FXNobels

Don’t let FXNobels trick you. This alleged broker is cheeky in its deliverance, and has the potential to trick many investors. Read on to find out what it does, and how to protect yourself from it.

First off, the pivotal part of any broker…the regulation. With FXNobels there is no claim of such. The Terms and Conditions are very short in quantity, and offer no insight of a regulatory agency. The closest thing we have is an address in the footer that locates the broker in Malta.

As expected FXNobels is not registered with the Malta Financial Services Authority. With that, we must concluded that FXNobels is UNREGULATED, and thus presents a risk to all those that invest in it.

If Traders wish to invest in Maltese brokers, they must make sure that the firm is regulated by the MFSA. The Malta Financial Services Authority enables traders to be compensated a 90% of their investment of up to €20 000 if the broker becomes insolvent, not to mention that they require a starting capital of €730 000.

Otherwise, we strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

Once we registered and opened the web trader, we were given the opportunity to put as high a leverage as we wanted. We are not exaggerating when we say that we typed 10000 in the leverage box, and were promptly, with no issue, allowed to continue.

This is a first for us. Over 100+ reviews, and here we are with a fraudulent broker that lets you dictate your own leverage.

As for the spread we got for the EUR/USD pair, it’s 2 pips. This is above the industry average, and is not really in favor to traders.

Even though FXNobels promises over 100 financial instrument, spanning multiple categories, the demo platform gave us only currency pairs.

The languages that are offered are surprising in number: English, Russian, Arabic, Chinese, Italian, German and Spanish.

FXNOBELS LOGIN

The broker has included a functioning MT4 platform. However, it fails to deliver on a promise of a platform called Status.

METATRADER 4

This ubiquitous terminal is abundant in trading option specifically designed to give traders an edge. Expert Advisors are a staple by now, while one click trading, multiple pending orders, superior chart management and customizable trading indicators (and many more) open so many possibilities for traders.

The cost of trade for the EUR/USD currency pair is 2 pips.

The leverage, as we have seen, is ambiguous, and is potentially limitless. Readers should note this as a warning, for the higher the leverage the higher the risk is.

The traders comes on all Apple/Android devices. It is also accessed via a web browser and a standalone desktop trader.

FXNOBELS MINIMUM DEPOSIT

Even though the broker claims that the minimum deposit is $1000 if using the Bronze Account, we were able to go on with the payment procedure with only $1, as seen below:

The payment methods are as follows: Credit/Debit Cards, Yandex Money, Qiwi, Alpha Click, Promsvyazbank, ADVCash, ATF24, KASSA24, Bitcoin, Dash, BitCash, BitGold, LiteCoin, Zcash, Ethereum, EthereumClassic, Doge, DigiByte, NameCoin and VertCoin.

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever, even with so many methods for depositing.. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

In order to make Credit/Debit card payment with FXNobels, it asks you for your card’s CVV code. The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

FXNOBELS WITHDRAWAL TIME AND FEES

The minimum withdrawal for Wire Transfer is $250. For all other methods of withdrawing, it’s $100. Only illegitimate brokers cap the minimum withdrawal amounts so high.

All withdrawal processes are said to take up to 7 days.

There are heavy fees attached to withdrawals. For every Wire Transfer a fee of $50 is deduced, for Credit/Debit cards it’s $25 per transfer, while for all e-payment methods a charge of $10 is subtracted.

ADDITIONAL FEES AND TAXES

There is a 10% charge that is relatively confusing to grasp: If in account has not executed more than 200 in turnover (it's unclear what this is) or has not been verified, a charge of 10% of any withdrawal will ensue. This implies that one can withdrawal without verifying his/her account.

The dormant account fee states that if after 6 months of inactivity, an account will be taxed with 10% each of the following months.

Shady brokers will try to keep you on as much as they can by not allowing you to withdrawal, in order to apply the aforementioned fees as much as possible. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

The only thing that is left to do is to file for a chargeback, and hope that the minimum amount of damage has been inflicted on your account.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

FXNobels is the most common type of fraudulent broker. There is no mention of a regulation, there are unfulfilled promises, and the fees are excessive. We don’t have to tell you twice to stay away from this one.