In the ever-evolving world of online trading, NFG Finance boldly claims to enhance traders’ experience and boasts about its numerous advantages. However, we are here to determine if it can be trusted or if it’s merely another deceptive entity disguised as a reliable broker. Stay with us and read our review.
- NFG Finance General Information
- Registration and Client Portal Review
- NFG Finance Trading Conditions
- Account Types Review
- Trading Platform
- NFG Finance — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is NFG Finance a Scam?
- Legal Information and License
- Nfg-finance.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
NFG Finance General Information
| Website | https://www.nfgfinance.com/, https://www.nfg-finance.com/ |
| Phone Number | +442081575015 |
| support@nfgfinance.net | |
| Address | Churchill Place, London E14 5EU, UK |
| License | — |
| Minimum Deposit | £5,000 |
| Assets | CFDs |
| Leverage | Custom |
| Trading Platform | WebTrader |
Registration and Client Portal Review
The official website welcomes us with captivating animations and large full-screen windows that might impress some traders and persuade them that NFG Finance is the gateway to a new world. However, we are not easily deceived. Upon closer examination, we quickly noticed that the website is quite generic and lacks originality. Additionally, finding essential legal information about this broker requires some effort and digging.
Registration is a straightforward process that requires filling out a simple form. The broker asks for basic contact information and some personal details. Once completed, you will gain access to the Client Portal.
The Client Portal is quite standard with limited functionality. While it offers essential features, it lacks the advanced tools and resources that experienced traders may expect. The platform’s simplicity may be appealing to some beginners, but it may leave more demanding traders wanting more.
NFG Finance Trading Conditions
Despite facing registration difficulties, we can gather information about trading conditions without having to create an account.
Account Types Review
The broker displays all five account types on its homepage, each varying in minimum deposits and offered services. The first surprise we encountered was the minimum deposit requirement for the beginner account, set at a staggering £5,000. Interestingly, the broker does not provide a demo account, which is quite unusual considering most other companies are lowering their deposit requirements.
Moreover, the demands for the other account types are even higher. For instance, the VIP account demands a hefty deposit of $250,000. The leverage varies from 1:20 to a customizable option, with no specified upper limit. Spreads are not mentioned for the accounts, and only additional services and bonus sizes are provided. These bonuses start from the Gold account and go up to 100% for the VIP account. However, one might question the necessity of bonuses for affluent clients and successful traders, considering they would have to meet certain trading volume requirements to claim these bonuses.
Trading Platform
NFG Finance offers trading solely through a web-trader, but to our surprise, it is not a proprietary platform developed by the broker. Instead, they have opted for a third-party software solution. While the web-trader might be suitable for some traders, it lacks the advanced features and functionalities that demanding traders often seek.
Interestingly, the same software provider offers desktop and mobile applications, which would provide traders with more flexibility and convenience. However, for some reason, NFG Finance decided not to utilize these applications, leaving their clients with limited options for trading on the go.
NFG Finance — Deposit and Withdrawal of Funds
The firm offers a variety of payment methods for depositing funds, including SEPA, credit cards, and even Bitcoin. However, the broker does not clearly state whether any commissions are applied to deposits and withdrawals. Additionally, we could not find any information in the documents regarding the processing time for withdrawal requests. The lack of transparency on these crucial aspects may cause uncertainty and hesitation among potential clients who value clear and upfront information about transaction fees and processing times.
Verification
While we were unable to complete the registration process, NFG Finance prominently displays essential documents, such as AML policies, on their website. This indirectly indicates that the broker requires verification from its clients. The verification procedure seems to be fairly standard, where you will need to provide valid copies of identity documents. Additionally, a bank statement or recent utility bill will be required to confirm your address. The broker may request additional documents at its discretion.
Additional Options
We also noticed some intriguing additional options offered by the broker. One particular feature that caught our attention was the Return on Investment (ROI) offered to certain account holders, especially those in the top-tier category. NFG Finance claims to pay a percentage on the remaining balance of funds, with ROI reaching up to 15%. However, the source of these returns and how the company generates such profits remain unclear to us.
Furthermore, the broker provides various support services, including analytics. While these services may seem appealing, we approached them with caution due to the fact that the forecasts and insights are provided by unknown and anonymous individuals.
Is NFG Finance a Scam?
