Nordic Association of Brokers: reviews on the Russian Internet, detailed overview of activities
Assessment of the Service from the Nordic Association of Brokers
The company with the extravagant name Nordic Association of Brokers is presented as an alliance of financial organizations, whose goal is to expand the range of services and ensure reliable and secure trading. Despite some reviews about the company’s services, there are enough to question the reliability of this broker. Below are the details of the current situation at the Nordic Association of Brokers.
Get Acquainted with the Financial Alliance, Check the Documentation
Studying the data on the official website, it may seem that we are dealing with one of the largest players in the financial markets. Large-scale transactions, recognition by international stock exchanges, offices distributed worldwide – all this applies to the Nordic Association of Brokers. However, such eloquent statements are not backed by real facts.
First and foremost, regarding corporate or any other address, the lack of information concerns us. Where are these 29 representations located? Where is the company’s headquarters? No information about this is found anywhere. The only mention of the company’s activities is found in the Privacy Policy, which notes that the organization operates in the jurisdiction of the islands of Saint Vincent and the Grenadines.
Why is the largest broker, bringing companies from Denmark, Finland, Norway, and other countries under its name, choosing to register its domain in an offshore jurisdiction? The answer to this question is obvious: the Nordic Association of Brokers does not actually exist, and the history of this broker, to which trust is projected, is purely a fiction of scammers. The search results in the trading registry once again confirm this, as such a firm has never been registered in Saint Vincent and the Grenadines.
The scammers behind this obvious fraudulent project didn’t even bother to provide phone numbers or create a feedback form for clients. The possibilities of contacting them are extremely limited, except for email. However, even the email address is fake.
From the reviews, it is evident that scammers often initiate contact with clients themselves. It can be concluded that we are dealing with typical phone scammers. This is also indicated by the poorly designed website and the age of the domain name, registered just a few months ago.
Authentication and Regulation of Activities of the Nordic Association of Brokers
There is no information on the website about the presence of a license from the relevant regulator; the organizers of this scam simply do not mention it. They provide their services without any legal right to do so, clearly violating the law. For example, in Russia, there is Federal Law No. 460-FZ “On the Forex Market,” which establishes that every broker operating in Russia must obtain permission from the Central Bank. The Nordic Association of Brokers does not have such a document.
The state regulator keeps a list of organizations showing signs of illegal activities. Sooner or later, all fake brokers and scammers are included in this list. Our “hero” is already on it, and from April 1, 2022, Roskomnadzor will begin the procedure of blocking all known websites of the Nordic Association of Brokers.
It should be reminded that every intermediary offering third-party trading software (such as MetaTrader or WebTrader) enters into an agreement with the copyright owner. Since the Nordic Association of Brokers is not a legal entity, it is obvious that no such agreement was concluded, and users are offered illegal software. In such conditions, it is impossible to talk about transaction transparency since they cannot even technically be brought to the market. All that the unlicensed and unregulated Nordic Association of Brokers offers is the imitation of transactions.
What Investment Opportunities Are Available to Clients?
We did not find a clear description of trading conditions. It is only known that all customers are provided access to the following trading assets:
- cryptocurrencies,
- indices,
- commodities,
- currency pairs,
- stocks,
- ETFs.
The leverage varies depending on the type of asset. The initial deposit is €100, but according to reviews, scammers immediately increase this amount by adding bonus money. This “gift” must be worked off by carrying out trades totaling more than the bonus amount by 10,000 times. Only after this can funds be withdrawn, but ultimately, there will be nothing left to withdraw.
Customer Reviews of the Nordic Association of Brokers
We did not find reviews from traders abroad, indicating that this company operates solely in Russia. Until Roskomnadzor blocks it, scammers brazenly deceive people. Based on information from the internet about the Nordic Association of Brokers:
From the reviews, it is evident that no user is satisfied with the cooperation. Scammers deceive everyone, striving to quickly fill their pockets.
Telephone Fraud or Methods of Operation of the Nordic Association of Brokers Scammers
This scheme is a primitive telephone scam. Customers are offered to open an account, deposit funds, and engage in trading under the guidance of an experienced financial analyst. The latter will do everything possible to make the trader lose their deposit in just a few days. No knowledge or experience will help: scammers manipulate the valuation manually, leading them in the direction beneficial to them. Stop-losses do not work, successful trades simply disappear due to technical glitches, and customer support remains silent. Under such conditions, trading with a positive energy balance is impossible.
To increase income, scammers sometimes demand, occasionally threatening, to regularly replenish the balance. They insist on depositing an insurance amount, threatening legal action for the alleged leaking of credit funds, insisting that this time trading will be successful. Many fall for this trick and hand over all their savings to criminals.
Expert Opinion on the Services of the Nordic Association of Brokers
Fraud has already been exposed: negative reviews and reviews of deceived clients are easy to find online. The Nordic Association of Brokers project has already been included in the blacklist of the Central Bank of the Russian Federation, and soon all of the scammers’ resources will be blocked. We recommend refraining from opening an account on this platform or engaging in any transactions with representatives of this company.
The Nordic Association of Brokers provides a comprehensive range of services, however, reviews on the Russian Internet highlight a need for more transparent communication and detailed explanations of their activities.