9drms.com Review: this is the website of a Forex broker that claims to be located in Australia and offers an excellent trading platform. Is it safe to invest funds in NineDreams ? Consider our reviews and see our expert take on this.
The most vital part of our reviews is uncovering if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
NineDreams claims that it is operating from Australia and in addition, it says it is affiliated with Wiston Investment Capital Pty Ltd. Its website also adds that the NFA regulates and authorizes it to trade.
However, when we checked, we found that Witcon Investment Capital is actually a registered company in Australia. The ASIC also regulates it but it has nothing to do with NineDreams, instead, its trading name is WitsonFX.
Additionally, Witson Investment Capital is not in good standing with authorities. It is in a ‘strike-off action’ process with the ASIC. Also, its license to trade in the UK has expired. Thus, while NineDreams tries to pass itself off as a legit broker, it is nothing but a scam.
Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of NineDreams
Nine Dreams promises traders low spreads, top-tier liquidity, fast execution and so on. It also falsely claims to be regulated and use secure channels for transactions. The broker adds, ‘World Leading, Australian Forex Broker, NineDream strives for providing the best service for every customer’.
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It is common for Forex brokers to claim that they provide the best trading environment in the market. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
NineDreams Trading Platform
The broker provides an MT4 trading platform for clients. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots. Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
NineDreams claims to offer the following trading instruments to traders; 60+ currency pairs, 10+ indices and commodities. It is not impressive enough and won’t appeal to experienced traders. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The broker does also mentions that the maximum leverage that it offers to clients is 1:400. It is important to note that while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds for inexperienced traders.
It says that traders can use spreads as low as 0.0 pips. Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods NineDreams
We found that NineDreams does not allow withdrawal and deposit through the popular transaction means.
This is discouraging because one of the characteristics of a legit broker is allowing deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is $100. This is within the average minimum obtainable among top brokers. Usually, many legit brokerages require between $100 – $250 or even lesser. The withdrawal conditions of this broker are hidden which is suspicious. Traders should know what withdrawal terms and conditions brokers use.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is NineDreams Licensed?
No. NineDreams is not a licensed brokerage and cannot be trusted. It tries to pass itself off as an Australian based broker but this is false.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get more information about this broker, it invites customers to use a live chat link on its website.
NineDreams has proven to be a broker unworthy of trust and thus, we rate it low. It also does not reveal enough information for us to go on with and tries to falsify some claims. Do not invest with any company that falsify claims and hides many of its trading conditions.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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- Professional website
- Affordable minimum deposit
- MT4 trading platform
- No license
- False claims
- Limited trading instruments
- Limited trading conditions details