Updated on January 17, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding NPBFX due to the issues we've identified.
Is NPBFX Scam or Legit Broker? ▲
NPBFX should not be deemed a trustworthy investment avenue. The brokerage operates without any prestigious regulatory endorsements. Operating under the trading name of NMarkets Limited, it is registered in the Island of Moheli and Saint Vincent and the Grenadines, both of which are known for their lax regulatory environments. NPBFX's affiliation with the Financial Commission, despite offering a €20,000 insurance per trader, cannot overshadow the critical lack of stringent regulation. The absence of oversight by reputable bodies like the CySEC, ASIC, and FCA points to a potentially insecure trading milieu fraught with risks of financial losses and operational ambiguities.
Since 1996, NPBFX has been active in the Forex brokerage industry, offering trading options in 38 currency pairs, precious metals like gold and silver, and oil products. The firm operates a broker model, facilitating transactions between its clients and liquidity providers in the interbank foreign exchange market. NPBFX prides itself on supporting a wide array of trading strategies without restrictions, catering to both traditional and high-frequency traders as well as those employing algorithmic strategies. The brokerage offers features such as high leverage up to 1:500, access to the copy-trading platform ZuluTrade, multi-lingual customer support 24/5, and availability on MetaTrader 4 across various mobile devices. Despite these offerings, a deeper investigation into NPBFX reveals significant regulatory shortcomings and customer grievances, particularly concerning withdrawal issues and inadequate customer service, typical of offshore brokers.
After thorough research and comparison with over 1000 other brokers, our team has determined that NPBFX falls short in terms of reliability and compliance with essential regulatory standards. Consequently, NPBFX's overall ranking stands at a disappointing 1.5 out of 5. This score reflects the broker's inadequate regulatory framework and the volume of customer complaints, particularly those related to withdrawal difficulties and poor customer support.
NPBFX stipulates a minimum initial deposit requirement of 10 USD, 10 EUR, or 500 RUB, depending on the selected account currency. Although the broker facilitates deposits and withdrawals through various channels like VISA, MasterCard, WebMoney, and Wire Transfer, it fails to provide comprehensive, transparent information regarding these processes. This lack of clarity is compounded by numerous client complaints about the broker's withdrawal procedures, signaling potential challenges in fund management and withdrawal.
NPBFX caters to various trading preferences and strategies by offering three distinct account types: Master, Expert, and VIP. Each category is designed with specific features and conditions to suit different trader needs:
For the Master account, the minimum trade volume is set at 0.01 lots with spreads beginning from 0.8 pips, and a minimum initial deposit of 10 USD. The maximum leverage available is 1:200.
The Expert account offers spreads from 0.6 pips, requires a 5,000 USD initial deposit, and allows leverage up to 1:100.
VIP account holders can trade with a minimum volume of 1.0 lots, enjoy spreads starting at 0.4 pips, and must commit to a minimum deposit of 50,000 USD. The maximum leverage for VIP accounts is set at 1:100.
These account configurations, while seemingly diverse, are overshadowed by concerns related to the broker's regulatory standing and operational transparency.
Offers a wide range of trading instruments including currency pairs, precious metals, and oil products.
Supports various trading strategies without restrictions.
Provides access to high leverage up to 1:500.
Features copytrading through ZuluTrade.
Available on MetaTrader 4 across multiple devices.
Operates under an offshore license, lacking strict regulatory oversight.
Numerous client complaints, especially concerning withdrawal issues and insufficient customer support.
Inadequate transparency about deposit and withdrawal processes.
The benefits of membership in the Financial Commission are overshadowed by the lack of toptier regulatory licenses.
In summary, while NPBFX presents several appealing features such as high leverage, a variety of trading instruments, and support for numerous trading strategies, the broker is significantly marred by its insufficient regulatory framework and a considerable volume of customer complaints. The broker's registration in jurisdictions known for their lenient regulations raises serious concerns about the security of traders' funds and the integrity of trading operations. Given these substantial risks, we strongly advise traders to exercise caution and consider alternative brokers that are regulated by reputable authorities like the FCA, ASIC, or CySEC. These regulators ensure a safe trading environment, minimizing the risks of financial losses and providing a more reliable trading experience.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
NPBFX Review 2024
