Warning! Nimble Markets is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Nimble Markets is seemingly a proper broker. Read this review to see what we found out about it.
The discerning thing here is that there is no mention of a regulation anywhere to be found. Furthermore, the broker has not included the binding legal documents, meaning that the broker can do whatever it wants. These two things indicate that the broker is UNREGULATED, and therefore a risk to all investors.
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)
It’s too bad, because Nimble Markets has a very professional interface, yet as we shall see, things will only escalade from here.
When we opened an account we were presented with the opportunity to choose a maxed out leverage at 1:200. We opened a trading terminal, but because of a critical issue that we shall soon see, the spread values and the assets are not really applicable here.
However, for the purposes of the review: the broker claims to be offering Forex Pairs, Indices, Stocks, and Commodities.
The website is available only in English.
NIMBLE MARKETS LOGIN
The broker claims to offer the MT5, even when we registered, the confirmation email gave us a download link. However, once we arrived at the trading terminal itself, we learned that the MT5 is nothing more than the default MetaQuotes that every internet user can get his/her hands on, via the MetaQuotes website.
Or in other words, Nimble Markets has no proprietary MT5, and thus any trading instruments, spreads and leverages seem to not apply.
In all honesty, this is not that big of a surprise, seeing that Nimble Markets has no license.
NIMBLE MARKETS MINIMUM DEPOSIT
According to the client dashboard, the only way to deposit is via bitcoin which is the payment method of choice for most illicit brokers, since payments via bitcoin are untraceable.
We could not deduce a minimum deposit from the client area. The website claims that the minimum deposit for the Micro account is just $10. There are 8 accounts in total each with a different requirement.
Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. 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
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
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
NIMBLE MARKETS WITHDRAWAL TIME AND FEES
Nimble Markets has no info concerning withdrawals. We scoured through the website, and were unable to find any details. Only the client area gave us one piece of info: withdrawals are made via bitcoin, which as mentioned, is an untraceable source of money, and thus very unreliable, especially for unregulated brokerage firms.
ADDITIONAL FEES AND TAXES
Since there are no legal documents, we could not get any concerning clauses. But nevertheless, beware! Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. 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.
We strictly advise against giving away an ID and proof address to unregulated brokers: they can be literally anyone with enough time and skill to mask themselves as a broker. Usually, these individuals use the anti-money laundering legislation as front for when traders start to get suspicious. Once this suspicion is confirmed and you file for a charge back, they will use your details against you case.
We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.
HOW TO RECOVER
Filing for a charge back is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.
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!
Nimble Markets will confuse traders, no doubt about that. We will cut things short by saying that Nimble Markets is not worth any investment. The broker will not return the deposit, and will leave you hanging!