Forex

NordFX NordFX review

NordFX (CY) Review - Is it scam or safe?
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3 REVIEWS

NordFX execution and slippage

2.77 pips

Slippage is the difference between the price at which the order has been placed and the price at which it has been executed by the broker. The less slippage you get, the better your trading results will be. 

 
Our slippage data about NordFX is sampled by 10 of the most popular forex trading strategies in Zulutrade.com.
 
2.76 pips

NordFX slippage with Kama-spot trading strategy

Kama-spot is a forex trading strategy, based on technical analysis. It trades mainly EUR/USD, GBP/USD and USD/CHF

Average profit:                14.0 pips
Average trade lifespan:  19 hours
Most traded pairs:               EUR/USD, GBP/USD and USD/CHF

 

2.17 pips

NordFX slippage with Saved FX trading strategy

Average profit:                  16.0 pips

Average trade lifespan:    1 day

Most traded pairs:                 EUR/USD, GBP/USD, USD/CHF
2.42 pips

NordFX slippage with Qurenix trading strategy

Average profit:                  9.0 pips

Average trade lifespan:  5 hours

Most traded pairs:             EUR/USD
2.33 pips

NordFX slippage with Forex Cruise Control trading strategy

Average pips/trade:           5.0

Average trade lifespan:   18 hours

Most traded pairs:              GBP/USD
1.37 pips

NordFX slippage with For333 trading strategy

Average pips/trade:           12.0

Average trade lifespan:   15 hours

Most traded pairs:              GBP/USD, EUR/USD, AUD/USD
3.31 pips

NordFX slippage with Azar Consulting trading strategy

Average profit:                   28.0 pips

Average trade lifespan:   3 days

Most traded pairs:               EUR/USD
1.27 pips

NordFX slippage with The Best Player trading strategy

Average profit:                  22.0 pips

Average trade lifespan:   13 hours

Most traded pairs:               EUR/USD
0.09 pips

NordFX slippage with Xiaolidao trading strategy

Average pips/trade:           9.0 pips

Average trade lifespan:   1 day

Most traded pairs:               EUR/USD
2.90 pips

NordFX slippage with Youron trading strategy

Average profit:                  9.0 pips

Average trade lifespan:   11 hours

Most traded pairs:               EUR/USD, GBP/USD
9.07 pips

NordFX slippage with Duanxian(GBP\USD) trading strategy

Average profit:                      10.0 pips

Average trade lifespan:      1 days
 
Most traded pairs:                   EUR/USD, NZD/USD, GBP/USD

Trading Accounts

 

Account type Minimum deposit Minimum trade size Maximum leverage Average Spreads Trading Platforms
1:1000 $5 0.01 1:1000 Fixed, 3 pips  MT4
Micro  $5 0.01 1:500 Fixed, 2 pips  MT4
Standard  $50 0.1 1:200 Variable, 1,6 pips  MT4/MT5
Premium $50 000 0.1 1:100  Variable spreads from 0.2 pips MT4/MT5
MT ECN  $1000 0.1 1:100 From 0 pips + $3.5 - $5/lot MT4

 

In order to suit the needs of traders of all preferences and levels of experience, NordFX offers its clients a variety of account types to choose from on two trading platforms.


What is more, swap-free (Islamic) accounts are available, tailored at clients who are not willing to earn interest for religious reasons.


The Cyprus unit of NordFX offers a single account type with no commissions and no minimum deposit. Swap-free service is not available. It involves variable spreads, averaged 1.5 pips on EUR/USD on MT4, leverage up to 1:500, and STP/DMA execution.


The Companies


Established in 2008, NordFX is an award-winning global forex broker, offering trading in nearly 40 currency pairs and precious metals (silver and gold), as well as binary options. There are several companies behind the brand: NFX CAPITAL MU INC. - a company based in Mauritius,NFX CAPITAL VU INC, a company registered in Vanuatu, and NFX CAPITAL CY LTD, which is regulated by CySEC in Cyprus.

 

Security of Finds


NFX CAPITAL MU INC., operating under the brand NordFX, holds an investment license issued by the Mauritius Financial Services Commission (FSC), under which the Company is authorized to provide advice on securities transactions to clients through any means and to manage securities portfolios of clients.


