The intriguing English company Nexon Groups informs us that crypto is money. Thank you, of course, but what’s the point? Unfortunately, we took a look at its website and cannot call it a crypto exchange or a crypto broker. Why do we think that they are scammers? Let’s find out everything.
Table of Contents
|The United Kingdom
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Nexongroups.io
The official website of Nexon Groups will obviously cause bewilderment among crypto enthusiasts. There are a lot of pompous phrases about innovative technologies, R&D, the marketing machine, and industry leadership here. Moreover, the latter is not in the crypto industry, but in CFD trading.
Even the sections on the main menu and the assets ticker from TradingView suggest that they are offering trading, not the exchange of cryptocurrencies. However, this remains to be seen.
Partnership and Bonuses
There is no affiliate program. Nexon Groups does not talk about bonuses either, but an unpleasant surprise awaits in the client’s regulations. The Company may, at its discretion, credit bonuses to your trading account. You will not be able to withdraw any funds until you have made a trading turnover. It is equal to the bonus size multiplied by 35 or 40. You cannot refuse the bonus if you make trades.
Account Opening on Nexongroups.io
Nexon Groups insists on trading right now. The problem is, it can’t be done. No way. So, to register, you just need to enter your first name, last name, email, phone number and come up with a password. What could be easier!
Alas! We entered the data several times, but the system still asked to check for their correctness. Probably, the broker opens access to the site with ready-made usernames and passwords. To do this, you will have to contact Nexon Groups directly.
Some hell is going on in the Nexon Groups’ legal documents. We strongly doubt that the regulations belong to it personally. So, to open an account, you must provide:
- Real name
- ID number
- Documented residential address
- Contact details
- Date and place of birth
- Occupation, job title, employer information
- Signed statement.
In our experience, some of the requested information is redundant even when verified with licensed European brokers. At the same time, Nexon Groups says nothing about the verification process.
- Documents are listed
- Unknown approval period
- Unknown where to send files
Nexon Groups claims to have developed great software with excellent features. A commendable undertaking! However, in the platform section, we learn that they offer us the usual MetaTrader 5, and not their own development.
Stop. Here again, everything is damn bad. First, we can’t log in to the web terminal because the broker doesn’t allow registration, remember, right? Secondly, MetaTrader 5 is a proprietary application whose client part is officially distributed free of charge. The server part, on the contrary, requires the purchase of a license. In this regard, it is not clear to us why Nexon Groups offers to install an unknown file on a PC. It does not have a license signature from MetaQuotes. Mobile applications can also be downloaded directly from Google Play and App Store, rather than installing suspicious files.
Oh yes, we have checked the list of supported brokers on the MetaQuotes website. As expected, there is no Nexon Groups. Well, it all goes to show that the company is run by greedy losers who can’t fork out just a few thousand dollars for a license.
How Can I Trade With Nexon Groups?
If you still remember, the company promised to trade cryptocurrencies. However, in other sections of the site, Nexon Groups mentions other financial instruments, such as stocks or indices. So what is it?
All Info About Accounts
In the section with account types, another nonsense lies in wait for us. To be honest, it’s even harder to describe. It finally becomes clear that Nexon Groups is not a crypto exchange, since the set of services includes such things as signals, trading strategies, scalping, etc.
At the same time, there are very mysterious services here if we are talking about CFD trading. For example, we have no idea why Nexon Groups suggests subscribing to accounts. What is this, some sort of HYIP? Moreover, each account has a guaranteed percentage of either a return or an increase in investment. It seems that the descriptions of the services were copied from somewhere by someone not very smart.
- There are several account types
- The minimum deposit starts at $2,500
- No information about leverage, swaps, margins, etc.
- Conflicting extra services
Market Analysis and Education With Nexongroups.io
The educational section is presented with short, about 1 minute, animated videos about the basic concepts of trading. In our opinion, the presentation of information in them would be perfect for lessons in elementary school.
As for the section with daily analytics, it looks much better. However, we were never able to figure out where Nexon Groups is getting its information from. Liquidity providers? Global analytical agencies? Or better links to the mysterious site https://test2.t247.win? By the way, thanks to the URL /tehnicheskij-analiz/ we realized that the Russians are involved here.
