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NordFX Review

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Nord FX is an international brokerage that was established in 2008, so they’ve had more than ten years worth of experience in the Forex industry. During that time, more than 1,200,000 accounts have been opened and more than 30 prizes and awards have been given to this broker. Since the company is regulated by the VFSU, we felt that they could be considered a trustworthy option. But what is it that actually makes this broker worth choosing? With so much competition out there, stay with us to find out if this broker stands out among the crowd.

Account Types

Nord FX offers three different account types: Fix, Pro, and Zero. All of the accounts share some similarities and differences. One of the main differences for each account is the deposit minimum. The number of trading instruments, commission fees, and spreads are just a few of the differences. All account types will have access to the same leverage and trade sizes, so there is no need to compare there. Below, you’ll find an overview of each account type.

Fix Account:

  • Deposit Minimum: $10
  • Trading Instruments: 28 currency pairs + 15 cryptopairs + metals + 6 CFD indices
  • Commissions: None
  • Spreads: Starting at 2 pips

Pro Account:

  • Deposit Minimum: $250
  • Trading Instruments: 33 currency pairs + 15 cryptopairs + metals + 6 CFD indices
  • Commissions: None
  • Spreads: Starting at 0.9 pips

Zero Account:

  • Deposit Minimum: $500
  • Trading Instruments: 33 currency pairs + 15 cryptopairs + metals + 6 CFD indices
  • Commissions: 0,0035% per side
  • Spreads: Starting at 0.0%

If you don’t have a lot of funds, you’ll probably have to choose the Fix account. Since there are no commissions and the leverage options are great, this isn’t a bad choice. If you want access to more trading instruments, the Pro or Zero accounts are the best options. Traders will also notice that commissions are only charged on the Zero account, but this account also offers the best spreads. Traders will be able to open demo or Islamic accounts in addition to the main account types offered. If you’d like a swap-free Islamic account, you’ll need to email support@nordfx to make the request. To make the process go more smoothly, go ahead and provide your account number, phone password, and attach a scan of your ID proving your religion. This will help to avoid any hang ups in the process of having your account changed over. Keep reading to get all of the specific facts for each account.

Platforms

NordFX offers both the MetaTrader 4 and MetaTrader 5 platforms, so traders won’t need to look elsewhere for a better option. One of the best qualities of both MT4 and MT5 are the wide variety of tools available within both, although MT5 does offer more tools, like an economic calendar, more built-in technical indicators, and so on. Even with the options that have been added to the newer version, classic MT4 still stands as the most preferred trading platform, since it offers pretty much everything a trader could need and more.

Another great addition to the platforms offered is the MultiTerminal, which allows traders to manage several accounts at once. Gone are the days of mixing up account details and changing passwords, since you only have to keep up with one set of login details to access all of your accounts. Next, let’s talk about accessibility. You’ll be able to download all of the platforms, including MultiTerminal, on your PC or Mac. Users will also have the option to download the platforms for Iphone/Ipad and Android devices. We suggest downloading the platform for both your computer and phone, since you’ll be able to access your trading accounts quickly if you leave home.

Leverage

The smallest leverage option is 100:1, which means you’d be trading with 100 times the funds that are available in your account. This is a popular choice among experienced traders. Leverage goes as high as 1:1000 on all different account types. Having the option to choose leverage this high is exciting and uncommon. It’s especially uncommon to find that traders may choose the highest leverage offered on all account types, since this is usually reserved for those that have the best accounts with the largest deposit minimums. If you do decide to trade with such a high leverage, it can be risky, but rewarding. If you’re a beginner, the best thing to do is start with one of the lower leverages and work your way to the top when trading on a real account, otherwise you may not fare too well. Practicing on a demo account with a high leverage is a great way to test leverages in order to see which option is the best for your particular trading style and skill level.

