Retail investors are excited to participate in the crypto revolution. Many big firms like Tesla and Square are investing significant amounts of money into cryptocurrencies, and the hype is totally off the charts as of now. While things look bright for the select few cryptocurrencies, do not hop on to the trend before analyzing the risks present. Nittrex is a cryptocurrency trading and mining platform that promises to make the whole investing process easier for the masses.
Their platform is simple, and it literally contains around 5 pages or segments. We couldn’t find any details about the people behind this firm, and there are no details about their parent company as well. They claim to be operating from Belgium, and they supposedly have branches in the United States, United Kingdom, and Canada.
While the contact information published by them looks like the real deal, the reality begs to differ. For some reason, we couldn’t get through to their support team, and the lack of transparency they adore, along with questionable tactics, prevented us from believing anything they said. Clearly, there are many things fishy about them. Even the information regarding their trading platform is kept confidential, and the other associated conditions are unknown as well.
As there are heaps of uncertainty and confusion regarding this platform, we are publishing this post to clear all the doubts one might have about them. So, take a look at the following paragraphs to understand important aspects and metrics of their business.
Who is behind Nittrex?
Trust is a rare commodity in today’s world. Due to the kind of looting many unregulated platforms carry out, nowadays, a lot of people are scared to even deal with them. In order to make themselves look pretty and attract the crowd, unregulated firms invest a lot in the name of designing and marketing.
After all, the only way they will end up making money is if they can convince a lot of people to join them, right? The internet has changed the way many crooks operate, and for them, it is now very easy to get a following because of the low barriers present. Basically, anyone can make themselves look legitimate just by featuring solid manufactured stories about themselves and their so-called accomplishments.
Regulators around the world have realized the massive manipulation present on the web and are trying day and night to close the gap. Nittrex is an unregulated brokerage which means they provide no such thing as security to the client’s fund. There is no compensation scheme, and when things go wrong, they will move away from the scene with all of the investor’s money.
They might offer good service for a period of time. However, in the end, the risk present is simply absurd. Moreover, they don’t have the decency to share verifiable information about their legal status and licenses. If their platform had nothing but good intentions towards their clients, then why are they creating so much ambiguity around their business model?
Contact Information and Support
Customers are indeed the kind of every business, they can change the direction of a firm’s revenue in any direction they want. In the early days of the Internet, there were very few providers, and as a result, the customer support aspect was often ignored. However, things have evolved, and now every broker tries their best to offer more than satisfactory service to their clients.
On the homepage of Nittrex.co, we found a lot of contact information, and it is nice to see that they have provided the customers with a lot of communication modes. Unfortunately, we couldn’t figure out whether all of their lines are functional, and that leaves room for a lot of doubts.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
Nonetheless, below we have pulled all their contact details, and if you have any specific question that wasn’t answered, then you can directly get in touch with them. If you have already used their services, then feel free to share your opinion about the staff by commenting below.
- Address – Rue de Luxembourg 19, 1000 Bruxelles, Belgium
- US – 200 Vesey Street, Three World Financial Center, Battery Park City, New York City, United States
- UK – Tower 42, 25 Old Broad St, Cornhill, London, EC2N 1HN
- Canada – Burnhamthorpe Rd, Hurontario Street, Mississauga, Absolute World Tower, ON L4Z 0A8, Canada
- Phone – +44 7418354167, +13328956076
Nittrex Trading Software and Leverage
The trading portal used by Nittrex is unknown. They don’t support the standard, go to options of the retail trading world such as the CTrader or the MetaTrader application. We don’t know whether they allow any kind of algo trading, and things like lending ratios, swaps, and other associated things are also not discussed on their platform.
Cryptocurrencies are volatile, and many retail traders are interested in taking advantage of the volatility present by using automated trading bots. The exclusion of automated systems is a big disadvantage, and the clients will be forced to spend more time in front of the screens. They haven’t shared any information about the number of pairs available, average spreads, or the commission structure.
