NLM 86 Limited

There is an increasing number of similar-looking scam brokers on the internet. Our attention was drawn to one of the typical representatives of such projects – the company NLM 86 Limited. This platform for trading currency pairs and CFDs calls itself “The first of this world” and promises clients super conditions from a company with five years of experience in the industry. We are certain that all it can do is misappropriate a trader’s money. We hope that our review will help you avoid becoming a victim of these scammers.

Overview of NLM 86 Limited

A super broker offers super conditions to traders! How much can we trust all these “super” claims? Let’s try to find out, starting with the official website and the client workspace.

Broker History

In the “About Us” section, NLM 86 Limited talks at length about the advantages of trading on its platform. However, the information about the company is condensed into two brief paragraphs, with just a couple of sentences each. Can you gather any useful or trust-building information about the broker with such an approach? Certainly not. However, it seems that the broker doesn’t require such details. The creators simply stated that the company has more than 5 years of experience, which they believe should increase its credibility among potential clients. We will verify this information shortly.

Nlm86limited.com Website

The official website looks like anything but the website of a reputable licensed broker. This primarily relates to the page’s design. It gives the impression that it was developed by an amateur with no understanding of aesthetics and ergonomics. Could it be that a company operating for 5 years in the market hasn’t earned enough money to entrust this task to professionals?

From a content perspective, it’s even worse. The space on the pages is used ineffectively (consider the main banner on the homepage that takes up at least one and a half screens). They don’t seem to be economizing on space elsewhere either. It appears that the developers didn’t know where to find the necessary amount of material, so they tried to increase the volume visually.

Even discussing the content seems comical. Judge for yourself, can a broker’s website be called a creation where NLM 86 Limited is not mentioned at all:

• Payment methods, terms of non-trading operations, fund transfer fees.
• Documents regulating the relationship between the broker and its clients.
• Contract specifications for different groups of available assets, and so on.

There are many more issues related to the website’s content. However, the facts listed already allow us to understand:

1. The things that actual traders consider important are unknown and not understood by the creators of this purported broker.
2. NLM 86 Limited does not belong to the operating brokerage companies in the market. First, it violates the legislation of most countries (we’ll get back to this in a bit). Second, it undermines its own reputation within the trader community with such an official website.

Thus, even with a superficial review, it is evident that the company has no intention of collaborating with traders. In this case, its sole objective is to misappropriate their funds, indicating that we are dealing with straightforward scammers.

Registration Process and Personal Account

The registration form for new clients of NLM 86 Limited also raises several concerns. At first glance, it may seem straightforward, requiring users to fill out a basic form.

It asks for a minimum of information:

• First and last name.
• Phone number and email.
• Password.

In addition, users must confirm their agreement with the Terms & Conditions. This approach might appear normal to novice traders. However, experienced traders will immediately notice several discrepancies in the process at NLM 86 Limited when compared to a legitimate broker:

1. Companies that operate in compliance with regulatory requirements request more personal information. At a minimum, the registration form should require additional details such as the date of birth and mailing address.
2. Besides the “Terms & Conditions,” at least two more documents, “Privacy Policy” and “Risk Disclosure,” should be mandatory for traders to review and accept. The last document is completely absent from the website and the client workspace, as are the increasingly obligatory KYC and AML policies.
3. The broker does not verify the contact details provided during registration, unlike what real brokers do. Moreover, such features are also absent in the client workspace.

This indicates that NLM 86 Limited does not comply with the essential laws for brokerage activities. Another confirmation of this is the use of a template for the client workspace, which does not meet regulatory requirements.

At first glance, this workspace seems to contain all the necessary functions for managing an account:

• Filling out and editing profiles, including security settings.
• Submitting copies of documents for verification.
• Depositing funds and initiating withdrawal requests.
• Viewing trade transaction history and financial operations.
• Creating and sending support tickets.
• Receiving data on the partner program.

