We are excited to present our NXG Markets review — a deep dive into one of the “Most Popular Forex Trading Brokers” (according to the company itself). This firm claims success due to its aggressive approach to attracting potential clients. The official website promises traders numerous benefits, ranging from the best trading conditions to cutting-edge platforms and professional customer support. However, the real question that concerns users is: is this a scam? To answer that, we simply need to analyze the available information about this project. If you want to uncover the same facts we did, keep reading below.
Key Features
- Company Name: NXG Markets Limited
- Website: https://www.nxgmarkets.com/
- Available Contacts: [email protected], [email protected]; +447380844369, +61480037361
- Foundation: 2022
- Services: Forex/CFD trading
- License: MISA (Mwali International Services Authority) №T2022091
- Initial Deposit: $25
From Sign-Up to Payout
The developers of the NXG Markets website could have achieved success — they chose a high-quality template, applied a well-thought-out color scheme, optimized page loading speed, and implemented a relatively complex structure. However, there are some issues with the content, such as:
- The “About Us” page contains a list of the company’s trading goals, but it repeats the same three sections.
- The last blog entry dates back to early December 2024 (apparently, neither the company nor the global economy has experienced anything noteworthy since then).
- Registration is simple, but the user dashboard holds a few surprises. Payments are only processed via cryptocurrency and bank transfers, and transactions are limited to just two currencies — USD and Indian Rupees. This setup seems rather odd.
- Some pages contain inaccurate or outdated information, suggesting that regular content updates are not a priority for the platform’s team.
Overall, the NXG Markets website can be classified as an average trading platform. However, these issues raise red flags — most licensed brokers address such problems immediately instead of allowing them to accumulate.
Our Trading Experience With NXG Markets
NXG Markets claims to offer several trading platforms:
- MetaTrader 5 (desktop, mobile, and web versions).
- cTrader.
- A copy trading application.
The first two platforms are well-known among traders. Both support multi-chart mode and one-click trading, provide a wide range of analysis tools, and allow the development of custom indicators and trading robots. However, these platforms’ features, advantages, and drawbacks are already extensively documented, so we won’t go into further detail.
Important Note! In the NXG Markets client area, only MetaQuotes applications are available. The absence of cTrader raises a valid question: how accurate is the information about trading platforms on the broker’s official website? We have yet to find an answer.
Instead of focusing on the trading platforms, we took a closer look at the trading conditions offered by NXG Markets. A lot of details are provided on the account types page.
Registered users can choose from four account types:
- Start — Minimum deposit of $25, spreads from 2 pips.
- Pro — Minimum deposit of $1,500, spreads from 1.2 pips.
- Prime — Minimum deposit of $2,500, spreads from 0.6 pips.
- ECN — Minimum deposit of $5,000, spreads from 0.0 pips.
According to the table, the remaining conditions for all account types are identical:
- The minimum trade size is 0.01 standard lots.
- Maximum leverage is 1:500.
- Order execution method — Instant Execution.
- Margin Call and Stop Out levels are set at 100% and 80%, respectively.
Of course, we would have liked to see details on overnight swap fees, pending order distances, and other specifics. However, it seems the broker expects traders to discover these details only after opening an account, as there are no contract specifications available on the website.
For inexperienced traders, NXG Markets’ offers may seem highly attractive. However, we found significant concern regarding ECN accounts. The table states that these accounts have zero spreads and no trading commission. However, in a true ECN model, the broker does not participate in the trading process — client orders are matched with those from other traders or liquidity providers.
So, how does NXG Markets make money? The idea of a “charitable broker” is unrealistic. Furthermore, the company clearly prioritizes profit — on the Start account, it offers spreads starting from 2 pips, making trading unprofitable. This is a clear strategy to push users towards more expensive account types with higher minimum deposits.
We could only come to one logical conclusion: NXG Markets is not offering real ECN trading. Instead, it likely executes all orders internally. It is also possible that the broker treats all client funds as its own, though we lack concrete proof of this.