As of now, it seems to have more characteristics resembling a scam rather than a legitimate broker. Let’s dive deeper into the details.
Legal Information and License
In the footer of some pages on the website, a company number is provided. Although it doesn’t specify the jurisdiction, we are confident that it relates to the UK. Our search in the UK registry led us to the discovery of NFG Finance Limited, registered in 2016 and engaged in financial intermediation. As any broker in the UK should have a license from the FCA, we also checked the FCA register and found a record of NFG Finance.
This company was appointed as a representative of another firm only until 2020. Another crucial detail is that its principal, Quint Group Limited, had permission for insurance mediation and credit brokering but was not authorized to handle or control clients’ funds. Consequently, this entity had no right to provide broker services, as it never obtained permission for such activities.
Nfg-finance.com Domain Info
Another concerning fact that caught our attention was the extremely low number of reviews about the broker. It seems rather odd for a company that claims to have been operating since 2016. To further investigate this, we conducted a domain check using the service “Whois,” which revealed that the website was created as recently as July 7, 2023. This leads us to conclude that NFG Finance is merely posing as a legitimate British firm while being, in reality, a short-lived project.
The article has been updated. Moreover, after a string of exposing reviews and warnings from regulators, the owners of the fraudulent business decided to change their domain. The new one, nfg-finance.com, is up and running as of February 22, 2024. Be careful!
Contacts Review
NFG Finance provides contact options, including a phone number and an email address, for clients to reach out to them. Additionally, when checking the address on maps, there is no indication that the company operates from that location, leading us to conclude that it is likely a fake entity.
More Details
On the platform, we couldn’t find any information about the broker’s trading model. However, considering the likelihood that this company is illegitimate and operates outside the legal framework, we can make some assumptions. NFG Finance appears to function as a Dealing Desk, meaning it doesn’t send traders’ orders to the interbank market. Consequently, clients may face conflicts of interest with the broker.
Pros and Cons
- None.
- Lack of transparency and essential legal information.
- The registration process seems problematic.
- The high minimum deposit requirements for different account types.
- The trading platform is limited to a web-trader.
- Short lifespan.
Frequently Asked Questions (FAQ)
It claims to provide various account types with different services, including educational materials, tight spreads, and exclusive invitations to events. They also mention the possibility of earning ROI on certain accounts.
According to their trading conditions, the broker requires a minimum deposit of £5,000 for their entry-level account. Subsequent account types may demand even higher deposits, reaching up to £250,000.
No, it raises significant safety concerns. The lack of essential legal information, absence of proper regulation, and questionable operational history cast doubt on the broker’s legitimacy.
A word of caution
As a seasoned trader with a keen eye for scams, I can confidently say this dump is nothing more than a deceptive broker. Its website’s generic appearance and resemblance to other suspicious platforms instantly raised red flags. The absence of crucial information, like a proper address and regulatory licenses, reinforced my doubts. To avoid potential financial disaster, I strongly advise all traders, especially newcomers, to steer clear of NFG Finance and opt for an authorized by the FCA and a reputable broker instead.
Dubious offers
As a trader with over a decade of experience, I decided to investigate this broker thoroughly. The recently created website, alongside the broker’s dubious claims of operating since 2016, left me skeptical. The lack of concrete legal information and the usage of a questionable address further added to my suspicions. The absence of regulatory licenses raised significant concerns about NFG Finance’s legitimacy. I urge fellow traders to stay vigilant and refrain from engaging with this dubious broker to safeguard funds.
NFGFINANCE Scammers...
This company is a fucking scammers…NFGFinance.com is FAKE Website, it looks like you are Trading but No…They are just adding figures in your account and your money are gone…When you will withdraw they will ask for more…Fucking Temporary Cell, SEC Fee and Brokers Fee…Devils, they are devils…I can’t get back my 36,000 CAD and No One can help me…They have No Soul, feeding their children with stolen money…Devils…
A disappointing journey into the unknown
I registered with this questionable broker out of curiosity, but my experience quickly turned into a cautionary tale. Without a demo account, I hesitated to deposit funds immediately with an unknown and poorly-reviewed broker. Despite searching for reviews online, I found very little information about them. I hoped to explore the platform’s features and locate a demo account, but it was nowhere to be found. The next day, I faced another surprise when I couldn’t access my account anymore. My attempts to re-register were in vain. It’s truly puzzling how such a dubious broker can operate.