NFG Finance (nfg-finance.com)

NFG Finance is yet another scam that presents itself as a CFD broker and hides behind the name of an existing company. Finding this out is not difficult. It’s enough to verify the information published on the official website. For those who were tempted by the promised attractive trading conditions and for whatever reason cannot or do not wish to verify company details, we will provide substantial evidence in our review.

Overview of NFG Finance

Upon initial interaction with the broker, traders naturally show the greatest interest in the trading conditions and additional services. Prospective clients, of course, attempt to find this information on the official website. We will take the same path and begin by discussing the offerings.

Broker History

The history of NFG Finance is a well-guarded secret. This conclusion is inevitable when there is not a single word about its creation timeline, achievements, or team in the company’s materials. Such an approach is unsurprising when dealing with a scam broker. These projects have nothing to tell. They can’t provide any documentary confirmation.

Nfg-finance.com Website

When you peruse this official website, the impression is that developers have tried their hardest to fill empty space. That’s why there is so much utterly useless information on its pages. For instance, ask traders how often they use widgets with price charts and market reviews on broker websites. They’ll answer: almost never. Why would they, when participants in trading, have a terminal where there’s clearly more information? To an external visitor, these images are not of interest at all, as exchanges and liquidity providers offer more qualitative and informative graphics and tables.

You can also inquire about what the same traders would like to see in the Trading Products section. We are confident that they would appreciate contract specifications rather than meaningless verbose essays, posted here by NFG Finance’s content managers.

In our opinion, it’s worth keeping only the header, footer, and Contact Us page on the entire website. In doing so, the informativeness and usefulness of the web resource will not suffer any losses.

Registration Process and Personal Account

During the registration of a new client with NFG Finance, a simple form needs to be filled out. The following information is entered into its fields:

• First and last name.
• Email and phone number.
• Country of residence.
• Date of birth.
• Password.

Additionally, agreeing to the Terms & Conditions is required, and before submitting the data, a Google reCaptcha verification must be passed.

It’s not entirely clear why the broker doesn’t allow clients to choose an account type during registration. Or perhaps, are all the differences they mention in the table also just filling empty space?

The logic behind the checks is also unclear. Typically, reCaptcha protection is used to prevent the mass registration of bots with fake data. However, requests for confirmation of entered contact details would be much more effective, a step NFG Finance neglected. Nevertheless, we believe that this implementation of the registration form is more of an attempt to give it a substantial appearance, which is quite important for a scam broker.

Right after submitting the completed form, the new client is directed to the Personal Account. Here, they are greeted by a rather minimalist interface and, to be frank, limited functionality. The following options are available:

• Profile editing and sending documents for verification and password change.
• Depositing funds and requesting withdrawals.
• Viewing transaction history, both trading and non-trading.
• Contacting customer support.
• Receiving a referral link.
• Accessing the trading terminal.

However, you can deposit even without undergoing verification. Of course, withdrawal requests won’t be processed without it, but they’ll gladly accept deposits without hesitation. Unverified personal data won’t hinder transactions within the trading platform either. In short, for NFG Finance, it’s important that the client brings in money. There’s no need for scammers to worry about the security of the fictitious digits displayed in the Personal Account and terminal.

The verification process can also rightfully be called an attempt to offer something that isn’t actually there. Although it’s carried out in accordance with the familiar standards. The client will need to upload copies of the documents to confirm:

• Identity (passport, driver’s license, etc.)
• Address of residence (utility bills, bank statements, etc.)

They even want photos of bank cards here. It’s just not clear why. A project designed to collect and misappropriate traders’ funds could potentially do without the verification procedure. However, without an image of compliance with KYC and AML policies (by the way, they’re not even present in the documents), hardly anyone would believe in its trustworthiness.

Trading Platform

The trading platform doesn’t elicit any enthusiasm either. The first thing that catches the eye is the inconvenient arrangement of screen space. Although it looks standard for most terminals, the adjustments of area sizes have limitations and can’t change their layout. This prevents the trader from creating a comfortable interface tailored to their preferences. However, this isn’t the biggest issue with the presented NFG Finance software solution. Much worse are some other features, such as:

• Inconvenient asset selection in the market overview.
• Inability to save individual window configurations with price charts.
• A limited set of tools for graphical market analysis.
• Inability to create and connect custom technical indicators and trading robots.

As a result, traders are forced to spend time battling the terminal instead of quickly entering positions. Some have to abandon their accustomed trading systems altogether. For this reason alone, experienced market participants are unlikely to become clients of NFG Finance. The broker, as it seems to us, isn’t counting on them; only newcomers might overlook all the flaws and bring money to such a junk platform.

Contacts

We could perhaps consider the Contact Us page on the official website genuinely useful. Here you can find:

• The support phone number for quick issue resolution: +442081575015.
• Email for contacting support: support@nfgfinance.net, and a form for sending inquiries directly from the website.
• Office address: Churchill Place, London E14 5EU, UK.

However, the provider’s operator states that the phone number is not in service, and that the address was simply picked randomly from the map. If you take a closer look at it, it appears that NFG Finance occupies the entire Churchill Place. Of course, modesty is not a trait of present-day scammers.

Analysis of Services Offered by NFG Finance

After acquainting themselves with the broker’s official website and Personal Cabinet, any knowledgeable visitor would undoubtedly conclude that this mishap is far from being a reputable company. A thorough exploration of  offerings will only reinforce this perception.

