The brokerage firm Nour Trade offers to achieve the highest level of trading expertise and execute deals with confidence, although it can hardly substantiate its own expertise and professionalism, as it cannot determine its own founding date. It’s unclear whether it was founded in 1996 or 2009, and apparently, it lacks licensing. The company is legally established in the UAE and Kuwait. Our review aims to determine whether the broker is a scam or can be trusted.
General Info
Overview of Nour Trade
Before opening an account with any brokerage firm, it is crucial to investigate the broker’s activities to ensure the place is safe and reliable for depositing funds. That is what we will undertake now. We will find out what Nour Trade is about, what conditions are offered, and whether there are any significant red flags indicating danger for traders.
Broker History
So, Nour Trade shares with us multiple founding dates. The website footer states the year 1996, but the “about us” section mentions 2009. Also in the footer, the firm boasts of a license with the number 112056790 and a listing on the Kuwait Stock Exchange. However, the names of the financial commissions purportedly overseeing the company’s operations are not specified. Two offices are known, one in Kuwait and the other in the UAE. Beyond this, no further information is provided. Registration documents and the business model are ignored.
Nour.trade Website
During our examination of the official website of the broker, we concluded that the information is presented superficially. Many important details are omitted, with meaningless and clichéd phrases prevailing. The chosen font is not entirely successful, making the text in places difficult to read. It can also be precisely noted that Nour Trade created a template resource, very similar to the websites of other companies, instead of coming up with some unique design and layout of sections.
We have already noted the contradictory information when examining the founding date of Nour Trade. Besides English, there is a translation into Arabic, which is not surprising considering the location of the company’s headquarters.
Some sections are unfinished, for example, when clicking on the AML&KYC document, the user agreement opens. And in the user agreement itself, they forgot to insert the necessary data. It is evident that the text is taken from a template: “Please contact us at [contact information]”. In the brackets, presumably, there should be some contact information, but Nour Trade forgot to edit this. Similar oversights occur more than once.
Registration Process and Personal Account
The registration process at Nour Trade begins with choosing between a real account and a demo account. The latter is intended for learning the platform and its capabilities without the risk of losing money.
The procedure for creating a personal cabinet is clear and simple. It is enough to provide a name, password, contact details, country, and date of birth. Additionally, Nour Trade requests an agreement with the terms.
It should be noted, there is no need to confirm the email address. The system does not send a confirmation email for registration, which is a serious oversight and deficiency that could negatively impact the security of the account in the future.
The interface of the personal cabinet is standard: a panel with available actions on the left, and in the center, the main information depending on the section currently open. Nour Trade does not offer anything unique; everything is template-based and primitive. Users can change data, perform transactions with money, upload documents for KYC, enter WebTrader, or download the program to their computer.
The AML&KYC policy or a separate section dedicated to KYC is missing. As we mentioned earlier, instead of the AML&KYC document, the user agreement opens. Therefore, it is unknown whether identity verification in Nour Trade is mandatory. The functionality for uploading documents is presented in the personal cabinet.
Trading Platform
The platform is presented in various versions: webtrader, desktop, and mobile. Although the website mentions a mobile application, we did not find it. It seems that Nour Trade was referring to a smartphone-adapted interface of the terminal. The desktop version is presented as some .msi file, which is downloaded directly from the personal cabinet. We still do not recommend running unfamiliar files on your computer and advise installing only official software.
The trading platform has a user-friendly interface, alerts, several color schemes, and other basic features: pending orders, stop losses, take profits, orders history, technical analysis, indicators, various timeframes, and lists of favorite assets. Nour Trade praises its terminal, but we did not see many other functions that are often used by advanced traders. This platform will only suit beginners, and even then only for a while, before the capabilities of the terminal become insufficient for creating any unique strategies.
Contacts
In the “contacts” section, you can see two phone numbers from the UAE and Kuwait (+971 451 78 317, +965 181 55 54) and an email address info@nour.trade. Besides, Nour Trade shares the addresses of its two offices:
- Level 36, Tower 3, Etihad Towers, Corniche West Street, P.O.Box 28686, Abu Dhabi, UAE, United Arab Emirates.
- Level 18, Al Sahab Tower, Mohd. Thunayan Al-Ghanim St, Safat, Kuwait.
Notably, the email provided is fake. There is no online chat available, making it unlikely to quickly get in touch with managers.
Analysis of Services Offered by Nour Trade
How profitable is trading with the broker? What terms? And how do you deposit and withdraw money? We will now try to answer these questions.
Funding and Withdrawal
In the personal cabinet, under the “deposit” section, the following money transfer methods are listed: credit/debit card, bank wire transfer, ZainCash, and QiCard. The “FAQ” section also mentions Bitcoin. And on the main page, these methods are listed along with the payment systems Neteller and Skrill. At the same time, Nour Trade ensures that no commissions are charged for financial transactions, but it may start doing so at any time. The processing time for withdrawal requests remains unknown.
Nour Trade Trading Conditions
The trading conditions depend on the tariff chosen by the trader. Nour Trade offers only three options, apart from the demo account:
- Basic. Minimum deposit of $500, with leverage up to 1:900. At the same time, order volumes from 1,000 units, variable spreads, balance cannot fall below zero due to special protection, access to over 250 assets, choice of account currency between USD, EUR, or GBP, live support 24/5, daily analysis, and instant execution.
