NordFX is a Scam. Check Regulations Before Trading
NordFX is the online trading broker that started its operation in 2016. It is one of the trade names of ITrade Global(CY) Ltd, which is registered in Limassol, Cyprus. The brokerage firm claims that it offers trading in various financial instruments like Forex, CFD, Indices, Commodities, etc. Let’s explore the detailed NordFX review based on various factors.
The broker offers four different types of trading accounts which are known as Standard, Silver, Gold, and Platinum accounts. To open an account traders have to deposit $250 as a minimum deposit. The spreads are high and the maximum leverage is 1:30.
The broker has limited resources of educational and research material. Traders get the ability to trade on mobile Apps and web Traders. It offers 24/5 customer support. So basically it offers average types of services. Limited payment options.
There are lots of other options available in the market. If you are looking to start your forex trading journey or want to open an account with any new broker then you can try withInvestFW, the best forex broker in the market. Explore detailed InvestFW Review.
NordFX Review: Pros and Cons
Pros
200+ Trading Assets
Cons
High Minimum Deposit
Multiple Payment Methods
Low Leverage
No MetaTrader
High Spreads
Is NordFX Scam or Legit?
NordFX is the brand name of the NFX CAPITAL VU INC, which started its operation in 2008 in Vanuatu. The broker is registered and regulated by the Vanuatu Financial Services Commission (VFSC) under registration number 15008. A detailed list of VFSC.
NordFX is a regulated broker. This means that NordFX is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC), Licence No: 209/13.
Market prices will not be manipulated by regulated brokers. This will be honored if you send a withdrawal request to NordFX. Brokers’ regulated status may be revoked if they violate any regulatory rules.
The financial services provider holds a clear and outstanding track record of over 14 years. The broker has more than 1.5 million active traders. Client funds are kept segregated in top-tier bank accounts.
NordFX Review: Trading Account Types
The broker offers four types of trading accounts namely Fix, Pro, and Zero. There are not any major differences in all accounts. This can be tricky for novice traders.
The spreads are high and leverage is less. Swaps are also high. Other details are not clearly mentioned on the broker's official website.
Fix Account:
Spreads start from 2.9 pips.
Commission
Maximum leverage up to 1:30
Hedging Allowed
The minimum Contract Size is 0.1
Dedicated Account Manager
200+ Assets Available for Trading
Pro Account:
Spreads start from 2.2 pips.
Commission
Maximum leverage up to 1:30
Hedging Allowed
The Minimum Contract Size is 0.05
Dedicated Account Manager
Zero Account:
Spreads start from 1.5 pips.
Commission
Maximum leverage up to 1:30
Hedging Allowed
The Minimum Contract Size is 0.1
Dedicated Account Manager
Overall the services and features offered by brokers are average. Traders can find much better brokers in the market. Novice traders can face lots of issues to starting trading with this kind of broker.
How to Open an Account with NordFX?
The account opening process might take upto 2-3 days depending upon your country. The account opening steps are as given below:
Firstly, visit the official homepage NordFX and click on the ‘Open Account’ button.
Now, follow the on-screen instructions and enter all the personal information such as your name, last name, email, mobile number, and password.
After that, upload a copy of the government-issued identity document to complete the verification process.
Complete the questionnaire part, where questions regarding your past trading experience will be asked. Answer all the questions correctly.
Fund your account and start trading!
NordFX Review: Trading Instruments
The financial service provider offers trading on more than 100+ trading instruments. Currency pairs, cryptocurrencies, stocks, Indices, etc. The broker offers CFD trading but details of assets are not mentioned on the official website of the broker. You cannot trade directly in stocks and Indices. You will have to trade through CFD,s only. Also, the broker offers very leverage, therefore you will need good capital of your own. This can be difficult for novice traders and traders who have less capital with them.
NordFX Review: Trading Platforms
The broker offers its own mobile App and Web Trader platforms for traders. Whereas traders love the most popular MetaTrader trading platform. Which is the best and user-friendly trading platform and is trusted and used by millions of traders globally. MetaTrader offers the best interface and is easy to understand even for novice traders. It has fast trade execution and inbuilt charts and indicators.
The trading platform offered by the broker is quite complicated and might be difficult for novice traders to understand the features of the platform.
NordFX Review: Spreads and Commissions
The broker offers high spreads which can be major drawbacks for traders. The broker offers 2.5 spreads. Spreads mean the difference between the buying and selling price. The broker earns money through these spreads. High spreads mean you will make fewer profits or it can be difficult for novice traders to make profits.
For example, let’s say the EUR/USD price is Buy -1.04235 / Sell – 1.04260 which means the difference of 25 pips as per the brokers offered 2.5 pips. Which is much higher as compared to other top brokers in the market. On average other brokers offer 0.8 to 1 pip for EUR/USD currency pairs.
Whereas the commission part is not mentioned clearly on brokers' websites. But when we tried to make a trade we got charged some commission also for each trade. The commission is different for different instruments.
NordFX Review: Maximum Leverage
The maximum leverage ratio available on this platform is fixed for all account types. For instance, you can use maximum leverage of 1:30 for trading. Which is low compared to other brokers in the industry.
NordFX Review: Deposit and Withdrawal
The brokerage platform allows its account holder to deposit and withdraw funds through limited payment methods, including
Bank Transfers
Credit/Debit Cards
Sofort
Trustly
On the other hand, the platform allows you to raise withdrawal requests anytime, anywhere. But the minimum withdrawal is $250 and the minimum deposit is also $250. However, the maximum time for processing a withdrawal request is set at 3-4 working days.
At the same time, the trader may have to pay conversion charges while withdrawing funds. There are no deposit fees; however, you may be charged a handling fee of 3% + 0.25 cents.
NordFX Review: Educational and Research Material
The broker has limited resources available for education and research. Traders can find the material under the knowledge center tab on the website. The broker offers some articles and a glossary. Whereas the economic calendar is research material. Which is quite less compared to other major brokers in the industry. The broker should provide webinars, videos, and other informational and useful learning materials.
NordFX Review: Customer Support
Customer support is crucial for any business. The broker has very poor customer support. Traders can contact only through mail or phone call. The live chat option is not available. The average response time is 5-6 hours which is huge. When we tried to contact their support team, we got a reply from them after 6-7 hours which was very drastic.
Email: support@nordfx.com
Phone Number: +91 120 4333948
NordFX Review: Final Thought
This was the detailed NordFX review based on every aspect of trading features and conditions. Overall the broker is new and offers very average and limited services which are not good for novice traders. Funds safety is also not guaranteed as the broker is completely new in the market and there is not proper information on its official website. Do your thorough research before choosing this broker. There are various top rated forex brokers in the market, you can start your trading with them.
You can Explore the Detailed InvestFW Review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.06% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.