Forex

Nostrobank Review - Is it scam or safe?

Nostrobank Review - is Nostrobank.com scam or safe?
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Trading Accounts

 

Account type  Minimum deposit  Maximum leverage Spread
Mini $500 1:200 Fixed from 3.0 pips
Classic $5,000 1:200 Fixed from 2.0 pips
Premium $20,000

1:200

Fixed from 1.0 pips

Nostrobank offers forex trading through three account types. Spreads at this brokers are fixed. There have been several complaints against the company in popular forums.

 

The Company. Security of Funds

 

Company Country Regulation
Keyds Lydya Ltd Marshal Islands N/A

 

Nostrobank is owned and operated by KEYDS SCOTLAND LP, a subsidiary of Keyds Lydya Ltd. which is registered in Marshall Islands. The company does not stand under any specific financial regulation, which is a concern for us. The company also owns Pips-fx.com, a review of which you may find here.

 

You may already know this, but financial regulatory agencies are state entities which impose certain restrictions on companies in the sector. Different regulators apply different principles and practices. For instance, Australia’s ASIC requires brokers to have capital holdings of at least AUD 1 million, as a sign of good will. Furthermore, client’s funds must be kept in “segregated accounts”, which implies the company can not use them freely.

 

There were a few complaints against Nostrobank on a popular forum, from users who claim they can’t withdraw their funds. This combined with the lack of regulation leads us to believe the company may be a scam.

 

Trading Conditions

 

Minimum Initial Deposit

Nostrobank has set the minimum initial deposit requirement at $500. This is a relatively high level, compared to what most brokers nowadays. For instance, IG does not even have a minimum requirement. Keep in mind this should not be a major factor for you, as trading successfully requires more capital and a solid risk management plan.

 

Average spreads & Commissions

Spreads at Nostrobank are fixed, starting at 3 pips for EUR/USD (for the mini account). This is higher than other similar offerings, as most fixed spread brokers nowadays provide better conditions. For instance, HYMC offers 2 pips for this pair for the Mini accounts and even slightly tighter spreads for the other account types. 

 

Leverage

Nostrobank has set a maximum leverage of 1:200, which is in line with what you would expect nowadays. Some forex brokers even offer higher levels, such as 1:500

 

Trading with higher leverage does not necessarily mean you are getting better conditions. High leverage allows you to take higher risks, which can lead to serious losses. Be sure to fully understand the risks involved with margin trading, before participating in it.

 

Trading Platforms

 

Nostrobank offers the popular MetaTrader 4 (MT4) platform as well as their own web-based solution. MT4 is popular with many brokers and there is a reason for that. The platform is easy to use, has a great charting package and provides the world’s most famous automated trading environment – you can check out our reviews of Expert Advisors here.

 

We couldn’t get the web-based platform running for the purposes of this review. That being said, this may be a temporary issue.
 

Methods of Payment

 

Nostrobank offers only Bank Transfer and Credit Card as its deposit methods. Funds can be withdrawn only via Bank Transfer. Keep in mind these operations can take up to several business days.

 

Conclusion

 

Nostrobank is a forex broker, owned by a company registered in the Marshal Islands. The company is not regulated. There are several complaints against the company on popular forums, from people who can’t withdraw their funds. Even if they were a legitimate broker (which doesn’t appear likely), their trading conditions are far from ideal. Here are the advantages and disadvantages with regards to this broker:

Pros Cons
MetaTrader4 Platform No regulation
  Complaints in forums
  High fixed spreads

 

 

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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

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Deposit/Withdraw

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Customer service

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Summary

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Traders` reviews for Nostrobank

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