Note: NFT TRADE's official site - https://nftradevc.com/en is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is NFT TRADE？
NFT TRADE is a broker registered in China. It is important to note, however, that it is non-regulated, meaning it does not fall under the supervision of any recognized financial regulatory authority.
Pros & Cons
Pros:
Cons:
The company's website is not functioning. This raises a significant red flag as it inhibits access to key information about the platform.
It doesn't cater to users located in the United States. This geographic restriction limits its user base and decreases its global accessibility.
The platform isn't regulated, posing potential risks to users. Without regulation, it's much harder for traders to seek legal recourse in case of any disputes or malpractice.
Lastly, there is limited information available about NFT TRADE. This lack of transparency can make it difficult for potential users to evaluate the safety and reliability of the platform.
Is NFT TRADE safe or scam？
NFT TRADE, a China-based broker for trading non-fungible tokens, poses high risks due to several reasons. Their website, a key source of critical information, isn't functioning. They are not regulated by any financial authorities, meaning there are no protections against malpractice. Further, there is scarce information about them, making it hard to verify their claims or operations. It's suggested that traders should be highly cautious and avoid high-risk platforms like NFT TRADE.
Market Instruments
Forex: This is an international market for trading currencies. It facilitates currency exchange from one type to another and is essential for conducting foreign trade and business.
Stocks: These represent shares in the ownership of a company and constitute a claim on a part of the companys assets and earnings. Trading stocks can lead to financial growth if the company increases in value.
Indices: An index represents a hypothetical portfolio of securities representing a particular market or a segment of it. Traders can invest in multiple stocks simultaneously by trading on indices, offering diversification.
Commodities: Commodities refer to basic raw materials used in commerce, such as gold, oil, or wheat. Traders can speculate on the price changes of these raw materials in the commodities market.
CFDs on Crypto: Contracts for Difference (CFDs) on cryptocurrencies allow traders to speculate on the rise or fall of the cryptocurrency market. The contract is between a buyer and a seller, and usually, the seller pays the buyer the difference between the current value of the crypto asset and its value at the contract time. If the difference is negative, the buyer pays the seller.
Account Types & Spreads
NFT TRADE offers several account types, each with different starting spreads. The account types and their respective spreads for the EUR/USD currency pair are as follows:
It's important to note that these are floating spreads and can vary depending on market conditions. The lowest spread is offered for the VIP account, making it potentially the most cost-effective option for frequent and large-volume traders. The BASIC and GOLD accounts have comparatively higher spreads, which could make them less ideal for traders aiming for lower transaction costs.
Leverage
NFT TRADE offers a high maximum leverage of up to 1:500. While this can significantly increase potential profits by allowing investors to trade with funds significantly larger than their initial deposit, it also substantially heightens the potential risks. This is because losses are calculated based on the full amount of the trade, not just the initial margin put forth. Thus, while leveraging can lead to increased profits, it can also result in significant losses, potentially exceeding the original investment.
Trading Platform
NFT TRADE operates its proprietary web-based trading platform. The platform is touted to include all the popular charting tools that traders require to carry out comprehensive market analysis and make informed trading decisions. It also promises immediate order execution, ensuring that traders don't miss out on potential trading opportunities due to delayed processing. Furthermore, it offers real-time results, which can be crucial in fast-moving markets, enabling traders to monitor their ongoing trades effectively and adjust their trading strategies as needed.
Deposit & Withdraw
NFT TRADE offers a few standard payment methods for depositing and withdrawing funds. The methods indicated include major credit or debit cards, such as Visa and Mastercard. Additionally, they also accept several e-wallet options for transactions, such as Neteller.
Conclusion
NFT TRADE is a Chinese broker platform that offers a variety of market instruments for trading and competitive leverage. However, the platform is non-regulated, lacks significant information, and its website isn't currently functioning, leading to high risks and questions about its reliability and transparency. Consequently, traders should proceed with extreme caution if considering this platform.
Frequently Asked Questions (FAQs)
Q: What market instruments does NFT TRADE provide？
A: NFT TRADE offers a variety of market instruments including Forex, Stocks, Indices, Commodities, and Contracts for Difference (CFDs) on Cryptocurrencies.
Q: What is the maximum leverage at NFT TRADE？
A: NFT TRADE offers a high level of leverage, up to 1:500. This means that traders can operate with amounts up to 500 times their initial deposit.
Q: What trading platform does NFT TRADE use？
A: NFT TRADE uses its proprietary web-based trading platform, which includes popular charting tools and offers immediate order execution and real-time results.
Q: What are the payment methods at NFT TRADE？
A: NFT TRADE seems to accept major credit or debit cards, such as Visa and Mastercard, and e-wallet options like Neteller. However, specific details about these methods aren't clearly stated.
Q: Is NFT TRADE safe for trading？
A: Due to its non-functioning website and lack of regulation by any financial authorities, NFT TRADE presents a high level of risk, and potential traders are advised to approach with caution.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
2023-03-20 18:14