Deposit, Withdrawal, and Fees
Based on AML policy, Nexon Groups accepts credit cards and wire transfers. However, the withdrawal policy regulations again caused us extremely conflicting feelings. It says, for example, that in order to withdraw funds from an investment pool, you need to go through many steps. An investment pool? What? Yes!
By the way, the withdrawal will require the approval of the Chancellor or Dean. As you already understood, this regulation was again stolen from somewhere by negligent employees of Nexon Groups. More precisely, this document belongs to the University of Minnesota website. Just look at the screenshot.
How Can I Contact It?
The Nexon Groups contact list seems standard: email, phone, address, and feedback form. However, we already foresaw something bad. The broker says its office is in London. Indeed, on Google Maps there is a mark about Nexon Groups, which for some reason is presented as an education center. Exactly 100 people left 5-star reviews about it, and all the reviews were left in the last month. Google didn’t verify them, by the way.
However, things are even worse. Nexon Groups decided to post some photos of the office with its logo to make the legend more convincing. And what have we found? See what the building at 10-16, Elm St, London, actually looks like. It is well captured in Google Street View.
Okay, what is that glass building on the left, you ask. Unfortunately, this is just a free image, which is easily searched on Google for the query ‘mockup company facade’. A lot of fake projects use this stock photo to put their logo on.
- Nexon Groups has a phone and email
- Fake office address
- No live chat
Is Nexon Groups Dangerous?
In addition to all the red flags we found, we don’t like the aggressive cheating of reviews on Google Maps. The same situation on well-known sites with user opinions. However, we are not at all sure that our review will be popular with the audience. Can you guess why?
It turns out that Google Trends is not suitable for our purposes, as the number of requests for Nexon Groups is too small. However, Google Keyword Planner helped us. Here’s what we found out. From February 2022 to January 2023, the name of the broker and its website were searched on average less than 10 times per month. Awesome, isn’t it? You are the leader in the trading industry, and your name is searched on the Internet only a few times monthly. Sad story.
How Long Does The Broker Work?
Such a tremendous unpopularity of the company suggests that it appeared quite recently and simply did not have time to earn a reputation. However, Nexon Groups confidently claims to have been operating since 2018. Why? Where are the proofs? Well, we haven’t seen a single one.
For example, the domain’s whois shows that it was created on October 20, 2022. How could a crypto company exist for 4 years without a website? Or did Nexon Groups have another domain before? Why is this not mentioned anywhere? Or is someone just lying?
The article has been updated. Oh, one more thing. Now these strange entrepreneurs reside on the domain nexongroups.io. Please don’t visit them either!
To be honest, we have no idea where 2018 came from. Because the management company NEXON GROUPS LIMITED was incorporated on November 21, 2022, according to the register. Now please don’t go away! We’ve fallen into another abyss of chaos.
How Is Nexon Groups Regulated?
One of the few decent things on the site is the legal information about the UK management company number 14495072. As we said, it is not very clear why it was formed only a few months ago. Even stranger is that it’s not a broker at all. Just check the UK registry https://find-and-update.company-information.service.gov.uk/company/14495072.
Activity type (66300 – Fund management activities) speaks for itself. The Financial Conduct Authority has not licensed it. Moreover, its director is Stephen James Green. A short search makes it clear that all of this refers to the Nexon SCM Group, a family business that was founded by Mr. Ted Green. See https://nexongroup.co.uk/our-story/ for more details. So Nexon Groups stole the name of a company that has nothing to do with the brokerage.
Frequently Asked Questions (FAQ)
How to Trade With Nexon Groups?
Is Nexon Groups Legit?
How Risky Is It?
Haha! I haven’t laughed so hard in a long time. It would be an unremarkable scam project, but the creators of Nexon Groups decided to fucking stand out. It turned out so-so. Or rather, quite badly. In the review, it is well noted that they have leaky qualities in any characteristic. I, in turn, want to draw your attention to the section with extensions. What do we expect to see at the broker? Trading software extensions, Depth of Market, chart analysis utilities, etc. What does this fake suggest? Whatsapp, Telegram, and as many as 4 programs for screen sharing. An absurdity, like everything else.