- Standard. From $5,000. Minimum volume 100,000 units, with leverage reduced to 1:200. No other changes. The rest of the conditions are the same as in “Basic”.
- Premium. For those ready to invest more than $10,000. The difference from the previous tariffs is the assistance from a personal manager and leverage of 1:100.
The tariffs differ little from each other, so why not have a single type of account? Instead, Nour Trade adheres to a policy of extorting money from clients, offering better conditions on more expensive tariffs. By the way, the leverage of 1:900 immediately catches the eye. Such high leverage is rare and is a clear sign of the absence of broker licenses because regulators prohibit such practices.
The company does not provide specific information about commissions and spreads, which is very bad. These are important parameters that should be disclosed first and foremost. A minimum deposit of $500 is a high threshold for initial funding. Many firms with popularity and a solid operating period require an initial deposit of less than $10. So Nour Trade’s conditions cannot be called favorable, transparent, or competitive.
Clients can speculate on currencies, stocks, commodities, metals, indices, and cryptocurrencies. Only as CFDs, however, because there are no spot markets or futures contracts at Nour Trade.
Unique Features
In addition to analytics and the assistance of a personal manager, there is no other service. On the Nour Trade website, one can notice a mention of bonuses, basic information about market classes, and online quotes. It’s a rather sparse set of offerings, while competitors provide PAMM accounts, copy-trading, educational courses, and much more.
Is Nour Trade Trustworthy and Reliable?
We have studied the trading conditions and the platform and examined the contacts where we found a fake email address. What remains is to check the duration of operation and licenses in order to pass a verdict on the broker.
Assessing Legitimacy
So, we know the following: unfavorable trading conditions with a high minimum deposit and hidden commissions, a fake email address, and possibly other non-genuine contacts, and a primitive platform. Now it is time to look into the legal addresses and licenses. Nour Trade indicates two offices: one in the UAE and the other in Kuwait. Let’s start by checking the Capital Markets Authority (CMA) registry, which regulates the activities of Kuwaiti brokers. And there was no license found there.
The office in the UAE is located in Abu Dhabi, so to check for a license, one would need to refer to the Abu Dhabi Global Market (ADGM). A search on their site also yielded nothing. Nour Trade does not have a license in the UAE.
It turns out that Nour Trade is operating illegally. However, the company confidently claims on its website to have obtained a license? Apparently, this is fake. And now, all that is left is to uncover the actual duration of the operation.
Established Track Record
The company itself cannot figure out and decide when it was founded. Whether it’s 1996 or 2009. However, we have already identified fake registrations in the stated jurisdictions. So when was Nour Trade actually founded? It happened in May 2023, which is when the domain for the official website was registered.
Implications for Traders
The scam cannot decide on a fake duration of operation, presents non-existent addresses, cannot provide legal documents and licenses, and the trading conditions leave much to be desired, as many brokers offer more favorable and interesting terms. The number of red flags is off the charts, making collaboration with Nour Trade extremely risky. What potential risks are there? Quote manipulation and refusal to process withdrawals. With a high probability, it will be impossible to get the funds back, so it’s better not to take the risk and find a safe brokerage intermediary.
Strengths and Weaknesses of Nour Trade
- There is a demo account available. Clients can try the service on a free demo without the risk of losing money.
- Illegal operation. Nour Trade has not received licenses from the CMA and ADGM, although brokers in these jurisdictions are required to be regulated.
- Inadequate and unfavorable trading conditions. Important parameters are undisclosed, and the minimum deposit is excessively high.
- Low popularity. Online reviews are sparse, and the firm is not well-known.
- Secrecy and anonymity. Founders and leaders are unknown, while important facts are concealed. The business model is unknown, but it is most likely a 100% b-book with a conflict of interest.
- The actual duration of Nour Trade’s operation is less than a year. The stated dates are fake since the domain only appeared in May 2023.
3 Reviews about Nour Trade
It seems to me that it's better to avoid such a broker. Why? First, it has a template website. I have encountered similar websites more than once. Do you know the most interesting thing about such resources? All these brokers are fraud and illegal. I don't think nour trade will be an exception. Second, the scammers can't decide whether they started working in 1996 or in 2009. Moreover, they write some nonsense about being listed on the Kuwait Stock Exchange. As if the scammers took the history of some existing organization and displayed it on their fake site. Thirdly, in reality, it's fake and a fraud. Such a company does not exist. Accordingly, it cannot have licenses.
For these reasons, I recommend passing by nour trade. There are excellent and proven platforms out there. Why not start earning there?
Not the best entity for making money on forex. As an experienced trader, I recommend finding something better and safer. The company is definitely a dealing desk, which means fake charts and potential fraud. So it's better not to risk it and not to collaborate with a scambroker.
Two months ago, I transferred money to a fraudulent organization called Nour Trade. I mistakenly thought the broker was safe and legal, long-established in the forex market, and therefore trustworthy. But instead of profitable conditions, security, and beneficial work, I got problems and a nervous tick. It was impossible to work on the platform due to constant lags and high commissions. But the main problem is the impossibility of withdrawing money. I was never able to withdraw money from here. $1,800 now belongs forever to scammers and fraudsters.
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