Next Coin Market is an unregulated crypto broker that promises investors high profits from crypto trading and “trading experts” that will help you make that money – fast.
According to the UK’s main regulatory body, Financial Conduct Authority (FCA), Next Coin Market is a scam that is falsely claiming to be regulated by the FCA. In fact, the financial watchdog released an official warning against trading with Next Coin Market that quickly made news.
So, what does this mean for South African traders? Read our full review and final conclusion on Next Coin Market to find out all you need to know and whether this crypto broker is in fact a scam.
Next Coin Market Demo Account
Next Coin Market offers South African traders three different account types to choose from: a bronze account, silver account and gold account. There were certain issues we encountered when reviewing these accounts. We did not find demo accounts available on this broker.
At first glance, the most obvious issue is the minimum deposit required. To begin trading with Next Coin Market, South African traders will need to deposit a minimum amount of $1,000. As you can imagine, this is a ridiculous starting amount and much higher than the most common minimum deposit required – $250.
The second problem is that Next Coin Market does not have any information available regarding the trading conditions available, such as spread, leverage or minimum investment size. The only information provided on each account is the massive deposit required and the 150% welcome bonus – which brings us to the next issue.
Warning: Always make sure to read the terms and conditions of a trading bonus before accepting it. Bonuses may sound appealing, but there is always a catch. Impossibility to withdraw is one of the common problems when it comes to trading bonuses.
This means that you should take the 150% bonus that Next Coin Market offers with a grain of salt – and don’t accept it unless you have fully understood all the strings attached.
You can check out all the information (however limited) gathered on each account below:
Bronze Account
- $1,000 – $10,000 min deposit
- 150% welcome bonus (optional)
- $5,000 max position size
- Elite signals + higher payouts (promotional incentive)
Silver Account
- $10,000 – $50,000 min deposit
- 150% welcome bonus (optional)
- $25,000 max position size
- Elite signals + higher payouts (promotional incentive)
Gold Account
- $50,000 – $100,000 min deposit
- 150% welcome bonus (optional)
- $75,000 max position size
- Elite signals + higher payouts (promotional incentive)
Next Coin Market Trading Platform & Assets
With Next Coin Market, South African traders will be able to trade CFDs exclusively in cryptocurrency assets such as Bitcoin, Ethereum, Litecoin and more. As mentioned above, Next Coin Market is a cryptocurrency broker, so you will not be able to trade CFDs in stocks, forex, commodities or indices – like with other brokers like IQ Option South Africa that offer the entire package, including FX Options.
South African investors will be given access to the Next Coin Market web trader – which is a platform created by TradingView. Web traders are usually preferred by more beginners in trading, due to their especially simple interface. The Next Coin Market web trader is no exception to this.
South African traders will be able to access the platform directly through the Next Coin Market website and due to the fact that it is entirely web-based, no downloads or installations will be necessary.
Unfortunately, Next Coin Market does not provide South African investors with the infamous MetaTrader4 (MT4) trading platform. MT4 is the most recognized forex and crypto trading platform online and many users require brokers to have it available so they can trade on an interface they are familiar with that can provide them with all the tools they need.
Next Coin Market Scam
A huge red flag when it comes to Next Coin Market is their get-rich-quick promises and “managed account” services.
Right off the bat, the crypto broker promises traders high and easy profits. In their own words, “making money is now easier than ever”. As you can imagine, this is not exactly how it works. Trading always entails some risk and no promises of profit can be made.
South African traders often fall victim to such easy-money-making promises – when in fact they are all scams. The minute you see a forex or crypto broker promising lots of cash or “cash-generating machines” – stay away.
Another scam sign for Next Coin Market is their “managed account” service. Managed accounts have been used as scam bait for years in the retail trading industry. It is a so-called “service” that takes over your account once you have made your first deposit to “help you make successful trades”. Once South African traders have started seeing a few successful trades, they are then convinced to deposit more money – which they can never withdraw.
So, whenever you see managed accounts – stay away.
Next Coin Market Customer Support
South African traders can reach the Next Coin Market customer support team via the email [email protected] or the online contact form on their website. There are also some phone numbers provided, but no South African numbers.
The crypto broker does not have a live chat option, or even a FAQ section that answers some basic questions.
Next Coin Market Withdrawal
Next Coin Market is owned and operated by the company Novomountain Ltd, which is based in Bulgaria. Their offices are allegedly located at 28 Dzavaharlal Neru Str., entrance Silver Business Center Sofia, Bulgaria. We use the word “allegedly” here because with such vague websites and suspicious companies – you can never be sure the website provided on the website is real.
As for payment methods, South African investors have several options, which include credit card (Visa, MasterCard, Maestro), bank wire transfer and cryptocurrency deposits through BitPay, CryptoPay and Bitcoin.
Our Next Coin Market review confidently concluded that the crypto broker is a scam and South African investors should stay away at all costs.
The reasons for this conclusion are summarized below:
- Not licensed under any regulatory agency
- Vague website with no solid information
- Get-rich-quick promises
- Managed account scam
- The FCA has issued an official warning against trading with this broker
