has been operating for eight years
now, it is headquartered is in Mauritius and It’s registered for regulation by the Financial Service Commission (FSC
) of Mauritius
. It is not regulated in the UK, EU or the States but NordFX
has offices in China, Russia, India, Egypt and Brazil. The company remained relatively quite small when compared to other Forex brokers at its’ age, but its’ trading product serves all levels and types of traders.
NordFX offers trading in the basic range of 37 pairs of currencies as well as precious metals and binary options. The company’s website is modern and rich. It offers excellent information, training and glossaries which are suitable for both the beginner and experienced traders.
Compliance to Different Authorities
Speed and Ease of Procedures
Technology and Facilities
Client Support and Offers
NSFX has a complete product for online trading, however, it is regulated only in Mauritius
How does it help me learn?
The educational section NordFX
provides is mostly in videos and is available for all website visitors. It is comprehensive, interesting, easy to understand and assists both the novice traders and the advanced ones in many ways:
- Demo Account and Account Managers – A demo account is available to all clients to practice and get an idea about the trading conditions of NordFX. After opening an account, clients will be assigned an account manager who is in place to assist clients through the account opening process and encourage them to trade.
- Forex Ebooks – Beginner and advanced ebooks, both of them are informational and entertaining. The advanced ebook introduce a good number of strategies that are essential to all traders.
- Forex V.O.D. – Forex video on demand, it is divided into 5 sections, beginners, advanced, terms, strategies and MT4. The beginners and advanced sections are huge and they cover a lot of topics a traders need to know. The strategy section is very useful and the MT4 tutorial is comprehensive.
- Beginners Course – It is in video format and it presents crucial information before starting to trade. They include Forex basics, terms and types of orders. There’s also a glossary in video format as well.
- Trading Tools – These are also videos but they are very useful. They discuss advanced and important subjects such as trading psychology, capital management and advanced technical analysis.
- Strategies – The website list and explains 10 of the most common strategies. Presentation of these strategies is thorough but still easy to understand.
- MT4 Tutorial – Videos which go through the use of MT4 in detail and explain a large number of graphical tools and integrated indicators.
- Binary Options – NordFX also built a huge library about binary options. It includes introduction videos, advanced in-depth course, binary strategies, ebooks and platform tutorials.
How is the client support service in general?
There is access to a live chat service, which is available only during market working hours, from just after midnight on Monday morning until 10pm Friday evening. Clients can also have assistance via emails of different departments, and there is country specific telephone numbers to the company’s 5 offices. The website is offered in 11 languages and staff are multilingual.
Experience and feedback from clients regarding support confirm that it is professional and quick to respond. Answers to questions are mostly available on the spot. Some clients reported that emails are usually answered instantly.
What does the industry say?
The company successfully received a number of awards including Best ECN Broker, Best Micro Forex Broker and Best Forex Dealing Service. NordFX is also well rated on Forex websites and forums.
How safe is my money?
Since NordFX is regulated only by the Financial Service Commission (FSC) in Mauritius, and such a location isn’t on the list of the most stringent regulators, the question why the company isn’t licensed in the UK or EU just begs to be asked. Still, NordFX has an excellent track record regarding all aspects of its’ trading product.
What platforms does NordFX offer?
NordFX offers the standard MetaTrader4 and the MetaTrader5. It is the most popular and reliable platform for online trading and they both have a lot of tools and indicators. They are available for desktop, IOS and Andriod. The company didn’t develop its’ own platform and it doesn’t provide any add-ons or third-party online services except for trading signals which are available to clients of live accounts and is accessible via MQL’s website.
What about its trading conditions?
Leverage varies depending on the account type. It is up to 1:200 on the standard and the ECN account, whereas it is 1:500 for the micro account. For the MT-ECN account, the leverage is up to 1:100 only. The company also offers an account that has leverage up to 1:1000.
Margin calls are at 40% of the used margin and stop out levels are at 20% on all account except the MT-ECN where margin calls rise to 100% of the used margin and stop out level to 50%.
Swap charges are dealt with as an adjustment on the entry price of a trade and they are equivalent to the industry’s standards. The broker doesn’t offer Islamic Shari’a complaint accounts. Expert Advisors is available for all NordFX accounts.
NordFX‘s terms and conditions indicate that it doesn’t guarantee quotes in times of volatility and high volume.
How much will it cost me?
Fixed spreads are offered on the micro account only and it starts from 3 pips for the majors. On other accounts, the company offers only variable spreads and it starts from 1 and up to 3 pips on the major pairs. The value of a typical spread is derived from the daily average of a symbol’s spreads. The terms and condition of NordFX states that actual spreads depend on many factors and during certain market conditions, their values can be lower or higher than the values above.
Any special deals?
There are no competition nor promotions on the website. NordFX depends on its educational support and convenience of its product to attract business.
The bottom line
The company’s website is huge in content and suggests that NordFX is professional. The company was able to be somewhat successful during a short period and it received a number of reviews and comments from the online trading community applauding for the educational support, reliable platform and execution the company offers. Getting started is relatively a long process since the company’s required documents to open a live account have to be physically sent to one of company’s offices, delaying the account set up. The only real negativity NordFX has is the lack of sufficient regulation as it is regulated only in Mauritius, and such countries are actively involved in activities that might be considered illegal in other parts of the world or jurisdictions, which may complicate the withdrawal process. NordFX has an excellent multilingual team and the website is available in 11 languages.
Do you like this broker?
If you like this broker and want to open a live account, send us a request by filling the form below and we will reimburse you the full rebate generated from your trading.