One more thing: on promotional banners, the broker advertises maximum leverage of 1:1000, yet in the account types table, the stated leverage is 1:500. Once again, the question arises: which information is accurate?
The Reality Check
NXG Markets did not hold back when it came to sharing information about itself. We know that the company is registered in Mwali, Comoros Union, with its office located in Dubai, UAE.
A check of the registration details confirmed that the company published real data. It is indeed registered in the Comoros Union, and its MISA license, issued by the local financial regulator in April 2022, remains valid until April 2026.
The broker also claims that its offshore license is not the only regulatory approval it holds. The website lists a registry number from the Australian regulator ASIC, along with an AFSL license number, which is mandatory for brokers in Australia.
At first glance, this information seems credible — if we were novice traders, we might have believed it. However, several key details make it impossible for us to do so:
- The 1:500 leverage significantly exceeds the limits set by ASIC regulations.
- The use of bonuses contradicts ASIC’s policies.
With these concerns in mind, we conducted a check in ASIC’s database. The results showed that ABN 93 623 948 998 belongs to OSCAR OLIVER CAPITAL LTD. This company has changed names multiple times since its registration in 2018, but NXG Markets was never one of them.
Furthermore, NXG Markets does not appear among AFSL license holders. This means the broker is intentionally misleading clients. Despite having an official offshore registration, it tries to convince traders that it also holds authorization from a respected regulator.
Can a company that engages in such deception be trusted? Or should we start questioning whether its Mwali registration and license are fake as well?
How Long Has NXG Markets Been in the Game?
The broker does not provide information about the company’s registration date. To verify this, we conducted a WHOIS domain lookup.
The results showed that the nxgmarkets.com domain was registered in April 2024. Web archive snapshots indicate that activity on this website only started in September 2023. However, the broker’s license was issued back in April 2022.
This suggests that the company previously operated under a different website address — but we could not determine what it was. More importantly, why did they change their domain name in the first place?
Extra Fraud Indicators
A look at NXG Markets reviews raised even more concerns. There aren’t many — only 25 reviews on Trustpilot, with the first one dating back to early July 2024. But if NXG Markets has been operating since April 2022, what broker were traders reviewing before then?
The content of these reviews is also revealing. 76% of the reviews rate the broker with the highest score, but their content leaves much to be desired. Most of them simply praise the company, its services, and its products — without any real proof.
On the other hand, 24% of the reviews outright call NXG Markets a scam. The main complaint? Withdrawing money is impossible, and support ignores requests regarding withdrawal issues.
Experts from reputable trading-related websites fully agree with the negative reviewers. They have found multiple red flags that make it difficult to trust NXG Markets and strongly advise against trading with this broker.
Is NXG Markets the Right Fit?
Our NXG Markets review presents conflicting findings. While we don’t have direct proof that the broker is a scam, we do know that it has an offshore registration (Mwali, Comoros Union). It holds a valid license from the local financial regulator MISA. At the same time, there are plenty of reasons to question its credibility. The broker lied about being registered in Australia and having an ASIC license. The suspicious nature of its reviews suggests an effort to manipulate its online reputation. Considering these facts, we do not recommend traders engage with this platform or deposit any funds into its accounts.
I started noticing that NXG Markets’ terminal doesn’t update quotes on time. The charts behave unnaturally, making it nearly impossible to make a real profit. I deposited $5,000, which is a decent amount, but due to these issues, you’re constantly losing rather than earning. The broker refuses to take responsibility for its platform’s problems, so either you accept the losses or find a company that operates honestly.
I’ve been searching for a reliable broker – one that doesn’t delay withdrawals and offers good trading conditions. Many traders recommend NXG Markets, saying it has been around for a while and is trustworthy. However, I couldn’t find any proof of its ASIC license, and the registration number belongs to a completely different company. At least it has an offshore license, so I’ll start with a small deposit and see how it goes.
I should never have believed the positive reviews about NXG Markets. In the end, they helped me drain my entire deposit, and when I started asking questions, they just closed my account. I’m sure I’m not the only victim of these scammers. I strongly advise against using them.