nixse-review

Is Nixse a legitimate broker or just another scam?

About

Nixse is an online broker that was founded in 2020 with headquarters in Saint Vincent and the Grenadines. Its services are available to all traders worldwide, with the exception being Iraq, North Korea and the USA. As a new brokerage, it is expected from them to try to grab the attention of the trading community with excellence in technology, service, or even both. Historically, this industry is always hard on newcomers. This is especially true in recent months, given the ever-increasing number of scam brokers. There are more traders now than ever thanks to the COVID-19 outbreak, and any given brokerage needs to up their game to perfection in order to stand out of the crowd. When it comes to Nixse, we had mixed feelings.

Nixse website is a modern one, and it will certainly seem appealing to novice traders. Its design is not perfect, but intuitive enough for even the beginners to find their way around with relative ease. There is a lot of information thrown your way, and it addresses most of the queries traders might have. However, this is where we found the first issue. Despite the attractive design, all pages require an excessive amount of time to load. This was highly indicative of everything we experienced later in our Nixse review, as below a surface level, there seems to be a lot of operations that fail to work properly. But, as usual, let us deconstruct all Nixse’s failures by segments. Be sure to stick around until the end of the review to find out if this brokerage is worthy of your time and money.

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Accounts

Like many other brokerages, Nixse offers a wide variety of account types to accommodate all types of traders. They go so far that they are offering 7 tiers that are all available from the get-go. None of these is invitational only, so you can plan ahead according to your ambition, needs and budget. However, the problem lies in the fact that there is little differentiation between these tiers, so sometimes, you’ll be confused as to what benefits you are actually getting. Altering your trading volume will often come with no extra benefits despite what the Nixse account page tries to convince you. The available tiers include:

  • Newcomer
  • Standard
  • Blaze
  • Turbo
  • VIP Exclusive
  • VIP Gold
  • VIP Platinum

The minimum deposit required to open an account with Nixse is USD 250, and this goes up to USD 10.000.000 for the VIP Platinum tier. Our biggest issue is that when choosing your account type, you will have little incentive to choose a single tier because of how similar they all are. Almost all of them include the same trading platform with the option of mobile trading, responsive support, education tools and a 400:1 leverage. Only if you decide to fork up USD 500.000 or more do you get some daily analysis, advanced execution orders, access to events and seminars and Islamic accounts. If you are not a high volume trader, which we imagine 99.9% of new traders aren’t, then you will have no idea what to choose. Other brokerages do a better job differentiating their offering so that you can make a choice based on your needs and not just your trading budget. We have no doubt that this decision will cost Nixse down the road since it does a poor job motivating new traders to try Nixse services for themselves.

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Resources

Nixse does a poor job offering resources to its existing and potential clients. It is true that much educational content can be found free on the internet, but it is widely considered an act of goodwill to present your clients something of quality. This brokerage does the bare minimum, offering lacklustre materials to both paying and non-paying customers. If you are a complete beginner, you are completely out of luck, as you will need to look elsewhere for your trading fundamentals. What is offered is very limited and is mostly intended for more advanced users.

First of all, let’s address the content that is available to anyone who visits their website. There are three distinct tools that you can use free of charge. While all of them are useful in your everyday trading, none of them are very complex, as most of them can easily be calculated by hand, but at least there was some effort put into this. You can use the Fibonacci calculator to estimate price targets. This tool enables you to generate standard Fibonacci retracement and extension values in up and down trends. As we mentioned, this tool is easy to use, but it requires some advanced knowledge to make the most out of it.

In addition to that, you can perform pivot calculation to track intraday support and resistance levels. Another simplistic tool that can be of use if you know the importance of these indicators. Lastly, there is the Live economic calendar. It depicts all key financial events, alerts and news that affect the global market. It requires the least amount of trading education to comprehend. With it, you can alter your portfolio accordingly and create the most optimal trading strategy.

When you open an account at Nixse, depending on what tier you select, you do receive certain educational tools, and these can be helpful, but the better ones are hidden behind a massive paywall. Given that some of these account types require deposits near a million dollars, it is clear that Nixse is only valuing those high-volume traders. So, once again, if you are only starting off as a trader, or if you don’t have the need to spend vast amounts of money, you will receive little to no resources to interact with.

nixse-review

Technology

Nixse doesn’t offer its traders true and tested market solutions such as Meta Trader, but opts to promote its own platform called the NX Trader. It is a decent alternative, but it is not without its faults. Namely, it completely forgoes all advanced features and tries to present itself as a slim but efficient way of trading. It fails to do so because we still encountered some bugs and lags, that are very inappropriate in this industry. NX Traders requires a hefty download, but if you don’t want to install the software on your PC, you can use the Web Trader that offers similar functions with the comfort of accessibility.

As long as you have an active internet connection you can access this Web Trader, or alternatively, if you prefer using your mobile devices, there is an iOS and an Android application. Be aware that these apps are not listed in their respective stores but require a 3rd party download. You might need to tinker with your phone settings in order to make this work. In the end, these mobile platforms are only good for checking the status of your portfolio and making quick changes if absolutely necessary.

nixse-review

Support

We actually encountered something that did not expect. There is a separation between those who wish to open their account and those who wish to have some issue sorted out. This divide that exists in Nixse’s client support should be a good thing because allocating resources to different trader need makes excellent sense in theory, but sadly everything falls apart thanks to lacklustre execution. There is evidently a huge lack of employees since getting through to one of their representatives is quite the adventure and is only for those truly patient. Most of the times we couldn’t even get through and were forced to try again minutes later.

Probably the far better option would be to simply write an email, but this experience was very inconsistent as well. Sometimes we would get a reply within minutes, and other times we had to wait several days. We threw a wide variety of question Nixse’s way but failed to notice any consistency throughout our time trading with Nixse. Finally, there is the quick chat feature, but it is not operated by an actual human, but rather a very simplistic AI that uses key phrases in your question to direct you to the FAQ page which proves to be a disappointment as well. There are far too few questions that provide a much too simplistic answer.

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Funding

You would have to dig deep through Nixse’s terms and conditions to know what you are heading into. Luckily, this department holds the least amount of surprises. If you ever traded before, you’ll know exactly what your options are. Your best options are using any bank-related method. We would recommend credit or debit cards or alternatively bank wire transfers. While not the fastest methods out there, your mind can at least be at ease, since these methods provide the most security for your funds.

Verdict

Nixse is not a very competent brokerage. Compared to its closest competitors, it is lagging behind in some key features, and making changes of such magnitude requires significant resources, and right now it is not sure whether Nixse is ready for this. As it currently stands, we would recommend looking for other alternatives. You can browse some of our other reviews to find a brokerage that is better suited to your needs.

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