Nexo-Group – Is it Safe to Invest with Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Nexo- Group - DO NOT TRADE WITH THIS PROVIDER
3.5/10
$100
Minimum Depositupdated 2020
Nexo-Group claims to be a Forex broker that is based in Germany. The brokerage offers its clients a number of types of trading accounts, which we have listed below:
- Bronze: A minimum deposit of €1,000 is required to open such an account.
- Silver: A minimum deposit of €5,000 is required to open such an account.
- Nexo: A minimum deposit of €10,000 is required to open such an account.
Despite going through Nexo-Group’s website, we were unable to get any information on the broker’s trading conditions, so we don’t know what the spread or the leverages offered by the broker are.
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.nexo-group.com/
Founded: 2012
Regulations: Unregulated
Languages: English, German
Deposit Methods: Unknown
Minimum Deposit: €1,000
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Cryptocurrencies, Forex, CFDs on Indices, Commodities, Metals, Stocks
Trading Accounts and Conditions
Nexo-Group claims to be a Forex broker that is based in Germany. The brokerage offers its clients a number of types of trading accounts, which we have listed below:
- Bronze: A minimum deposit of €1,000 is required to open such an account.
- Silver: A minimum deposit of €5,000 is required to open such an account.
- Nexo: A minimum deposit of €10,000 is required to open such an account.
Despite going through Nexo-Group’s website, we were unable to get any information on the broker’s trading conditions, so we don’t know what the spread or the leverages offered by the broker are.
Nexo-Group – Advantages
Here are the few advantages that Nexo-Group has:
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Range of Trading Instruments
Nexo-Group offers a wide range of assets with which to trade. The broker offers CFDs on currency pairs, including the benchmark EURUSD, indices such as the S&P 500, metals, stocks and commodities.
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Demo Account
Nexo-Group offers its clients a free demo account. Having said that, the fact that there are no trading conditions mentioned means that this demo account is actually a waste of time, since you will not really get to know the most critical pieces of information you need to be able to make a trade.
Nexo-Group – Disadvantages
Besides the two apparent advantages, we can’t find anything else positive about this broker. Here is the list of some very serious disadvantages we found with Nexo-Group:
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Anonymous Website
A big red flag here is the fact that there is absolutely no corporate information about the company that runs this brokerage. There is a Berlin address, a telephone number and two generic email IDs on the broker’s Contact Us page, but no other details.
When we further investigated, we found that the German address given on Nexo-Group’s website did exist, but did not belong to the broker. So, the broker put up a fake address, which clearly shows that this is a scam.
When we called the number given, there was no reply. The same thing happened when we tried emailing the broker on the ID given.
At the end of the day, all the corporate information given is false.
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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Lack of Regulation
Because of the fact that Nexo-Group is an anonymous broker, we have absolutely no information about whether it is regulated or not. As a rule, brokers need to give information about their registration or license so that it can be verified that they are actually regulated by financial bodies.
The fact that this broker has no information about its regulation status is a clear indication that it is not a regulated entity.
We went so far as to check the German financial regulator’s registry, but we could not find any broker or company by the name of Nexo-Group on it.
Dealing with unregulated brokers is a sure way to lose money, so we would strong advise you not to invest with Nexo-Group.
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Blacklisted by the FMA in Austria
We discovered that Nexo-Group has been blacklisted by the Austrian financial authority, the FMA (Financial Market Authority).
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No Information About Trading Conditions
Nexo-Group has absolutely no information about its trading conditions. Trading conditions are some of the most vital pieces of information traders require to carry out transactions on a broker’s trading platform, so if this information is missing, then it’s a huge red flag for us.
Despite the fact that the broker has a free demo account, it is basically useless since we don’t know anything about the leverages, spread or account types Nexo-Group has to offer.
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No Proper Trading Platform
One of the most alarming things we found out about Nexo-Group is that it doesn’t have a proper trading platform. Upon opening an account with the broker, we saw that there was no trading platform.
Instead, we observed that the broker was offering an interface that showed quotes from major stock exchanges, without the facility to actually trade on assets.
This is the biggest indication that Nexo-Group is a fraudulent site that is trying to scam money from unsuspecting traders by getting their deposit money.
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Massive Initial Deposit
This broker requires you to make an initial minimum deposit of €1,000. This is excessive, considering that most legitimate brokers have a minimum deposit requirement range of $100 to $250.
Asking clients to put in such a huge initial deposit and not giving any information about trading conditions clearly shows that this a scam site and should be avoided at all costs.
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No Information on Payment Methods
Despite looking through the entire website, we were unable to find any information with regard to payment methods. Therefore, we don’t know what kind of fees you would need to pay the broker for withdrawals, for deposits, for trading and so on.
Conclusion
After having carried out all the necessary investigations, we believe that Nexo-Group is a scammer that all traders should avoid.
Nexo-Group has not listed the name of the company that owns and operates it, has given false contact information, has been blacklisted by the Austrian FMA, has no information about its trading conditions or even payment methods, has a massive initial deposit requirement and has no trading platform.
All of these factors point clearly to the fact that this broker is a scam that is out to get your money. We would strongly recommend that you not do any business with this broker.
Nexo-Group
Pros
- Range of Trading Instruments
- Demo Account
Cons
- Anonymous Company with Fake Contact Information
- Lack of Regulation
- Blacklisted by Austrian FMA as Scammer
- No Information on Trading Conditions
- Massive Minimum Deposit Requirement
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.
eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.
1 comment
I Feel like such a fool! It asked me to make a minimum deposit of €1000, I should never have put in so much! After the deposit, the balance never showed up. Tried contacting their email, phone but with no luck at all! did this happen to anyone else???