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NM Pak Review
NM Pak is operating as a traditional MLM company that is trying to get as much investment as possible before its eventual collapse. So, you should avoid investing in it. Instead, use reliable crypto trading bots to make money through legit platforms.
NM Pak purports to offer traders one of the best trading experiences ever. By trading with this broker, you supposedly have a low chance of losing your money. It says it is a licensed international broker and has helped many traders. Although this broker makes bold claims about itself, nothing could be further from the truth. It is just another scam company angling for your money. The company takes advantage of novice traders who don’t understand the game well.
Forex trading, or foreign exchange trading, is an investment strategy involving the buying and selling currencies to make profits. It is one of the most popular forms of investing due to its high liquidity and low barriers to entry. In forex trading, investors can take advantage of market movements in currency pairs by taking either a long or short position, depending on their outlook.
However, the forex market can be a risky one, and scam brokers are not uncommon. It is essential to research any broker you plan to use before trading with them to ensure that they are legitimate and trustworthy forex companies. Consider customer service quality, regulations, fees and commissions, and reputation. If in doubt, it may be safer to choose a broker regulated by your local financial authority. With the proper precautions in place, forex trading can be an exciting and rewarding way to invest.
With this broker you will supposedly get acquainted with CFD trading by simply predicting price movement. The broker markets itself as a leader in the industry, having more than 300,000 open accounts in different parts of the world. With this firm, you can trade indices, stocks, currencies, ETFs, and other liquid assets that are available to you as a retail trader.
They claim to be licensed and also hold multiple awards for their services. We could not, however, verify the claims regarding their international recognition. There was no active link to show whether or not the claims were valid. To start trading, all one has to do is open an account and deposit money. There are no additional charges like commissions when opening the account.
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We noticed something peculiar about the broker’s claims. It says one can trade without slippage. This seems like a big lie. For one, slippage is something even some of the legit brokers cannot guarantee against. During high-impact economic news, many traders close their positions. When the news is released, the absence of traders means high volatility and low liquidity.
One of the standard features among scam brokers is that they present an unrealistic view of trading. They make trading appear simple, and all one has to do is buy or sell. However, scammers rarely tell traders the truth. They never tell them that the venture is risky and they can lose money. Read along as we look at an example of these shady brokers.
NM Pak Founders and Team
No company comes out of nowhere to start offering financial services. There must be an origin story and a journey. The company must provide the date of its inception and who established it. This is crucial because the owners say a lot about the company. If the founders have a negative reputation, they likely run a questionable enterprise.
We combed through NM Pak’s website for this information, but we could not find it. The only possible reason for concealing this information is that the company is shady. Often, scam brokers rebrand and start new companies under a different name. It is, therefore, possible that this company has existed before but under a different name. They do not disclose their names because you may recognize them.
Forex trading is not just about bulls and bears. Many dynamics affect price movement. When there are global economic changes, prices move rapidly. Some shady brokers take advantage of these price movements to make price requotes. Thus, traders cannot close out their trades in time, thus leading to losses.
From our investigation on whois.com, we established that the domain website was created on 2018-02-11, updated on 2022-03-22, and will expire on 2023-02-11. The expiration date shows the company may not be in operation for too long. The broker may open another website once enough people realize it is a scam.
These are essential. For novice traders, there is a lot that can go wrong. For example, a newbie in trading may think they are getting scammed when slippage occurs during a trade. They may wonder why their stop-loss order is not getting executed. The broker should therefore be easily reachable for clarification on such issues. A good broker should provide telephone numbers, physical locations, and email addresses.
This broker has provided an international phone number, email, and physical location. These do not, however, mean that the broker is legit. One of the disturbing things we noted it the inconsistency in their location. Although they claim to have headquarters in Scotland, there is also a claim to have an offshore jurisdiction in Vanuatu. This is a red flag, showing the company may not be Scottish as it claims.
NM Pak Regulation Status
When looking for a broker, many new traders do not know how to choose a legit one. With the plethora of brokers today, it can be a daunting task. However, one thing that traders must look for is regulation. If a broker is unregulated, it is not worth wasting your time and money. A broker can also claim to be regulated just like NM Pak does. You should confirm with the regulatory bodies to see if their claims are valid.
There should be no mystery as to the company behind a forex broker’s operations, its place of incorporation, the types of licenses it holds, or the authorities that have jurisdiction over it. A red flag indicating we are probably dealing with fraud is raised whenever such details are missing or presented poorly.
The broker’s website states that the firm complies with the standards set forth by the Financial Conduct Authority (FCA) of the United Kingdom but only lists a partially completed address in Scotland. No way is this real. If the FCA regulated the broker, they would be in their registry. When we checked, however, the broker was nowhere to be found.
We also found some more evidence that the firm is shady. If it were under the FCA, they would not offer leverage of 1:500. This is too high. The FCA only allows leverage of a maximum of 1:30. This is meant to protect traders in case they overtrade.
NM Pak Trading Conditions
There are three accounts to choose from. The company has provided details about its minimum deposit and leverage. However, it has omitted the spread, one of the most critical elements about a broker that traders check. There is also no information about commission charges.
The minimum deposit from this broker is also concerning. The $150 requirement is too high. Today, there are legit brokers which offer lower minimum deposit requirements. Since this broker is a scam, they require a lot of money to work with because they are only targeting a few people to scam.
Deposit and Withdrawal
We weren’t at all surprised that the only payment methods accepted by this broker are cryptocurrencies (Bitcoin and Tether). Cryptocurrencies are the payment method of choice for most financial scammers.
The reason for this is that, on the one hand, cryptocurrencies provide a degree of anonymity, and on the other hand, they do not allow the defrauded person to ask for a refund. If the broker were legit, they would provide transparent means of sending and receiving money.
NM Pak is a scam broker. They purport to offer high-quality services while, in reality, they are just scammers. There are just too many things about the broker which are not adding up. They have omitted relevant information that every company should have. Trading with them is risky.
That said, you can still practice trading. There are so many legit and honest forex brokers in the market today. These provide you with all the information you need and have actual physical locations. They are also regulated in their respective countries; hence there is no fear of getting scammed.