Trade Sizes

All of the accounts share the same trade sizes, but have different rules when it comes to margin call and stop out levels. The minimum trade size allowed is 0,1 on all accounts, while the maximum lot size is 50 with step 0,01. These specifications are for currency pairs, plus gold and silver. For crypto pairs and crypto indices, you’ll have to check the contract specifications to find the exact trade sizes allowed. Moving on, traders will need to know the margin call and stop out levels, which are put into place to keep accounts from going negative. The Margin Call/Stop Out levels are as follows:

Fix and Pro accounts: 40%/20%

Zero account: 60%/40%

Many traders understand what these limitations are put in place for, but we will explain quickly. If you reach the margin call level, you aren’t going to be able to open any new trades. This would be the time when you should consider closing trades, or adding more funds to your account, otherwise you could hit the stop out level, which isn’t fun. Basically, at this point your trades would be closed one by one, starting with the least profitable. You can’t reverse this process, so keep an eye on your account to make sure this doesn’t happen. This measure is put in place with all Forex brokers, only the levels will differ slightly based on which broker you’re trading with.

Trading Costs

Traders will need to keep commission fees, swap fees, and spreads in mind when calculating trading costs. Let’s start with commission fees. As long as you’re trading currency pairs, gold, or silver on a Fix or Pro account, you won’t have to pay any commissions. However, if you do so on a Zero account, commissions are listed at 0,0035% per side. If you’re trading Crypto Pairs or Crypto Indices, there are maker and taker fees. If your trading turnover exceeds 1000 lots per month, you will be given a discount, so that’s a plus. Moving on, traders will need to take swap fees into account, unless they have an Islamic account. These fees vary, so you can check the specific fees on the account details page for each account. Finally, spreads, which are the difference between the bid and ask price, can vary. We provided more information on spreads later in this review.

Assets

If you’re trading with a Fix account, you’ll have the least number of assets to choose from. Options for the fix account include 28 currency pairs, 15 cryptopairs, metals, and 6 CFD indices. If you have a Pro or Zero account, you’ll have a few more options, including 33 currency pairs, 15 cryptopairs, metals, and 6 CFD indices. The assets that are offered are solid choices, but we would like to see more choices available. Of course, if you want to have the most choices, then the Pro and Zero accounts will be better options to choose.

Spreads

Not surprisingly, the spreads will differ based on which account you’ve chosen. The best spreads come with the Zero account, which lists spreads as starting at 0.0 pips. This option is the best of the best and we were happy to see such a low offering available, although you would have to make a larger deposit to qualify. Second place would be the Pro account, which lists spreads staring from 0.9 pips. Finally, those that have chosen the Fix accounts will have access to spreads starting at 2 pips. The options for the first two accounts are great; of course we wish the options for the Fix account were a little better. Keep in mind that spreads are constantly changing, and those listed are the best possibilities.

Minimum Deposit

Your deposit requirement will differ based on the account type you’ve chosen. Beginners or those that don’t have a lot of funds to start with would probably do best by opening a Fix account, which has a low deposit minimum of just $10. The next lowest minimum is for the Pro account, but you’ll find that there’s a big difference, with the deposit minimum being $250. Finally, those opening a Zero account would need to deposit $500 to get trading.

Overall, it was nice to see such a low minimum offered for the Fix accounts. You really can’t do much with only $10 in your trading account, but the lower deposit option is much less intimidating for those that aren’t quite sure of their trading ability. It would also be a great way to transition from trading on a demo account, since you would go from practicing to operating a real account with a small amount of funds. All of the minimums were reasonable when compared to other brokers. For better accounts with others, you’ll sometimes see minimum deposit requirements in the thousands, so we didn’t consider $500 to be outrageous.

Deposit Methods & Costs

NordFX offers several different deposit methods, including bank transfer, Visa/MasterCard, and online payment systems. All of the methods available are as follows: bank transfer, Visa, MasterCard, WebMoney, QIWI, Skrill, Neteller, Neteller Cards Visa/Maestro, Perfect Money, Yandex.Money, Ngan Luong, and PayToday. All of the methods are instant, with the exception of bank transfer, which understandably has a processing time of 3-5 business days. The main fact one needs to take into consideration when choosing a deposit method with this broker would be the fees associated with each method. Below, we’ve provided a basic overview of all of these fees.

