Welcome to Noor FX review.
The official website of Noor FX can be found at noorfx.com, which is also the subject of our review today.
Noor FX is purporting to offer managed accounts and are also claiming to be registered with UALQ investment authority.
UALQ Investment authority is a non-existent entity and it can therefore be concluded that NoorFx is an unregulated financial service.
The website also claims that Noor FX is the trading name of a company called Metrix Global trading group. Unfortunately, such a company does not exist either.
They allegedly operate from Dubai, Hong Kong and Malta, a claim that can only be taken with a pinch of salt since Noor FX website is full of unverified information.
They want to offer investors access to “institutional-level returns with minimal risk and low returns”.
They want investors to know that traders working for them have “decades of financial experience” and are assuring “exceptionally high returns”.
They even claim that Noor FX is using a trading strategy that has been perfected for many years and is delivering consistent results.
However, their website also says that NoorFX has been around since 2013. Who.is report indicates that the website was registered in 2009.
But their trading performance shows us statistics dating back to 2013. So where is trading performance for the previous years before 2013?
In this review, we will be asking this plus many other questions.
Noor FX review
We found the website very professional in terms of design and presentation.
The managed accounts vendor is using a minimalist approach that does not bombard investors with a lot of information at once.
Average monthly returns is between 2% to 5%. I’m hoping this information can be verified via a third party auditing platform like myfxbook.com.
This is the most popular statement sharing and auditing platform for those who claim to trade Forex like NoorFX, Forex92 scam and many others.
They also claim that their website does not charge management fees. However, we believe that an incentive fee (commission) must be charged on any profits they make.
I’ve looked around on their website but did not see their commission structure. I believe this information should be made obvious to investors seeking fund management services.
NoorFX claims that they’ve recruited the most talented and seasoned traders.
Currently, they claim to work with 4 head traders who have “vast amount of experience managing huge sums of capital”.
They tell the investment community that these traders are adept at providing superior, risk-adjusted returns in the long run and are resilient unpredictable market movements.
Now, the interesting part is that NoorFX is admitting that they’re using stock photos to represent their traders since they’re following a data protection policy.
If this was a real company with real professional traders, do you think Noor FX would be using generic images?
There is no data protection policy in the world that prohibits showing photos of people who trade “huge sums of capital” for their clients.
Trading strategy of Noor FX
Many websites claiming to offer profitable fund management services don’t tell the client what the trading strategy looks like.
However, NoorFX has provided a sneak peak of their trading strategy. So this is well appreciated.
They claim to scalp the Forex market.
They claim to trade the most liquid Forex pairs such as EURUSD, EURGBP, USDJPY plus a few others.
They want investors to know that Noor FX traders don’t hold trades overnight for fear of risk.
I didn’t find this explanation making any sense because traders managing their risk using proper risk reward ratio should have nothing to fear even if positions fail to reach Take profit until the next day.
In addition to this, the website offers 60 day free trial to customers who would like to test their service.
This means clients won’t pay commission on profits for at least 2 months.
This is a good thing but still risky because money is being traded in the real Forex market and a trial does not eliminate risks.
Instead of offering such trials, NoorFX would have provided a verified third party trading performance so we can analyze the data and determine whether their trading is profitable or not.
Account Types and strategy data
Noor FX offers 4 different account types beside their 60 day free trial account. Minimum deposit for all the accounts is $10,000.
[tabs][tab title=”Gold Plus”]Monthly benchmark returns: 3.81%
Minimum Hold period: 1 year
Debit card access: √
Draw down: 8.12%
[/tab] [tab title=”Platinum Account”]Monthly benchmark returns: 4.47%
Minimum Hold period: 2 years
Debit card access: √
Draw down: 13.66%
[/tab] [tab title=”Digital Currency”]Average monthly return: 3.70%
Minimum Hold period: 1 year
Debit card access: ×
Draw down: Not applicable
[/tab] [tab title=”CBD/Cannabis”]Monthly benchmark: 2.64%
Minimum Hold period: 60 days or 12 months
Debit card access: No
Draw down: 4.90%
The account details are very clear and specific.
However, rarely do we find managed account service providers insisting on hold periods.
This definitely means that MAM account holders will not be able to get their money out until the specified duration of time as listed on the table above.
In addition to this, I’m concerned with the authenticity of trading statistics of these strategies.
It’s easy to throw around numbers but if you’re legit about trading, you should have no problem presenting stats from a verified third party platform.
It makes the service look more credible and authentic.
At the moment, Noor FX hopes to capture investors through the benefit of doubt rather than by delivering a verified track record of trading.
While this fund management service comes across as professional, I still believe there are things that are not very clear.
For instance, when they say Noor FX is regulated, investors will have to verify this information but if the purported financial watchdog does not exist, then the service comes across as a scam.
Secondly, company background details are unclear. We would like to learn more about their company before we can even put a cent in NoorFX managed accounts.
Once these concerns are addressed, we can come back later to edit this review.
Thanks for reading this Noor FX review. If you’re a customer or have something to say, please leave your comments below.