However, upon closer inspection, experienced traders will easily identify numerous shortcomings that are typical of fraudulent projects:

• Lack of additional security measures for safeguarding client funds, such as enabling 2FA.
• A minimal amount of personal data in the profile (fields for entering the date of birth and residential address are still missing).
• Mandatory verification with document copies submission, although there is no KYC policy regulating these actions.

There are numerous questions surrounding the verification process in NLM 86 Limited. Why are the contact details not verified? How can an address be verified using, for example, a Utility Bill if it is not even entered? Why does none of this align with existing laws and regulatory requirements?

It appears that the broker either lacks knowledge of fundamental legislative principles or intentionally violates them. Both scenarios only confirm that we are dealing with a fraudulent broker.

Trading Platform

NLM 86 Limited promises its clients working with the most advanced trading platform, guaranteeing nearly instantaneous order reception and processing, as well as a powerful toolkit for technical analysis. However, experienced traders, after their initial encounter with this terminal, will quickly point out that it lags behind the best programs available in the market, both in terms of user-friendliness and functionality.

For instance:

• The asset list is highly inconvenient for quick searching. Furthermore, its content doesn’t change according to the selected account type, which can mislead traders.
• The graphical tools used for market analysis are presented in a very limited number. As a result, many traders may have to abandon their well-developed trading systems.
• Adding indicators, scripts, or trading robots that are not part of the standard list is not possible. This also restricts the trader’s ability to create trading systems and engage in profitable automated trading.
• The platform does not offer a means to save general settings or individual charts. Consequently, when refreshing the page, it becomes necessary to reconstruct the configuration, which can be quite time-consuming for complex trading systems.

Most of these shortcomings not only make the trader’s workflow uncomfortable but can also lead to direct financial losses for traders. However, this seems to be acceptable for NLM 86 Limited. Although the company claims there is no conflict of interest, it clearly acts as a counterparty to the client’s transactions, turning the trader’s losses into the broker’s gains.

Contacts

One of the very few pages on considered website that contains genuinely important information is the “Contact Us” section. It provides the following details:

• Phone number for contacting the broker’s representatives: +442080970440.
• Support email: support@nlm86limited.net.
• Contact form.

Additionally, it includes the address of the office at 22 Bishopsgate, London EC2N 4BQ, United Kingdom, and even marks its location on a map. As a matter of habit, we consider a broker’s contact information to be useful for traders. However, it’s essential to keep in mind that NLM 86 Limited may not be trustworthy, and the information we see might be fake.

Analysis of Services Offered by NLM 86 Limited

Reviewing the official website alone doesn’t provide a comprehensive understanding of the broker. The next aspect we focused on in the review is essential information for traders, including offerings for trading and non-trading operations.

Funding and Withdrawal

On the official website of NLM 86 Limited, there isn’t even a mention of payment methods. The only indication of the methods available for depositing and withdrawing funds can be inferred from the logos in the footer. Based on this set, the following payment methods can be used for financial transactions with the broker:

• VISA/MasterCard bank cards.
• Bank transfers in the SEPA system.
• Cryptocurrencies.

However, the process of conducting operations in the client’s dashboard raises even more questions. When a client funds their account with NLM 86 Limited, they cannot choose a method to send the funds and do not see the recipient’s (broker) details. The form only requests the amount and the trading account number.

After submitting the form, the client does not get redirected to the payment system’s pages. They are thanked and asked to wait for contact from the company’s representatives, who will explain how and where to transfer the money.

In fact, most scam brokers operate similarly. They do not publish their details to avoid attracting the attention of financial regulators. Does this leave any doubt that the reviewed broker might be a scam?

Trading Conditions

As mentioned earlier, the pseudo-broker lacks information about the activities of real companies and the interests of traders. This is confirmed again on the account types page, where potential clients would expect to see trading conditions. However, NLM 86 Limited has its own perspective.

