Nittrex Review



Nittrex Review

Nittrex is a company that is alleged to be located in Belgium, however their website also claims to have offices in the Czech Republic, Canada and the United States. Nittrex offers an online cryptocurrency trading platform to trade and mine bitcoin and other cryptocurrencies.

Is Nittrex a Legit Broker?

There are a number of red flags to suggest that consumers should not conduct any business with Nittrex and if money is currently invested, to request an immediate withdrawal.
The trading platform is unlicensed and not overseen by any well known and trusted financial regulatory bodies, this is the first item investors should investigate and confirm before investing with an online broker.
Conversely, regulated brokers who are licensed by trust regulatory bodies such as the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC) can be regarded as reliable trading partners as they need to adhere to strict rules and regulatory control.
In addition. the identities of the owners are not disclosed anywhere on the official website and the limited terms and conditions and lack of a privacy policy raise numerous questions. The most likely reason is the fact that this would require identifiable information which they are trying hard to conceal. Furthermore, hosting for the website is privately registered and protected which raises further suspicion.

Summary and Conclusions

Nittrex is an unlicensed trading platform with no recognized and trusted financial entity that monitors and regulates its business operations. In addition to this, vital information is missing from their webpage and the lack of a privacy policy and terms and conditions raise a serious red flag.
We therefore suspect Nittrex to be running a scam and urge consumers to not conduct any business with the company. We further suggest that consumers properly investigate companies they wish to invest with and ensure that the companies are licensed and regulated by a trusted financial regulatory body.

Frequently Asked Questions

Countries around the world are beginning to regulate cryptocurrencies, or are seriously considering doing so. Nevertheless, the regulatory status of crypto is currently far behind the ability of unscrupulous merchants to cause serious financial harm to consumers.

A cryptocurrency exchange allows users to transfer regular national (fiat) currency for crypto, or vice versa. The crypto currency goes into or out of the user’s personal digital crypto wallet.

  1. The most common signs of a cryptocurrency scam are:
    1. Receipt of a blackmail email threatening you if you do not send bitcoin to a random address.
    2. Advertising claims that you can earn monthly income by trading cryptocurrency. 
    3. Cold calling you or using high pressure tactics to get you to convert funds to cryptocurrency. 
    4. Not allowing you to withdraw a valid balance.
    5. If the broker or merchant becomes difficult to contact after you send them money in bitcoin or another cryptocurrency.
    6. Promises of low risk and unreasonably high profits.

Funds held in exchanges like Coinbase may be insured if there is a physical security, cyber security or employee breach, but funds you hold in your wallet are not usually insured. With the correct software and tools, it may be possible to locate where your cryptocurrency went, so do not give up. 

  1. Yes, the credit card networks allow under one of the following circumstances: 
    1. An unauthorized transaction, such as a stolen card or hacked card data.
    2. When the cardholder did not receive the purchased goods or services, or they were not provided as promised..

In principle, either of the above could apply to a crypto purchase, but you would need to prove that to the bank. This process is more complicated than it should be.

Lost or locked wallets are a serious challenge, and The New York Times reported in January 2021 that hundreds of millions of dollars worth of bitcoin have been stranded due to forgotten passwords, reformatted hard drives, etc. A number of companies are offering potential solutions for existing and future cases, but the situation remains uncertain.

Crypto transactions are anonymized, which leads to the common perception that they are untraceable. Although, in fact, a number of highly technical proprietary solutions exist that do allow for the tracking of these transactions in many cases.

If you are ready to fight for what’s yours, the first step is a free no-commitment consultation with a fund recovery expert. Let us help.

You can report a scam by contacting the police or national financial regulator in your country. You can also click on the <TEXT HERE> button on the bottom of this page to report the scam, as well as to schedule a free no-commitment consultation with our fund recovery experts.

  1. Crypto scams are too numerous to list, but below are some of the most common ones:
    1. ICO scams: a new coin is offered for early investors, but it fails to materialize and the scammer disappears with the investment.
    2. Exchange scams: There are a number of reputable crypto exchanges, and there are others that only exist to separate users from their money. Do your research before parting with your cash.
    3. Wallet scams: You keep your crypto in a wallet, so it’s no surprise that scammers are hard at work trying to either hack their way into your legitimate wallet, or offer fake ones for you to download in order to steal your cryptocurrency.

Add Your Heading Text Here