Let’s dive deep into our NordFX review and find out why the firm gave up on its EU license to operate from offshore. What is your current level of fund safety? What trading terms can you expect?
All this and more will be presented in the following sections of our detailed investigation.
Currently, we only have an offshore entity, which is a bit concerning. Namely, it’s well-known that offshore regulators belong to a Tier 3 zone due to their lack of regulatory requirements. For instance, all European brokers operating under ESMA must maintain a leverage limit of 1:30, participate in the compensation fund, and keep customers’ funds in segregated accounts.
Vanuatu has no mandatory compensation fund, while companies only need $50,000 as a security deposit. Furthermore, there’s no leverage limit, meaning you can lose your funds quickly if you are not careful enough.
All this is a reason for you to be worried and for us to invite you to share any details you may have about the brand.
NordFX is a trading intermediary registered in Vanuatu, operating under a VFSC license. The firm has abandoned its CySEC regulation, implying it can no longer operate in Europe.
According to our detailed traffic analysis, the majority of NordFX clients come from the following countries:
The company uses another domain, nordfx.io, registered in Ukraine in 2018 for crypto trading. It’s unknown what’s the reason for this decision.
Speaking of investing, you need proper software. We are quite pleased to review the NordFX trading platform, considering that the broker offers MT4. It’s one of the best and most popular platforms nowadays, with a vast number of TAs.
MetaTrader 4 and its successor, MT5, both belong to MetaQuotes Ltd. The older version was published in 2005, while MetaTrader 5 was released in 2009. Even though older, MT4 still offers a large number of trading features, supports various trading strategies, and enables enhanced social trading and EAs.
Along with the desktop version, MT4 is also available for mobile devices. However, Apple banned MT from its App Store in September 2022, meaning that only Android users can currently access it.
Regardless, it doesn’t mean that iOS users cannot log in, but they will have to do so via a mobile web browser.
There’s quite a low range of trading assets, including:
The offer is limited to 28-33 currency pairs and only metals and oil from commodities, depending on the account type. We find it somewhat limiting compared to what other regulated counterparts offer.
Depending on the NordFX account type, the spread ranges from 0 to 2 pips. In case you decide to go for raw spread, you will have a commission of 0.0035% per trade per side.
Also, leverage stands at 1:1000 for all accounts, meaning you can gain 1000 times more, but lose as much too.
You can choose from four trading accounts, those being:
Besides the amount, the first three account types have lower spreads and more available trading instruments.
As the name suggests, a Savings account is meant to be used for saving, with a 30% average yearly interest. However, you can take out a loan on this account and use the funds for trading, with a 3% annual interest. Note that the account balance is kept in crypto, more specifically USDT, DAI, or USDC.
You can use a NordFX Demo account to trade for free. You can test out various strategies and then decide whether to upgrade to a Live account or not.
However, remember that virtual funds are not the same as real funds. While it can be beneficial to test your trading skills, you must keep in mind that risks are not the same. To open this account, you must also provide your information, including your name, email, and phone number, exposing yourself to the broker’s constant calls.
Currently, the company’s running a Mega Super Lottery program, allowing clients to earn anywhere between $250 and $5,000. To apply, you must have a Pro account active, maintain a minimum balance of at least $200 during the whole competition, and have a trading turnover of 2 lots for one lottery ticket. Basically, they require you to trade $200,000 to earn $5,000 top.
In addition, you can participate in the affiliate program and earn up to $700 CPA, per customer you bring.
Finally, you can choose to be IB, earning up to $10-12 commission per lot traded by the client and up to 60% of the spread.
If you wish to submit a NordFX withdrawal request, you can do it through a client portal. The company accepts the following payment options:
The method must correspond to the deposit method due to AML policies.
Suppose you have any troubles with NordFX withdrawals or your investment account. Global Fraud Protection is here to evaluate your case and find a solution.
We can help you file a dispute for a chargeback if necessary or assist with tracing your crypto coins with our CipherTrace experts. Book your free consultation today, and let’s see what happened with your account and why.
NordFX is an offshore trading brokerage based in Vanuatu. If you experience any withdrawals or other issues, we may be able to assist you with this matter.
The company requires a minimum of $10 for account activation.
Depending on the payment option, withdrawals can take anywhere from 1-6 business days.
NordFX is an offshore trading brokerage based in Vanuatu. If you experience any withdrawals or other issues, we may be able to assist you with this matter.
The company requires a minimum of $10 for account activation.
Depending on the payment option, withdrawals can take anywhere from 1-6 business days.
The post NordFX Review 2023 – What Should You Know About This Trading Broker? appeared first on Global Fraud Protection.