No Commission Fees: Visa/MasterCard, QIWI, Skrill, Neteller, Yandex.Money, and Ngan Long

  • Bank Transfer: Check with your bank to see what fees are applicable.
  • WebMoney: 0.8% but not more than $50
  • Neteller Cards: 1.75-4.95% / 0-4.95%
  • Perfect Money: Premium account 0.5%/ Verified account 0.5%/Unverified account 1.99%
  • PayToday: commission for deposit 4%

It would be nice if one could simply deposit funds with a broker without worrying about fees, but sadly, that is rarely an option. Fortunately, this broker does offer several fee free options. For the methods that did have fees, we felt that the fees could be considered high. Make sure you check the fees and consider the amount you’re depositing before choosing a deposit method.

Withdrawal Methods & Costs

All of the deposit methods are also available for withdrawal, including Internal Transfer. There are fees associated with most of the withdrawal methods, so you’ll definitely want to take that into consideration when choosing a method. Check below to find the fees associated with each specific method.

No Fees: QIWI, Neteller, Ngan Luong, and Internal Transfer

Bank Transfer: Check with your bank to see what fees are applicable.

Visa/MasterCard: 4% of the amount + $7.50

WebMoney: 0.8% but not more than $50

Skrill: 1%

Perfect Money: 0.5%

PayToday: 2% commission for withdrawal

So, if you want to avoid fees completely, stick with one of the fee free methods. If those methods aren’t an option, you’ll find the lowest fees with WebMoney, Perfect Money, and Skrill. If you want to withdraw with Visa/MasterCard, as many do, you probably won’t be happy with the fees. We weren’t very impressed with them. Of course, you can always choose another option to avoid these fees if you also feel that they are too high, since the other withdrawal methods offer better options.

Withdrawal Processing & Wait Time

When traders want to withdraw their funds, they want it done quickly. The fastest options are PayToday, which is instant, and Internal Transfer, which is instant for consolidated accounts, and within 1 business day for nonconsolidated accounts. Moving on, all of the online payment systems are processed within 1 business day, except for PayDay, which we mentioned was instant. Bank Transfer comes in next to last, with wait times between 3-6 business days. Finally, you can expect for Visa/MasterCard to be processed within 5 or 6 business days. When comparing all of the methods, it seems that the online payment systems and Internal Transfer were the best options for those in a hurry. If you don’t mind waiting a few business days, then bank transfer and Visa/MasterCard would be acceptable options. We do wish that the timeframes for card withdrawals would be a bit quicker.

Bonuses & Promotions

Unfortunately, NordFX is not offering any bonuses or promotions at this time. It’s possible that this could be offered in the future, so make sure you keep an eye out for these opportunities if you decide to open an account with this broker. We would have liked to see some of these opportunities available, since many other brokers do offer some type of bonus, although conditions for meeting those bonuses can be difficult.

Educational & Trading Tools

We were very happy with the educational opportunities that NordFX offers. Traders will have access to a Learning Center, which is an online resource center developed to help everyone develop their skills. In the Learning Center, you’ll also find a glossary of helpful definitions. Using the glossary to look up terms is much easier than searching the web and reading through various articles to try and find the definitions. This will give beginners a great opportunity to improve their knowledge and skills. Another plus was the offering of several trading tools directly on the website. The tools offered included Analysis, an Economic Calendar, Trading Signals, VPS, and a Trader’s Calculator. Traders will find that even more tools have been built into the MT4 and MT5 platforms as well. When it comes to educational and trading tools, nothing is missing from our wish list.

