Beware! Nash Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Nash Markets trades in forex, stock, indices, commodities and cryptocurrencies. If you visit the company’s website, you won’t notice anything that makes this broker stand out. However, what we are interested in is finding out whether it is reliable to trade with this broker or not.
Nash Markets Regulation and safety of funds
On the company’s website, it is not very visible what the address of this broker is. After searching for a while, we finally found out that it is in St. Vincent and the Grenadines (SVG). You may be aware that St Vincent and the Grenadines is an offshore zone. The Financial Services Authority in the country does not regulate forex brokers, so what we can conclude from that fact is that this broker is not licensed and therefore it is not safe to trade with it.
You will be advised to look for a licensed broker in the well-established jurisdictions where regulated brokers offer much better conditions for the safety of your funds. For example, if you choose to trade via broker licensed in EU or UK, you must know that they must provide an initial capital of no less than 730,000 EUR and contribute to compensation funds that will guarantee the safety of funds of its clients. In case of bankruptcy, clients will be protected and if the broker is regulated by CySEC, they will be compensated with up to 20,000 EUR per client. If the broker is regulated by FCA, then the clients will be compensated by up to 85,000 GBP per client. US and Australian brokers also offer good guarantee for the safety of funds of their clients. Where you hard-earned money is concerned, you’ll do well to play it safe and choose a reliable and licensed broker from the jurisdictions we mentioned above.
Nash Markets Trading software
The trading platforms offered by Nash Markets are the MetaTrader 4 and Metatrader 5. These two platforms have an excellent reputations and are choice number one for around 80% of the brokers. Singing praises to these platforms is absolutely justifiable as they are the ones offering a lot of excellent trading tools and instruments, thus facilitating forex trading. Among their many qualities, we will list the autotrading option, the code base with customs scripts, the app market, the financial calendar, the VPS and the trading signals, to name a few.
In the screenshot below, you can see what MT4 looks like. The top bar contains the menu for charting tools from which you can select different types time frames, colors and indicators for technical analysis, such as Bollinger Bands, Fibonacci retracement, moving averages, etc. In the left vertical bar, you see the menu for the currency pairs with their bid and ask price and beneath, the navigator for the indicators, expert advisors and scripts. In the middle of the screen you see displayed charts with currency pairs and their price fluctuations in a given time frame. Here we have 4 charts, although their number may vary as per the trader’s needs.
The first chart in the display represents the EUR/USD currency pair. From their bid and ask price, we calculate the spread to be 2 pips which we must say is within normal boundaries, not too tight and not too wide. What worries us is the fact that this broker offers a very high leverage of 1:500 to its traders. Such high leverage looks tempting especially to new traders who think that they can make a big win. What they may not be aware of is that the chances of losing are higher than the chances of winning as proven by 70% of the traders who lose in transactions. We ask you not to be lured by such high leverage and to remember that licensed forex brokers have a cap on leverage and in EU it cannot exceed 1:30 and in the US it can’t go over 1:50. These are precautions to prevent traders from making big losses and taking chances with their hard-earned money.
Nash Markets Deposit/Withdrawal methods and fees
Nash Markets offers 4 accounts – Mini, Var, Pro and Standard. The minimum initial deposit for the Mini account is $50. For the other 3 accounts, it’s $200.
Deposit and withdrawal payment methods are rather limited – credit card, cryptocurrency and bank wire. Before choosing any payment method, please read carefully the last section in this review, which will explain why it is very important to make to right choice when it comes to payment methods.
It seems that there are no restrictions when it comes to withdrawal of funds and clients may do it whenever they need to.
Although the deposit and withdrawal methods and fees seem to be favourable to some extent to the client, please do not forget that we are dealing with a broker that is not licensed and cannot provide guarantee for your funds. Everything else is secondary to this fact!
How does scam work?
No one wants to be duped by scammers, but it happens all the time because they know how to manipulate people. As they say in one popular song “sweet dreams are made of this” and this is what scammers rely on – creating in people’s mind a sweet dream of being rich! Scams usually start by unsolicited telephone calls or ads on the Internet or social media promising quick and easy profit. It is easy to fall into scammers’ trap and once you make a deposit, you are done for! Scammers won’t let you get away easily even if you realise that you are being scammed. They will try to delay you when you try to withdraw your funds by asking you to provide this document or fill out this form, etc., in order to make you miss the deadline when you can file for chargeback.
What to do if scammed?
You need to act very quickly. First of all, if you have made a deposit using a credit card, you must immediately file for chargeback. Fortunately, VISA and MasterCard allow for 540 day period in which you can file for chargeback. This is the good news. The bad news is that if you have made a deposit using bank wire or Bitcoin, the chances of you getting your funds back are nil!
Another thing you can do is cancel your credit card if the scammers have your CVV code. Check your PC and erase the software that gives scammers access to your personal data.
Be careful, because even doing all that we recommended, your unfortunate experience with scammers may not be over. There are the so-called recovery agents. One of those may approach you offering to recover your funds for a fee. Do not trust them and always check the legitimacy of the recovery agent and the agency.
Also, be aware that some “victims” of scam may post comments after the review, saying how they lost money and how a recovery agent helped them retrieve their funds. They will even put the contact info for this so-called recovery agent. Do not trust them either as it is another case of scam!