunately fails this very first test. This broker is unregulated, unlicensed, and anonymous.
When we checked their website, we found that Nekstra had not listed any address for its headquarters. All we could find were contact numbers in Lithuania, Poland, Russia, and Kazakhstan. All of this implies one thing – this broker is an anonymous entity.
When we checked their Terms and Conditions section, we found that the broker had stated that they were governed by the laws of Estonia. Just to be sure, we checked the online register of the Estonian financial regulator, the Finantsinpektsioon (FSA). We were unsurprised to find that this broker was not registered with this financial watchdog. And since we could not find any other information about its regulatory standing, we can only conclude that Nekstra is unregulated.
This means that if you trade with this broker, your funds will not be protected, and you will be vulnerable to being scammed.
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.
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.
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Unfair Bonus Policy
The first thing we would like to highlight – after the fact that this broker is not a legally operating – is that Nekstra offers your bonuses. Bonuses are highly controversial promotional tools that have been banned in many countries for their unfair terms and conditions. And sure enough, we find those unfair terms here too.
First, to be able to withdraw your bonus, you need to meet the minimum trading turnover requirement. Therefore, to take out your money, you need to have traded 30 times the bonus amount and your deposit amount. And even then, you will not be allowed to withdraw your entire deposit if you accept the bonus. And if you don’t meet these terms, then either the full or part of your deposit amount will be deducted from your account! Furthermore, other penalties will be imposed on you – your bonus will be cancelled, all losses will be your liability and all profits will be deducted from your account!
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Unfair Fees Charged
If the bonus policies are not unfair enough, here are the numerous fees you get charged for using Nekstra:
- Profit Clearance Fee: You get charged between 1.50 and 5 dollars per trade!
- Maintenance Fee: You get charged a $30 maintenance fee every month.
- Verification Fee: If your verification process is not completed within 30 days of your first deposit, then you will be charged a verification fee of $150. This fee will be charged monthly until the verification process is complete.
- Withdrawal Charges: There is a 3.5% withdrawal fee. But if that fee is less than $50, then the client will be charged a flat $50 as a withdrawal fee.
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Poor Trading Platform
Nekstra does not offer any of the popular vetted trading platforms. Instead, its clients get 2 platforms (a web-based one and a downloadable one) which the broker claims are their proprietary design.
While we were unable to access the downloadable version of this so-called proprietary platform, we were able to open an account with the web-based interface. This platform has few tools for trading – the most significant one they have is focused on social trading. But there really isn’t much you can do on this broker’s platform except to buy and sell your assets.
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Very High Spreads
Like we mentioned, this broker does not advertise its spread on its website, and we found out why. The spreads for the EURUSD, the most popular forex trading pair are at 3 pips, which is a ridiculously high amount. This means that trading on this broker’s platform is not a profitable venture.
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Leverages Cannot be Adjusted
Another huge red flag is the fact that you cannot adjust the leverages on this broker’s platform. It is set at 1:200, and you cannot do anything to change that figure.
Conclusion
Everything we have uncovered about Nekstra tells us that this broker is a scammer and that if you invest your money with them, you will lose your funds. We recommend that you find another – legitimate – broker to deal with.
Nekstra
Pros
- None
Cons
- Unregulated, Anonymous Brokerage
- Unfair Bonus Policy
- Unfair Fees Charged
- Poor Trading Platform
- Very High Spreads
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
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.
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.
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