Trading in the financial market can be a lucrative way to make money if you have the right knowledge, skills, and tools. However, it’s also a field where scammers and fraudulent brokers are common. One of these is Norextrade, a brokerage firm that has been accused of scamming traders out of their investments. In this article, we’ll take a closer look at Norextrade, its operations, and its reputation in the financial market.
Overview
| Broker Name | Norextrade |
| Website | https://norextrade.com |
| Regulation Status | Not regulated |
| License status | Not licensed |
| Warning | FSMA, FCAA |
| Traders’ review | Negative |
Is Norextrade Regulated?
One of the most important factors to consider when choosing a broker is whether it’s regulated by a reputable financial authority. Regulated brokers are required to adhere to strict rules and regulations that are designed to protect investors from fraud and abuse.
Unfortunately, Norextrade is not regulated by any reputable financial authority. The company is not licensed by the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or any other regulatory body. This lack of regulation means that the broker can operate with impunity, without any oversight or accountability.
Warnings from Financial Regulations
Norextrade has been the subject of several warnings from financial regulators around the world. For example, the Financial Services and Markets Authority (FSMA) in Belgium has issued a warning against Norextrade, stating that the broker is not authorized to provide investment services in Belgium.
Similarly, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) in Canada has issued a warning against Norextrade, stating that the broker is not registered to trade in securities in Saskatchewan. These warnings suggest that Norextrade is not a legitimate broker and should be avoided by traders.
What Currency Pair Do They Offer?
Norextrade offers trading in a wide range of currency pairs, including majors, minors, and exotic pairs. Traders can also trade in other financial instruments such as commodities, indices, and cryptocurrencies. However, the lack of regulation and the numerous warnings from financial regulators suggest that trading with Norextrade is not safe or advisable.
Customer Support
One of the essential aspects of any broker is its customer support. Traders need to be able to get in touch with their broker quickly and easily in case of any issues or problems.
Norextrade claims to offer 24/7 customer support via phone, email, and live chat. However, many traders have reported that the broker’s customer support is slow, unresponsive, and unhelpful. This lack of support can be frustrating, especially in cases where traders need urgent assistance.
Trading Method (MT4/MT5/Any other method)
Norextrade offers trading on the MetaTrader 4 (MT4) platform, which is a popular trading platform among traders. The platform is user-friendly and offers advanced charting tools, technical indicators, and trading robots.
However, the use of a popular trading platform does not guarantee the legitimacy of a broker. In the case of Norextrade, the lack of regulation and the numerous warnings from financial regulators suggest that the broker should be avoided.
What Do Traders Think About Norextrade?
Traders who have used Norextrade have reported numerous issues and problems with the broker. Some traders have reported that the broker is slow to execute trades, while others have reported that the spreads are wider than advertised. Additionally, many traders have reported that the broker’s customer support is unresponsive and unhelpful.
Overall, the consensus among traders is that Norextrade is not a trustworthy broker and should be avoided.
What To Do If You Get Scammed?
If you believe that you have been scammed by Norextrade or any other fraudulent broker, there are several steps that you can take to try and recover your funds. Firstly, you should gather as much evidence as possible, including screenshots of your trading history, emails, and other correspondence with the broker. You should then report the scam to the relevant financial regulator in your country. You can also seek legal advice and contact a recovery agency that specializes in recovering funds lost to forex scams.
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Final Thoughts
In conclusion, Norextrade is a broker that has been accused of scamming traders out of their investments. The lack of regulation and the numerous warnings from financial regulators suggest that the broker is not legitimate and should be avoided. If you are considering trading with Norextrade, it’s important to do your research and consider the risks carefully. There are many reputable brokers in the financial market that are regulated and can provide you with a safe and reliable trading experience.
