NXG Markets Review: A Money-Transfer Registration Sold as a Trading Licence

NXG Markets Limited is registered in the Comoros at Bonovo Road, Fomboni, the same address used by six other brokers we have reviewed. Its quoted credentials are a US FinCEN money-services-business registration and a South African FSCA number, neither of which authorises issuing CFDs to retail clients. Its own safety-of-funds page claims segregation at top-tier banks without naming a bank, an entity, a regulator or an address. We score it 1.8 out of 10.

Quick facts

Why we rated it Scam

1. A FinCEN MSB number is not a trading licence

NXG Markets is listed as holding US FinCEN registration 31000305990765, described as a currency exchange or money services business registration, alongside a South African FSCA number, 51192.

Take the FinCEN one first, because it is the more misleading of the two. FinCEN is the US Treasury’s Financial Crimes Enforcement Network. An MSB registration is an anti-money-laundering filing made by businesses that transmit or exchange money. It is a form you submit, not a licence you are granted. It involves no capital requirement, no client-money rule, no conduct supervision, no leverage cap and no investor compensation. It says nothing whatever about whether a firm may offer leveraged derivatives to retail clients, and FinCEN does not authorise anyone to do so.

Placing a FinCEN number where a client expects to see a regulator is the single most common way an offshore broker manufactures the appearance of US oversight. It works because the number is real and the agency is real. Neither fact makes it a trading licence.

2. The South African number does not cover CFD dealing either

The FSCA number is a separate problem with the same shape. Under South African law an FSCA licence issued under the FAIS Act authorises advice and intermediary services. Issuing, selling or making a market in CFDs as principal requires a distinct authorisation under the Financial Markets Act, as an OTC Derivative Provider. We set this out in full in our reviews of CIFMarkets and MaxifyFX, which lead with the same kind of number.

We could not verify 51192 on the FSCA register directly, and we say so. What we can say is that no ODP authorisation is quoted anywhere, and that an FSCA number on its own does not answer the question a client is actually asking.

Source: licence numbers as recorded on the WikiFX broker profile for NXG Markets, checked 2 September 2026. We could not confirm them on nxgmarkets.com, which returned server errors on several pages during checking. South African licensing position per FAIS and Financial Markets Act requirements.

3. The page about fund safety contains no facts

This is the finding we verified ourselves, and it is the one we would put first.

NXG Markets publishes a page titled Safety of Funds. It states that client money is held in segregated accounts with top-tier banks and that client capital remains distinct from company operational funds. It does not name a single bank. It does not name the legal entity holding the money. It does not name a regulator, quote a licence number, or give a registered address.

A page whose entire purpose is to reassure a client about the safety of their deposit, containing not one checkable fact, is not a disclosure. It is reassurance-shaped marketing. Segregation that cannot be verified is indistinguishable from no segregation at all, and there is no supervisor here who could confirm it either way.

Source: nxgmarkets.com safety-of-funds page, checked 2 September 2026.

4. The seventh broker at the same Fomboni address

NXG Markets Limited is registered at Bonovo Road, Fomboni, Island of Mohéli, Comoros Union. That is the same street address given by CapPlace, TradGrip, FirstECN, Axwel, BXB Markets and Airmarkets.

Seven brokers, one address. We have not established common ownership between any of them and we do not assert it: an offshore registered-agent address can legitimately serve many unrelated companies. Seven separate CFD brands sharing one is still a fact a prospective client should have, particularly since two of the other six have had their Trustpilot ratings removed for guideline breaches.

It is also worth noting what the Comoros connection means. On 10 December 2025 the Banque Centrale des Comores published a communiqué naming island-level bodies, including the Mwali International Services Authority, as issuing offshore licences illegally, stating that licensing is exclusively the central bank’s remit, and recording referral to the public prosecutors of Moroni, Mutsamudu and Mohéli.

5. The complaint record is about withdrawals, repeatedly

The WikiFX profile for NXG Markets records seven client complaints and states that the broker’s score has been lowered because of a high volume of unresolved ones. The recorded themes are withdrawals not processed, repeated withdrawal rejections, profits reversed after several rejection cycles, accounts closed without explanation during a two-month review, holds of ten to twelve days on flagged accounts, and profits declined on an asserted external hedging violation with no evidence offered.

These are third-party records rather than our own verification, and at least one positive account describes a successful withdrawal of a substantial sum. We report both. The recurring element across the negative ones is a reason being produced at the point of withdrawal rather than disclosed in advance.

Source: WikiFX broker profile for NXG Markets, complaints as recorded there, checked 2 September 2026.

Before you deposit anywhere

Two checks settle most of this category in five minutes. First, look up the regulator, not the licence number: if the body issuing it is not one your own national regulator would recognise, the number is decoration. Second, on any page promising segregated funds, look for the name of the bank. A firm that genuinely segregates client money at a top-tier bank has no reason to keep the bank’s name secret, and every firm that does not will describe the arrangement in exactly the words NXG Markets uses.

Questions traders ask

Sources

• nxgmarkets.com safety-of-funds page: segregation claim with no bank, entity, regulator or address named. Checked 2 September 2026. Several other pages on the domain returned server errors during checking.
• WikiFX broker profile for NXG Markets: entity NXG Markets Limited, Comoros registration at Bonovo Road Fomboni, FinCEN MSB 31000305990765, FSCA 51192, and seven recorded client complaints. Checked 2 September 2026.
• Banque Centrale des Comores, communiqué on the illegal exercise of offshore banking activities, via the Comoros Ministry of Finance, 10 December 2025.
• US FinCEN money services business registration requirements; South African FAIS Act and Financial Markets Act OTC Derivative Provider authorisation.

Answered in detail

Safer alternatives

Rated Trusted or Neutral against the same six pillars. These link to our own reviews, not to the brokers, and no broker can pay to appear here.

Verdict changelog