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Nour Trade Review | "Control of Your Financial Future" or a Scam?

by Kevin Berry
Rating: 
  1.3/5   Reviews: 2
Nour Trade - logo

“Take control of your financial future with our comprehensive forex trading solutions tailored to both beginners and experienced traders” – how do you like the slogan of the brokerage company Nour Trade? The firm’s founding date varies; it’s either 1996 or 2009, as different parts of the website indicate different information. Nothing is known about regulation, but somehow in 2006, the broker’s shares appeared on the Kuwait Stock Exchange. By the way, this organization is registered in Kuwait, and it also has an office in the UAE. Our review aims to expose this scam to prevent inexperienced users from losing their money.

Highlights

🏛️ Country Kuwait, United Arab Emirates
⚠️ Regulation
🖥️ Website https://www.nour.trade/
🎲 Demo Account Yes
⏳ Start Time 2023
💲 Minimum Deposit $500
⚖️ Minimum and Maximum Leverage 1:100-1:900
⚙️ Trading Platform WebTrader
📨 E-mail info@nour.trade
📞 Phone +971 451 78 317, +965 181 55 54

First Impression of Nour.trade

Looking at the company’s official website, it immediately becomes clear that the firm is from the sunny countries of the UAE and Kuwait. Even the color scheme is appropriately chosen – bright orange style. However, the Nour Trade website is not of high quality or unique.

The site is only translated into Arabic, not counting English. Too much meaningless text and a very bright design make it difficult to study the information. Did the founders of Nour Trade themselves try to read the text with such visuals and presentation for at least a couple of minutes?

Nour Trade - site

Overall, it’s a template resource where the top has standard sections with the main information:

  • About us.
  • Trading.
  • Platforms.
  • Accounts.
  • Contacts.

Nour Trade also uses familiar images of quotes and people in suits with laptops. Nothing interesting.

Partnership and Bonuses

All new clients of Nour Trade are offered a welcome bonus. However, the broker does not disclose the conditions under which this bonus is granted. It is unknown what the trader needs to do to make these funds available for withdrawal. There seems to be some secrecy on the part of the firm.

There is no affiliate program, as it is not even mentioned on the official website. Although this tool could have helped the broker in attracting new clients.

Account Opening on Nour.trade

To open an account, you need to click the corresponding button on the main page. Traders have a choice between a real and a demo account. The latter is intended for testing the terminal with virtual money without the risk of losing real money. It is undoubtedly a plus for Nour Trade.

The registration of a personal account includes specifying a name, date of birth, password, and contact details. Nothing complicated or time-consuming. However, it is worth noting the absence of an email confirmation letter, which is undoubtedly a loophole in the Nour Trade security system.

Registration

After creating a personal account, the system asks you to log in with your details. Then the client portal opens with the minimally necessary functions:

  • Edit personal data.
  • View the history of trades and transactions.
  • Deposit funds and submit requests for withdrawal.
  • Verification.
  • Contacts.

From the Nour Trade client portal, you can immediately go to the webtrader or download the terminal to your computer. The interface of the personal account is maximally primitive.

Nour Trade - dashboard

Verification

The process of uploading documents occurs in the personal cabinet in the corresponding section. There is a question – is KYC mandatory in Nour Trade? Although there is a link on the site leading to the AML&KYC policy, which should reveal all the information regarding verification, when opening it, we somehow see the user agreement. Either the creators forgot to insert the necessary document into the hyperlink, or there is no AML&KYC policy here at all.

Pros
  • None.
Cons
  • AML & KYC policy is absent.
  • The document processing time is unknown.

Trading Software

The platform at Nour Trade is not interesting, as it is a primitive WebTrader with a very limited set of capabilities and functions. Such a terminal is suitable for beginners, but only because of its simplicity, and even then only for the first time. However, when advanced tools are needed, the primitiveness of such a platform will become obvious.

Moreover, the terminal is only available as a Webtrader and a desktop version, which we did not risk downloading and installing. Who knows, maybe there are some dangerous viruses there. Although Nour Trade claims to have a mobile trader, we did not find any links to download it. The mobile version is understood as an adaptation to mobile browsers, nothing more.

Nour Trade - terminal

The terminal supports basic capabilities, such as technical and graphical analysis, market and pending orders, various types of charts and timeframes, and even several languages besides English. However, it is not possible to upload your own indicators, connect advisors for auto-trading, or set automatic strategy testing on historical charts. In short, the Nour Trade platform does not allow for many things, so it cannot be called high-quality and professional.

Features Nour Trade Mitrade All Capital Trade
Demo Account ✔️ ✔️
Mobile App ✔️
Own Development ✔️

How Can I Trade With Nour Trade?

The firm provides access to CFDs: forex (majors, minors, and exotic currency pairs), indices, metals, commodities, cryptocurrencies, and stocks from various countries. Clients can use leverage of 1:900 and open trades with a volume of 1,000 units. The conditions depend on the tariff plan, which we will look at next.

All Info About Accounts

In Nour Trade, there are only three types of accounts: “Basic” (the minimum deposit is $500), “Standard” (from $5,000), and “Premium” (from $10,000). The tariffs differ only in minimum deposit, minimum trade volume, leverage, and the presence of a personal manager. Essentially, there is no significant difference, and the more expensive tariffs are not that attractive. However, the firm’s attempts to extract more money from users cannot be ignored.

Account types

Traders’ balances cannot fall below zero, and spreads are offered as floating, but there is no table with current spreads in real-time, which could be very useful. Commissions are not disclosed – it is a significant minus. Nour Trade also offers a choice of account currency between USD, GBP, or EUR. Technical support is available 24/5, and daily analysis is additionally provided. A personal manager assists only those who can afford the “Premium” tariff.

