Nexsus Financial Markets Review – Is The Broker A Genuine FCA Regulated Company?
First off, Nexsus Financial Markets claims to be regulated by the FCA by listing a London address as its official address in the UK. The Nexsus Financial Markets website also prominently displays a conspicuous FRN number that is published in order to prove the authenticity of FCA regulation. However, upon closer investigation, the FRN number 590890 seems to be the regulatory license number of Abshire-Smith, another UK-based financial broker that is licensed and regulated by the FCA. We are not sure whether both of these brokers are connected to each other through any partnership or white label platforms, but it certainly sounds suspicious with regards the safety of trader funds. To make matters worse, we also ran into an article from 2014 from the official FCA website, which warns traders and investors about a potential scam involving Nexsus Financial Markets. The official press release clearly states that the broker is not authorized by the FCA to carry out financial brokerage and other allied services in the UK, which puts further doubt into the authenticity of the company. The FCA has categorically warned its investors to stay away from Nexsus Financial Markets until further notice. Therefore, we wouldn’t trust the company for its promises of enhanced client security, protection under the FSCS fund, and offering the best liquidity in the market.
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Nexsus covers almost all the main financial markets, and grants access to instruments such as Forex, CFD, Futures, Equities, and Government bonds. Investors are offered the option of four different types of trading accounts that are developed according to the different trading conditions and the minimum initial deposit required to open an account. Smaller traders can open a Micro account for an initial deposit of $250, which is something that we did not expect from a broker that aims to cater specifically to retail traders. Most micro accounts from competing brokers can be opened for anywhere between $1 to $10, which certainly puts Nexsus Financial Markets out of reach for a majority of micro Forex traders. The maximum Nexsus Financial markets leverage for a micro account is 1:400, which is once again smaller than other brokers that offer more than 1:500 for micro accounts. We do not advice using a higher leverage due to the risks associated with margin trading, but micro accounts are used with smaller trading capital, which requires a significant amount of leverage to open a significant position in the market. The Micro account is a market maker account, which is also the case for the Standard account that comes next to the Micro account in terms of the hierarchy. The minimum deposit for this account is $2000, which qualifies for trade sizes in standard lots and a maximum leverage of 1:400. The Nexsus Financial Markets spreads for both accounts are largely similar, with the spread starting from 2 pips for the Micro account and 1.8 pips for the Standard account. Both the Micro and Standard accounts have a maximum allowed account equity of $2000 and $100,000 respectively. A $2000 minimum deposit also qualifies for an ECN account, which seems to be the better choice for traders while opening an account with the broker. The ECN account has trading conditions that are similar to the Standard account but receives direct market access to top-tier liquidity providers for ultra-low spreads starting from 0.6 pips. The commission charged for each trade is set at $6 per round lot traded, which seems to be the average commission for most ECN accounts. The maximum leverage is lowered to 1:100 to suit the direct market access trading conditions. We wouldn’t consider the costs to be competitive, as ECN spreads can be as low as 0 pips, and the commissions can be cheaper than the rate quoted by Nexsus Financial Markets. There is also a premium account called the Advanced account, which is clearly dedicated for institutional traders that are willing to deposit more than $100,000. The Advanced account provides spreads as low as 1 pip through the Straight-Through-Protocol market access and a zero commission promise on all trades. Advanced account holders also receive a maximum leverage of 1:100, but we don’t see any other benefits apart from access to some premium services such as dedicated account manager, direct market access, priority dealing, and better customer service. All accounts, except the ECN account, gets the option of an Islamic account for SWAP-free trading according to Islamic religious beliefs.
Do I Get Access To Reliable Nexsus Trading Platforms For The Premium Paid?
Traders might feel that they can receive more for their money due to the higher minimum capital requirements, but the broker only offers the MT4 as the standard trading platform for all accounts. Even the Advanced and ECN account users get access to the market through the MT4 ECN bridge, which is the popular strategy adopted by numerous ECN brokers. There isn’t anything wrong with the Nexsus Financial market platforms, but we did feel that the trading servers had significant lag. Orders weren’t processed at the lighting fast speeds that we have come to expect from present day brokers. The Nexsus mobile trading platforms were also slow in comparison to other brokers, and it is our honest opinion that the Nexsus apps could certainly improve concerning overall speed of execution and reliability. Nexsus Financial Markets customer service is not what one would expect from a professional company, especially due to the intermittent live chat feature and the email correspondence that may take some time to get the desired response. As per our experience, only top-quality regulated brokers pay immaculate attention towards maintaining a good customer service department. Therefore, we would not recommend Nexsus Financial Markets due to the questionable regulatory licenses and the lack of any good customer service department.