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NordEquity Review | The Recipient of Several Forex Awards or a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 2
NordEquity - logo

Introducing NordEquity – the recipient of several forex awards: “New Broker of the Year 2019”, “Best trading experience 2019”, and “Most innovative broker 2019”. This brokerage firm is headquartered in the Marshall Islands but does not possess any licenses. There’s a sparse number of reviews online, even though the company claims to have thousands of clients already trading here. So, our task is to determine whether the organization is a scam or not, whether it’s viable to trade here, and if there are any red flags or none.

Highlights

🏛️ Country Marshall Islands
⚠️ Regulation
🖥️ Website https://www.nordequity.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:200
⚙️ Trading Platform WebTrader
📨 E-mail office@nordequity.com
📞 Phone
  • +525541247227, +0115078337048,
  • +56227533556, +0115117077486

First Impression of Nordequity.com

The broker’s official website introduces us to the terms and information about the company’s activities. However, it does so in a vague and generalized manner, without any specifics and details. For instance, information about when the firm was founded, where the legal documents are, and which licenses it possesses is not known. The structure of the NordEquity website is typical for a brokerage firm: the upper part with sections about the company’s activities, the platform, traded asset classes, contacts, and additional services, while the bottom part warns of risks and repeats the sections found above.

NordEquity - site

From the graphical elements, there are only asset prices, a man in a suit resembling a trader, and someone’s hand reviewing charts and quotes. The NordEquity website is only in Spanish; there isn’t even an English version. Moreover, its design is based on a template that we’ve encountered several times with other brokers, most of whom turn out to be fraudulent. Will this time be an exception? Unlikely.

Partnership and Bonuses

It appears that NordEquity lacks an affiliate program and bonuses, as these opportunities aren’t even mentioned on the official website. Oddly, the broker doesn’t have an affiliate program since it would be beneficial both for the company itself and for clients who could earn additional income by inviting other traders.

Account Opening on Nordequity.com

Creating an account begins by specifying your full name, contact details, country, account type, and account currency (USD, EUR, or BTC). Choosing a tariff plan at the registration stage seems quite strange. It would be much more comfortable to allow traders to first create a personal account and then select a tariff. In the second part, NordEquity asks you to create a password, go through a captcha, and agree to the terms of service. Another drawback is the lack of a need to verify the email and phone number.

Registration

Additionally, to a real account, users can try a demo account. However, when attempting to open a demo, the system produces an error. Therefore, clients have no choice but to invest real money to test the platform and conditions.

Demo

The dashboard is similar to the website – templated. Users have access to all the main functions: deposit and withdrawal of funds, editing personal data, changing passwords, uploading documents for KYC, downloading the platform to a PC, and accessing WebTrader. Beyond that, NordEquity offers nothing unique or interesting.

NordEquity - account

Verification

The process of uploading documents for verification takes place in the personal cabinet. Just select the type of document and specify its path on the computer. NordEquity does not have an AML&KYC policy, even though it should provide such documents. The FAQ section states that the KYC procedure is mandatory and is conducted before depositing funds.

Pros
  • It’s convenient to upload documents.
Cons
  • AML&KYC policy documents are not available.

Trading Software

The trading platform at NordEquity is available on all devices: webtrader, mobile trader, and desktop. However, no apps have been developed for smartphones, so the terminal is accessible through any mobile browser, which is not at all convenient. A separate application for Android/iOS would be much more comfortable and pleasant, both regarding interface and functionality. We did not risk downloading and installing the platform on a computer, as there is a chance of contracting malicious malware.

Terminal

The terminal is limited to basic functions: technical analysis, indicators, several types of timeframes, and types of charts, market, and pending orders. The functionality and features are limited. Especially when compared with other, more advanced platforms, where traders can connect advisors for auto trading, copy trades of other users, upload their own indicators, and set templates. The NordEquity software does not have such options.

Features NordEquity LEMAKEN XCGIN
Demo Account ✔️
Mobile App
Own Development

How Can I Trade With NordEquity?

The broker offers currency pairs, metals, indices, commodities, stocks, and cryptocurrencies for trading. All instruments are presented in the form of CFDs. Next, we will look at what types of accounts are available at NordEquity, as this determines the minimum deposit and additional services.

All Info About Accounts

The broker has 5 types of accounts. The information about the minimum deposit contradicts itself. In various places on the site, the minimum threshold is indicated as $250, but in the description of tariffs, it’s already $300. The first tariff in NordEquity includes daily market analysis, video access, daily recommendations, exclusive improvements, and 24-hour support. The second type of account has a minimum deposit of $1,000 and only differs from the first in that it offers VIP support. The third, fourth, and fifth tariffs also have increased minimum deposits, while the additional service consists of transaction coverage, personal account manager, private portfolio, commerce courses, and an unlimited number of open simultaneous operations.

Account types

One immediately notices the unjustifiably high minimum deposit. While most well-known and popular companies offer to start trading from $1, NordEquity for some reason sets the bar at $250. Other important parameters, such as spreads and commissions, are not even known. The leverage can only be found in the terminal, and it is 1:200. The additional service offers no unique advantages, only in the Weather tariff, where a deposit of $10,000 is required, there is an interesting opportunity to work with a personal account manager.