Although Mauritius is an offshore zone, FSC-regulated brokers must satisfy a number of prerequisites such as capital adequacy to demonstrate financial standing. Minimum capital requirement is MUR 1 000 000 (around EUR 25 000), which may not be compared to the one set by FCA for instance (730 000 EUR), however in most offshore zones there isn’t any prerequisite for forex brokers’ net tangible assets.


What is more, regulated companies are obliged to keep client funds in segregated accounts, separated from the company’s operating funds.


As regards the Cyoriot subsidiary, it holds a license from the Cyprus Securities and Exchange Commission (CySEC).
The Cypriot financial watchdog applies certain rules and requirements to license holders. For instance, client funds must be held in segregated accounts. Besides, the Commission requires forex brokers to hold at least €1,000,000 in order to prove their financial stability.


As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation to its covered clients, amounting to a maximum of 20,000 EUR. Similar compensation schemes apply in other jurisdictions.


Additionally, as a CySEC-licensed broker, NordFX CY is also regulated under the Markets in Financial Instruments Directive (MiFID) in regards to offering cross border services within the EU under the MiFID Passporting Regime, allowing companies regulated in their "home state" to provide services to customers in other EU Member States.


Trading Conditions


Minimum Initial Deposit
NordFX has set a symbolically low minimum initial deposit requirement of $5 (for Micro and 1:1000 accounts). This makes it attractive for risk averse or inexperienced traders who are not willing to invest a large amount of money.


Most brokers require a certain minimum initial deposit. For instance, Cyprus-based Easy-forex demands $25, and Belize-based ForexBrokerInc, requires $100 from its clients as a minimum.


Spreads & Commissions

This broker offers both fixed and variable spreads, which vary by account type. Fixed spreads on the Micro account are 2 pips on EUR/USD. The average spreads for the commission-free Standard account amount to 1.6 pips on EUR/USD, which is considered comparatively high, while the MT ECN account offers average spreads as low as 0.0 pips on EUR/USD, however It also involves a commission ranging from $3,5 to $5 per lot, depending on the volume traded. So basically, the average spreads offered by NordFX on the ECN account are comparatively low, being around 1 pip, commission included.

In comparison, ForexBrokerInc offers variable spreads from 1 pips on its commission-free accounts, and Marshall Islands-based LiteForex provides fixed spreads, amounting to 2 pips on EUR/USD and variable ones are 1.1 pips on EUR/USD for the ECN account.


As regards NordFX CY, it offers variable spreads, averaged 1.5 pips on EUR/USD for its general commission-free account type, which is an average spread value. In comparison, XM offers spreads as low as 1 pips for its commission-free accounts.

You may look up real-time spreads of 15 leading brokers here.


Maximum Leverage

The maximum leverage level offered by NordFX is 1:1000 and the one provided by NordFX CY is up to 1:500, both ratios being comparatively high for the forex market. Still, many other brokers provide similar leverage levels, since there are no restrictions set: SVG-based OctaFX and ForexBrokerInc both offer leverage up to 1:500, and many Cyprus-based brokers offer high leverage levels around 1:1000 (FXTM).

More brokers offering leverage equal to or exceeding 1:500 can be viewed here.


We advise you to exercise caution when trading on margin, as higher leverage involves higher risk of heavy losses, which may even exceed traders’ initial investments.


Trading Platforms


NordFX offers a choice of two basic trading platforms: the renown MetaTrader 4 (MT4) and MetaTrader 5, while NordFX CY supports only MT4. Binaries are traded through the SpotOption platform.


MT4 offers all a trader needs: a number of technical indicators, extensive back- testing environment, advanced charting package and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work. It comes in desktop and mobile versions.


What is more, MetaTrader 4 MultiTerminal is available, an ideal choice for investors and managers, for traders who work with several accounts at the same time.


You may look up more brokers using the MT4 here


The MT5 was developed and marketed as an improvement on MT4, yet many brokers still prefer the earlier technology, since MT5 does not allow hedging, and besides, MT4’s indicators and EAs are not supported on the MT5 platform.


You may look up more brokers supporting the MT5 here


Besides, Virtual Hosting (VPS) is available. NordFX offers Fozzy Forex virtual server for 9.95 EUR/13.95 USD monthly.

 

Another extra service provided by this broker is Signals trading from MQL5.


Bonuses & Promotions
This broker offers different promotions quite often. Currently NordFX provides withdrawable on-deposit bonus of 100% (up to $ 5000) to its clients. Each customer is entitled to get the bonus only once and for one account.


