NomadsFX.com is a new Forex broker since their web address (NomadsFX.com) was created in October 2020.
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Nomads FX is operating out of the infamous offshore region of St Vincent and the Grenadines.
The island is known for harboring Forex brokerage scams as well as dubious companies that do not want to comply with financial regulatory requirements.
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The broker in question is owned and operated by a company called Nomads Fx Limited.
Even if we disregard their infamous location, questions start to arise with regards to whether or not trusting an offshore broker with your money is a reasonable thing to do.
Their website is using an intelligent cover up to create the impression that they are professional and that traders won’t suffer typical inconveniences associated with brokers who operate here.
For instance, they provide a wide range of financial instruments for trading and also lure traders with attractive promotions, prizes and rebates.
In addition to this, Nomads FX is also advertising a copy trading service for newbies who want to make money without actually trading.
I’ve looked at their entire website and one thing I discovered is that they don’t offer any differentiated services from the competition.
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How NomadsFX.com intends to convince traders to sign up is the big question.
NomadsFX.com account types
They offer 3 account types but the minimum deposit requirement is very high.
Traders on the Vagabond and GoPro accounts will deposit at least $5,000 and $10,000 respectively.
The high deposit requirement is typical of unregulated brokers because some of them want to reap huge monies in a very short period of time.
As soon as you put in the $5,000 dollars, this broker will start to take the other side of your trades because they are a market maker.
At this point, we know that the broker will ultimately win, leaving you with no money to withdraw from your trading account.
Leverage and Spreads
Regulated brokers especially in countries like the US tend to provide low leverage because they are required by regulators to do so.
Nomads FX is a typical broker that lures traders and investors with leverage of up to 1:500, disregarding the fact that high leverage is detrimental to any Forex account.
NomadsFX.com charges spreads and commissions as well.
Their basic account type attracts high spreads of 1.2 pips while the other two account types that require very high minimum deposit are luring traders with friendly spreads of 0.2 pips.
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But in addition to this, Nomadsfx.com is charging commissions in these accounts.
It appears that there are no incentives for traders on higher account levels except promotions and prizes which they are being lured with.
Is NomadsFX.com a legit broker?
It is just surprising how the broker has managed to garner a couple of reviews and ratings when Alexa.com indicates their web traffic is very low.
One might conclude that Nomadsfx.com is involved in doggy PR practices.
While I don’t want to completely brush aside these stellar reviews from ForexPeacearmy, there is always the possibility that the broker is engaging in shady marketing practices where they pay freelancers to bombard the forum with fabricated reviews and testimonials.
Offshore brokers are generally not trustworthy.
To add a little bit of professional touch to their services, I expect NomadsFX.com to publish their Forex broker license number.
Still, the region where they operate from is not know to implement tight regulations on brokers.
My advice is that you should take extreme caution. Don’t just deposit your money randomly on the internet.
Thanks for reading