NFT-FX Review – What Makes it a Bad Choice?

NFT-FX Review

One of the most important things that every trader needs to understand before starting online trading is that they should be careful about the broker they decide to use. Many people are focused on the instruments they will trade and other features, so they do not pay much attention to the company they are signing up with. However, you have to understand that not all of the companies you find are good options. Some of them are downright bad choices, as this NFT-FX review will reveal, and opting for them can derail your financial goals and prevent you from achieving them.

Of course, you do not want to waste your money, or the lucrative and profitable opportunities that exist in the financial markets. In order to ensure it does not happen, you have to remember that the online broker you choose plays a very vital role. If they are not up to the mark, you are probably going to suffer and end up getting demotivated. When you make so much effort, you do not want to see it wasted, so it is best to approach each step with caution and patience. Yes, you want to start trading as quickly as possible, but this does not mean you should compromise.

It is a must to remember that there are some online brokers that are truly bad choices, not because they lack in some features, but also because they are not what they pretend to be. There are scammers and fraudsters disguised as brokerage firms and their goal is to lure you in and then exploit you as much as possible. You do not want to lose your money to these cybercriminals, especially when you have goals to achieve. To stay safe, you have to determine what makes a broker a bad choice. Is it possible?

Indeed, there are signs that show that a particular brokerage is not the right one and this also applies to NFT-FX, one of the companies you will find. This is a crypto brokerage that has been established and since this market has a propensity for scams, you have to be extra cautious. You can see why it is a bad choice by going over its red flags below:

False claims of regulation

The regulatory status of any online brokerage is of the utmost importance because you want to sign up with one that has a license to provide its services. Why? Licensed companies have to fulfill a certain criteria to offer their services, which includes maintaining high quality standards, following rules and regulations and providing transparent services. They also offer compensation schemes, depending on where they are based. The fact that NFT-FX claims to be registered in England means that it should also offer you the same protections.

How? This is because online brokers that are operating in England have to have a license from the Financial Conduct Authority (FCA). This is the regulatory body that monitors and governs companies offering trading services in the region and they have very strict rules and policies. But, you will discover that NFT-FX is lying about being regulated in England because it does not comply with the rules of the FCA.

One of the offerings of NFT-FX is that of crypto CFDs and you should note that the FCA has banned the provision of these instruments all over England. This means that it is not possible for the company to be regulated in England and a check of the online register of the FCA further confirms this fact. The fact that the company is lying about its regulation is enough to give you a warning of the kind of platform you are dealing with.

Availability of trading bonuses

The fact that you are dealing with a liar is already a problem when it comes to NFT-FX and you will find that it only gets worse when you continue to check their offerings. Another of their features that puts the company in violation of the FCA’s rules is the offer of trading bonuses that are available on the platform. Indeed, trading bonuses have been banned in England because these come with strings attached that are considered malicious.

Therefore, lots of regulatory jurisdictions no longer allow these bonuses to be provided and England is one of them. Thus, NFT-FX should not offer these bonuses, as it claims to be registered there, yet it is doing so. Moreover, its bonus policy is quite problematic as they have mentioned that their bonuses and their conditions are subject to change at any time and without any prior notice. No genuine platform would ever do so.

High leverage ratios

When you check out the trading conditions that are available at NFT-FX, you will find yet another reason why this broker is a bad choice. A look at the leverage ratios that are offered by the broker shows that it offers levels of 1:5 for cryptocurrencies. It is important to note that the crypto market is already volatile and such ratios are considered high and quite dangerous. This has prompted regulatory authorities in different jurisdictions to cap the leverage for crypto CFDs at 1:20. But, NFT-FX is clearly not following any kind of rules.

No chargeback possible

Another reason that you are dealing with a broker that is a bad choice in case of NFT-FX is because of the payment methods they are supporting. When you take a look at the payment options, you will discover that they only allow you to make payments via wire transfers and crypto assets. The problem with these payment options is that none of them give you room to file for a chargeback. This means that if something was to go wrong, you would not be able to get a refund and your money will be taken away by the broker.

Closing Thoughts

When you take these problems with NFT-FX into account, you will have no trouble in determining that this brokerage is a shady or scam one and certainly a bad choice.