The conditions at NordEquity can be characterized as “pay more if you want better conditions and more services.” At the same time, the firm does not provide an Islamic account or any options to start trading with small amounts, for example, a cent tariff.

Pros
  • None.
Cons
  • High bar for a minimum deposit.
  • No demo account, and no Islamic account.
  • Many important conditions are not even specified.

Market Analysis and Education With Nordequity.com

Besides additional services mentioned in the previous section, the broker also provides educational resources, a table with online quotes, a glossary, technical, fundamental, and graphical analysis, and FAQs.

Deposit, Withdrawal, and Fees

NordEquity accepts Visa, Maestro, and Mastercard for transfers. Bank transfers, Skrill, Neteller, and PayPal are also available. Processing of withdrawal requests takes 3-5 business days. No commissions are charged for deposits and withdrawals. However, if a trader has been inactive, that is, has not made a trade, a 30% fee is charged on the withdrawal amount.

Features NordEquity Gainful Markets Kiplar
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers
Deposit Fee
Withdrawal Fee

How Can I Contact It?

The broker provides as many as 4 phone numbers for different countries (Mexico, Panama, Chile, and Peru) for communication, as well as an email address. However, there is no online chat, and there are no accounts on social networks.

Pros
  • Several phone numbers.
Cons
  • No social media accounts.
  • No online chat for prompt communication.

Is NordEquity Dangerous?

The firm appears ambiguous. There are some contradictions, for instance, you can open a demo account, but it throws an error, or the minimum deposit is stated as $250 in one place and $300 in another. The opacity of NordEquity is also a negative factor. It’s necessary to look into the duration of operation and licenses.

How Long Does The Broker Work?

For unknown reasons, NordEquity conceals its foundation date, even though the website footer mentions the year 2018. The website’s domain was registered in 2018 but was updated in September 2023, and before the update, in 2022 and earlier, it was up for sale. Moreover, the broker lists the legal entity as Sinvara LLC, which was registered in the Marshall Islands on February 23, 2023. It turns out that the organization officially emerged in 2023.

Marshall Islands

How Is NordEquity Regulated?

The company doesn’t mention anything about regulation, while there’s no regulatory body in the Marshall Islands where it’s registered. We don’t know about any other offices or representations. Therefore, we can conclude that NordEquity operates illegally, without licenses.

Features NordEquity FxPro  Unicorntradefx
European Zone ✔️
Asian Zone
American Zone
African Zone ✔️
Offshore ✔️

Frequently Asked Questions (FAQ)

How to Trade With NordEquity?

First, one needs to create an account and then upload documents for verification. After that, you can fund your deposit and start trading through Webtrader. There is a demo account, but at the time of writing the review, it was unavailable.

Is NordEquity Legit?

The broker does not have a license, which means it operates illegally.

How Risky Is It?

It's very risky to trade with NordEquity because it's an offshore brokerage company without a license. Such brokers can easily turn out to be scammers.
Kevin Berry
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Expert Opinion

Yes, one shouldn’t trust money to offshore brokers. Believing what they say and offer is also a mistake. No matter how favorable the conditions and great opportunities might seem, it could be a trap for you and your money. NordEquity is registered in an offshore zone but hasn’t acquired any licenses. Their trading conditions are opaque, which raises major doubts since any verified and honest broker would disclose their commissions and spreads in advance. There are hardly any reviews online, which means it’s undoubtedly an unpopular and unknown organization. In short, stay as far away as possible from scammers.

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NordEquity rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

2 reviews about NordEquity

Kolen September 15, 2023 - 15:05
100% scam broker
The level of trust
Quick withdrawal of funds

An absolutely noname scam broker. There are hardly any reviews online, and it’s not surprising because the firm is engaged in internet fraud. I’m even surprised that their website is still operational. Usually, such fraud projects operate for a couple of months and then shut down because clients stop coming, and there’s no point in maintaining the website.
There are many red flags with NordEquity: lack of a solid operating history, absence of a license, inadequate and non-competitive trading conditions, a primitive trading platform, a non-functional demo account, and no insurance. Moreover, the broker operates on a dealing desk model where traders are being drained because it benefits the broker. Remember, dealing desk means a 100% loss of deposit.

Reply
Nil Digras September 26, 2023 - 11:47
dirty offshore dump
The level of trust
Quick withdrawal of funds
Efficiency of technical support

NordEquity is a filthy offshore dump that scams people out of their money. These swindlers still owe me $2,000, which I invested in their platform to trade. But instead of normal trading, I experienced sheer hell. The spreads were massive, plus there were additional commissions. The quotes turned out to be fake, and the scammers manipulated them at will. Whenever they felt like it, they hit my stop-loss. How can you trade when the charts are fake and can be manipulated? NordEquity’s trading terminal is utter garbage. It’s a primitive and shoddy platform that doesn’t even come close to well-known and popular terminals. I was foolish because I fell for a 100% scam and fraud. I acted like a newbie and handed over my money to criminals, which is now impossible to get back. This scam broker has no license, no insurance, nothing but sweet promises and fake advantages. I advise you not even to register an account. Don’t bother, don’t waste your time for nothing. Withdrawals from here don’t work!!!

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