NessFx Review: Should You Trade With This Online Broker?
As an investor, you need to be smart about the online brokers you choose. Failing to do your due diligence about a brokerage firm is the quickest way to lose money. Unfortunately, most beginner and seasoned investors have fallen prey to unscrupulous brokers and lost money while trading.
Is NessFx one of these scammers? Are your funds safe with this brokerage firm? Read this in-depth NessFx review to answer these questions and more.
Have you traded with NessFX before and lost money? Would you like to recover it? We can help you. Book a free consultation with our experienced team of experts. We have helped a lot of investors recover their cash.
An Honest NessFx Review
NessFx is a forex and CFD broker owned by FxNet Limited. The company claims to offer quality services to individual and corporate clients while complying with financial laws and regulations.
The brokerage firm has been in operation for over a decade. While the company appears to be genuine based on the information included on the website, what could they be hiding?
Is NessFx a Legitimate Brokerage Firm?
Brokerage firms that are scammers will often have well-organized websites and information to convince unsuspecting investors to take a chance with them. Therefore, before investing any of your money, you need to examine the brokerage firm in detail.
To determine whether NessFx is a legitimate brokerage firm, we will look at the company’s operations, product offerings, and services. In addition, we will also examine whether any reputable body regulates the broker.
With this information, we can come up with a final verdict about whether you should trust this company with your money.
What is NessFx: A Brief Background
The brokerage firm specializes in metals, commodities, currencies, shares, indices, and cryptocurrencies.
NessFx lists its official address in Limassol, Cyprus.
Is NessFx Regulated?
According to its website, NessFx, owned and operated by FXNET Limited, a Cypriot Investment Firm, is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 182/12.
In addition, the brokerage firm is incorporated and registered under the laws of the Republic of Cyprus (Certificate of Incorporation No. 300624).
Thanks to the CySEC authorization, the company has a cross-border license that allows them to operate throughout the EEA region. Therefore, the brokerage firm can operate in several European countries, including Denmark, Germany, Norway, Portugal, Spain, Poland, Spain, among others.
Furthermore, this license also covers Corsica and France’s five overseas departments and regions, including French Guiana, Guadeloupe, Martinique, Réunion, and Mayotte.
NessFx also operates and provides its services in accordance with the Markets in Financial Instruments Directive (MiFID).
Is NessFx a Scam?
For a company that has been in operation for more than a decade, the firm portrays itself as a legitimate company. However, some red flags negate this fact. But, first, let’s look at some of the things that make NessFx appear legit.
- The brokerage firm uses the reputable MT4 trading platform, which is highly secure and has many features for traders to use.
- It’s authorized and regulated by CySEC to operate in most European countries, which is meant to protect customer funds.
- Customers can withdraw and deposit funds via Mastercard and Visa.
Although all these features are common for legitimate companies, is this the case with NessFx?
Signs That NessFx is a Scam Broker
According to the information on the website about the available account types, the maximum leverage is 30:1 for currency pairs, 20:1 for non-major currency pairs, 10:1 for non-major equity indices and commodities, and 5:1 for individual equities. When it comes to professional clients, the leverage is quite high at 1:500, which is quite risky.
In addition, these accounts also raise questions because the minimum deposit for beginners is $500, and $2,000 and $20,000 for the other accounts. Compared to other CySEC brokers, this cash is quite high and not worth the risk. Therefore, it might be best to avoid this broker.
Despite being regulated, NessFx has received warnings in the past. The warning came from Canada because the company was operating in the country without authorization. A brokerage firm that operates like this is risky and an avenue to lose money.
On its official website, NessFx indicates that it provides its services to the citizens of the member countries of the European Economic Area, except Belgium and the Czech Republic. In addition, it does not operate in other countries such as the United States. If the brokerage firm was legitimate, there would be no restrictions on where it can operate.
If you check the company’s website, there’s so much vague information about its operations. They claim that the firm is managed by professionals with over a decade’s worth of experience in the financial industry. However, there is no detailed information about who these people are. This is risky for investors, especially if you can’t trace the owners of a company.
Multiple Negative Customer Reviews
Customer reviews on reputable website Trustpilot paint NessFx as a scammer. With a rating of 3/5 stars, the company has negative reviews ranging from constant harassment from the NessFx team, loss of cash to rude and abusive customer support team.
More reviews on Forex Peace Army also show that they constantly harass customers.
Before investing with any brokerage firm, it’s advisable to check such customer reviews for real-life experiences. The company is not the best investment choice based on the present comments.
NessFx Review Conclusion: The Final Verdict
While NessFx has portrayed itself as a legitimate brokerage firm, there are multiple signs that confirm that the company is a regulated scam. From geographical restrictions, warnings, vague information to customer reviews, our in-depth NessFx review reveals that the company is out to get your money.
If you have lost money before trading CFDs, commodities, indices, and forex with NessFx, we can help you get it back. Schedule a free consultation with our team of experts. Trader Protection has years of experience helping traders get their money back.