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Is NPBFX Scam or Legit Broker?

No, NPBFX cannot be considered a reliable option for investment. The broker does not hold any top-tier license. NPBFX is a trading name of NMarkets Limited.

  • NMarkets Limited is a company incorporated in the Island of Moheli with the license number T2022137, which is regulated by the laws of that country. NMarkets Limited is also incorporated in Saint Vincent and the Grenadines and registered by the Financial Services Authority
  • Besides, NPBFX is a participant in the Financial Commission, which is an independent global organization dedicated to addressing financial disputes, offering insurance coverage of €20,000 per trader.

However,  both of the registrations are offshore, which means signing with NPBFX carries inherent risks due to the absence of rigorous regulations and supervision. For secure and risk-free trading it is essential to choose brokers with top-tier CySEC, ASIC, and FCA licenses, as robust regulatory oversight plays a vital role in establishing a highly secure trading environment, thus reducing the likelihood of financial losses and other possible complications.

About NPBFX
🏢 Registered inthe Saint Vincent and the Grenadines
🗺️ Type of LicenseOffshore license
🛡️ Is NPBFX safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is NPBFX?

NPBFX (NEFTEPROMBANK FOREX) has been offering brokerage services in the Forex market since 1996. They provide quotes for 38 currency pairs, along with gold (XAUUSD), silver (XAGUSD), and oil Brent (XBRUSD) & WTI (XTIUSD). NPBFX operates on a broker model, acting as an intermediary between clients and liquidity providers in the interbank foreign exchange market. The company allows customers to employ a wide range of trading strategies without limitations, from traditional trading approaches to high-frequency trading (HFT) and algorithmic trading. NPBFX offers its clients high leverage up to 1:500, copy-trading ZuluTrade, 24/5 customer support in 8 languages, and MetaTrader 4 and its mobile version available on Android, iPhone, or iPad. 

Upon closer research, we were able to reveal important points about NPBFX that will help clients make informed decisions: 

  • Insufficient Regulation: At first sight, NPBFX seems an attractive broker with favorable conditions and diverse offerings. However, one of the biggest drawbacks of the broker is its lack of proper regulation. On its website, the broker mentions that the services on the website are provided and regulated by NMarkets Limited, a company incorporated in Island of Moheli with a registered office at Bonovo Road, Fomboni, Island of Moheli, 1257, Comoros Union, with registered number HY00922114, and registered license number T2022137. Also, NMarkets Limited is incorporated in Saint Vincent and the Grenadines and is registered by the Financial Services Authority with company number 24454 IBC 2018. It’s crucial to keep in mind that offshore brokers typically operate with less stringent regulations and oversight. Therefore, entrusting your investments to such brokers could potentially result in significant consequences.
  • Complaints from customers: Considering feedback from other customers is essential. Strangely, reviews from clients about NPBFX are either strictly negative or quite positive. However, negative feedback prevails, and the complaints are mostly directed to aspects that are common for offshore brokers, like issues with withdrawals, insufficient customer care, etc.
  • Issues with Withdrawals: Being able to successfully and easily withdraw money from the trading account is one of the most essential aspects of Forex trading. According to multiple complaints from real clients, the NPBFX withdrawal process can be complicated resulting in financial losses for traders. Before making a final decision to sign with the broker, always consider the negative aspects that can negatively affect the trading process and its results.  

 

Overall NPBFX Ranking

After conducting our research, we have identified significant concerns regarding the reliability of NPBFX and its compliance with regulatory standards. As a result, we cannot provide a positive rating for NPBFX.

  • NPBFX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.
RankingNPBFX Go MarketsTrading 212
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading InstrumentsEducation

NPBFX Alternative Brokers

Due to safety concerns associated with NPBFX, we strongly recommend considering alternative options that offer stringent regulations and improved trading conditions. Below is a list of reputable brokers that provide reliable choices and a secure trading environment for your consideration:

  • Eightcap – Good Market Instruments 
  • FP Markets – The best selection of Educational Resources
  • HYCM– Low Spreads and Competitive Trading Conditions

Deposits and Withdrawals

The minimum initial deposit of the broker is 10 USD, 10 EUR, or 500 RUB, depending on the chosen account currency. NPBFX offers several methods for traders to deposit and withdraw funds, including VISA, MasterCard, WebMoney, Wire Transfer, etc.

  • However, NPBFX does not provide much information on its deposit and withdrawal processes, which is a notable drawback given the significance of these aspects in trading.
  • Besides, there are numerous complaints regarding the broker’s withdrawal process, which should not be disregarded. 

Account Types

The broker offers three account types: Master, Expert, and VIP. The account types differ by their features and conditions:

  • For the Master account type the minimum trade volume is 0,01 lots, spread starts from 0,8 pips. The minimum initial deposit is 10 USD. The maximum leverage for this account is 1:200.
  • For Expert account types spreads start from 0,6 pips. The initial deposit is 5 000 USD and the leverage is up to 1:100.
  • VIP accounts enable a minimum of 1,0 lots of trade volume. The minimum spread is 0,4 pips, and the minimum deposit starts from 50,000 USD. The maximum leverage for a VIP account is 1:100.

NPBFX Review Conclusion

Based on the information we have gathered about NPBFX, this broker does present attractive offerings, including tight spreads and high-leverage options. Nevertheless, there are substantial concerns surrounding the broker’s trustworthiness and credibility. Despite the appealing features and opportunities offered, the fact that NPBFX is registered in an offshore jurisdiction raises significant concerns, and traders are advised to exercise caution when considering this broker.

We strongly recommend traders consider brokers with licenses from reputable authorities such as  FCAASIC, or CySEC. Numerous regulated brokers offer excellent terms and conditions that align with top-tier regulations, providing a risk-free trading environment. Some noteworthy options include EightcapHFM, and FP Markets.

  • Overall ranking and experience for NPBFX is Negative

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