Beware! NineDreams is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
NineDreams is a Forex broker which says to be NFA regulated, and also to be a global leading Forex and CFD broker, based in London, maintaining offices in various countries such as Australia, Cyprus, Russia and China. They also claim to hold their client funds segregated and to offer lightning fast execution. In this review you will find out their true legal status and what they really are able to offer.
NineDreams REGULATION AND SAFETY OF FUNDS
NineDreams is denoted as the trade name of Wiston Investment Capital Pty Ltd. which is said to be authorized and regulated by NFA, also there are registration number and license number provided.
In fact, there is such an Australian company in the ASIC public database, but it’s in strike-off process, which means it is no longer a solvent company. Also, the trading name of that company used to be WistonFX, but nothing mentioned about NineDreams!
In fact there are at least two more companies bearing the same name and they are registered in UK and USA, or to be more precise, the UK company was registered, because it is no longer in operation, being dissolved back in 2019. It is true that it was also authorized by FCA, as you can see, but it’s license is no longer valid.
The US company is also existent, but is not an NFA member, consequently not authorized to provide Forex and CFDs services, and not regulated!
ABN 90 153 184 108 is one of the numbers provided by NineDreams, but it has nothing to do with Wiston Investment Capital, because it is linked with a totally different Australian company having an active status.
The license number 001274685 did not produce any results while searching in the database of the Australian, UK and USA regulators.
NineDreams is an unlicensed, unauthorized and unregulated Forex broker and you should stay away! You have to choose a broker, which is legit and truly regulated, such an entity really makes the difference for the investors. In EU and UK, for example, the foreign exchange providers have to comply with many stringent rules and regulations, which are put in place for the benefit of the traders. There are also money protection schemes in operation which guarantee the deposits of the clients. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in UK under FCA you are guaranteed even of up to 85 000 GBP. An unregulated broker is a dangerous entity which might disappear at any moment, and in such a case you will register irreversible losses.
NineDreams TRADING SOFTWARE
NineDreams offers MT4 accounts to its clients, demo trading also available, and we tested it but weren’t really impressed. It doesn’t seem that there is a STP/ECN service offered, as they claim on their main page.
The spread is constantly above 3 pips, reaching at times to more than 5 pips in the middle of the London session, which is a big difference, compared to the industry standards. On their web page, however, they advertise themselves offering spread from 0 pips, but in reality it is not true, red flag to note down.
The leverage is reaching up to 1:100, while on the website they claim to offer as high as 1:400. It is a strong indicator and another proof that NineDreams holds no licenses from NFA, FCA or any European regulator such as CySEC, because in these jurisdictions there is a leverage cap of 1:50 in USA and 1:30 in EU and UK.
Account opening was a really interesting process, we rarely see a broker with so many requirements to fulfill. There were 13 rows including Real Name, English Name, ID Number, also back and front ID card pictures to be submitted. The default nationality is Chinese, as well as the address. It is a very very fishy process, whatsoever. We uploaded random pictures and ended up being registered, but the dashboard we saw was very limited, as to functions.
In fact there wasn’t even a way to open a real account from the Dashboard, we tried to perform this action in MT4, but unsuccessfully, as well. Probably, it’s because we didn’t provide real ID Card photo, later we also received an e-mail stating that our request had been rejected! You shouldn’t submit copies of your documents including personal details during a registration process, it is a dodgy practice!
NineDreams DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is said to be 100 USD. The funding methods are nowhere else to be seen, there are listed some confusing channel alternatives such as US-4-1 and USD-5, there are also cryptopayments available. However, because of the account rejection, we couldn’t do anything, so as to see the further payment process.
No minimum withdrawal known, but they say that the request is processed within 24 business hours, which is a bit obscure, because we do not know what their business hours are!
No fees specified in size and scope, no bonuses or other incentives, as well. Also there is no dormant account policy presented.
HOW DOES THE SCAM WORK
A group of scammers usually operates many different scam brokers, scam websites and call centers. Sometimes they will simply rely on the quantity, they will publish tens or hundreds of websites and will just wait for traders and investors with little or no experience to bite. Nowadays, it’s very cheap to create one, and it looks like a profitable strategy, as they carry on doing it.
Identity Theft is a popular fraud and a serious crime, it happens when someone uses information about you without your permission. Having your personal information the scammers can access and drain your bank accounts or they can open new ones in your name and take out loans or lines of credit. Also they can purchase expensive goods, gain access to your government online services etc. Scammers might also use personal data to register companies in your name, facilitating their illegal activities. You should never submit copies of your personal documents, when you sign-up, true Forex brokers will never ask you to do it in the initial registration process!
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!
Rich Snippet Data