Nemo Money (by Exinity) Review

Introduction

Nemo Money is a mobile-first trading company by Exinity. The company is a new name in the brokerage industry founded in 2020 but it is part of the Exinity group, a group that has been operating since 1996. Nemo Money is a young broker created to cater to a younger generation of traders, and the company does that by removing hurdles like high deposits and trading commissions. 

The broker is regulated by ADGM FSRA (UAE-based regulators). In terms of tradable instruments, the brokerage offers 8,000+ assets like stocks, indices, ETFs, cryptos, forex pairs, and commodities. You can start trading with a minimum deposit of just $10. The floating spreads are usually lower than the fixed spreads from most brokers on EUR/USD pairs. But the offered leverage is on the lower end in order to lower the involved risk. 

Additionally, Nemo Money offers margin call level at 80%, stop out level at 60%, locked margin level at 100%, and a minimum position size of 0.001 lots. These risk mitigation features can be very helpful to new traders and help them make more profitable trades. The broker offers Market Execution on orders. Learn more about this broker in this detailed review. 

Supported Countries

The list of countries that a broker restricts can change over time for different reasons. Therefore, it is highly recommended for you to check with the support or head straight to the sign up process. If you can create an account with the broker, this means the service is available in your country or vice versa. 

Nemo Money takes clients from more countries than it restricts. So, the chances are that the company accepts clients from your country. The broker partially or fully restricts brokers from 60 countries including the United States, United Kingdom, Germany, Ukraine, Iran, Iraq, Cuba, Libya, Afghanistan, Syria, North Korea, and Venezuela. You can learn about all the other restricted countries from Nemo Markets website. However, do note that the availability of the broker in your country is subject to periodic updates. Currently, Nemo is expanding in LATAM, Africa, and South Asia.

Customer Ratings

Checking reviews from customers can give you an idea of what to expect from a broker. Therefore, it is highly recommended to always check customer reviews before you sign up and pay the initial deposit. 

We have a customer reviews section on our website. For the new brokers we do not have reviews posted by TopBrokers users, we quote the figures from Trustpilot. 

Despite being a new broker, Nemo Money has acquired a 4.3 star rating based on 117 reviews on Trustpilot. 

Available Trading Platforms

Nemo Money has a different approach when offering available trading platforms. For example, where most brokers offer MT4, MT5, or TradingView platforms, Nemo Money has a mobile-first approach. You can trade straight from their app without downloading a separate trading platform and use the in-built charting tools. Different order types are also available on the platform.  

Veteran traders who prefer the commonly offered trading platforms may not appreciate this approach. But this broker is more focused on the younger segment of traders who may like this approach more.

Types of Accounts

Unlike most brokers, Nemo Money does not offer different tiers of trading accounts with segmented tradable assets and offerings. Instead, you can access all the instruments straight from the one type of account offered by the broker. 

The minimum initial deposit is just $10, and the offered leverage is comparable to EU-regulated brokers. You have all the risk mitigation features like margin call, stop out level, locked margin level, and very low minimum tradable lots (0.001 lots). Upon creating an account with the broker, you also get a bonus of $10 to $50. However, the bonus depends on the campaign, region, and terms.

Besides the income from trading, you can also earn 4% AER on cash held. You can earn this interest on the funds you have available in your account. In addition, you can also earn commissions from the broker’s affiliate program — from the same account. 

Educational Resources

Nemo Money has developed many high quality educational resources for traders. The company actively creates new blogs on different topics that new and seasoned traders can significantly benefit from. These categories include Hot Stocks, Financial Literacy, App, Opportunities, and Investing. 

In addition, there are Nemes. Nemes are updates that get sent to you for latest trading trends. These updates and AI projections can give you good insights on where to place your next trades.

Support 

Despite being a new broker, Nemo Money offers high quality support over email, Telegram, and live chat. You can send them an email at [email protected] or message them on Telegram at: t.me/nemomoney. Live chat is accessible straight from the Nemo app, making it the most convenient channel. 

You can access support 24/5, which means traders from all time zones can reach the customer support. Currently, the broker only offers customer support in English but they have plans of expanding to more languages in the future. 

Leverage & Spreads

Nemo Money is a beginner-friendly trading platform with a regulation from ADGM FSRA (UAE). Therefore, the broker does not offer high leverage unlike most unregulated brokers. The leverage on tradable instruments is therefore quite low. 

The broker offers floating spreads. This means the value can change based on the trading volumes and market conditions. We compared most brokers based on the spreads offered on the EUR/USD, and floating spreads on popular pairs are usually low. In other words, spreads on Nemo Money are quite competitive. 

Regulation

Nemo Money is a brand of Exinity regulated in the UAE. The company works under FSRA license number 200015. ADGM FSRA is a notable regulator with strict oversight. The regulatory body ensures brokers comply with guidelines like segregated funds, maintain a certain capital in company accounts, and pass routine audits. 

However, it is important to note that FSRA does not offer advanced features like insurance on your funds that you typically see with Tier-1 regulatory bodies. 

Company Information

Nemo Money was founded back in 2020, and is a brand by Exinity. Exinity is a private group of multiple well-established brands in the trading market. Nemo Money’s headquarters is located at 16-104, 16th Floor, Al Khatem Tower, ADGM Square, Al Maryah Island, Abu Dhabi, UAE. Other offices of the company are in the UAE (Dubai and Abu Dhabi), the UK, and India. Nemo Money is not a bank broker unlike SAXO and other such bank brokers. 

Conclusion

Nemo Money is a new broker with many risk limiting features in place. The broker has a low point of entry, making it great for new brokers to start out in trading. With that said, Nemo Money has a really extensive range of 8,000+ tradable assets that are predominantly stocks. But you can also trade with ETFs, crypto, and a range of CFDs. On top of that, there are stand out features like Nemes and high quality educational content available on the platform. 

Being a regulated broker, Nemo Money segregates your funds from that of the company. Also, the parent company of Nemo Money has been active since 1996, which adds a lot of legitimacy and trust to this new broker’s name. 

All things considered, Nemo Money is great for new traders who are in the process of learning trading. However, the difference in interface, a mobile forward approach, and missing MT4/MT5 trading platforms may not make it the first choice of seasoned traders. Whether it is for you or not depends more on where you are at your trading journey.