NXG Markets is a new broker that claims to be regulated by US authorities. Their platform is pretty basic and one can find numerous bold claims. While their spreads and trading conditions are attractive, do not let it fool you into believing them blindly. We didn’t find any solid proof to support their regulatory stance and the user reviews are beyond horrendous.
The team behind this platform is also maintaining a low profile. Given all the facts about them, it is indeed better to maintain distance until more social proof pops up. Continue reading to know about their other traits.
NXG Markets Overview
This platform is nothing more than a brokerage that caters to the needs of the retail crowd. One of their bold claims is with regard to the low spreads. ECN accounts are available and what they advertise is nothing out of the ordinary in the industry. The amount of trading instruments offered appears a bit too good to be true.
So, check the description carefully before proceeding and ensure that you understand all the risks present. Educational materials and the FAQ section are present, but few links are broken and it isn’t exactly reassuring.
Trading Conditions and Account Types
As we discussed above, the spreads are low and there are few account types present. Leverage offered is said to top out at 1:1000 which is way too much compared to industry’s average. Minimum capital required to get started with them is $500.
Wire transfers are said to be supported and few online wallets like Neteller and Skrill are also accepted. Processing time is said to 1 hour for deposits, with withdrawals it is not clear how quick it is going to be. All in all, the ambiguity is pretty high.
Is NXG Markets Legit or Scam?
This is a tricky question. On one hand, they do have certain features that give them somewhat of an edge. However, there are a lot of things that can be categorised as concerning. Lack of regulation is a huge red flag and transparency is not present to the full extent. So, we would categorise them as a shady platform with questionable past.
User reviews are also not doing them any favors in terms of their brand image. Social mentions aren’t plenty to arrive at a conclusion either. After considering every publicly available data, it is better not to interact with them.
Conclusion
NXG Markets is a questionable entity at best. Until such time wherein hundreds of reviews pop up or more data finds the surface of the internet, do not engage with them. If you have any personal experience, do share them in the comment’s section below.
