NCE (ncefx.com) is a fake Forex and CFDs broker. The entity behind Ncefx.com is also operating another scammy platform called honfx.com. HonFX.com is primarily targeting Chinese clients. On the other hand, NCE is the face of the company targeting clients on a global scale as the website is in English language.
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NCE claims that they’re an “ultra-low cost” broker that guarantee fast execution and withdrawals. In addition to this, the phony broker is promising a 1 minute sign up process and claiming that USDT withdrawals are proccessed in minutes.
NCEFX appears to target victims who are in a rush to sign up and start trading.
The company’s website is also spruced up with black and golden colors suggesting luxury. The scammers are basically using color psychology to attract the financially unsophisticated.
This is ideal for trapping victims who believe that the broker will give them financial success.
The purpose of this NCE FX review is to caution you against using the fake broker for your trading.
However, if this broker has stolen your money already, it’s never too late to learn how other victims of Forex and Crypto scams are recovering their investments from shady brokers.
NCE (NCEFX.com) Review and Overview
The website belongs to a company known as Australian National Coin Exchange PTY LTD.
Obviously it suggests that the broker is operating out of Australia which means they must be authorized and remain in good standing with ASIC (the local financial regulator).
It’s also important to note that NCE is also incorporated in the offshore region of St. Vincent and the Grenadines.
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They use National Coin Exchange St LLC as their offshore company name.
The question is why would a Forex broker company registered in Australia seek offshore registration?
Could this be a shell company that the scammer uses to launder their victim’s funds?
The answer is definitely a Big Yes!
Scammers who own shady brokers tend to run their business in this manner to avoid detection by the authorities.
As a matter of fact, the company is in the ASIC register. However, we noticed something suspicious when we investigated this company.
When you view documents uploaded by the company in April 2019, you will see that these folks changed company details, business address and office holder name.
In October 2019, the company changed these details again.
What exactly is going on here?
Surprisingly, the local financial regulator is still unaware of these suspicious activities or have simply chosen to look the other way.
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Also when we search the St Vincent and the Grenadines financial commission register, we find the company National Coin Exchange St LLC.
Take note that this is an offshore “license”. That license means nothing. It does not protect traders.
In fact, that license is easily obtained by scammers and that is why NCE has it.
Additionally, their HonFX.com subsidiary is registered in Hong Kong as Havenson Limited.
Havenson Limited is yet another shell company. They keep registering companies to appear legitimate but the truth is that these shell companies are being used to launder customer funds in a ‘safe’ way.
How NCE broker is scamming traders
The current owner of NCEFX.com acquired the domain sometime in 2020.
The domain NCEFX.com first appeared online in 2011. Back then, their business was to “help people purchase Cryptocurrency”.
It’s not known whether the previous owner was using the website to scam Crypto users of their money.
If the business was successful, the most likely thing that the previous owner would have done was to retain his business.
That said, we live this to speculations.
Our focus is on explaining how NCE plus its sister website (Honfx.com) intends to scam you.
They’re basically offering CFDs for trading on a simulator. They’re operating a classic bucket shop where the broker competes with the trader and ultimately wipes the trader’s account.
It may look like the trader has lost his money in a trade gone wrong. However, the truth is that there is always an evil hand working behind the curtains.
This evil hand is none other than NCE or their sister website called honfx.com.
If they let you win (or if they play a fair game on you), you will win and they will be forced to pay you from their pocket.
They don’t want this to happen ever. That is why they must rig the system and make you lose most of your trades. Trading Strategies never work in this kind of toxic trading environment.
Wrapping it up
Both NCE and HonFX have racked up complaints against their brands. These complaints mainly involve traders who are facing challenges withdrawing their money.
Remember that the scammers promised fast withdrawals. But what they do to their victims is the complete opposite — they withold their funds forever until the victim gives up.
This is a typical scam because the broker does it on purpose. They ignore your emails as well.
The only way to get your funds out of such a platform is to use a reputable claims management company to help you out.
Thanks for reading our review. We look forward to your comments below.