Nippy Trade Review – What Makes it a Scam?

Nippy Trade Review

Have you been thinking about engaging in online trading? Access to the financial markets has become so easy and convenient that many who could only think about trading are now jumping on the bandwagon.

To cater to the high traffic, a number of online brokers have been established and you will find hundreds, if not thousands, of companies offering their services. But, this Nippy Trade review is an excellent example of why you should never trust anything you read on the internet.

It is a fact that the internet has made it possible for you to trade in the financial markets from anywhere and anytime, but it is also true that it is a breeding ground for criminals and scams.

Setting up a fake website is extremely simple these days, with numerous software available for this purpose. This has made it immensely easy for scammers to set up fake websites and lure people in by making big promises. Disguising themselves as online brokers is one of their favorite tactics.

They offer you top-notch trading services and a ton of other features that can often make it hard to resist for people who wish to make hefty profits via online trading.

But, this is exactly what you need to be cautious about because when something sounds too good to be true, then you need to be concerned. A lot of companies are certainly not what they appear to be and you can only find out the truth when you go digging.

Taking out some time to do so can help you avoid getting scammed. But, you need to be aware of what makes a brokerage a scam. This also applies in the case of Nippy Trade that has all the hallmarks of a scam. What are they? Read on to know.

False licensing claim

The easiest way to avoid a scam broker is to only choose those that are licensed and regulated. As trading scams became rampant, many people have begun to follow this practice and this has made things a bit difficult for these criminals.

Why? This is because they obviously are not licensed and regulated, which means no one will sign up on their platforms. However, they have found a way to fool people and they do this by simply claiming to be licensed and even forge certificates to prove it.

This is exactly what Nippy Trade appears to be doing and you will discover it when you take a closer look at it. According to its website, it is an internationally regulated brokerage, which has its headquarters in London.

The UK is one of the well-regulated jurisdictions in the world, so the fact that a brokerage is operating from there is undoubtedly impressive.

You will discover that there is some sort of a business license that Nippy Trade also showcases on its website to back its claim, but this is clearly fake.

First off, a business license cannot be substituted for a legitimate forex license and secondly, if you take a closer look you will find that the license they have shared is issued to Octaindicesmarket and not Nippy Trade. The former is an old scam and this shows that Nippy Trade is part of a serial scam and nothing more.

Furthermore, if it was really based in London, then Nippy Trade would have had a license from the Financial Conduct Authority (FCA), which is the regulatory body in the UK and one of the top ones in the world. But, if you check their online register, you will not find Nippy Trade listed, which means it is certainly not based in London.

No functional trading platform

To be able to execute your trades in the financial market, you need to have a trading platform and providing this is the responsibility of the online broker you sign up with. Of course, the choice of trading platform depends on the company, but most legitimate and licensed ones will offer you platforms like the MT4, or the MT5.

These are renowned platforms that come with sophisticated technology and tools that offer a smooth trading experience to their users.

But, you will find more proof that Nippy Trade is a scam when you look for its trading platform. This is because it does not appear to have a functional platform at all. Even though they promise an innovative, simple and reliable web trading platform, all they have is a simple dashboard on their website.

The only option it offers you is that of making a deposit and you cannot perform any other function. This means that you cannot use it for trading and it is just aimed at creating an illusion of a platform for fooling people. This is not something a genuine broker will ever do,

Excessive leverage

The trading conditions that you come across at Nippy Trade are yet another giveaway about its true nature. You will be shocked to find that the leverage offered here is 1:1000, which is way too much. This is particularly true for a brokerage that claims to be operating from the United Kingdom.

The FCA has imposed a cap on the level of leverage that can be offered to retail traders and it does not go beyond 1:30. Yet, you will find that Nippy Trade breaks the rules and is offering such high levels that are extremely risky.

Only crypto payments supported

Another indication that is becoming a sign of scam is the payment methods that are supported by Nippy Trade. Their presentation dictates that 20 payment systems are supported on their platform, but this is just a lie. When you check out the actual payment methods, you will find that it only supports Bitcoin, Litecoin and Ethereum as payment options.

This is not really a surprise because scammers prefer crypto deposits because they are final and not eligible for a chargeback. Hence the deposit you make at Nippy Trade will not be refunded at any cost.

The Verdict

All these holes are clear indications that Nippy Trades is just a scam broker and not one you should trust at any cost.