Would you like to trade with a broker that boasts 18 years of experience? Sounds enticing, doesn’t it? We are also eager to review all the trading conditions of Nordic CT. Read our review to learn more about this company and, in the process, ensure that it’s not a scam.
- Nordic CT General Information
- Registration and Client Portal Review
- Nordic CT Trading Conditions
- Account Types Review
- Trading Platform
- Nordic CT — Deposit and Withdrawal of Funds
- Additional Options
- Is Nordic CT a Scam?
- Legal Information and License
- Nordic-ct.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Nordic CT General Information
|Address||1 Centenary Square, Birmingham, B1 1HQ, United Kingdom|
Registration and Client Portal Review
The official website of Nordic CT welcomes visitors with decorative embellishments, which, although a matter of personal taste, do not significantly impact the overall impression. The website largely adheres to a standard design template, offering a familiar menu layout for easy navigation. Legal information is discreetly placed in the footer, as is often the case with such websites. In terms of visuals, stock images and photos are used to illustrate various sections, providing a familiar look and feel to the site.
Due to its purported legal status, prospective clients will find themselves obligated to undergo a comprehensive registration process. This procedure unfolds in several sequential stages. Initially, you will be required to provide your contact information, which includes your name and email address, followed by personal details. Subsequently, you’ll need to furnish your address and date of birth. In the final stage, you will be prompted to confirm your trading knowledge and respond to various financial questions.
Only after completing these steps will you gain access to your personal account, possibly feeling a bit fatigued and weary from the registration process.
Nordic CT Trading Conditions
Now, let’s move on to reviewing the broker’s trading offerings. Nordic CT proudly boasts of having over a million traders as its clients. Let’s see what attracted them.
Account Types Review
The company offers a total of 7 types of accounts. Quite impressive, isn’t it? Hold on, they are relatively standard. The minimum deposit starts at $250. The minimum deposits for the other account types are slightly higher. Well, perhaps more than slightly. For the next account tier after the starter, you’ll need to deposit a hefty $10,000. As for the VIP account, Nordic CT asks for anywhere between $500,000 to a million dollars. It’s almost as tempting to come up with a joke about the broker’s appetite here.
Furthermore, mention that as you move up the account tiers, the leverage increases. In the VIP account, it goes as high as 1:100. Also, note that the range of services increases with the account type. However, from our perspective, Nordic CT could have paid more attention to providing detailed contract specifications, spread sizes, and other useful information.
Nordic CT offers a web-based trading platform. At least, there are no download links available on the website. However, there is no demo account offered on the website either. The developer of the platform is unknown. Let’s discuss why this is problematic.
Not providing a demo account can be a disadvantage for traders as it hinders their ability to test the platform and their trading strategies without risking real funds. Additionally, not disclosing the developer of the trading platform raises concerns about transparency and trustworthiness. Traders often prefer platforms with well-known developers, as it provides a level of credibility and confidence in the software’s reliability and security. Without this information, traders may be hesitant to fully trust and invest with Nordic CT.
Nordic CT — Deposit and Withdrawal of Funds
Nordic CT provides traders with a variety of banking options, emphasizing safety and security throughout the process. These options include bank wire transfers, credit/debit card payments, and several popular electronic wallets. However, it’s important to note that the broker does not disclose any information regarding transaction fees or commissions associated with these methods. Therefore, traders should exercise caution and consider reaching out to Nordic CT’s customer support for clarification on any potential fees before proceeding with financial transactions.
Nordic CT requires traders to undergo a verification process, which is a standard procedure in the financial industry to ensure the security and legitimacy of trading accounts. The verification process with Nordic CT typically involves the following steps:
- To confirm the trader’s identity, they will be required to submit a clear and legible copy of an official government-issued identification document. This could be a passport, driver’s license, or national ID card. The document should display a clear photograph and the trader’s full name, date of birth, and signature.
- To verify the trader’s residential address, they will need to provide a recent utility bill, bank statement, or any official document that shows their name and current address. This document should be issued within the last three to six months.
- In some cases, traders may be asked to provide financial information, such as their source of income, employment details, or tax-related documents.
Nordic CT provides an array of supplementary services, although most of them are tailored to more affluent traders. One noteworthy offering is the “Monthly ROI” service, which promises the potential for traders to earn up to a remarkable 15% profit. This figure is exceptionally high and raises concerns, as it resembles the characteristics of a Ponzi scheme.
In a traditional investment scheme, such as a Ponzi scheme, unusually high and consistent returns are offered to early investors, which are often unsustainable. These returns are not generated from genuine profits but are instead funded by the investments of newer participants. Such schemes tend to collapse when the flow of new investments cannot cover the promised returns to earlier investors.
While Nordic CT may have legitimate intentions, it is crucial for traders to exercise caution when confronted with promises of exceptionally high returns, as these can indicate a higher level of risk and a potential lack of transparency.
Is Nordic CT a Scam?
Now it’s time to delve into the broker’s legitimacy. We are genuinely intrigued to find out what Nordic CT has to offer in this regard.
Legal Information and License
All the legal information is presented in the footer. So, what do we see here? Nordic CT is registered in the United Kingdom and is managed by HSBC UK Bank plc. Well, it’s always intriguing when things don’t seem to follow the rules. Nowadays, it’s quite common for brokers to claim they are managed by a bank, leaving you to look for the catch. However, this approach doesn’t hold up. Firstly, HSBC UK Bank plc is indeed a bank. It is regulated as a bank, not as a CFD broker. Brokers typically have separate legal entities and licenses specifically for brokerage services, not for banking. Another oversight is that the FCA (Financial Conduct Authority) prohibits retail clients from offering leverage exceeding 1:50. Nordic CT appears to disregard this requirement.
Nordic-ct.com Domain Info
Another reason to be skeptical about the broker’s integrity is its duration of operation. Nordic CT can talk all it wants about its years of experience, but the truth is that the domain was registered in September 2023.
There are more peculiarities when it comes to the broker’s contact information. The fact that they do not provide a phone number or email address is concerning for several reasons. In reality, the only way to contact them is by sending a message through the contact form.
Brokers should strive for transparency and be readily accessible to their clients. When they do not offer a direct phone number or email address, it can cast doubts on their willingness to engage openly with clients. Relying solely on a contact form can lead to communication delays, especially in urgent situations.
Pros and Cons
- Low minimum deposit.
- Lack of regulatory information.
- Limited contact options.
- Short operating history.
- Questionable practices.
- Misleading information.
Frequently Asked Questions (FAQ)
Nordic CT offers trading services with a focus on Contracts for Difference (CFDs).
According to the trading conditions provided by Nordic CT, the minimum deposit required to open an account is $250. This amount aligns with the broker’s terms and conditions for account funding.
Nordic CT’s safety and legitimacy are sources of concern. There is a lack of clear and verifiable information about the company’s registration, regulation, and history.