Noor Capital Review: Is This Forex Broker a Scam?

Is Noor Capital Legit or Scam?

Noor Capital is a complex case. While they hold a license in the United Arab Emirates (UAE), a reputable jurisdiction with strict capital requirements, there are concerning aspects to consider before diving in. This review will dissect Noor Capital’s offerings, regulations, and potential red flags to help you make an informed decision.

Company Overview

Services or Products

Noor Capital offers a variety of financial services, but this review focuses on their online forex and CFD trading. They boast a comprehensive selection of instruments, including:

• 46+ currency pairs (including exotics and minors)
• CFDs on precious metals, oil, natural gas, indices, stocks, and even cryptocurrencies (Bitcoin, Ethereum, Litecoin, Ripple)

If you have lost money to companies like TudoFX, or Eostrader; please report it to us on our Report a Scam form.

Trading Platform & Leverages

Noor Capital utilizes the industry-standard MetaTrader4 (MT4) platform, known for its reliability, functionality, and advanced charting tools. However, a significant selling point for them is the high leverage of up to 1:500.

Spreads and Cost of Trading

Unfortunately, transparency is lacking regarding spreads. The review mentions benchmark EURUSD spreads hovering around 2-2.1 pips, which is considered high compared to the ideal below 1.5 pips for standard accounts with no commissions.

License and Regulations

Legal Warning Against Noor Capital?

The provided information assures that Noor Capital is licensed by the Central Bank of the UAE. However, it’s crucial to note the absence of any warnings against them from the regulatory body.

Deposit and Withdrawal Methods

Another concerning aspect is the lack of information about deposit and withdrawal methods. Common options include credit/debit cards, bank wires, and e-wallets (Neteller, Skrill, PayPal). Some brokers even accept cryptocurrencies.

Noor Capital Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

While Noor Capital holds a UAE license, it’s essential to understand the limitations. Regulations in the UAE differ from stricter jurisdictions like the European Union (EU) or the United Kingdom (UK). Here’s why dealing with an unlicensed broker can be risky:

• Limited Client Protection: Regulatory bodies in the EU and UK mandate client compensation schemes, offering a safety net for lost funds in case the broker goes bankrupt.
• Potential for Fraud: Unlicensed brokers operate outside the watchful eye of regulatory bodies, increasing the risk of fraudulent activities.
• Limited Dispute Resolution: Resolving disputes with an unlicensed broker can be a complex and lengthy process.

Client Feedback

Since the review mentions a demo account experience, it’s advisable to search for additional client feedback on reputable Forex broker review websites. This can provide valuable insights into real-world experiences with Noor Capital.

How Can “Reviewsadvice” Help You If You Get Scammed?

Unfortunately, recovering funds lost to a scam broker can be challenging. However, “Reviewsadvice” can help by:

• Educating you about red flags to identify potential scams before you invest.
• Providing resources and guidance on how to report a scam broker to the relevant authorities.
• Offering tips on how to protect yourself from future scams or you Can report to us today by the below form.