Abstract：NSFX, a Malta-based forex brokerage entity, has received largely negative reviews from traders worldwide. They have accused the broker of scamming them and making them lose trades. What further bothered traders was the alleged wrong advice from the broker team leading to capital losses for traders. They have made their NSFX reviews live on independent platforms such as WikiFX. In this article, we have investigated these charges so that you can decide whether NSFX is to be trusted with your hard-earned capital. Read on!
NSFX, a Malta-based forex brokerage entity, has received largely negative reviews from traders worldwide. They have accused the broker of scamming them and making them lose trades. What further bothered traders was the alleged wrong advice from the broker team leading to capital losses for traders. They have made their NSFX reviews live on independent platforms such as WikiFX. In this article, we have investigated these charges so that you can decide whether NSFX is to be trusted with your hard-earned capital.
Overview of NSFX: Introducing Brokers, Money Managers & White Labels
NSFX, as per the official website details, has an affiliate network consisting of Introducing Brokers, Money Managers & White Labels.
Working as partners, these help acquire users to trade on the NSFX platform. On the platform, the brokerage firm has shared details on the amount these people can earn.
However, from the traders point of view, there is no clear explanation of the account name, the trading conditions, the minimum deposit required, etc. This points to a lack of transparency for traders seeking to widen their wealth generation through NSFX.
The growing number of complaints discussed below is likely attributable to the lack of key details on the official website.
Top Forex Trading Complaints Against NSFX
Wrong Training, Slow Trading System Accusation
A Canadian trader expressed concerns over the training provided to customers, which allegedly goes wrong. According to the user, the wrong training is a deliberate ploy to make customers lose funds while helping NSFX gain. The user further claimed that the broker purposely slows down the trading system. Check this complaint.
A $200,000 Fund Scam Allegation
A Hong Kong-based user claimed that the broker altered their bank account details without consent, causing withdrawal failures. Despite paying additional margin fees to unfreeze the account and repeatedly depositing more funds as instructed, the trader was still unable to withdraw any funds. This led to this negative NSFX review.
A 30% Loss on an ECN Account
A Netherlands-based user admitted to having opened an ECN account by depositing the minimum amount required by NSFX. After a few trades, the platform went wrong and led to a loss of 30%, according to the complaint.
When contacted, the broker reportedly stated that the trader's account was put on a market maker feed instead of ECN. However, the trader refuted it by saying the ECN account with a minimum trade size of 0.1 lots was clearly stated on the website. The complaint further talked about the broker's alleged attempt to deposit more to put the feed on a real ECN account.
Read this complaint for more details.
The Minimum Deposit Goof-Up
A Morocco-based user reported contradictions regarding the minimum deposit required by NSFX. According to the user, while the website claimed $300, the real-time ask was $3,000, 10 times higher. This inevitably led to this not-so-good NSFX review.
A Recount of Poor White Label Trading Experience
A trader from Jordan took strong exception to the white-label trading experience. Although the complaint did not reveal much, it indicated an investment scam. The trader shared his displeasure through this review.
NSFX Review by WikiFX: The Regulatory Details & Score
NSFX, as per its official website, is regulated by the Malta Financial Services Authority. However, the claimed license is not verified by WikiFX upon an in-depth investigation into the broker's regulatory details. This remains despite the broker having an operational presence for over a decade in the trading space. This led to a reduced score of 1.75 out of 10.
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