Unfortunately, the online broker world is filled with scams. Many men and women across the globe have fallen victim to a trading scam. The reason for this is the level of refinements of such scams in recent years makes them hard to detect. Wealth Recovery Solicitors is a boutique law firm specialising in recovering wealth as a result of trading, Forex, Contract for Difference, and Cryptocurrency scams. Looking to invest and trade with Mount Nico Corp? Not sure if you can trust them with your money? We investigate who Mount Nico Corp is and how they operate to see if they can be considered reputable.
Who is Mount Nico Corp?
Mount Nico Corp is an investment firm and brokerage based in Limassol, Cyprus. The company registration number is HE307717. They state on their website that they are regulated by the Cyprus Securities and Exchange Commission (CySEC) with the licence number 226/14, which in theory means they have to meet certain requirements such as safeguarding client funds. This is in line with the law, which provides for the provision of investment services. CySEC allows the company to offer the following services: execution of orders on behalf of clients, portfolio management, safekeeping and administration of financial instruments, granting credit or loans to one or more financial institutions, and foreign exchange services which are connected to providing investment services. As Mountain Nico Corp are regulated by an EU member state, they are able to offer their services in countries such as Austria, Croatia, Finland, Norway, and Greece. They are unable to offer trading services to new clients in the Netherlands nor provide financial services to residents in the UK. The company is said to generate $617,439 in sales.
Their board of directors comprises three members: CEO Panagiotis Kaiserlidis, and two non-executive directors called Ori Mishkal and Konstantinos Demetriou who are responsible for developing the strategic arm of the business. They have internal control of the company’s capital adequacy and are responsible for the risk profile of Mount Nico Corp. It is worth noting that the company has previously had two executive directors resign.
Is Mount Nico Corp a scam?
The first thing to note is the moment you enter the Mount Nico Corp website, there is a big notification to confirm the company is unable to trade within the UK. This is because the Financial Conduct Authority has taken steps to temporarily limit the firm’s position trading with residents in the UK. The firm is regulated in Cyprus, a European Economic Area country, which means they can only offer certain products and services within the UK.
If that is not a cause for concern, they offer a warning on their store stating 80.06% of retail investor accounts lose money when they trade under Contract for Difference with Mount Nico Corp. Stating it is the onus of the account holder to do their due diligence about the world of Contract for Difference (CFD).
Mount Nico Corp also owns the eXcentral website, which we have also investigated and confirmed to be a scam as they issue the same risk warning on their website. They also operate in Cyprus, which, as a port of call, is usually a sign the firm is trying to hide something as Cyprus is seen as a location brokers use to scam their clients. There have been many incidents in the country where the Financial Conduct Authority has taken action against some Cypriot Investment Scammers. It has also been reported a 15 million trading fraud had taken place within the Cyprus forex industry.
From the moment you visit the Mount Nico Corp website and see the warning that they do not trade in the UK, alarm bells should be ringing. It is clear from the ruling by the Financial Conduct Authority that it is not a brokerage you should trust with your hard-earned money.
If you are worried about falling victim to a scam either by Mount Nico Corp, eXcentral, or any other Forex business, we can help you. At Wealth Recovery Solicitors, we have a brilliant team of experts on hand who are dedicated to reclaiming your money for you. Using our tracing services, our team can locate where your money is being held and provide you with a plan, such as legal action, in order to have the money returned to you. For more information on how we can help, please do not hesitate to call us on 0203 695 9239 or book a free confidential consultation today.