NOZAX calls itself a neo-broker. What is so innovative about its approach? At first glance, we didn’t notice anything that would distinguish it from its competitors. Additionally, this company has a license. Does this mean that it can’t be a scam? We will conduct a detailed check and study the reviews to answer this question.
- NOZAX General Information
- Registration and Client Portal Review
- NOZAX Trading Conditions
- Account Types Review
- Trading Platform
- NOZAX — Deposit and Withdrawal of Funds
- Additional Options
- Is NOZAX a Scam?
- Legal Information and License
- Nozax.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
NOZAX General Information
|Phone Number||+382 20 337 453|
|Address||Ankarski Bulevar 12, Podgorica 81000, Montenegro|
|License||Montenegrian Capital Market Authority|
Registration and Client Portal Review
The NOZAX website is a great example of how not to be considered a respected broker. This platform is made absolutely template. These are just some of its shortcomings:
- A very simple design
- A minimum of useful content
- A lot of self-praise, etc.
Even the fact that there are several languages on the site does not give it any solidity. Apparently, the broker did not have too much time to create its platform. However, we should also note an advantage. NOZAX does not hide legal information and even gives a link to the license.
Registration on the NOZAX site is absolutely standard. The form with personal data contains the following fields:
- First and last name
Next, the broker will send you a six-digit activation code by email. After that, you can log in to the Client Portal.
Like the official website, the Client Area is also quite minimalistic. Until you have passed verification, you can proceed to demo trading. Also, here you can view the status of your wallet or deposit/withdraw money. In a special section, you can download terminals to your PC and smartphone. Besides, you can contact support.
Unfortunately, we noted that there are some problems in the Client Portal. Tabs in the menu can take a very long time to load. Perhaps it is because the site is quite new and not everything has been finalized on it yet.
NOZAX Trading Conditions
We have not found anything new in the trading conditions. NOZAX is a typical CFD broker with standard offers.
Account Types Review
NOZAX has three types of trading accounts. The good news is that there is no minimum deposit required. You can start trading even with a few cents on the NZX Cent account. Additionally, there are also NZX Zero and NZX Core. These accounts are practically no different. The leverage on both is huge, up to 1:500. However, the Zero account has a commission for opening and closing a deal and raw spreads from 0.0 pips. At the same time, there are no commissions on the Core account, but there are institutional STP spreads.
Several instruments are offered for trading: Forex, CFD for indices, cryptocurrencies, and commodities. Nothing else is interesting or important in the trading conditions. So why NOZAX took the title of neo-broker is very difficult for us to understand.
The trading terminal can rather be attributed to the strengths of the broker. NOZAX offers MT5. There are several options. You can download this terminal to your PC or install it on your smartphone. It is a great software for trading. MT5 is fast, functional, and easy to learn. There are a lot of built-in indicators, and there is also an opportunity to upload your developments or use financial advisers.
NOZAX — Deposit and Withdrawal of Funds
The deposit procedure at NOZAX is associated with unnecessary actions. First, you will need to open a wallet in your Client Portal. Then you can fund your account. Among the available payment methods are wire transfers, including local and international ones. You can also use a bank card, Neteller, or Skrill. It is important to keep in mind that the minimum deposit in the case of a wire transfer is at least $250. The NOZAX team will review withdrawal requests within 24 hours.
Verification concludes in several stages. After you have created an account, you will need to fill in your personal data and upload your ID. After it is verified, upload a portrait photo. In the last step, you will need to confirm your residential address. Unfortunately, NOZAX does not mention how long it will take to check your documents.
NOZAX offers a partnership program. You can earn up to 30% of the spread revenue per client you refer to this platform. This offer is valid not only for individual agents, but also for business owners, and corporations.
It looks like these are all additional services. The education is not presented on the site. Any interesting content with analytics does not come out. There is also no mention of other services in the description of trading conditions.
Is NOZAX a Scam?
It is difficult to immediately answer the question of whether NOZAX is a scam. This broker claims to work under the law. However, let’s see in more detail if everything is so good.
Legal Information and License
The broker tells potential clients about legal registration in Montenegro. In the footer of the site, you can see license numbers and even a mention that the company is listed on the Montenegro Exchange. Really, such a company is in the registry of Montenegro. However, listing on the stock exchange has no practical value. The shares of this company are not very popular. We checked.
Montenegro’s license is also a dubious guarantee. Have you seen what huge leverage this broker offers? That is because Montenegro is still not part of the EU and does not follow the financial directive. Perhaps, for residents of Montenegro, this broker is a great option. The rest will have to visit another country in case of conflicts and solve problems in local courts.
Nozax.com Domain Info
Searching the data on NOZAX, we realized that the first reviews about this broker began to appear relatively recently. Then we checked the domain. It turns out that the site was registered back in 2017. All this time, the creators of the project had some attempts to play broker. Early screenshots have been preserved in the web archive. By the way, the official website looked just miserable.
Previously, NOZAX was a cryptocurrency broker. However, it offered services without any permission. Only in March 2022, was it registered as a legal entity in Montenegro.
NOZAX offers only a phone number for communication with the support. The contact page looks ‘amazing’. Perhaps in the future, the broker will add full contact details here.
Pros and Cons
- No minimum deposit.
- There is a license
- Too high leverage.
- A short period of legal work.
- No permission to work in EU countries.
- Purchased reviews.
- Anonymous team.
Frequently Asked Questions (FAQ)
The broker only offers CFD trading. Among the assets, there are Forex, cryptocurrencies, commodities, and indices.
There is no minimum deposit set on the platform. Nevertheless, NOZAX offers to deposit the account with at least $200. According to the broker, this way trading will be as comfortable as possible.
We wouldn’t be so sure about that. The broker only has a license to work in Montenegro. It is not controlled by other authoritative supervisory authorities. Besides, there is too high leverage. CFDs are too-risky assets. So, such leverage will inevitably lead to losses.