If it looks like a duck, swims like a duck, and quacks like a duck, then it must be a duck, right? Well, not when it comes to dodgy Forex brokers. In this case, if it looks like a scam, it probably is. NLM 86 Limited is one such company that raises several red flags which indicate that it is most likely a scam.
Lack of Legitimacy
The first red flag is that NLM 86 Limited appropriates the brand name of a company registered in England in 2017. There is no evidence to suggest that NLM 86 Limited is in any way connected to this registered company, yet they have used the name to lure people into depositing their money. The website, nlm86limited.com, gives little indication that the company is legitimate. It promises a 50% bonus to anyone who signs up and try to add a sense of legitimacy to the scam. The website has a very generic template and lacks important information, such as how one can withdraw funds. The company claims to have been operating for over 5 years, yet its domain registration date is only as recent as July 11, 2023.
Fake Information and High-Pressure Sales Tactics
Another major red flag is the company's use of fake information. The website claims that the company has a UK-based office, yet provides no evidence to support this claim. Moreover, the phone numbers and email addresses provided lead to nowhere. The company uses high-pressure sales tactics to convince people to deposit their money, such as using a pop-up offering a 50% bonus as soon as you visit their website. This type of fraudulent behavior is also seen in other Forex trading scams, where scammers will use high-pressure tactics to convince investors to deposit large sums of money into a trading account, promising to use the funds to generate guaranteed profits.
Other Forex trading scams involve the use of signal sellers – companies that sell information on which trades to make and claim that this information is based on professional forecasts. However, these forecasts are often baseless and the sellers charge a monthly fee for a service that does not help traders make money.
From a superficial perspective, one may think that NLM 86 Limited is just another generic company in an over-saturated market, trying to lure traders in with the promise of high returns and a professional image. However, upon further inspection, it is clear to a fool that this broker is a scammer. The company operates with no licenses, appropriates brand names, uses fake information, and employs high-pressure sales tactics. It is highly advisable that you do not engage with this company.
If you do decide to engage with Forex trading, there are certain measures you can take to ensure you do not fall victim to a scam. Firstly, it is important to choose a Forex broker that is registered with a regulatory agency. You should also be wary of brokers that are very pushy, as this is a red flag. Finally, double-check how you can withdraw your funds from the broker.