Is Noor Capital Legit or a Scam?
Noor Capital is a UAE-based brokerage firm established in 2005. While they hold licenses from two reputable UAE regulators, they lack licenses from Tier 1 regulators like the FCA or BaFin when operating outside the UAE. This raises concerns about the level of protection offered to clients in other jurisdictions.
Additionally, negative customer reviews highlight issues with customer service and withdrawal procedures, further raising red flags.
While not definitively a scam, Noor Capital presents significant risks due to a lack of Tier 1 regulation, potentially problematic practices, and potentially dangerous trading conditions.
What is Noor Capital?
Noor Capital is an online brokerage firm offering a variety of financial instruments, including forex, commodities, indices, shares, and cryptocurrencies. They provide access to two trading platforms: the industry-standard MetaTrader 4 and their web-based platform.
Noor Capital Details
Broker Status: | Regulated Scam Broker |
Broker Regulation: | DED Abu Dhabi, SCA |
Scammers Websites: | noorcapital.ae |
Operating Status: | Active Forex Trading Scam |
Blacklisted as a Scam by: | N/A |
Broker Owner: | Noor Capital P.S.C. |
Headquarters Country: | UAE |
Foundation Year: | 2005 |
Trading Platforms: | MT4, WebTrader |
Mobile Trading: | Available |
Minimum Deposit: | N/A |
Deposit Bonus: | N/A |
Crypto Trading: | Available – Only 4 coins |
CFD Trading: | Yes, you can trade CFDs |
Trading Instruments: | Forex, commodities, indices, shares |
Maximum Leverage: | 1:500 |
Islamic Account: | Available |
Demo Account: | Yes |
Accepts US Clients: | US traders are not accepted |
Our verdict: | Don’t Invest in This Scam Broker! |
Deposits and Withdrawals
Noor Capital accepts deposits and withdrawals via credit/debit cards and wire transfers. However, withdrawals must be processed through the same method used for deposit, and no processing times are clearly communicated, raising concerns about potential delays.
Account Types
Noor Capital offers five account types, with better conditions offered for higher initial deposits. These include the Standard, Premium, VIP, Institutional, and Multi-model Investment Account (MAM/PAMM).
Red Flags and Warning Signs
Several red flags raise concerns about using Noor Capital:
- Lack of Tier 1 regulation outside the UAE: This means clients may have limited recourse in case of disputes.
- Negative customer reviews: Complaints about customer service and withdrawal procedures raise concerns about the company’s practices.
- High leverage (up to 1:500): This can be extremely risky for inexperienced traders and lead to significant losses.
- Unclear withdrawal processing times: Lack of transparency regarding withdrawal processing times can be concerning.
- Floating spreads around 2 pips: This might be higher than spreads other brokers offer.
Customer Complaints and Negative Reviews
Noor Capital has received negative reviews online, with customers citing issues with customer service and withdrawal procedures. While these reviews shouldn’t be taken as definitive proof of wrongdoing, they highlight potential areas of concern.
Got Scammed by Noor Capital? We Help Victims!
If you believe Noor Capital has scammed you, it’s crucial to seek legal advice and report the incident to the relevant authorities. This can help protect yourself and potentially recover your funds.
Remember, this information is for educational purposes only and should not be taken as financial advice. Always conduct thorough research and due diligence before investing with any broker.
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