NESSfx broker review – Is it scam?

NESSfx is a Forex and CFDs online trading platform, which uses MetaTrader 4 as their primary software for trading. According to the information on their website, they offer over 200 instruments to choose from to traders, however, it stands to be one of the most expensive FX brokers that we have covered so far.

Because of the numerous problems that we have encountered with this Forex broker, we do not recommend trading with them to our readers. Unlike many of its competitors on the market, the broker lacks educational materials which can be very important for Forex traders, especially those who are new to the field.

Also, the broker offers very high leverage which can be quite risky for FX traders. For professional traders, they offer leverage as high as 1:500, which can be very dangerous if traders are not as careful as possible. In this NESSfx review, we are going to discuss every detail about this broker to make sure that you can stay as cautious as you can. So, if you are looking forward to learning more about this particular Forex broker, follow our tips!

Where is the company regulated and how safe is it?

The broker has a pretty rough history. First of all, it was initially operated by Lionsman Capital Markets Ltd, however, the company quickly renounced its CIF license and sold the business to FXNet Ltd. This company is a Cyprus Investment Firm, that claims to be licensed by the Cyprus Securities and Exchange Commission (CySEC).

NESSfx insists to own this license, however, while working on this review, we have come across many dubious points that can be very dangerous for Forex traders. Generally, CySEC requires brokers to hold at least €730 000 so that they can keep their clients’ funds on segregated accounts. In the case of this particular broker, we were unable to locate any trustworthy information about the broker keeping their clients’ funds on segregated accounts. If they don’t follow this rule, it means that Forex traders who use this broker are in great danger.

If something goes wrong and the company ends up bankrupt, traders will not have the ability to get their funds back. We have discovered quite a few Forex brokers in the past months that have claimed to own licenses, but in many cases, this information ends up being a lie.

Even if the NESSfx scam license is not true and the broker is indeed regulated by some authority it is still very obious that the broker simply does not have enough tools to keep their clients safe. For that reason, we believe that the regulatory framework that the broker follows is not helpful at all and can lead to a lot of problems for Forex traders who use it.

What is the leverage on the broker?

According to the information provided by the broker on their official website, the maximum leverage for retail clients is 30:1 for major currency pair, 20:1 for non-major currency pairs, 10:1 for commodities, 5:1 for individual equities.

However, when it comes to professional clients, the leverage is as high as 1:500, which can be extremely risky. If the trader is not a hundred percent sure that they are doing the right thing, they might end up huge amounts of money and we believe that by offering such high leverage, the broker is in fact hoping to achieve it.

How does the website look?

If you want your broker to be successful, you need to make sure that their website looks at least a little bit attractive and reliable. However, when visiting the NESSfx home page, you will quickly realize that there is nothing comforting for the users there. The website looks like a work of an amateur, something that anyone could come up with: it is very hard to find the information that you need and it seems like they did put little or no effort at all to make it either user-friendly or easily accessible.

That is another reason why believe that the broker is not legit and should be avoided at all costs. While many brokers around the world are creating platforms that can be very useful for Forex traders, this particular broker has created a website that is as useless as it gets.

Should you trade with NESSfx?

Based on multiple NESSfx reviews that are not positive at all, we do not recommend trading with this broker to anyone on the market. The broker is not worth your time and most probably, if you try to trade with them, you will end up losing your funds, your time, and excitement for Forex trading. After doing extensive research, we can allow ourselves to state that the broker displays every sign of a scam, so try your best to find a better broker.

FAQ on NESSfx

Is NESSfx licensed?

The company claims to be regulated by CySEC, Cyprus Securities and Exchange Commission and if you visit the official website of the broker nessfx.com you will find that the company is owned and operated under FXNET Limited, which is rather a parent company of the broker and NESS fx is just an approved domain. FXNET is indeed regulated by CySEC, however, it does not make its domain company as reliable as we would want it to be. Moreover, CySEC does not get involved in the disputes between the broker and the client and is not responsible for the failure of the broker’s promises towards the client. All CySEC does is checks whether the broker complies with all the requirements of the regulatory body or not and even if FXNET does comply with the set of rules, we cannot be sure of NESSfx’s honesty.

Can NESSfx be trusted?

Based on our NESSfx review we would not recommend the broker to either beginners or experienced Forex traders. The conditions and offers that the broker offers to its customers are very risky and highly unprofitable for most of the trades. The leverages are too high and spreads don’t seem to be beneficial for the traders at all. Furthermore, the company has no separate account for the clients’ funds, as demanded by the regulatory bodies, which means that in case the broker goes broke, its clients will not be receiving any of their funds back. Moreover, the broker holds no license itself but is rather just an approved domain of the CySEC regulated company FXNET. Moreover, we noticed that it is extremely difficult to navigate through the official website of the broker www.nessfx.com or to find necessary information for the traders, which makes it seem further unreliable and misleading on purpose.