NordEquity appears to be a dubious offshore broker targeting Latin American customers. Their website lacks crucial details about trading terms and bears a striking resemblance to numerous fraudulent brokers we’ve identified. This review aims to highlight the reasons why entrusting your funds to NordEquity may not be wise and suggests exploring more reliable options among financial service providers.
NordEquity Regulation
When assessing a forex broker’s website, the primary consideration is identifying the legal entity operating it, its location, and the regulatory oversight it adheres to. Licensed entities are obligated to furnish comprehensive legal documentation.
Upon registration with NordEquity, users are prompted to agree to Terms and Conditions, yet there is no accessible link to this document. Proceeding without clarity on these terms is unwise when dealing with investments.
Information on the website’s homepage indicates that Sinvara LLC, situated in the Marshall Islands, is associated with NordEquity. This offshore jurisdiction is favored by financial wrongdoers due to its lack of financial regulation and ease of online company incorporation.
NordEquity offers contact numbers in South American countries and Mexico, indicating a focus on these regions. Additionally, the website is available in Spanish and Portuguese.
However, it’s crucial to note that the Spanish financial regulator CNMV has issued a warning to investors, stating that NordEquity is not authorized to provide financial services within the country.
Trading Software
NordEquity utilizes a web-based trading platform. Although NordEquity employs a web-based trading platform, it lacks the advanced features found in MetaTrader 4 (MT4) and MetaTrader 5 (MT5). It’s important to recognize that the presence of a trading platform doesn’t necessarily validate the legitimacy of the website, nor does it ensure that the broker offers genuine trading opportunities. Many fraudulent entities utilize manipulated trading software to deceive investors into believing their funds are being legitimately invested.
NordEquity Trading Instruments
In theory, NordEquity claims to facilitate trading in currency pairs, commodities, and cryptocurrencies. However, in practice, there’s no assurance that the trading activities offered by this unregulated website are legitimate. Furthermore, the lack of clarity surrounding the terms and conditions adds to the uncertainty of engaging with this platform.
Spreads and Cost of Trading
Within the trading platform, there is a noticeable spread of 3 pips, which is twice the industry standard. NordEquity fails to disclose information regarding its trading conditions, leaving the possibility that additional commissions may be charged.
NordEquity Maximum Leverage
NordEquity’s trading software sets a leverage of 1:200, a level uncommon among regulated brokers. High leverage enables the potential for increased profits but also amplifies the risk of sudden and substantial losses proportionally. Major regulatory bodies typically restrict leverage for retail traders to mitigate risk.
Regulated brokers may offer higher leverage solely to professional clients, who are required to meet stringent criteria in terms of capital and experience. However, in doing so, professional clients relinquish certain protections enjoyed by retail traders.
Deposit and Withdrawal Methods
NordEquity asserts that it supports deposits and withdrawals through various payment methods. However, upon inspection, the deposit menu presents only one option: the relatively unknown payment processor BridgePay. Reputable brokers typically provide clients with a diverse range of transparent payment methods, including bank transfers, credit/debit cards, and well-known e-wallets such as PayPal, Skrill, or Neteller.
Minimum Deposit
NordEquity mandates a minimum deposit of 300 USD. However, for a substantially lower sum, you could establish a trading account with a licensed and reputable broker.
 Withdrawal Requirements
The absence of publicly available Terms and Conditions or a Client Agreement raises concerns, as scammers could potentially set traps such as hidden fees and withdrawal terms that are impossible to meet.