Nicholson Financial Service Review- Failed Attempt To Clone Another Firm

Seemingly a good chance to diversify your trading portfolio, this online trading portal at first looks like a potentially great place to start your trading ventures. The company running the site, however, appears to be a completely anonymous scheme.

Let’s look at the complex project run by fraudulent masterminds as we peel one layer of lies after the other, in this brutally honest Nicholson Financial Service review. 

Potential Clone Company

Although we found an alleged UK address of this firm, the UK Companies House doesn’t have a single company registered under that address. 

What deepened our doubts further was the fact that FCA, the UK state regulator, has a record of a company with the same name but additional letter “s” at the end of the name. It could be that this fraud attempted to clone a FCA registered company, but this similarly named firm doesn’t own a license since 2003, so that was a fruitless try. 

Going through various databases of prominent regulators like CySEC, BaFin, FINMA and CONSOB also gave back no results. It is apparent that this company operates under no regulatory supervision. For that reason, we’d advise you to stay away, just like in the case of Tradello – an unregulated offshore portal.

Fake Reviews Skew The Truth

It’s become a common practice with illicit brokers like this one or Leon Markets for instance, to abuse the independent review websites. We can see the influence these fake, paid reviews have on platforms like SiteJabber and TrustPilot.

Although so far the company still has a good trust score, the truth is starting to catch up with the scammers. Many of the customers complain that the company is asking for additional payments to allow a withdrawal, which never happens in the end.

Active In Heavily Regulated Areas

The website itself, nicholsonfinancialservice.com, was created in July 2023. This so-called broker mostly targets the people from these regions:

• United Kingdom
• United States
• Italy
• Australia

We’ve already seen how these fraudsters use fake reviews to nudge the more indecisive marks into depositing. The people who seek out and contact the victims in the first place are the boiler room agents.

They pretend to be experts in the financial field, seeking deposits and claiming easy money and quick riches to be made. People who do deposit never see their money back, however. 

Trading Terms Designed For You To Lose

No properly regulated UK brokerage brand would be allowed to offer the maximum leverage of 1:200 on Forex majors. It is very well known that this ratio cannot be higher than 1:30, as it is in the EEA. 

On the other hand, spreads and trading commissions aren’t even outlined and all the talk is focused on selling you an allegedly free service. The fact that you don’t get informed thoroughly enough means that you’re dealing with a fraud. 

Undefined Referral Structure

Client area will have you believe you can earn additional passive income by referring the platform to the people you know. However, no particularities are given, including the commission, conditions or even the basic rules of the programme. What is certain is that you are asked to provide a referral code upon joining the domain.

Subpar Trading Environment

Although seemingly well designed, the actual trading features fall short when compared to a regulated broker. No matter how hard the swindlers try, they still leave telltale signs of their real intentions.

Account types are tiered, and the firm doesn’t offer a demo for testing purposes. The main trading application is something we’ve seen all too many times.

Zero Utility Web Trader

The provided Nicholson Financial Service platform is a simple web trader which only requires a web browser to function. Broadly speaking, it’s compatible with mobile devices, although a discrete app would be preferable in any case.

A simple charting utility is provided as the only means of market analysis, something that allows the con artists to quickly edit the market price on a whim. Needless to say, this is far below any benchmark, and comparing it to industry standard apps like MT4, MT5 or cTrader is a moot endeavor.

Selection Of Trading Assets

Since there is no trading instruments table on the website proper, we had to access the web trader to understand what exactly is on offer. Here’s what we found out:

• Forex – EUR/USD, AUD/CAD, GBP/CHF, AUD/JPY
• Cryptocurrencies – ETH/BTC, LTC/BTC, BCH/ETH, XRP/USDT
• Stocks CFDs – Apple, BMW, Monsanto, Chevron
• Indices CFDs – Dow Jones, DAX, Nikkei 225, Nasdaq
• Spot Metals – Aluminium, Silver, Gold, Platinum
• Commodities CFDs – Corn, Cocoa, Natural Gas, Coal

Accounts Define Access To Markets

If you wish to become a Nicholson Financial Service account owner, you are expected to throw in at least 100£ for a start. Even then, however, you will only be able to trade currencies. For access to other financial products, you will have to cough up far more cash. 

Traders that wish to open alleged savings accounts with a steady income mechanism can do so as well, but at unknown conditions and costs. These are the account prices:

• Forex Account – 100£
• Commodities Account – 5,000£
• Stock-Market Account – 25,000£
• Crypto Account – 75,000£
• Savings Account

Credit Cards Compromised

Withdrawing your profits from this trading host is a real pain. Since legal documents do not exist, you can’t rely on a single source of information on the process itself. Because of that, the majority of customers have found themselves being abused by the swindlers asking for alleged taxes to be paid upfront.

Credit cards are used as a preliminary source of account funding. Sharing your financial information and details with a con is a risky business – you can get robbed in a blink of an eye. Even if that happens, though, we might just have a solution for you, as long as you contact our legal service.

Horrible Customer Service

There is no separate help or support page on nicholsonfinancialservice.com, and the clients have to refer to the contacts instead. These include a fake phone number, email that nobody reads, false postage address and the notorious contact form on the site.

It’s come to our attention that many of the users are simply cut off when they incur any problems with the platform, so don’t expect any follow-through if you encounter any issues.

Want Your Money Back? File A Chargeback Today!

Anything that this firm offers is a web of lies with no substance. The firm is unregulated, their trading software is horrible, and the withdrawals never happen.

Don’t let these people pull your leg any longer! Get in touch with our legal team via the live chat below, and start fighting back for your money! We are available 24/7, and our first consultation is absolutely free.

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