Customer Service

Support is available 24/5 via LiveChat, email, or phone. Traders will also be able to follow NordFX across social media, including Facebook, Twitter, Instagram, and YouTube, just to name a few.  Links to all social media accounts can be found next ‘Follow Us’ at the bottom of the website. If you’re in a hurry to get in touch with support, LiveChat will always be your best option, so long as it is within business hours. If you feel that it is easier to chat with support over the phone, five different numbers have been provided for direct calls, which are listed below. Otherwise, you can send an email to support directly from the webisite. It seems that this broker has made it easy to get in touch with their support staff, which is so important when you’re working with people’s funds. Fortunately, you won’t have trouble getting in touch with an agent if you have any questions or issues.

Phone:

China: +86 108 4053677

India: +911204533777

Russian Federation: 88043334516

Sri Lanka: +911204533768

Thailand: +66600035101

Demo Account

Demo accounts are a valuable tool for those that want to practice trading, so we were pleased to see that these accounts are offered. You can open a demo directly from the website, or on the MT4/MT5 platforms. You’ll have the ability to choose leverage between 1:100 and 1:1000 when opening your account. Note that demo accounts will be deleted if inactive for 14 days, but traders can simply open another account if this happens. You can also create multiple demo accounts in order to test different leverages and deposit amounts.

Countries Accepted

Their offshore (Vanuatu) location makes it possible for them to open their doors to a broader range of Forex traders. In this location, they are regulated by the Vanuatu Financial Services Commission (VFSC) under the Registration No.: 15008 and SEBI. Their sister company NordFX Cy, is required to be much more selective with who they provide services to as this branch is regulated by CySEC. U.S. traders would of course not be able to trade with NordFX Cy and should instead register with the Vanuatu branch of NordFX.

Conclusion

What didn’t we like about this broker? Let’s start with the negatives. Swap fees, no acceptance of US clients, and the lack of any current bonus opportunities were on the negative list. When it comes to funding, we also disliked some of the high fees and longer withdrawal times associated with using Visa/MasterCard, especially since it is such a popular option. We also would have liked to see more assets offered. Your experience is really going to come down to which account type you choose, so let’s cover what was good, bad, and average about each different account.

First, if you choose a Fix account, you’ll have access to a low deposit amount of just $10, the best leverage options, which is rare for this type of account, and no commission fees. You’ll also have access to a decent variety of indices, but the other accounts do offer more. Also, you’ll have to deal with the highest spreads. Next, if you choose the Pro account, you’ll have a reasonable deposit minimum, the best leverage options, no commission fees, access to more assets, better margin call/stop out levels, and the second best option of spreads. Finally, if you choose the Zero account, you’ll have access to the best spreads available, the best leverage options, and the largest option of assets.

Drawbacks to operating the Zero account include commissions, which offset the better spreads that are offered, as well as a higher Margin Call/Stop Out level. Finally, let’s mention some of the positives that will affect traders no matter which account they choose. The first would be amazing leverage options, which we mentioned earlier, but wanted to point out more exclusively. The options go much higher than what we usually find available, and other brokers often require traders to deposit large amounts of funds to have access to higher leverage. With this broker, even the most basic account holders will have the choice. This makes NordFX stand out from the crowd.

Another plus is that NordFX really put in effort to provide great educational and trading tools, and they offer a great selection of platforms including MT4, MT5, and MultiTerminal. We did have some negative comments about some of the funding options earlier, but there are positive qualities about many of them, including quick deposit and withdrawal times, along with fee free options. Finally, it’s super easy to get in touch with customer support; we were even connected with an agent quickly on a holiday, which proves that this broker takes customer service very seriously.  When it comes down to it, choosing the right broker is a balancing act. Our final opinion is that this broker is trustworthy and stands out from the crowd, although they aren’t perfect. This is a broker that we would recommend to a friend. In the end, only you, the trader, can make that decision. If this is the broker for you, we’re happy to have helped you make that crucial choice. If not, we wish you happy hunting.

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