NordFX Forex Broker
A multinational Forex trading company, NordFX provides limited financial instruments covering forex, stocks, precious metals, and cryptocurrencies. In this preview, let’s peruse NordFX’s capability by looking into its set of its multi-layered benefits and limitations.
Low trading fees
Has Bonus and Promotions
Competitive Virtual Account offering
Withdrawal fees apply
Inadequate research facility
Limited market coverage
Now that we have an initial gauge of the company’s services, let’s scrutinize further the integral facets of NordFX’s trading services so as to aid the reader of this review in arriving at an important investment decision.
Background & Regulation
Operating since 2008, NordFX is a financial company based in Mauritius and is sanctioned by the well-recognized regulatory board, CySEC.
NordFX adheres to the non-negotiable standards of the financial regulatory body that safeguards its clients’ funds. Such is made possible via the company’s segregation of the clients’ funds from the company’s own assets. Solidified via the employ of tier-1 banks, the choice is deemed as sound industry practice and by far the most secure of all checks that are put in place. This makes trading through NordFX risk-free, with all clientele assured that their funds would not be made utility to the company’s attempt to keep its head above water should insolvency happen.
NordFX also has a sophisticated risk control scheme in place that can guard against negative balances. This ensures that a position will be safe from falling below 0 no matter how fast it travels toward you.
Being traded in more than 190 countries worldwide, NordFX is a global brokerage brand. It caters to about ten thousand traders across four continents. U.S.-based traders are also part of the broker’s covered clients.
NordFX has a number of recognition and prizes, which places it at par with the leading multinational brokerage brands. Among the accolades that NordFX had received is the Best Crypto Broker in Asia for the year 2017 among many others.
With over 1.5 million accounts available, it is apparent to be seen as a legitimately trusted brokerage.
Features & Fee Infrastructure
Asset Selection Coverage
NordFX has a shortlist of assets for trading covering Foreign Currencies, Global Shares, Metals, and Cryptos.
NordFX offers three classifications of live trading accounts namely: Fix, Pro, and Zero.
Here are the offerings and benefits of each live account.
This requires only a minimum starting deposit of $10; obviously the lowest among the three accounts.
This account asks for a startup deposit of only $250.
The starting deposit for the creation of this account is $500. The Spreads here are seen to be the most competitive. This is pegged at 0.0 pips.
No commissions are found in the Pro and Fix accounts whereas the Zero iteration requires 0.035% of the side commission.
Users across the accounts are availed of 1:1000 as leverage.
The Offered Funding Methods
Bank transfers, credit cards, and some of the mainstream online payment gateways, such as Skrill, Neteller, WebMoney, and Perfect Money, are all options for funding an account.
There are simply no deposit fees. Withdrawal transactions share the ways by which deposits are administered. It must be noted however that withdrawal fees are not the same as the amount will rely on the transactions conducted. At the most, six (6) days may pass for the completion of transactions.
Trading Software Offering
NordFX offers MetaQuotes’ flagship trading software the MT4 and the MT5.
The MetaTrader 4 lays down to its users customizable features which help in easily navigating the platform. These are especially engineered to boost trading performance. Thanks to its charting capabilities and its sophisticated order management system you can keep track of your positions in a timely and cost-effective manner.
MT5 is a multi-active trade site with a broad spectrum of implements for trading and financial analysis. It also helps to copy and automate systems for trade (trading robots). For example, further schedules and the advanced charting tools aids users gain an edge in the markets.
WebTrader, desktop, and smartphone applications for iOS and Android devices are compatible with these MT4 and MT5 versions.
In addition, MT’s MultiTerminal is also provided.
When it comes to platform offerings, account forms, trading rates, enforcement, and terms and conditions, NordFX is a brokerage worth considering. While there are apparent areas where NordFX could improve, such as its market offering and capabilities for analysis, the brokerage is generally nice and healthy to invest through.