Is NAGM a scam?

The desk file on this operation:

• Brand: NAGM, previously marketed as NAG Markets.
• Legal entity: NAGM (V) LIMITED, company number 41699, incorporated in the Republic of Vanuatu. The same entity is registered in Australia under ACN 638 316 999 and was named NAG MARKETS (PACIFIC) LIMITED there until 1 July 2026. A sister company, NAGM(S) Limited, holds the Seychelles licence.
• Registered: First Floor, ICOUNT House, Kumul Highway, Port Vila, Vanuatu. The contact address published to clients is Unit 803, 213 Miller Street, North Sydney NSW 2060, Australia, with an Australian phone number.
• Website: www.nagmarkets.com, with a mirror at www.nagmfx.com and the client portal at crm.nagmfx.com.
• Only licences: Vanuatu VFSC Financial Dealers Licence 41699 (active from 12 May 2023) and Seychelles FSA securities dealer licence SD146 held by NAGM(S) Limited. There is no tier one licence and none is claimed.
• Offers: CFDs on forex, metals, energy and indices, on MetaTrader 4 and MetaTrader 5, leverage up to 1:400, minimum deposit 500 US dollars. Deposits by UnionPay, Alipay, WeChat Pay and bank wire.
• Not accepted: residents of the United States, Canada, the United Kingdom, the European Union, Australia, New Zealand, Hong Kong, Singapore, Japan, Malaysia, India, Israel, Iran, Afghanistan and Belgium.
• Age claim: none advertised. The website carries a 2022 to 2028 copyright line and no founding year, and the evidence we found supports a start in mid 2019.

We put this in the high risk band rather than calling it a scam, and the reason is that the paperwork checks out while the conduct does not.

• The licences are real and they are this company's own. The Vanuatu Financial Services Commission publishes its Financial Dealers licensee list, and NAGM (V) LIMITED sits on it with company number 41699, licence date 12 May 2023, classes A, B and C, status Active. The Seychelles Financial Services Authority capital markets register lists NAGM(S) Limited as a securities dealer, with the contact address [email protected], which ties the entry to this exact website. Nothing here belongs to another firm.
• But that is weak protection. Vanuatu and Seychelles licences are cheap to obtain and neither jurisdiction runs a compensation scheme for retail clients. The company that holds your deposit is a Vanuatu company. If it stops paying, there is no practical remedy.
• The complaint pattern is about money, not just service. On FX110, an independent Chinese complaints platform that lists this exact website, the negative reviews since October 2025 include a withdrawal delayed by a month, support going silent as soon as a withdrawal is requested, orders appearing on accounts that the client says they never placed, and several people saying friends cannot get their money back. FX110 also published a dated warning article in February 2025 reporting a client whose account was frozen for what the platform called abnormal operations after a bonus promotion, and who could not withdraw at all.
• The same platform reports deposits going astray. A September 2023 case, and a second user confirming the same thing, describe deposits that would not go through while a position was under water, an agent blaming a payment company with nobody on duty, and the UnionPay channel disappearing from the deposit page.
• Marketing conduct is aggressive. Reviewers describe sales staff who keep calling from new numbers after being told to stop, and self described analysts who direct trades by phone and then delete the chat history. That is the boiler room playbook, whatever the licence says.
• The money is coming from a market the licences do not cover. The deposit page offers UnionPay, Alipay and WeChat Pay and nothing else besides a wire, the complaint record is almost entirely in Chinese, and mainland China is absent from the list of countries the broker says it will not serve. A Vanuatu dealer licence gives a client in China no protection whatsoever.
• What pulls the score down. There is no regulator warning against this brand anywhere, no fabricated licence, no borrowed identity, the legal entity is disclosed on every page and matches three separate registers, and the operation is genuinely about six and a half years old. Both formal complaints logged against it on FX110 are marked as resolved, and 33 of the 47 rated reviews there are positive.
• One caution on the age figure. The domain was registered on 24 June 2019 and the entity has been on the Australian business register since 24 February 2020. We could not open the Vanuatu company registry, so the incorporation date rests on the Australian registration record rather than on a Vanuatu filing.