BROKER REVIEW

Comments Rating 2.5 (1 review)

GENERAL INFORMATION

Broker Name:

Nord FX

Broker Type:

Forex

Country

Vanuatu

Operating since year:

2008

Regulation:

CySEC

Address:

14 Louki Akrita street, Ayias Zonis, 3030, Limassol, Cyprus

Broker status:

Regulated

CUSTOMER SERVICE

Phone:

357 25 281 682, 357 25 558 112

Languages:

English

Availability:

Monday to Friday 9am – 6pm Cyprus local time.

TRADING

Trading platforms:

ZuluTrade and Currensee, MT4

Trading platform Time zone:

GMT +3

Demo account:

YES

Mobile trading:

YES

Web-based trading:

YES

Bonuses:

YES

Other trading instruments:

N/A

ACCOUNT

Minimum deposit ($):

$0 – $5

Maximal leverage:

1:1000

Spread:

N/A

Scalping allowed:

YES

picture-130

GENERAL INFORMATION

NordFX is a veteran broker with over a decade of business experience. It was founded in 2008 and has been providing trading services ever since.

 

The broker is based in Vanuatu.  The firm’s address is NFX Capital VU inc, Vantu House 133 Santina Parade, Elluk, Port Villa, Efate.

 

The many years they’ve been in the business, sadly, didn’t seem to translate into quality improvement. As soon as you visit their website, something seems off. It looks like it’s a template adjusted slightly for an online broker rather than an actual professional website someone put effort in. Basing our NordFX review on how their website looks, however, wouldn’t be fair, so we dug deeper.

 

What we immediately found was a sea of negative customer comments, complaining about malicious practices. They range from the broker changing spreads and slippage on successful accounts to straight-up withdrawal refusals. Those are best taken with a grain of salt, but they do give you something to think about.

 

 Before diving into the negatives, however, let’s go over some of the things NordFX does well:

picture-131

• NO SPREADS IN SOME SITUATIONS


On certain forex currency pairs, the spreads start from 0.0, which is as low as you can go. That results in an easier time making beneficial trades.


• 1:1000 LEVERAGE


The leverage that NordFX offers is quite good at 1:1000. Numerous traders consider leverage a pivotal point to turning a profit, so a high rate certainly can’t do any harm.


• RICH KNOWLEDGE BASE


There’s an education page on nordfx.com that lets you improve your skills as a trader. The most useful tools there are the gossary, containing many useful or even neccesary terms to know, and the articles about various trading topics.

FUNDS TRADING AND SECURITY

NordFX is licensed by two regulators in CySEC and VFSC.  CySEC is, in truth, much more valuable of the two due to VFSC being offshore. Even the best licenses, however, don’t always guarantee a scam-free experience. There have been many cases of brokers managing to circumvent licensers and pull off some shady business practices.

 

As we mentioned earlier in our NordFX review, there have been multiple occasions of users complaining about stifled profits. Whether it was refusing withdrawals or tinkering with accounts, the accusations are too numerous and consistent to ignore. Now, we have no way of certainly saying whether the broker is tricking their users or not, but the reports do raise a great deal of suspicion.

 

The security, all things concerned, could be worse, but it’s not good by any stretch of the imagination. One good license doesn’t undo the tons of reports, and we’d recommend anyone investing money into NordFX to be careful about how much they put in.

 

Overall, the reputation of the service is shaky, and the security doesn’t be there. We can’t recommend trading via a service that isn’t even certain to let you withdraw the money you earned.

TRADING ACCOUNTS

Before you invest any money on NordFX, you’ll be able to open a demo account and check the service out. The trial account, however, still requires a registration, so you’ll need to hand over some info.

 

As for the live accounts, there are four options, Fix, Pro, Zero, and Stocks. The fourth is different from the initial three, as it strictly specializes in trading it’s namesake. The first trio is cheap and allows you to get into the action without much investment. However, you’ll notice there aren’t any accounts committed to high spenders. Furthermore, the (counterintuitively) most expensive, Zero, account has commissions on trades, making it harder to come out on top long term.

