Nekstra – Is It a Good or a Scam Broker?
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://www.nekstra.com/
Founded: 2020
Regulations: Unregulated
Languages: English, Russian, and Polish
Deposit Methods: Credit Cards, E-Wallets, Neteller, Perfect Money, Skrill, and Wire Transfers
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Commodities, Cryptocurrencies, Forex, and Indices
Trading Accounts and Conditions:
There are six types of trading accounts you can choose from this brokerage.
- Basic account: The minimum deposit is $250. There’s a welcome bonus of 20%.
- Bronze account: The minimum deposit is $2,500. There’s a welcome bonus of 40%.
- Silver account: The minimum deposit is $5,000. There’s a welcome bonus of 60%.
- Gold account: The minimum deposit is$10,000. There’s a welcome bonus of 80%.
- Platinum account: The minimum deposit is $20,000. There’s a welcome bonus of 100%.
- Black account: The minimum deposit is $100,000. Further details about this account is not disclosed and you need to contact your account manager for more information.
The trading conditions are not disclosed for each trading account.
Nekstra– Advantages:
There are no advantages for you if you choose this brokerage for trading.
Nekstra – Disadvantages:
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Anonymous and unregulated broker
Regulation is imperative when choosing a broker. Unfortunately, Nekstra isn’t a regulated entity. Our conclusion comes from the fact that it failed to provide any information about its legitimacy. There were no details about its company address or the regulator they’re affiliated with. What the website had only provided were an email address and contact numbers in four different countries — Poland, Russian Federation, Lithuania, and Kazakhstan.
Moreover, the broker claims that they are operating under the jurisdiction of Estonia. The financial regulator governing the country is called the Finantsinpektsioon (FSA). However, when we checked its online register, Nekstra didn’t show as a licensed broker. This only proves that they are anonymous and unregulated.
Financial regulators are created in order to protect traders from being scammed and to create a conducive trading environment. These authorities have also instituted several rules in which brokers are obliged to follow with a goal of eliminating scammers.
Today, some of the best regulators in the world are the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission in the EU. To ensure that brokers don’t go bankrupt immediately, they require an initial capital of 730,000 EUR. Brokers are also required to participate in financial compensation schemes that ensure traders receive compensation in case a broker decides to stop operating. Under the Financial Services Compensation Scheme (FSCS) in the UK, traders will get up to 85,000 GBP and under the jurisdiction of the EU, traders will get up to 20,000 EUR.
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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High Fees
This broker implements several fees that are not found on other legit brokers. See the unfair fees you’ll incur if you choose to trade with them.
- Profit clearance fee: The charge per trade is between $1.50 and $5.
- Maintenance fee: The monthly fee is $30.
- Verification fee: The charge is $150 per month if the process of your verification is not completed within a 30-day period.
- Withdrawal fee: For withdrawal amount less than $50, the fee is a flat $50. Otherwise, the charge is 3.5% of the withdrawal amount.
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Unreliable trading platform
Nekstra offers two trading platforms designed by their own developers – a desktop version and a web-based version. We couldn’t access the former as there was no download link provided on the website. But, we were able to access the latter and see what it is all about. Unfortunately, it lacks the essential tools that are necessary for trading such as charting tools. It boasts, however, a social trading feature wherein we can copy what successful traders are doing. Our only concern is the accuracy of the numbers as their best trader is showing a 100% return on all of its trade. No matter how experienced a trader is, a return of 100% is just impossible. This type of tactic is used by other scammers to manipulate traders in order to rob off investors’ money. This to us is a big red flag.
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Unfair trading conditions
Aside from their poor trading platform, this broker also offers unfair trading conditions to their investors. First, we couldn’t adjust the leverages using their trading software. It’s set at 1:200 which is considered to be very high. As mentioned above, regulators have placed a cap on leverage at 1:50 and any level higher than this is considered as gambling.
Moreover, the spreads for the currency pair EUR/USD are at 3 pips, also an extremely high amount. If the spreads are high, the volatility is high and the liquidity is low. This means that the higher the spreads, the lesser chance you have at gaining profits.
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Unfair Bonus Policy
Bonus policies are one of the strategies of scammers to attract investors. This type of reward schemes, however, have been banned in several countries because of their unfair terms and conditions.
Nekstra offers the same type of bonus policy most scammers do. The problem lies on the condition that before you can withdraw your bonus, you need to meet a certain requirement. In the case of this broker, you need to execute a trading volume of at least 30 times your bonus amount plus your deposit amount. Worse, if you accept the bonus, you will not be allowed to withdraw your entire deposit if the same trading volume requirement isn’t met. Additionally, if you can’t meet the requirement, a portion or even your full deposit will be taken off from your account.
Conclusion
Nesktra is an anonymous and unregulated broker that offers unfair fees, trading conditions, bonus policy, and a poor trading platform. With the disadvantages we pointed above, we can say that this broker is a scammer. We strongly advise that you don’t trust your money with them. If you want to keep your money safe, only trust regulated brokers that were licensed by regulators under the jurisdiction of the UK and the EU.
Nekstra
Pros
- None
Cons
- Anonymous and unregulated broker
- High Fees
- Unreliable trading platform
- Unfair trading conditions
- Unfair Bonus Policy
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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