Methods of Payment


NordFX does not offer its clients many options to make deposits to and withdrawals from their accounts. The following payment methods are available: bank wire transfer and e-wallet systems, such as Skrill, Payza, OKPAY, FasaPay and Webmoney.


The Cyprus unit uses Credit / Debit Card, Bank Transfer, Neteller and Skrill.


Conclusion


NordFX group is a recognizable brand on the forex market with many awards over the years. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros  Cons
CySEC-regulated subsidiary Offshore broker
Choice of trading platforms, MT4 available  
High leverage available  
ECN environment available  

 

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Spread

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Slippage

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Requotes

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Price feed

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Platform

Pros

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for NordFX

SCAMMED for 2000 Euro of Profits!

NordFX are outright SCAMMERS when it comes to you making profits with them. They have outright STOLEN 2000 Euro of profits Ive made with them.

I have been trading with them since May 2016 and have become pretty profitable the last 2 months finally with my scalping strategy (which is permitted on all accounts like their website explicitly states).

Now it was time to withdraw some of my profits since I desperately needed the money I traded so hard for, sitting in front of the screen for 10 hours+ a day for months. When I requested the withdrawal, 10(!) minutes later Ive received this email from them:

"Hello.
We inform you that your trading accounts 1047186, 1047380, 1070661 and 1070662 were blocked for the client agreement terms violation.
Initial funds were returned.
--
Your sincerely
NordFx Finance Dept., Sergey,"

Screenshot: https://s31.postimg.org/pa4p26017/nordfx_email.jpg

They outright blocked ALL my trading accounts I had with them! I had the Micro, the Standard and all the others since I wanted to try them all out. But Ive requested the withdrawal only from the Standard account, yet they also have closed the Micro which also had money in it but where I didnt trade for a while. I cant get the money out of the micro account either since they have blocked backend access on their website for me completely for ALL accounts:

"Unfortunately, you can not log in to trader's cabinet: your account has been blocked"

Screenshot: https://s31.postimg.org/n3bfnpnmz/nordfx_blocked.jpg

All emails I sent them and asking what terms I have violated did stay unanswered - as well as any further communication attempts with them via email or their chat. Its kind of unbelievable that they say I have violated the client agreement, yet dont even mention which part of it (I guess it was the part of "profitable trading is forbidden under any circumstances"). It also adds to their "professionalism" that they dont even mention complete names in their emails, just "Sergey", so that you cant specifically refer to a person later on or report them to the police.

So I did some further research and found that they are actually based out of Russia. Yes, the website says Mauritius and what not, but its clearly operated out of Russia if looking at the IPs in their emails where theyve originated from:

"Received: from windows-8.1.shared (user-62-68-147-63.tomtelnet.ru [62.68.147.63])"

Screenshot: https://s31.postimg.org/mzvuvudgr/nordfx_email_header.jpg

So their "office" (its nothing more than a PO box actually) in Mauritius is nothing less than a simple attempt to hide the fact that they are from Russia. What is even more interesting is that they mention they are registered with FSC Mauritius and are allowed to provide financial services there. A call to the FSC I did today confirmed that they are NOT LICENSED with them NOR ARE ALLOWED TO OFFER FINANCIAL SERVICES in Mauritius! The FSC will start an investigation on their operations right away as they told me.

So their whole operation they have there is based on a complete fake and outright lies about being registered with the FSC. And on top, if you make profits, they will simply not send them to you and close your accounts instead. Hence I can only HIGHLY recommend to stay away from them under these circumstances. You can rather "donate" your money to some charity organization than to spend it on this fraudulent Russian operation.

P.S.: After some more googling, it seems I am not the only one, just looking at a few sites reveals what they are really after (YOUR MONEY):
http://www.tradecomplaint.com/search/sOrder,dt_pub_date/iOrderType,desc/pattern,Nordfx

Lorenz V. 07/20/2016

NordFx is good

This broker has been my main one for over 4 months and I am glad I tried them out, customer service is very helpful and the platform and executions are very good. Spreads are competitive and haven't had any problems with deposits/withdraws.

Pedro 01/28/2013

everybody should have this broker

i have almost 9 month experience with this broker,
excellent service and well customer support, very polite.
fast withdrawal and deposit, one should have this broker,
because i withdraw $170 and they paid me the same in my axis bank account on time.
also medium range spread. eurusd 2 and gbpusd 3.
good deal.

dotapingping 03/26/2012
Forex