Forex Trade Nest claims to be a legit trading platform with a “coming soon” license. The platform wants investors to sign up with them without considering the implications. According to the platform, it’s a Malaysian-based investment platform. Without any license, the platform remains a high-risk financial investment platform. And that’s what you need to understand when it comes to trading. Learn more in our Clear FOREX TRADE NEST REVIEW.
According to the homepage, Forex Trade Nest was founded by a group of professionals. The company claims to have its headquarters in Cyprus. However, it’s not true as the platform wants to associate itself with regulatory compliance.
The region is known for having strict regulatory compliance. Every trading platform would want to have a license from CySEC. We have to give them credit for coming up with an engaging website.
All the details you would want to see on a platform is readily available. In addition, the platform ensures navigation is straightforward. You get all the information you need by scrolling down the homepage.
The best way to invest requires finding the proper investment channels. These include proven entities that enjoy the backing of experts. Groundbreaking investment solutions include Coin staking, DeFi, and Masternoding.
You need to try out the above methods, which most see as a way of earning passive income. Forex Trade Nest, on the other hand, has been making the wrong headlines. Complaints regarding withdrawals have hit the news.
Before committing funds with any platform, you need to do due diligence. Try and find out what others are saying about a particular platform. It helps you make informed decisions and protects you from false investments.
Forex Trade Nest offers three accounts that come with different features. These accounts include standard, premium, and VIP. According to the account features, the platform gives ESMA Leverage on all assets. However, maximum Leverage is capped at 30:1 for retail traders.
Here’s a closer look at these accounts
Standard
It’s the most basic account and is best for beginners and novice traders. Members have to make a minimum deposit of $100 to start trading. The account seems fair as the platform strives to offer appropriate trading conditions.
Premium
For premium account holders, investors have to deposit $500 to start using it. Notable features include spreads from 1.8 with margin calls of 100 percent. In addition, stop-out levels on all accounts are set at 50 percent.
VIP
As the name suggests, it’s the most exclusive of the accounts. Members have to deposit $10,000 to start using it. The account comes with spreads from 0.9, and none of the accounts have any commissions.
All the accounts come with similar features apart from spreads, and the minimum allowed deposit. The platform enables hedging and scalping with the option of having an Islamic account. There’s a minimum trade lot size of 0.01.
The execution model on all accounts is STP/ECN, with the execution type marked as a market order. Sadly, members get to trade with only two instruments, Forex, and metals. You don’t get to spread your risk with crypto or leading indices.
Opening an account with Forex Trade Nest is straightforward, and the process takes a few minutes. First, you have to fill in your address, contact, and full names. After that, the only issue we have is their verification methods.
You will have to verify your account when you hit the withdrawal button. The platform will ask for valuable documents before accepting your withdrawal request. These documents include bank statements, a copy of your ID, and credit card details.
Most security analysts believe the platform is harvesting banking information from members. We don’t get to see any terms that protect users from the third-party sale of personal data. The platform ought to verify accounts using emails and SMS codes.
Details on who owns the platform remain sketchy. We don’t know the actual person who runs the platform. Likewise, there’s no information on the founding members. If these were professionals, there wouldn’t be a need to hide their identities.
We believe the platform is hiding its identity for a reason. With claims of having a Cypriot license, CySEC would have to investigate. And this makes Forex Trade Nest an anonymous investment platform.
One critical to look for in a reliable investment platform is its support structure. It’s best to go for platforms that offer convenient and fast support. In addition, it would be best if you stayed away from platforms that insist on one-way communication.
Despite having a phone number, the call rarely goes through. However, once it does, the platform will claim to call you back. When this happens, the platform will convince you to sign up and send your documents for verification.
You can only fund your account using bank and wire transfers. These are the only available options to clients. Funding your account is straightforward, with the process taking less than five minutes to complete.
We don’t recommend you do it, as withdrawing funds from the platform remains a hurdle for members. Most members get stuck at this juncture when trading with forextradenest.com. And this is another reason the platform doesn’t want to raise eyebrows from regulators.
Your funds are not safe with a platform that fails to have a valid trading license. In addition, the platform fails to offer insurance cover for deposits made. And this is what every trader should avoid in a platform.
It would be best if you got enough security when trading. We also believe the platform is pooling funds in one account. It’s a high risk as bankruptcy and insolvency is on the rise. No member will receive any compensation if this happens.
Segregation of accounts is also not taking place on the platform. As a result, the platform could easily be fooling investors, making them fund a private venture. You need to avoid such platforms and use proven investment entities.
Despite having a “coming soon” tag on their license page, it’s still an unregulated platform. With claims of being a Cypriot broker, the platform has to have a valid license from CySEC. Unfortunately, it’s not the case as Forex Trade Nest remains an unregulated platform.
If any authority recognized the platform, we would see verification documents. The platform would quickly post copies of their license for all to see. Since the platform lacks compliance, there are no documents to prove it.
Without a regulatory framework in place, the platform is free to operate as they wish. And this includes having to include harsh trading conditions. The platform openly fails to inform users of the risks that come with an unregulated platform.
One of the few positive aspects of the platform is furnishing members with a world-class trading platform. In addition, the platform offers traders advanced trading tools such as 50 indicators and technical analysis tools.
We recommend using MT4, MT5, and SIRIX and avoid platforms with custom-made trading platforms. The problem with customized trading platforms is their unstable nature. Therefore, the best option is to avoid them altogether.
Please stay away from anonymous and unregulated platforms. Unfortunately, we have to add Forex Trade Nest to our blacklist.
Go for industry-backed trading platforms with a proven track record. It’s the only way to trade and invest safely.
If you have any queries, feel free to leave a comment or write to us.
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