Leverage of 1:900 is beyond any rules and requirements of regulators, and therefore, Nour Trade probably does not even have a license. Otherwise, financial commissions would have paid attention to this. A minimum deposit of $500 is a high amount for an initial deposit, especially considering more well-known and popular companies offer to start even with $10.

Pros
  • The broker offers a demo account.
  • There is a swap-free.
Cons
  • The leverage indicates a lack of a license.
  • The firm requires a very high initial deposit.
  • Spreads and commissions are unknown.

Market Analysis and Education With Nour.trade

The firm provides a personal manager, daily analytics, and technical support – these are described in the tariff plans. The FAQ mentions an economic calendar, but it is not found on the site. Nour Trade also provides basic information about the traded asset classes and a small table with online quotes. So, there’s no unique advantage in the form of an educational base for beginners or fresh analytics for experienced traders.

Deposit, Withdrawal, and Fees

The information about the supported methods of money transfer is quite contradictory. Different methods for deposit and withdrawal are mentioned in various places. For example, on the main page of the site, Visa/Mastercard, Neteller, Skrill, Bitcoin, Qicard, ZainCash, and another unknown payment system are listed. However, in the personal account, Neteller, Bitcoin, and Skrill are missing, but bank wire transfers are added. Therefore, it’s unclear exactly how Nour Trade allows money to be transferred.

The processing time for requests remains a mystery, as there is no information provided about it. Although Nour Trade does not charge commissions for transactions, the broker may change its mind at any time and start charging fees.

Features Nour Trade TradeCMF Golden Currencies
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee

How Can I Contact It?

Contact information can contain a lot of useful information. This turned out to be the case with Nour Trade, which provided a fake email address.

Fake email

It turns out that the only way to contact Nour Trade’s managers is by phone, but even this is not guaranteed. There is also the option to leave a request for feedback, but it’s unlikely to get a response. An online chat for immediate communication is missing, as are social media accounts.

Pros
  • Not found.
Cons
  • The email is fake.
  • No online chat.

Is Nour Trade Dangerous?

It’s unlikely that a safe and honest broker under regulatory control would offer leverage of 1:900 and provide a fake email address. In addition to these obvious red flags, we discovered inadequate conditions, which largely remain hidden and opaque. However, to finally judge the firm, it’s necessary to check the office addresses in the UAE and Kuwait, the licenses, and the duration of operation.

How Long Does The Broker Work?

When did the company actually start operating? In 1996 or in 2009? Or another time? We bet on the third option. Online reviews are too scarce to indicate more than 10 years of operation. Moreover, the domain of the Nour Trade website was created on May 18, 2023. Everything is clear and understandable.

Domain

How Is Nour Trade Regulated?

Now to the most exciting and interesting part. We have a supposed broker with offices in Kuwait and the UAE. Let’s check if this is actually true. First up is the UAE, where Nour Trade is based in Abu Dhabi, so it’s necessary to check the ADGM registry. As seen in the screenshot below, no such company exists there.

Nour Trade - ADGM

Next, let’s check Kuwait. There, the Capital Markets Authority (CMA) is responsible for regulation. Strangely, where is the license? Could it be that the broker is also operating illegally in Kuwait?

Nour Trade - CMA

It turns out that Nour Trade not only deceived us with its founding date but also provided fake legal addresses. The broker cannot legally operate in the UAE and Kuwait without the appropriate licenses. These are the most important red flags that needed to be clarified before making a verdict.

Features Nour Trade Signet Capital RannForex
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Nour Trade?

First, you need to register an account, during which users can start getting acquainted with the broker on a demo, and then upgrade it to a real account, providing additional data. The minimum deposit is high - $500.

Is Nour Trade Legit?

The company operates illegally. We checked the CMA and ADGM registries, where the broker was not found. Without a license, the activity is definitely illegal. Moreover, the firm lies about its founding date.

How Risky Is It?

It's very risky to trade with organizations like Nour Trade. Such pseudo-brokers engage in outright fraud, so the risk of losing money is 100%.
Kevin Berry
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Expert Opinion

It wasn’t even necessary to check the license in the UAE and Kuwait. It’s an all-too-obvious scam without a shadow of a doubt. A typical template website, pseudo-platform, huge minimum deposit, and hidden commissions – a perfect set of drawbacks to refrain from opening a brokerage account and depositing money here. I don’t even know what might lure a trader to Nour Trade. Unless these fraudsters are actively seeking victims to swindle. There are no guarantees, no licenses, and the platform was launched less than half a year ago. Plus, it’s crucial to understand that this is a 100% b-book, which will only be happy if you lose money. And if you don’t lose, the scammers will help you.

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Nour Trade 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 Nour Trade

ENG1840 November 7, 2023 - 06:14
I can't comment on anything good
The level of trust
Quick withdrawal of funds

Is Kuwait a normal jurisdiction for opening a broker? It looks very strange. I’m not sure if this is a scam or not, but it looks suspicious. If I wanted to trade CFDs, I doubt I would choose this company. It looks very much like a fake. I might be wrong. So it’s better not to take the risk.

Reply
Juliano November 29, 2023 - 14:19
For inexperienced traders, let there be an example of a scambroker.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

Nour Trade is a good and vivid example of a fraudulent broker. It’s evident how the scammers tried to make their pseudo-company resemble a real brokerage intermediary but utterly failed.
As an experienced trader, I agree with the debunking review. I’ll just add that fraudsters may also order fake positive reviews about themselves, so be careful and don’t believe those positive fairy tales written online. They can easily turn out to be fake.
So, this is a classic fraud. That’s all you need to know.

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