Funding and Withdrawal

In the website footer, the creators of NFG Finance have placed logos for SEPA, VISA, MasterCard, and Bitcoin. This is an indication to the user of the available payment methods for deposit and withdrawal. However, when it comes to depositing funds in the Personal Cabinet, things are far from ideal. The user won’t be able to select a funding method. Instead, they are asked to provide only the trading account number for the funds’ transfer and the amount. Then, they have to wait until a company representative contacts them to provide payment details.

Such an approach vividly highlights that we are dealing with a genuine scam project. Legitimate companies have no reason to conceal their payment details; they accept funds from traders officially and provide openly accessible payment information. Scammers operating illegally are compelled to hide their transactions, a trait exemplified by these crooks.

NFG Finance Trading Conditions

We believe traders would be eager to delve into the detailed trading conditions offered by the broker. However, the “team of Forex industry experts”  seems to have a different perspective. According to them, clients only need to know the initial deposit amount and leverage for each type of account. These seemingly invaluable pieces of information are supplemented by a list of illusory services from the company, which, by the way, are not even mentioned in the Personal Cabinet.

So, the broker offers 5 types of accounts.

1. Beginner. To start trading with this splendid broker, you need to deposit a modest 5,000 GBP. For this, you will receive practically “nothing” – a 1:20 leverage, limited access to assets, and absolutely no additional services.
2. Silver. A 50-fold leverage and reduced spreads and swaps come at a cost of 25,000 pounds. Additional services include investment assistance.
3. Gold. A deposit of 75,000 GBP will raise the leverage to a staggering 1:100, with even smaller spreads and swaps. Company specialists will assist in creating an individual investment plan. Upon depositing, they will grant a 50% bonus and guarantee a 9% ROI (Return on Investments).
4. Platinum. Generous traders who decide to leave 150,000 GBP will have the leverage set according to their preference and gain access to all assets. The bonus will increase, reaching 75%. The guaranteed ROI will also rise to 12%. Broker representatives will even help manage the portfolio.
5. VIP. To achieve this status, you have to gift the broker deposit of 250,000 GBP. The team will generously reward this with an increased bonus of up to 100% and ROI of up to 15%.

We’ve already mentioned that modern scammers are not known for their modesty. NFG Finance reaffirms this with its tariff plans. In reality, as the deposit increases, the trader receives no real advantages. Instead, the false broker will genuinely welcome transfers of such amounts.

Unique Features

It seems the creators of this project have had a serious lack of imagination. They couldn’t come up with anything interesting in the list of accounts, and displayed creativity in additional options. These aspects are not even mentioned on the website pages.

However, at the very least, NFG Finance has a partner program. Users learn about it when they see a field for entering a referral code during registration or when they receive their link in the Personal Cabinet. As for the conditions of this program, according to the broker, users don’t necessarily need to know them.

Is NFG Finance Trustworthy and Reliable?

There are fewer and fewer doubts that we’re dealing with a trivial scam project that, of course, cannot be trusted. If anyone still lacks evidence, we will continue our story.

Assessing Legitimacy

It’s universally understood that trust can only be placed in real companies with successful businesses and licenses if required. The scammers are well aware of this fact. That’s why they attempt to portray themselves as a legitimate firm and even publish its registration number in the footer.

We’re not sure who they’re targeting with this approach. Any internet user knows that such information is easy to verify. We, of course, did so ourselves as a priority. So, the facts we managed to uncover through the registration number are as follows:

• In the Companies House databases, there is indeed a company named NFG Finance Limited under the provided registration number.
• The company is engaged in financial intermediation (SIC 64999).
• It has a micro-company status.
• According to the latest report, in September 2022, its capital amounted to 538 pounds.

A micro-company with a capital of 538 pounds? It seems that this is exactly how a genuine CFD broker should look, acting as a counterparty for client transactions with deposits ranging from 5k to 250k GBP.

As for the license, NFG Finance Limited did have one as well. However, the FCA regulator states that the company is no longer registered as an authorized representative and thus has lost the right to conduct licensed activities.

Even while the license was active, it was subject to all the limitations of a partner company:

• Limited to operating as an insurance and credit broker exclusively.
• Not authorized to accept or hold client funds.

So, you have undeniable evidence that considered project is using the name of an existing company as a cover. In reality, this is an online scam project that operates illegally without registration and a license. Are there still those willing to entrust this broker with sums ranging from 5,000 to 250,000 pounds?

Established Track Record

To complete the overall picture, it remains to assess the lifespan. According to the information from the WHOIS service, it barely exceeds 1.5 months; the domain for the official website was registered on July 7, 2023.

It’s also worth noting the use of CloudFlare hosting services. Such an approach is favored by internet scammers as it allows them to maintain anonymity and confidentiality. As we can see, NFG Finance is no exception.

Update. We are pleased to announce that on February 22, 2024 the company moved to a new domain nfg-finance.com. The reasons are unknown.

Implications for Traders

The clear conclusion of our review is to never send money to an account with NFG Finance. Trusting a project that lacks registration and a license, and has been in existence for less than 2 months, is not advisable. There are plenty of licensed brokers online with trading conditions far superior to those of these scammers.

Strengths and Weaknesses