In other words, there is literally no way to gauge their service without risking your capital. The leverage is said to be capped at 1:5, which is decent, but as the crypto sector has evolved, you can find much better leverage by using reputable platforms such as Binance and Bitmex.
Even the charting solution provided by this broker is unknown, and the lack of clarity about the things present by itself is a huge red flag. In short, they don’t mention any key data about their platform, and with every given fact about them, it will be a very risky venture if you choose to proceed with them.
Nittrex Cloud mining
There are literally hundreds of thousands of cloud mining services on the web. Every platform claims to make its users passive income that is directly proportional to the capital injected into the account by them. As the masses, for the most part, are not familiar with blockchain technology or the way the mining process works, they will easily fall into the investment trap.
Around a decade ago, a lot of early adopters of cryptocurrencies made millions via cloud mining. As the competition was non-existent at that period of time, mining was an easy task. Now, the sector is miles apart from how it used to be. If you are too comfortable around the equipment and have a sound understanding of the mining rigs, then it might be worth your time to get involved with the process.
However, for the vast majority of people, it will be hard just to reach the break-even point on their investment. So, don’t be eager to get started without knowing the costs present, and always hedge your risk to the maximum extent by buying some derivatives.
Nittrex does not provide any kind of mining calculator on their platform, and just like always with them, there isn’t any metric mentioned as well. Without knowing the risks and rewards, no rational person would input their credit card details with them, and for the very same reason, we suggest you walk away from them.
Payment Methods
If you are searching for a new broker, then always take a look at the available payment methods and try to stick with the ones that support e-wallets, such as Skrill or PayPal, as they are safer. In the crypto world, hacks are somewhat common, and whenever you are doing any activity that involves cryptocurrencies, use the 2 FA feature for your own safety.
Unregulated brokers often use false pretenses to lock up the funds of the clients. If you are being invited for any kind of account management services or bonus schemes, then don’t accept it for any reason. The returns on management services might look good at first glance, but it will never pay out like you thought it would, and most of the time, it is impossible even to recover the capital. So, don’t let sleazy salesmen affect your decisions, and as far as bonuses are considered, say no to them too.
The welcome bonus will increase your capital size, but it will have a lot of hideous hidden terms and conditions. This brokerage doesn’t share the details of the payment methods supported by them. Moreover, we aren’t even told about the fees associated with the deposits and withdrawals. On top of all the confusion mentioned above, there isn’t a clue about the processing time as well. Ask yourself, do you really want to deposit with a broker who refuses to let you know their policies beforehand?
Online Reputation
With just a click of a button, any information about the brokers can be found online. We suggest everyone always look for reviews or feedback about the firms before investing with them. If the broker has a positive reputation and is regulated, then the likelihood of facing any problems will be way too low.
Sadly, new firms that are regulated won’t have any significant data that can be categorized as user feedback. In other words, there is no one-size-fits-all approach in this regard, but still, it is the best way to gauge any service online. The scammers, just like always, are one step ahead of the crowd, and they have no problem pumping fake information and serving it to the public.
In recent times, the new breed of scammers has been controlling the narrative by owning a few fake review sites wherein they publish only the kind of content that benefits them. So, if you ever come across any piece of content or comments from random users that glorify the results, then understand that it might be just another trap.
Nittrex hasn’t got any user feedback on the internet. In other words, they have either got no traffic or they are really clever when it comes to cleaning up their tracks. Either way, it is not a good sign and people need to exercise extreme caution while dealing with them. After all, nothing about them showcases elements such as honesty and credibility, right?
Is Nittrex a Scam?
It is too early to take a solid stance on that. At CSR, we never rely upon the “What if?” side of the equation instead, we base our judgment upon solid facts, and until we gather enough information on them, we just have to give them the benefit of the doubt. Nonetheless, the kind of flaws and red flags displayed on their platform are unprecedented, and the lack of clarity along with transparency should tell you a lot about them.
