Next Coin Market Review
The overseas broker Next Coin Market provides CFDs over cryptocurrency. However, this is not mentioned anywhere on the official website of Next Coin Market. This gives a false impression of this broker that it only acts as a cryptocurrency exchange. This is not our primary concern rather the broker is not regulated and applies unprecedented withdrawal terms and conditions. It provides market maker services on four trading accounts and features a web trader trading platform. More on this will be explained in this constructive Next Coin Market review.
About Next Coin Market:
The offered four trading accounts are Bronze, Silver, Gold, and Fully Managed Bitcoin Account. The minimum investments required at this broker is high and $1000, $10000, and $50000 need to start trading on these accounts respectively. To prepare an unbiased and fair review we should discuss possible pros and cons of Next Coin Market. The only pro of this broker is it’s a wide selection of crypto coins. It offers to the trade of over thirty cryptocurrencies. These are major and minor from Cardano, Ark, OX, Komodo to Bitcoin, Ripple, IOTA, and others.
A Bulgarian company Novomountain LTD is the proud owner of the trademark Next Coin Market. The Bulgarian brokers must be regulated by the governing body called the Financial Supervision Commission. Sadly, Next Coin Market is not regulated by FSC or any other. Completely unacceptable terms and conditions are imposed by this broker such as one needs to trade for a certain time frame before eligible for the fund withdrawals. It also applies many fees and charges to its clients. They are as follows Management Fees – 3.25 % every 6 months, Quarterly Trading Commission – 3.50%, To buy and sell BTC – 1.5%, Early Withdrawal Charge – 25%, Benchmark Commission – 30%, BTC conversion rate – 25%, and non-trading fee – 17.5%. Furthermore, Fully Managed Bitcoin Account customers need to spend one year of trading time to be eligible for withdrawals. It also claims to offer Market Maker facility to lose trader their funds in the brokers pocket. Skill as payment method is not supported and it is a bit of concern. As they have updated anti-scam policy. The minimum deposit of 1000 dollar is excessive. High spreads of about 38 USD is seen on BTCUSD trade. MetaTrader is missing from the offerings.
Is Next Coin Market scam or legit?
The broker NCM is not a legit broker as it fails to show its license and regulation. Uncompetitive trading conditions are provided by this broker and initial funding is large. MT and Skrill are not present in the offers. Therefore we claim that the Next Coin Market is a potential scam cryptocurrency broker.