NceFX

NceFX is without  a doubt an offshore investment scam. Nothing on its website is believable. The following review explains everything.

The main point about NceFX is that is claims that its company Australian National Coin Exchange PTY LTD is licensed by ASIC. And wouldn't you know it, such a company actual exists in ASIC's register. And so the question is- is this broker actually regulated by none other than ASIC? Well, no, even if the evidence seems to say so. The truth is that NceFX has copied the Australian National Coin Exchange PTY LTD name, claiming to be its own, whereas it completely isn't. For example, the broker never reveals an address meaning that we cannot compare the address of the holding firm and that of NceFX. Moreover, the net has some evident results of Australian National Coin Exchange PTY LTD being its own thing, without having any connection to NceFX, although we do have to admit that we had difficulties with determining what exactly Australian National Coin Exchange PTY LT pertained to. All we know thus far is that it is a private company limited by shares.

Furthermore, would an ASIC-licensed entity claim to be regulated by the Financial Service Authority of Saint Vincent and the Grenadines, as well as the NFA in the United States? The NFA license claim is ridiculous for the US is the most tightly regulated market in the world. While the Saint Vincent and the Grenadines regulation is also a fake, for the local authority does not issue licenses to brokers.

One final note before the verdict. Offering bonuses in Australia is not allowed, and it is precisely what NceFX does, meaning that it does not follow the legal guidelines!

NceFX is completely unlicensed and a risk to all investments!

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The only way to create an account is by giving a phone number on which to receive a verification code, entailing that the only way to open an account is by getting contacted directly by the broker. We would never compromise our contact details to an unregulated broker, and neither should our readers. We will have to rely on the website for all the trading and payment details.

As per the website, the leverage is capped at 1:1000  The leverage cap is another reason why the broker is definitely not regulated in Australia. Currently in Australia retail leverages are officially capped at t 1:30, and so a 1:1000 one means that NceFX has broker the rule! Not to mention that such a high leverage value is very high and thus extremely dangerous.

And so, we are to believe that the 0 pip spread has a $6.8 commission per standard lot. The problem here is that we don't know if the commission is applied per side or if this is the full round turn charge. If it is per side, then the commission would be $13.6, increasing the spread with 1.36 pips, If round turn, then with the addition of the commission the end result would be a 0.68 pip spread. Whatever the case, we do not recommend trading with the broker.

The alleged trading assets are forex currency pairs, commodities, cryptocurrencies, shares, and indices.

NCEFX LOGIN

We are led to believe that the broker offers an MT4.

However, the company name that currently holds the MT4 is the one we mention above, i.e the Aussie-regulated entity that we concluded had no prior affiliation to the broker. And thus, the question arises as to the actual nature of the MT4. Are its servers part of NceFX, or of a different broker?

Honestly, we do not know, and the simple fact of this ambiguity should discourage you from trading with the company.

NCEFX MINIMUM DEPOSIT

Deposits are all at a huge risk of being stolen! Better try your skills with a legit broker!

We learn that the minimum deposit, according to the website, is $1000. This is four times the average deposit requirement. So, we con claim that the broker aims at more prominent users.

What the other payment conditions are, we cannot know. There isn't anything else to be said.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

NCEFX WITHDRAW TIME AND FEES

Withdrawing from unregulated brokers is a lost cause. Users rarely see their money back.

With that said, it's pretty ironic and fitting that NceFX offers absolutely no withdrawal details. Usewrs are left to the mercy of the broker.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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

NceFX is not worth a single penny of your money. Do not waste your time here!