NordFX is a globally recognized international broker founded in 2008. Ever since it started offering its financial services, it has gained over 1,200,000 clients from over 100 countries. Currently, the NordFX group operates with three independent and well-regulated subsidiaries- the main branch in Vanuatu that services a large portion of its clients overall population, NFX Capital Cyprus LTD that caters to European clients, and its third subsidiary located in India.
NordFX consistently innovates with an end goal of increasing client engagement through optimum trading environment. Its effort of providing intensive asset management and PAMM accounts greatly enhances the visibility of its brand in a competitive market.
NordFX Regulation
As mentioned above, these three offices are regulated as they are filed under corresponding financial authorities. NFX Capital Vanuatu operates under the monitoring of the Vanuatu Financial Services. Its subsidiary in Cyprus is regulated by the Cyprus Securities and Exchange Commission, while its Indian subsidiary is regulated by the Securities and Exchange Board on India.
NordFX has been active in complying with financial authorities. It discloses all pertinent documents including the Pillar III requirements mandated by the Basel Committee on Banking Supervision. Clients are also secured mainly from the company’s scheme of separating users’ finances from its own holdings. In addition to this, clients registered in NFX Cyprus are equipped with extra security as it provides negative balance protection.
NordFX Account Types
Clients are given a wide selection of account as it provides four types- the Fixed, Pro, Zero, and Stock accounts.
The Fixed account came as the cheapest as it can be opened for a minimum deposit of $10. However, rates cannot be adjusted since, as the name suggests, it is a fixed account. When it comes to the Pro account, trading fees are relatively lower but it demands a more expensive fee worth $250. These two accounts conform to the market-maker model.
Checking out the Zero account, it can be agreed upon that it is highly-competent. For a minimum deposit of $500, major pairings may be placed for 0.3 pips. Note that it asks for a commission worth 0.00070% and is categorized as an ECN account. What appears to be the only setback about this account is its unavailability to be connected to the ECN network. Rates of the Zero account vary. NFX Vanuatu sets its leverage at 1:1000, while NFX Cyprus limits its leverage rate at 1:30.
Lastly, the Stock account is designed to facilitate CFDs trading. This came advantageous since it is inconvenient and complicated to both execute CFDs and Forex trades using one account. It asks for a commission of up to 0.20%, while its maximum leverage is set at 1:5.
Trading Platforms
NordFX likes to keep things simple and hassle-free. This is seen mainly from its effort of the most popular and commonly used platforms- the MT4 and MT5.
MT4- This platform has proven its optimality since its inception. Its time-tested functions enable clients to conduct technical analysis with ease. Larger margin of profitability is guaranteed mainly from its advanced charting instruments, indicators, researches, and order management. Moreover, the interface exudes convenience as it can be customized according to users’ preference.
It functions through its own coding language, MQL4. This programming language carries out bots and algorithm creation, enabling clients to place trades automatically and simultaneously in whatever market they want to trade. This platform is supported in various operating systems such as iOS and Android.
MT5- This is an upgraded version of MT4. Similar to all things upgraded, MT4’s function is ramped up and enhanced to increase user engagement. MT5’s interface is well beyond the efficacy of MT4 since it is easier to navigate. Its language is then converted into MQL5, a programming code that facilitates object-oriented commands. This means that MT5 enables users to create indicators without any restrictions.
Both platforms have their own advantages. While MT4 is known to carry out robust trading, MT5 is best in bringing access to specific markets. If you are having trouble assessing which one to use, you might want to first evaluate your trading structure.
Customer Support
Another important consideration in choosing a broker is its customer support. Reviews online received so many good feedbacks when it comes to this broker’s customer support. Live chat is available for anyone who needs real-time answers. What’s more impressive is the team’s attentiveness as resolutions are given immediately after placing queries.
Other means of customer support include tickets for anyone who has persisting concerns, an FAQ section that offers answers for the most common queries, and a hotline available in different languages. In addition to this, you may email them through [email protected].
Conclusion
This review finds NordFX a credible and legitimate broker. With its time-tested platforms, impalpable years of service, large market traction, and solid track record, one will easily be compelled to open an account them. While there are still aspects to improve, these setbacks are outweighed by its advantages.