Traders are offered four types of trading accounts:

• Forex.
• Commodities.
• Stock Market.
• Cryptocurrency.

It’s easy to guess that their names correspond to the primary asset classes available in the respective tariff plan. The only parameter that can be related to trading conditions in their characteristics is the size of the minimum deposit, which is £100, £5,000, £25,000, and ££75,000, respectively. Everything else mentioned in the tariff descriptions seems to be related to additional options. It appears that NLM 86 Limited has never heard of trading conditions like leverage, trade sizes, spreads, swaps, etc.

However, the creators of this scam project know exactly how to lure market newcomers. Their numerous promises of assistance in profitable trading include personal manager and analyst support, help with creating investment plans, access to PAMM accounts, copy trading, and trading signals. This approach is not surprising; NLM 86 Limited is targeting an audience that is easily deceived by promises of excellent conditions and massive profits.

Our question is how the broker intends to implement these options. At least, we haven’t seen a hint of these functions in the client’s workspace. We believe that all of these are nothing more than empty promises, and no one intends to fulfill them.

Unique Features

The developers at NLM 86 Limited offer one unique option designed to attract those who don’t wish to trade independently but seek substantial profits. This option is called the “Savings Account.”

Indeed, the prospect of earning 21-37% with monthly payouts is appealing to any investor. Unfortunately for the broker’s clients, there is no function within the client’s dashboard to create and fund this account. We are confident that after sending money to scammers, any expectations of earnings and payouts can be forgotten.

Is NLM 86 Limited Trustworthy and Reliable?

In the last section of our review, we will focus on the most critical information about the broker, upon which traders make an informed choice of service provider. We no longer expect miracles from owners; instead, we are looking for further evidence of fraudulent activities.

Assessing Legitimacy

NLM 86 Limited, while not explicitly mentioning its place of registration, provides an address and phone number in the United Kingdom. This is a substantial reason to verify the company’s registration records with the Companies House.

As we can see, there is indeed a record of a company named NLM 86 Limited in the Companies House database. It was registered in 2017 and remains active. The registered business activity is classified as “Financial intermediation not elsewhere classified (SIC 64999).”

At first glance, everything seems to align, and the brokerage company is officially registered. However, detailed information from the Companies House search shows otherwise:

• The company has a total of 228k GBP in assets, of which 116k GBP are borrowed. For a “five-year history” broker, this result is quite dismal.
• The company has a “Micro” status, and its entire staff consists of one person. In this case, it appears that brokerage operations are simply not feasible.

A conclusion can also be drawn by examining NLM 86 Limited’s license. Yes, the company holds a license from the British financial regulator, the FCA.

We can see that NLM 86 Limited is an Appointed Representative of the company ALFRED VAUGHAN & CO LIMITED, and all the restrictions applicable to the latter also apply to the broker. Consequently, the observed company:

• Does not have the right to receive and hold client funds.
• Can engage in brokerage activities, but only in relation to consumer credit.

Thus, we can conclude that the broker is using the name of an existing company to operate, has no registration of its own, and is engaging in brokerage activities illegally. It only exists online and is created solely to collect and misappropriate traders’ funds.

Established Track Record

The only thing left to verify is the five-year existence claimed by NLM 86 Limited. To check this, we will use information from the whois service, where domain registration details can be found easily.

So, the NLM 86 Limited domain was created in July 2023. This completely contradicts the claim of being present on the market for over 5 years and further confirms that we are dealing with scammers who provide users with false information.

Implications for Traders

NLM 86 Limited is a scam broker, and you cannot trust a single word they say. This is evidenced by their attempt to use the name of an existing company to cover their activities, the fake claim of five years of experience in the market, the violation of regulatory requirements, and their approach to financial transactions. In such projects, a trader is guaranteed to lose everything with a 100% probability. To prevent this from happening, do not open or fund accounts on this platform.

Strengths and Weaknesses