September 8, 2020

Next Coin Market Review

Overview :

Usually before you look up a company or an entity’s statistics, you look up the history and the leadership of said entity. And that is where the trouble seems to start with Next Coin. While there are a bunch of things we are unsure of when it comes to Next Coin; the primary thing is that we do not know who is in charge. The company doesn’t have an owner, CEO, or any leaders mentioned. All you can find is the parent company named, Novomountain Ltd. However there’s still no relief as this parent company seems shady in it’s own right. Registered in Bulgaria, the company seems to have a fake address, as their listed location in Bulgaria has been busted as a fake one. Read the full Next Coin Market review here.

About Next Coin Market : Red flag after red flag

Before we look at all that is wrong and alarming about Next Coin Markets, it is only fair that we highlight the one thing about this investment firm that could catch your eye. It is that Next Coin Market has over 30 popular cryptocurrencies to trade in, including most of the popular ones. 

The picture however,  doesn’t seem to get any prettier from here. As the title of this article suggests, the company isn’t licensed by the local Financial Supervision Commission, nor by any other European supervision organization. Add this to the nameless leadership and ownership of the company and you have a massive red flag. 

Another red flag seems to be their withdrawal conditions. Depending on your account type, you could be asked to trade for a certain amount of time before you can withdraw. This is a highly unusual and suspicious condition. Also, the platform has a myriad of fees like management fees, currency conversion fee, benchmark fee and more. Also the minimum balance for their lowest tier account is 1000 USD, which is much higher than industry standards. Another huge setback for Next Coin Market is that it doesn’t use Meta Trader 4, rather it opts to use a rather flimsy web based platform for their trading. While indie platforms could be great if developed well, this platform lacks many important features of Meta Trader 4 and hence is another red flag.

Is Next Coin Market worth trusting and investing?

In our opinion, which is based on a lot of red flags that we encountered with Next Coin Market, we would say it is definitely not worth your trust and money. With no real people as the face of the company, unusual trading and withdrawal conditions, fake testimonials and a subpar trading platform, Next Coin Market seems like a no brainer and should be avoided.