Offering Misleading Information! Unlicensed Nectac TradeFX is a SCAM!

In forex market, many regulatory bodies take actions to further tighten forex regulations. Under this circumstance, many unlicensed brokers figure out ways to appeal investors by falsely claiming good conditions like excellent trading terms, exceptional client service and serious regulation. However, when we check their regulatory status, we found negative results. That means the unlicensed brokers often provide forex offerings without legal licenses.

Recently, BrokersView learned that the forex broker Nectac TradeFX is one of the above brokers who operate and attract clients without a legal license.

Offering Misleading Information

Nectac TradeFX claims to provide traders with currencies services with globally regulated license. At the same time, as we all know, all good brokers are not only registered but also will provide their credentials and help you verify their registration status. If Nectac TradeFX is actually regulated by any regulators, it will definitely present the license information on its website. However, we found no valid license information.

To be more specifically, as we checked out on its official website, we found Nectac TradeFX shows that its headquarter is in USA but it gets no NFA license. If you are a forex trader, you must know: trading with an USA reliable forex broker, it needs to have an NFA license.

What's more, the entity showed it was established in 2010 and had customers come from more than 100+ countries and regions around the world. At present, there are more than 800000+ people registered. But when we checked its domain, the result shows the firm was newly created on 2021-08-03. How it can reach these figures in about 4 months? Thus, there is the highest possible level of caution for you when dealing with Nectac TradeFX.

Warned by UK FCA

Instead of confused registration information, Nectac TradeFX has been blacklisted for fraud by the UK FCA for providing illegal financial services on 07/12/2021.

According to the release, Nectac TradeFX is an unregulated broker, which is operating without authorization and is targeting people in the UK. Based on the information above, we can conclude Nectac TradeFX is currently not regulated by any financial regulator. That means investors' funds in this broker is unsafe and cannot be protected by any laws. Therefore, it is a scam broker.

To make sure you are dealing with a regulated broker, BrokersView suggests you find easily the broker's regulation information before you are going to deal with it. Lack of information is a big red flag since you don't know who will be dealing with your money. 

We welcome you to send your trading stories to service@brokersview.com if you unfortunately had a bad experience with an unlicensed broker.