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NicoFX Review - Is it scam or safe?

NicoFX Review - is nicofx.com a good forex broker or a scam?

RATING: 3 / 0 REVIEWS NicoFX
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Trading Accounts

 

Account type

Min. deposit

Min. Trade size

Max. leverage

Spreads (& commission)

Standard

$100.00

0.01

1:200

from 2.6 pips

Premium

$5 000

0.01

1:200

from 1.8 pips

Vip

$10 000

0.01

1:200

From 0.9 pips

 This broker offers the above account types, as well as a Swap-free (Islamic) one. All of them are said to priovide STP execution, variable spreads, leverage up to 1:200 and micro tradable lots.

 

Company. Security of Funds

 

Established in 2013, NICOFX claims to be a pure STP brokerage, offering trading in 38 currency pairs, Spot Silver, Gold and Oil to individual and institutional clients. The company behind the brand, Mount Nico Corp Ltd., is headquartered in Cyprus and is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC). The company has launched another forex brokerage brand, GreatSky.

 

CySEC requires forex brokers to hold at least €730,000 as a proof of financial stability and to keep customer funds in segregated accounts.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which can pay compensation to its covered clients up to 20,000 EUR, If the company is becomes insolvent.

 

Additionally, every CySEC-regulated investment company is also MiFID-compliant and therefore entitled to offer cross-border services in each EU Member State under the MiFID Passporting Regime. Nonetheless, ICOFX is also registered with UK’s Financial Conduct Authority (FCA) and Germany’s BaFin. 

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with NicoFX, traders have to invest a minimum of $100. Such minimum initial amount is considered average; however, many other Cyprus-based brokers require less. For instance, FXTM demands just $5 $from its clients as a start.

 

Spreads & Commissions

Unfortunately, the spreads offered by NicoFX are not among the tightest in the industry. The broker’s variable spreads start from 2.6 pips on EUR/USD, while most brokerages offer spreads within the range of 1 – 1.5 pips for this pair.

 

For purposes of comparison, FXTM offers spreads averaged 1.5 pips on EUR/USD on its commission-free Standard accounts. For more information, you may check out real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by NicoFX is 1:200, which is considered a comparatively high ratio. However, many Cyprus-based brokers offer even higher levels - for example, FXTM provides leverage up to 1:1000. Check out a list of brokers, providing leverage equal to or exceeding 1:500 here.

 

Keep in mind that leverage on Gold and Silver is fixed at 1:100. Also, we advise traders to exercise caution when trading on margin, as higher leverage involves greater risk. 

 

Trading Platform

 

This broker supports the most popular forex trading platform - MetaTrader 4 (MT4), available as desktop, tablet version and mobile applications.

 

The platform combines an accessible, user-friendly interface with a wide range of powerful functions, making it appropriate for both newbies and professional traders. MT4 provides a number of technical indicators, extensive back-testing, advanced charting package and a wide range of Expert Advisors (EAs). Trading signals is also available.

 

Unlike most brokers, NicoFX does not provide VPS – a virtual server that you can use for hosting your MT4 EAs, providing extra protection when trading forex. 

 

Methods of Payment

 

The following payment methods are available to NicoFX clients: credit/debit cards, bank wire transfer, China Union Pay and e-wallet Skrill.

 

Conclusion

 

NicoFX is a well-regulated forex broker that offers online trading in forex currency pairs, CFDs and precious metals through the MT4 and MT%. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros  Cons
Well-regulated (CySEC license) High spreads
No commission fees  No CFDs on indices and stocks
MT4 available No choice of trading platforms
STP execution  No VPS

                                                               

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Traders` reviews for NicoFX

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Requotes

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Price feed

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Deposit/Withdraw

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Customer service

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