Nexo-Group Review: nexo-group.com a Scam Broker - Topedgefx.com

Nexo-Group Review: nexo-group.com a Scam Broker

Nexo-group.com is a broker and a financial service provider claiming to offer trading of instruments like Forex, stocks, Cryptocurrencies and commodities.

This broker is purportedly based in Berlin, Germany and are using the phone number +49 3056 796 946.

Online chat is manned by people who speak UK English and German languages respectively. To reach their support, traders can also send an email to info@nexo-group.com.

The question that traders want to know is whether Nexo Group is a legit or scam broker.

If you’re reading this Nexo-group review, we’ll provide you with an answer right away.

We’ll discuss things like account types, trading conditions, company background and regulatory standing.

We’ve listed the 3 account types provided by Nexo Group broker in the following table:

[tabs][tab title=”Bronze Account”]Minimum deposit: 1,000 Euros

Account Manager: Yes

1 on 1 trader training: No

Exclusive position access: No

Price alerts: No

[/tab] [tab title=”Silver Account”]Minimum deposit: 5,000 Euros

Account Manager: Yes

1 on 1 trader training: Yes

Exclusive position access: No

Price alerts: No

[/tab] [tab title=”Nexo Account”]Minimum Deposit: 10,000 Euros

Account Manager: Yes

1 on 1 trader training: Yes

Exclusive position access: Yes

Price alerts: Yes

[/tab][/tabs]

Nexo-group review

The first thing that traders need to know is that Nexo Group is an unregulated broker. So that means they are not legit.

They operate like Binarium, MarketsSoft, Crypt FX pro, Xtt Capital and many shady brokers.

They’ve been around for 4 months only. This means you can’t find any meaningful reviews or client feedback regarding them.

Their corporate information cannot be found on their website and so are trading conditions such as spreads, leverage and the likes.

NEXO-GROUP review broker

There’s zero advantage to trading with Nexo Group.

We’ve tested the platform and found that it is not any useful plus transferring significant amount of money into their live account can be a risky affair.

It is disturbing that a broker like Nexo-Group is not disclosing details of the entity behind their website.

While the broker is claiming to be based in Germany, they mention nothing to do with their regulatory status.

Since Nexo Group is offering financial services, they should be regulated by BaFIN which is the main regulator of financial services in the country.

Also traders should be reminded that brokers wishing to operate their business in the EU countries should be regulated by the FCA and CySEC (if they’re based in Cyprus).

Based on Nexo Group’s way of presentation, we realize that this is an unregulated and anonymous broker as well.

If they are unwilling to provide details of their company and are also making it clear that they are an illegal broker, it would only be fair to dismiss them altogether.

In addition to this, the illegal Nexo-Group is also operating without any legal documents meaning that they are intending to do business anyhow.

Without any legally binding document, Nexo-Group can handle their clients in any manner they would like to.

Whatever they say on their website, the things we’re discussing above say a lot about Nexo Group.

A broker that doesn’t meet these requirements is definitely too risky to trade with even if they’re offering all the juicy features that traders would love to take advantage of.

Nexo Group has no real trading platform

This broker does not provide a demo even when it’s very clear that all Forex brokers should provide this facility for the sake of practicing traders.

We opened a live account (we never funded it) because we wanted to catch a glimpse of what kind of trading platform they were offering.

The trading platform is some strange software interface with TradingView charts and quotes. However, trading had not been enabled.

From here, it immediately became obvious that Nexo-Group broker was only interested in receiving client deposits specifically from traders who are not aware of the broker’s ill motives.

You cannot trade with a broker who does not provide the popular MT4 and MT5 trading platforms. These platforms are robust and are very efficient indeed.

If you get yourself a good expert advisor or a trading indicator from this page, we assure you that integrating your EA with either of these platforms will be a walk in the park.

The MT4 trading platform also comes with a number of free in-built trading indicators which you might find useful if you prefer manual trading.

However, we don’t recommend trading on indicators if you have not acquired sufficient training and practice.

Please revisit this page again and pick the trading mentorship program that we recommend there.

You’ll be trained and you’ll also demo trade for practice. But please open a practice account here and horn your skills. 

High minimum deposit requirement

Nexo-Group broker requires a minimum deposit of 1,000 euros.

Other brokers require as little as $50 or depending on what a trader is comfortable funding their accounts with.

Nexo Group is definitely operating like a typical scam because they don’t offer any demo and they require traders to “invest” much upfront.

Even if you can afford it, you’ll end up losing the entire 1,000 euros.

Since there’s no trading at all on this broker’s platform, expect them to restrict any withdrawals from your account.

They’re literally saying “We’ve stole your money.”

Nexo-Group Broker blacklisted by FMA in Australia

The defiant broker has been blacklisted by the Australian financial regulator FMA.

This means they cannot legally provide their purported financial services to heavily regulated markets like the USA, Australia or the EU.

However, the scam broker is still continuing to hunt clients from all of those countries. This is illegal.

Conclusion

Nexo-Group is anonymous and unregulated.

There’s zero clarity about the trading conditions they offer simply because there’s no trading at all.

This can be considered a red flag and concrete evidence of the fact that Nexo-Group is a scam broker.

Thanks for reading this Nexo group review. We’d like to read your comments now.

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