 

The last nail in the coffin is that the trading assets you can buy and sell change with different account types. That can worsen the experience significantly for someone who wants to trade on, for example, both stocks and forex pairs. The picture is pretty bleak, but here are some of the specifications of each account type:

• FIX


Minimum deposit: $10
Spread: from 2 pips
Leverage: up to 1:1000
quote precision: 4 digits
Commissions: No
Trading instruments: 28 FX Pairs + Metals + Crypto + Indices + Oil

 

• PRO


Minimum deposit: $250
Spread: from 0.9 pips
Leverage: up to 1:1000
quote precision: 5 digits
Commissions: No
Trading instruments: 33 FX Pairs + Metals + Crypto + Indices + Oil

 

• ZERO


Minimum deposit: $500
Spread: from 0 pips
Leverage: up to 1:1000
quote precision: 5 digits
Commissions: 0.0035%
Trading instruments: 33 FX Pairs + Metals + Crypto + Indices + Oil
Access to interbank liquidity (ECN)

 

• STOCKS


Minimum deposit: /
Credit leverage: 1:5
Commissions: 0.2% (round turn)
Trading instruments: 68 stocks

TRADING CONDITIONS

While there are some positives like the 1:1000 leverage and low-to-none spreads, there’s also a number of trading conditions that simply aren’t that good. Their accounts aren’t that great at all, lacking any high-end options. The trading assets are severely limited and don’t have any sort of depth or variety. There are even commissions on certain trades, making it harder to earn money long-term.

 

As far as deposits and withdrawals go, the picture is prettier, but not by much. There’s a lot of different methods and currencies they accept, and a lot of the deposits. However, there are fees attached to numerous withdrawal and deposit methods, and once you actually want to get the funds into your account, it’ll take some time.

 

Again, there’s the safety concerns that only serve to make the entire situation worse. As far as trading conditions go, perhaps they aren’t the worse, but they’re way far off from the best.

TRADING PLATFORM

picture-135

NordFX seems to have changed around their trading platforms significantly during the years they’ve been offering. MetaTrader5, ZuluTrade, and Curensee were all a part of their selection at one point in time. However, they’ve ditched all of those, and currently, only use MetaTrader4. And although variety would be a nice plus, MT4 is more than enough to get the job done.

 

The platform is a great all-rounder, giving newbies a chance to easily grasp trading via it’s interface and providing powerful tools for analysis for experienced traders. It’s no wonder it’s the world’s leading platform and the preferred software of numerous traders around the globe.

 

There’s also a web client that you can access without downloading anything. That’s useful if you’re away from the device you usually trade on and want to do a quick exchange or check something. The info on MT4 syncs across all devices, so you don’t need to worry about any of your data going missing.

 

Lastly, there’s also a mobile client that you can use to trade while you’re on the move. All you need to do is download the free application from the Google Play or Apple App stores and get a stable internet connection.

NORDFX’ TRADING PRODUCTS

While the broker’s asset selection is decent, the account limitations we mentioned earlier in our NordFX review hold them back significantly. Certain forex pairs are locked behind more expensive accounts, and if you want to trade on stocks, you’ll need an entirely different account type. All that makes trading tedious, but either way, here are some of the instruments you can trade on:


• Over thirty currency pairs – The selection isn’t vast, and five pairs are locked behind a Pro account; however, you’ll find some popular options, like GBP/USD, EUR/USD, and EUR/GBP.


• Spot energies – As far as we could tell, the only energy you can trade on is oil. While it’s better than nothing, it’s quite unfortunate to see that there isn’t any variety.


• Spot commodities – As for other commodities, you’ll find some precious metals, such as gold and silver, but again, the selection is nothing to get excited about.


• Spot shares – The selection of stocks goes slightly deeper than other instruments on their site, but there’s the account situation we already mentioned.


• Digital currencies – There are a lot of different crypto options at NordFX, and they might just be the asset with the most depth. You’ll be able to buy and sell coins such as BTC, LTC, ETH, and some others.

CUSTOMER SERVICE

The support team at NordFX has a decent working time stretching from Monday to Friday, 9AM to 6PM. The timeframe is in Cyprus local time, which is GMT+3, the same as MT4, so you can use that as a reference point. As for the methods you can use, there’s an email address, live chat, and multiple phone numbers spread around the world that you can call.

 

European phone number: +357-25030262

 

Email: [email protected]

picture-134

CONCLUSION

NordFX is another in a long line of brokers that simply hasn’t kept up with the times. The industry is getting more cut-throat as time passes by, and the broker seems to only be degrading their service.

 

There’s less trading platforms than before, their regulation got weaker, and the service they provide isn’t all that great. The things they do well are leverages and spreads, but you can find better versions of that elsewhere.

 

NordFX needs to improve the service they provide significantly to be worthwhile. Their mediocrity, coupled with the concerns about them scamming people, make us unable to recommend the service provider to anyone.

COMMENTS

One Response

  1. Avatar Shanina Banes 03.08.2020

Leave a Reply

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending

Nord FX Review
  • Support
    (2)
  • Platform
    (1.5)
  • Spread
    (1.5)
  • Trading Instrument
    (1.5)
1.6
Comments Rating 2.5 (1 review)

Subscribe to Our Newsletters

Have The Best Of Trade Market News Delivered Directly To Your
Mailbox. Subscribe To Receive The Latest Market News.