Minimum Deposit: $100
Maximum Leverage: N/A
My Score: 2.0
I am going to handle NelsonFX in this review. NelsonFX is owned and operating by Glastrox Trade Ltd. The broker provides investment services mainly on Contract for Differences (CFDs) on foreign exchange.
Glastrox Trade Ltd is located at Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands, MH 96960
In this NelsonFX review, you will get the answers to these following questions. Is NelsonFX scam or reliable? What are the account types of this broker? Is NelsonFX regulated? What are the trading conditions such as spreads, minimum deposit, and leverage?
I will start with the regulation section which is the most crucial issue about the broker.
Regulation of NelsonFX
NelsonFX is a registered brand name of Glastrox Trade Ltd. The company is registered in the Marshall Islands (registration number 91438). According to the broker’s website, the company claims that it is regulated by the Marshall Islands Business Corporation Act.
Glastrox Trade Ltd is operated by Keyword Services Limited which is located in Cyprus. It is a really complicated company scheme. However, I can say that both companies are unregulated that significantly undermines the legitimacy of the broker.
It is really risky to trade with an unregulated broker. You may lose your money to scammers. I always recommend you to work with reliable brokers.
There are some respected financial watchdogs such as the Financial Conduct Authority (FCA) in the UK, Cyprus Securities and Exchange Commission (CySEC) and Australian Securities and Investments Commission (ASIC). They require strict rules to brokers comply with.
Duly regulated brokers provide a negative balance protection to their clients, keep their money in segregated accounts, file regular reports and keep a certain minimum operational capital.
FCA and CySEC regulated brokers provide client compensation schemes. For example, FCA regulated brokers protect clients funds up to £50,000. And also, CySEC regulated brokers protect clients funds up to €20,000.
Account Types and Spreads
There are two account types of NelsonFX. These are Live Account and Live Premium account. Unfortunately, there is very limited information about them on the broker’s website.
Live account’s minimum deposit is $100 and Live Premium account’s minimum deposit is $1,000. The broker doesn’t provide information about spreads and maximum leverage. This is a disadvantage for this broker about transparency.
NelsonFX provides the most used trading platform MetaTrader 4 (MT4). This is an advantage for the broker.
For more than 14 years, MetaTrader has provided you with a high quality, professional and secure application guarantee which the best trading strategies and automated algorithms are created in all branches.
MetaTrader 4 is still the most popular trading platform because it has a user-friendly interface, complete technical analysis, trading signals and copy trading, alerts and financial news and algorithmic trading.
NelsonFX offers its clients to trade with Forex, Commodities, Index, Stocks, and Bonds. You can reach 100 currency pairs with NelsonFX.
Other instruments include CFDs on a variety of assets including cocoa, copper, coffee, corn, cotton, rice, soybeans, sugar, wheat, natural gas, oil, as precious metals gold, silver and platinum.
The brokers’ website supports English, Vietnamese, Ukrainian, Russian, Italian, Spanish, and Arabic languages. The website is not well-designed. There is no live chat and they respond late to e-mails.
Deposit and Withdrawal Methods
NelsonFX offers only bank wire and major credit cards. Popular e-wallet methods are not available such as Skrill and Neteller. There is no option to fund with Bitcoin as well.
According to the NelsonFX’ withdrawal terms and conditions, I found some rather unacceptable withdraw conditions. You cannot withdraw any of your funds if you accept a bonus until you reach a certain minimum trade volume requirement.
NelsonFX is an unregulated offshore Forex broker. The broker doesn’t provide enough trading conditions and it offers very limited funding options.
The broker has unreasonable withdrawal conditions. As I always say, it is so risky to trade with an unregulated broker. There are many scammers and you should protect yourself from them.