They don’t mention anything about inactivity fees or liability clauses, and how their policies are set up gives them immense control over the clients. Furthermore, as the user feedback is almost zero at the time of publishing this blog post, it does not make any sense to invest with them.
Moving on to the cloud mining aspect, there is no clarity as well, and without knowing the equipment and the costs involved, how in the world can they expect us to trust them with our money? At the end of the day, we strongly believe that no one should interact with them until and unless more evidence pops up about their true nature or the firm decides to get themselves proper licenses and regulatory status.
Complaints We Received
On September 1, 2023, we received the following complaint from a person who visited this review:
I was contacted by a company claiming to be the Financial Conduct Authority in the UK.
They told me I had a frozen Bitcoin wallet worth C$18,000. They then requested remote access to my computer through a crypto site linked with my bank to supposedly unlock the wallet. The next thing I knew, $3,000 was missing from my bank account. They then claimed it was a “protective balance” and instructed me not to access my bank account for another 24 hours, likely in an attempt to withdraw more funds, given that my daily withdrawal limit is $3,000.
I’ve reported the incident to my bank’s fraud department, canceled my card, and changed my password. The payment went to a mere Gmail address under a man’s name, likely a pseudonym. While the Financial Conduct Authority is a legitimate organization, I doubt the person who contacted me actually works for them. They provided a reference number that did match a name on their website, but the voice on the phone had an accent that didn’t match the American-sounding name.
I checked a website called CoinMarketCap, which indicates that my email is associated with C$28,000 worth of Bitcoin. I’m uncertain about the accuracy of this information. I do recall purchasing some Bitcoin from a company that was later shut down, which is what the caller referred to when claiming I had a frozen Bitcoin wallet.
It seems that this individual fell victim to a scam orchestrated by Nittrex, only to be further exploited when the same entity posed as the Financial Conduct Authority (FCA) in an attempt to extract additional funds.
Recover your Money
Have you noticed that in recent years, the number of online scams has literally gone off the charts? The way the internet works has made it easy for the crooks to get away with the crime, and thanks to the cryptocurrencies, they can even hide it from law enforcement agencies to a certain extent.
People who make payments to fraudulent entities via credit cards are comparatively safer than the ones who choose other methods, but that does not mean that they have lost the funds entirely. If you have deposited with Nittrex and are not able to get the funds back from them, then fill out the contact form available on this page and let our team take over the task for you.
We just need a few quick details about the nature of the transaction, and as soon as we receive it, our experts will get started on tracing the account details. If you have made the payment through a credit card, then the expected time for full fund recovery is around 30 days, but for other methods, it will vary a bit. Note that even the cryptocurrency transactions are traceable, and our recovery success ratio is over 80% on average over the last few years.
Verdict
Nittrex is a shady broker who displays a lot of red flags. Their website may be minimalist, but their operational model is confusing, and their policies are nothing but hilarious at best. The leverage they provide is also not the greatest, and the cost per trade is not mentioned as well. We suggest you look at their regulated counterparts if you want to get started with cryptocurrency trading.
If you are looking to warm passive income through mining, then take a look at the other cloud mining solutions that have been in business for at least more than a couple of years. Remember, the first criterion is the safety of the capital, and then it is wise to focus on improving the ROI.
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Absolutely DUBIOUS!!! HANDS OFF!!!
After my last review few days ago I have no hesitation in calling this company a complete fraud. I made over € 120,700 loss through the system !! At the beginning it was ok, then there were unannounced rollovers, take profits with high losses instead of profits and no contact with customer service. an estimated 91% of customers have losses! With the terms and conditions, you quickly notice that the company does not want to keep customers long, for example, as a customer you only have 1 day to comment, otherwise the complaint will no longer be processed and further emails will be ignored! High costs and a SLOW system during the important trading hours must also be expected here.