Search
Home
/
News
/
NCE (ex-ANC) sees rising complaints! Weak regulation & bonus traps!

NCE (ex-ANC) sees rising complaints! Weak regulation & bonus traps!

KnowFXKnowFX
03-05
SummaryDong Ge saw a newbie's query on NCE's status, touting low-cost trades & US NFA license. Is trying it out safe?

Black platform NCE, a trap for free funds amidst weak regulation! On the surface, it's a "brand upgrade," but in reality, it's a skin-changing scam!

37ceec85-b61e-48c5-afc8-8c406c3f683c

While checking private messages from group members, I saw a question from a forex trading beginner asking about the current situation of NCE. They mentioned seeing NCE's claims of low-cost, rapid transactions, and even the ability to quickly withdraw funds due to holding a US NFA license! Is it okay to deposit funds and try now?

e7d46487-7e9c-4969-8285-cedccbb0678f

9c26593a-8ce2-4579-819a-112d361a0ce7

Initially, after conducting an online search, I discovered numerous complaints against NCE regarding failed withdrawals! Contrary to NCE's advertisements about "fast withdrawals," investigations on the Want to Know Forex website also revealed exposure records by forex friends. These records show accounts being flagged for fast withdrawals as "abnormal activities," leading to warnings to investors, account freezes, and demands for high security deposits!

07636222-48c9-4580-9604-a51210d0a130

Many investors have lost their hard-earned money, including funds set aside for life-saving treatments! Even agents needing urgent funds at home have had their withdrawal requests rejected by NCE under the pretext of "account violations"!

Why does the "highly praised" broker NCE have these real and numerous complaints?

6512d8ed-b184-4732-977c-1ed150439373

These two logos should be very familiar to those in the industry. Except for the color, the identical design indicates NCE's predecessor was ANC International, a company that ran away with funds and was known as a black platform! However, NCE's logo has been replaced in a recent "brand upgrade", and ANC's original logo can only be seen in past events and awards.

Official website: https://www.ncetrader.com/

cd2e2da2-ccfa-4d08-b7ed-600e400aa5bc

I browsed NCE's official website, which features several "bonus activities".

These activities aim to attract customers and expand influence. All the "bonus activities" calculate rewards based on the deposit amount and the number of trades, and the rewards are distributed after the event. This is a common marketing tactic used by brokers to lure funds, often trapping many investors and preventing them from withdrawing their funds.

28ac780e-86d5-487d-9d56-dbea964a5b28

The disclaimer at the bottom does not mention regulatory licenses or the current registration status of the company. It merely mentions, in a few words, that services are not provided to citizens of Iran, North Korea, Syria, Sudan, Gambia, Bangladesh, Bolivia, Ecuador, Kyrgyzstan, the United States, Japan, and Hong Kong, China.

6844fc81-5d94-409c-85a4-2cd9a61d39b7

7d251c52-3654-4b41-8945-3c08bf245d72

However, when browsing award information, I noticed that in some platform-organized events, NCE still used ANC's original logo. The company participating under the full name 【Australian National Coin Exchange PTY】 won the Most Trusted Forex Broker award at the Wiki Finance EXPO HongKong2022.

Here's my question: How could a broker, openly stating on their official website that "services are not provided to citizens of Hong Kong, China," win the Most Trusted Forex Broker award at the Wiki Finance EXPO HongKong 2022?

Trading Platform

f9618f83-9286-46c4-b097-c6b0d5caad7a

On various platforms, NCE claims to use the primary label MT4 server, but on the official website, only the MT5 trading platform is displayed. Since that's the case, let's see if the MT5, one of NCE's mainstream platforms, is compliant.

8f7942f4-d099-4b8b-b21d-227cceb6364e

14a967ac-bc5d-48a5-96c6-8b240b63ad81

After downloading, I found that NCE's MT5 trading account is located in Seychelles, and the real entity conducting transactions is named 【NCE SC Limited】.

3b068d61-c90f-4907-98be-7c197a40942f

At the Seychelles FSA official, I indeed found this license. It's important to note that the Seychelles license is an offshore regulatory license.

With Seychelles licensing primarily focused on offshore financial services, offshore regulation only oversees a portion of a broker's operations in a lenient regulatory environment, posing a risk of fund misappropriation!

Moreover, the official website address registered on this license differs from what NCE has publicized on various platforms.

92df46bf-5257-4316-9149-8b6781eaeb52

92df46bf-5257-4316-9149-8b6781eaeb52

On this official website B【https://nce.sc/products/】, the information categorization leads to significant content differences between the two websites, with website B lacking any "bonus or discount" promotions while website A is full of them.

US License

7b10f73d-1102-40d1-90f8-a338d14a7906

08e81638-42df-4b02-af4e-b542f4456fa9

I also briefly looked into the question raised by a forex friend regarding NCE holding a US license.

After investigation, neither NCE nor ANC is a member of the US NFA, and as non-members, they are not under US NFA regulation. Therefore, NCE/ANC does not hold a US NFA regulatory license.

Summary

The complaints against NCE are all about claiming fast withdrawals while using various excuses to prevent investors from withdrawing their funds! This matches exactly with the complaints before ANC's scam and running away. Having confirmed that the black platform ANC is NCE's predecessor, the brand-upgraded NCE chooses the same approach to deal with investors. The only officially publicized MT5 trading channel for real transactions is also under Seychelles FSA's offshore regulatory license, which only oversees part of the operations in a lenient environment, leaving funds completely unprotected. The US NFA license does not exist, rendering the trading environment poor and risky. Investors are advised to stay away!

The above content is based on document verification conducted by me to avoid illegal brokers exploiting proprietary trading platforms to create an absolute control trading environment. This verification content is for reference by forex friends and should be carefully verified before trading!

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

The End

You Missed

Wiki

The 'Pig Butchering Scam' is a type of financial fraud that originated in Southeast Asia, but has now become prevalent globally. The name stems from the scammers' method of dealing with their victims: similar to raising pigs, they first 'fatten' them by building trust, and then 'slaughter' them by swindling away all their money.

Organization

You Missed

Risk Warning

TraderKnows is a financial media platform, with information displayed coming from public networks or uploaded by users. TraderKnows does not endorse any trading platform or variety. We bear no responsibility for any trading disputes or losses arising from the use of this information. Please be aware that displayed information may be delayed, and users should independently verify it to ensure its accuracy.

Contact Us
Social Media
Region
Region
Contact