NordFX Review
Overview
- Cyprus Securities and Exchange Commission (CySEC)
- Used by over 10,000 NordFX users and traders
- Established in 2008
- Regulated by Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008
- Min. deposit from $1
- Doesn’t offer VPS
- Not FCA Regulated
Overview of NordFX
NordFX is the next broker with a simple registration form, maximizing the procedure, by allowing users to log in through a number of available social networks. As a result, customers can experience the transaction almost instantly. Combined with a large number of IBs supporting customers on a large scale, stretching from North, Central to South, making NordFX one of the most talked about forex brokers today.
However, despite being “familiar with names” by traders, NordFX is a controversial exchange when it has an equal number of traders complimenting and criticizing. So is NordFX really a reputable forex broker worth trading? Let's find out with the following article.
NordFX Regulated
Currently, NordFX is regulated by 2 main agencies: VFSC, CySEC (under license number 209/13).
In addition, Nord Forex India Pvt LTD is licensed by the Securities and Exchange Commission of India (SEBI) under registration number INZ010009835. NordFX is also part of the National Stock Exchange of India (NSE) and the Stock Exchange of India (USEIL).
An interesting point, similar to FBS, it took 5 years for NordFX to be licensed by CySEC.
This shows that NordFX not only strives to improve quality to bring the best experience to customers, but also proves that the more reputable financial regulators such as ASIC , BaFIN or FCA , the harder it is . Difficulty in applying for a license, not wanting to be! That is, the floor is required to meet certain standards. And these standards, sometimes, also make “difficult” making the floor unable to meet. Or if there is, it takes 5 years like NordFX or 8 years like FBS !
How to licensed by CySEC
NordFX is required to meet the following requirements:
Capital : at least 750,000 € (about 18 billion VND)
Investor Compensation : As an EU regulated forex broker, NordFX is required to comply with the Financial Instruments Directive 2014/65/EU or MiFID II and the EU Anti-Money Laundering Directive, to protect Trader protection under the Investor Compensation Fund (CIF) with a maximum coverage of €20,000.
Regular financial reports : Brokers in general or NordFX in particular must submit regular financial statements and CySec will periodically review these reports, to confirm whether the broker is really compliant or not.
Must have a separate account and store deposits in a separate bank to ensure the safety of customers. This is a mandatory requirement, every exchange must have it if they want to be licensed by any agency. Therefore, NordFX is no exception!
In addition to the above requirements, NordFX also provides a number of other features such as:
NordFX has an advanced risk management system that can protect negative balances. That is, no matter how much negative your account is in the event of a fire, it will be protected from being negative.
Not only that, NordFX also has standard SSL protection, so all customer personal information will be encrypted before being sent to NordFX's servers.
In fact, compared to forex brokers like XTB , XM or ICMarkets , NordFX ‘s license is very small. Therefore, the level of protection for traders will not be equal to that of agencies like ASIC, FCA or BaFIN. Therefore, it is understandable that NordFX is not appreciated by long-time traders in terms of license.
Investment Products
The following table shows the different investment products offered by NordFX:
| NordFX | |
| Currency Pairs (Total Forex Pairs) | 33 |
| Cryptocurrencies are traded as real assets | 15 |
| Cryptocurrencies are traded as CFDs | Is not |
| Stock | ten |
| Gold | Have |
| Goods | Is not |
NordFX Trading Account
Account Type |
Details |
Fix Account |
|
Pro Account |
|
Zero Account |
|
Stock Account |
|
Platforms and Tools
NordFX allows investors to trade through the MetaTrader 4 and MetaTrader 4 MultiTerminal platforms.
MT4 is the trading platform offered by most Forex brokers today. This is a product of the famous technology corporation MetaQuotes developed. MT4 provides a user-friendly interface with most of the features needed for the trading process.
MetaTrader 4 MultiTerminal is a platform aimed at investors who are active on several accounts at the same time.
| NordFX | |
| Demo Trading | Have |
| Proprietary Platform | Is not |
| Platform for PC | Have |
| Web Platform | Have |
| Social Trading/Copy trading | Have |
| MetaTrader 4 | Have |
| MetaTrader 5 | Is not |
| cTrader | Is not |
Mobile Transactions
The MetaTrader 4 trading platform can be easily installed on mobile devices using iOS and Android operating systems. Thanks to that, busy, on-the-go investors can trade at any time.
The mobile version of MT4 has fully integrated features similar to the PC version such as research indicators, charts, smart trading, multiple timeframes, etc.
| NordFX | |
| Android Apps | Have |
| Apple iOS App | Have |
| Trading – Forex | Have |
| Trading – CFD | Have |
| Warning – Basic field | Have |
| Watchlist | Have |
| Sync watchlist | Is not |
| Charts – Indicators/Research | Have |
| Charts – Draw Trend Lines | Have |
| Chart – Moving Trendline | Have |
| Charts – Multiple Time Frames | Have |
| Charts – Automatically save drawings | Is not |
| Forex Calendar | Have |
Commission Fees
NordFX does charge commission on CFD instruments.
A broker may charge a commission fee as a service charge for facilitating the buying and selling of financial assets through your trading account.
A brokerage may make most of their revenue from charging registered traders a commission fee on client transactions.
Commission fees can differ depending on the trading type, financial asset type and what level of trading account you have.
Broker commissions are charged if the brokerage fulfills an order, cancels an order or modifies and order on your behalf.
If a market order is not fulfilled by your brokerage usually no commission is charged.
Be aware that if your order is modified or canceled, your brokerage may charge a commission fee.
NordFX Deposit & Withdrawal Fees
NordFX doesn't charge withdrawal fees.
Each broker has their own specific withdrawal rules on how your funds can be withdrawn from your trading accounts.
This is because each brokerage firm will have different withdrawal methods and each payment provider may have differing transfer processing fees, processing times and a potential currency conversion fee. The Conversion fee is dependant on your base currency, your receiving currency and your payment provider.
For example NordFX allows you to withdraw your funds to Bank Transfer, Neteller, PerfectMoney, WebMoney, FasaPay, CashU, Payza, QIWI.
NordFX does not charge deposit fees. Although bank / 3rd party merchant fees may apply.
You must always review deposit fees as some brokers may charge a fee when you deposit funds from your payment method to your trading account. This is because the payment method which you use to fund your account may accrue a fee.
The fee may be a fixed fee when you deposit a specific fiat currency to your account. For example fees are known to be high when depositing funds from a credit card. This is if your broker accepts funding your account via a credit card.
Customer Support at NordFX
As part of our NordFX review we review customer service options, response times and NordFX trading platform problem resolution effectiveness. NordFX support a wide range of languages including Indian, Chinese, Arabic, Brazilian, English, Spanish, Russian.
NordFX have a A grade support rating because NordFX offer over three languages.
Livechat Support at NordFX
NordFX does not offer LiveChat Support.
Email Support at NordFX
We sent several emails to NordFX and answer times overall were excellent. The fastest response from NordFX was less than 40 minutes and the slowest response was 9 hours. Support response times may vary for you with NordFX, but this was our experience sending 10 emails at varying times.
The team resolved and answered our queries. Overall good email support from NordFX.
Phone Support at NordFX
NordFX does not offer Phone Support.
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