Warning! Nobel500 is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
Nobel500 seeks to enthrall clients by offering favorable trading conditions and a very attractive website as its facade. Doe it achieve what it aims for? Read on t find out.
The only mention that we associate with a regulation is a mention to The Markets in Financial Instruments Directive or MiFID.
MiFID is a regulation that is applicable throughout the European Union and aims to improve competition between brokers by creating a single market for financial investment services, and also seeks to offer protection for traders and broker alike. However, MiFID is not a license issuer. So Nobel500 cannot be regulated by it.
The website offers no other insight on a regulatory framework, and so we are left with no other choice than to conclude that Nobel500 is UNREGULATED, and as such is a risk to investors.
Always check for a proper broker license within the domains of the regulatory agencies. All of them have access to either an online database of regulated financial services providers, or separate lists of authorized companies. We advise traders to go with FCA/CySEC regulated brokerage firms, since these two agencies are some of the best for the job.
After a very easy registration, we opened what seemed like a live account. The EUR/USD spread that we got from it is 2.8 pips which is not favorable to traders, but is lucrative for the broker. The leverage offered at the terminal is 1:200, which is not what MiFID stands for. In Europe the leverage is limited by ESMA to 1:30.
The trading platform offers Forex Pairs, Crypto, Commodities, Indices, Stocks, and Indices.
The website is available only in English, The dashboard on the other hand can be translated into English, Italian, Arabic, Russian, Chinese, German, Spanish.
The trading platform here is a surprisingly efficient Active8. It’s very user friendly, with every asset having its own little section, with some chart indicators and time frames. Users can also copy strategies from other more advanced traders. All in all it’s a smooth trader and very effective for rookie clients.
The leverage is 1:200 which is not within the confines of official ESMA decree (1:30), and the EUR/USD spread is 2.8 pips.
There seem to be no commissions. But we advise not to let your guard down, for the broker is unregulated and can easily come up with commissions.
The platform is browser based, but can also be downloaded on Android/Apple devices.
NOBEL500 MINIMUM DEPOSIT
The minimum deposit is $200.
As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD 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
Nobel500 has expertly offered help in the form of AnyDesk on the right side of the webpage. Many users may think that this is some sort of helpdesk, which it totally is not.
AnyDesk TeamViewer allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
NOBEL500 WITHDRAWAL TIME AND FEES
The legal documents state that the clients can use credit/debit cards, some alternative methods, and wire transfer, and that there are fees. $50 for Wire Transfer, $25 for Credit cards, $10 for e-payment methods. Furthermore, a 10% levy will be withheld if an account has not executed more that 200 times in turnover trading volume.
Withdrawal are said to be processed within a maximum time frame of 5 days.
The client dashboard offers no withdrawal tab. There is actually not a page that allows uses to withdraw. So anything the broker claims anywhere on the website is not applicable, unless withdrawal options are revealed upon making a deposit.
ADDITIONAL FEES AND TAXES
Bonus fund withdrawals can only be processed if a trading volume of 30 times the deposit amount plus the bonus is achieved.
A very scary clause gives the broker the right to withhold all client profits: a non-deposited fund may be reclaimed by Nobel500. This means that any profit made from trading can be taken from you by the company.
The broker also plays a safe card with the following clause, in which it states that it basically absolved of any blame resulting from the client’s loss of profits etc..
There is also a 10% charge on dormant accounts. An dormant account is an acount that has been inactive for 3 months or more.
Heed our words. 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.
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 charge back. 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.
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 chargeback 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!
Nobel500 will do nothing but take your money and leave you standing with empty pockets. Do not deposit here!