Is NCE a scam?

The desk file on this operation:

• Brand: NCE, trading publicly as XNCE
• Legal entity: NCE SC Limited, company number 8428537-1
• Registered: House of Francis, Office 301(D), Ile Du Port, Mahe, Seychelles
• Website: xnce.com, with nce.sc and my.xnce.com; ncemarkets.com now forwards to the main site
• Only licence: Seychelles FSA Securities Dealer licence SD112, held by NCE SC Limited
• Named on the register: Konstantinos Toumasis
• Offers: forex, metals, energy, indices, shares and crypto on MetaTrader 5, plus a FIX API, from a 5 dollar minimum deposit
• Not accepted: residents of Russia, Iran, North Korea, Syria, Sudan, Myanmar and other listed countries
• Age claim: the broker makes none on its own site. Third-party listings assert 2007 and 2018; neither is supported.

We landed on high risk rather than scam because the identity checks passed and the conduct checks did not.

• The regulator's own register settles the licence question. We opened the Seychelles FSA Securities Dealer register and found NCE SC LIMITED. The entry carries the same address the website publishes, a Seychelles phone number, and, most usefully, both nce.sc and xnce.com as the firm's websites. A broker wearing someone else's licence never survives that test. Some third-party write-ups state the company cannot be found on the FSA register. We checked the register ourselves, and that is wrong.
• A verified licence clears the identity, not the behaviour. Seychelles is a low-tier offshore jurisdiction. There is no investor compensation scheme behind SD112, so if the firm does not return your money, the licence gives you very little to escalate to.
• The complaints follow one consistent mechanism. On Trustpilot in March 2026 a client wrote that after making a profit the withdrawal was refused, the account was closed and the balance deleted, and gave account number 661974. In October 2025 another wrote that withdrawals were being held. On a second forum, which we could review only in summary form, clients describe a refused 50,000 dollar withdrawal against roughly 66,000 dollars of profit after passing identity checks, and a 15,100 dollar deposit that could not be withdrawn for three months.
• We tested that pattern rather than counting it. It is the same failure described repeatedly, by different people, on at least two platforms, with account numbers and amounts attached. Three of the four tests we apply are met. It is not concentrated in a single window, which is the one test it fails, so we record it as strong but not conclusive.
• No regulator has flagged them. We swept the main international warning lists for the brand and the domain and found no entries. That is a genuine point in their favour, though these lists lag.
• The website is far older than the business. xnce.com was registered in 2007, but in 2016 it was still an empty parked page, and broker content only appears consistently from mid 2024. The earlier ncemarkets.com domain, which now forwards here, dates from July 2023. So this is roughly a three-year-old operation on a nineteen-year-old address. We scored the history on the three years. To their credit, the broker does not claim otherwise on its own site.
• One loose end in the paperwork. The client agreement places the contract under the law of Australia, while the contracting company is Seychelles-incorporated and holds no Australian authorisation. That is not fraud, but it is the kind of inconsistency that makes a dispute harder to pursue.
• What we could not establish. The Seychelles corporate registry is not open to public search, so we could not date the incorporation of NCE SC Limited. The age figure therefore rests on the domain record alone and should be read as an upper bound.