NordFX Review 2021 – Is it Legit?

Founded in 2008, NordFX is a well-known forex and CDF broker. It is under NFX Capital VU Inc. The Vanuatu Financial Services Commission awarded it a license to operate. If you’re a new trader, you can create a Fix, Pro or Zero trading account with NordFX. These different accounts will allow you to trade on several assets such as indices, cryptocurrencies, forex, stocks, and metals.

Check out below our comprehensive review of NordFX. You’ll find everything you need to know about the broker including account types, sign up process, trading platforms, fees, limits, payment methods, customer support team and many more.

Who are NordFX?

The website nordfx.com is owned and managed by NFX Capital group of companies. NFX Capital VU Inc is based in Vanuatu while NFX Capital CY Ltd is based in Cyprus.

NordFX is licensed and regulated by both the Vanuatu Financial Services Commission and the Cyprus Securities and Exchange Commission.

It is a global forex broker firm that is known for offering different trader accounts, demo accounts, low minimum deposits, MT4 trading platform integration, trading signals, and automated trading.

How To Sign Up On NordFX

1. Visit the NordFX official website.

2. Click the “Open Account” button.

3. Provide your personal details including your full name, phone number and email.

You’ll also need to select the base currency of your account. The base currency can either be USD, BTC or ETH.

4. Read and accept the Client Agreement and Privacy Policy.

5. Log in to your account.

Upon logging in, you’ll be able to download NordFX trading platforms and access the advanced trading features such as the PAMM investment services and investment funds.

6. Upload verification documents to verify your identity and address.

To verify your identity, you need to submit one of the following:

• Passport ID
• Driver’s license
• Government-issued ID

To verify your residence, one of the following should be submitted.

• Bank statement
• Phone bill
• Gas bill
• Electricity bill

Take note though that NordFX doesn’t accept residents from the United States.

What are the Account Types on NordFX?

NordFX offers three primary trading accounts to its new clients. Each account type is explained in greater detail below.

1. Fix Account

The minimum deposit on a Fix Account is $10 and you can deposit and withdraw in USD, BTC and ETH. The spread starts from 2 pips. The maximum leverage you can make is 1:1000. The quote precision is up to 4 digits.

Using this account, you can trade 28 currency pairs, silver, and gold. No commissions will be charged for Fix Account users.

2. Pro Account

The minimum deposit on a Pro Account is $250. Like in a Fix Account, you can deposit and withdraw in USD, BTC and ETH. The spread can be from 0.9 pips. The maximum leverage is also 1:1000. The quote precision is up to 5 digits.

Using a Pro Account, you can trade 33 currency pairs, metals and cryptocurrencies. No commissions will be charged for Pro Account users.

3. Zero Account

$500 is the minimum deposit for a Zero Account. Like the other two account types, you can also deposit and withdraw in USD, BTC and ETH. The spread can be from 0 pips. The maximum leverage you can make is 1:1000. The quote precision is up to 5 digits too.

By having a Zero account, you can trade 33 currency pairs, metals, cryptocurrencies. You’ll also have access to interbank liquidity or ECN. The commission rate is 0.0035% per trade.

Once you have one of these trading accounts, you’ll be able to create a demo account. The free demo account can be used anytime. Unlike other brokers, the demo account doesn’t have an expiration date. One thing you need to keep in mind to keep the demo account is not to leave it inactive for over 14 days or else it will be automatically deleted by NordFX. To create a demo account, simply visit the MetaTrader 4 trading platform or MetaTrader 5 trading platform and follow the instructions listed there.

What are NordFX Tradable Securities?

All traders on NordFX have access to over 60 financial instruments. Below is the list of some of the markets that can be traded on NordFX.

Forex – EUR/USD, USD/CNH, CAD/CHF, GBP/JPY, AUD/NZD, USD/ZAR

Indices – Dow Jones 30, Germany 30 Cash Index, SPX500, JP225.C, Crude Oil Brent Cash, NAS100

Stocks – JP, MSFT, IBM, BABA

Cryptocurrencies – BTC/USD, LTC/USD, ETH/USD, XRP/USD

Metals – XAG/USD, XAU/USD

What are the Promotions Run by NordFX?

At the moment, NordFX doesn’t offer promotions or bonuses to its users.

What is NordFX Minimum Deposit Requirement?

The minimum deposit needed for a Fix Account is $10 while a Pro Account requires $250. The Zero Account requires a minimum deposit of $500.

If you are a novice trader, it’s highly recommended that you try creating a Fix Account first. You’ll minimize the risk of losing a high amount of money and still gain valuable trading experiences.

What Are NordFX Trading Platforms?

NordFX is an excellent trading platform in the sense that it offers a quick and easy to navigate interface that can be accessed not only on desktops but also on mobile devices.

Like other popular forex brokers, it also makes use of the MetaTrader 4 and MetaTrader 5 trading platforms.

1. MetaTrader 4

The MetaTrader 4 trading platform, which is considered as the standard platform for forex trading, is available to all users. It is also suitable for metals trading.

Using this platform, you can get instant market execution and access to a wide range of order types. The availability of different order types will help you hone your trading skills. You’ll also be able to create scripts and indicators then test them.

Your trading strategies can also be easily tested using the MetaQuotes Language 4, built-in indicators as well as other free graphic tools. Support resources, tutorials, news feeds and high-grade security for transactions are incorporated into the MetaTrader 4 trading platform.

Traders can access the trading platform on Windows, Mac, iPhone and Android devices.

Some of the advantages of using the MetaTrader 4 trading platform are listed below.

• Offers tools for real-time technical analysis
• Newsfeed integration
• Allows traders to create and test indicators and scripts
• Time intervals for trading
• Excellent transaction security
• Instant market order execution

2. MetaTrader 5

MetaTrader is currently the most popular trading platform, and it is also one of the most modern with lots of advanced features. Aside from forex trading, it is also ideal for cryptocurrency trading.

MetaQuote, the developer of the MetaTrader 5 trading platform, states that it provides comprehensive real-time technical analysis as well as efficient exchange trading.

Like MetaTrader 4, it also offers several order types. The process of placing buy and sell orders is also very fast on MetaTrader 5. Traders can also expect a more accurate price dynamics analysis, advanced indicators and high speed of order execution when using the platform.

Traders can also access MetaTrader 5 on Windows, Mac, iPhone and Android devices.

Some of the advantages of using the MetaTrader 5 trading platform are listed below.

• Graphical and statistical data available
• High-precision rapid testing of trading strategies
• 7 order types
• Suitable for cryptocurrency trading
• Built-in technical indicators for in-depth technical analysis
• Offers depth of the market prices

3. MetaTrader 4 MultiTerminal

 

Traders who have multiple accounts on NordFX can access the MetaTrader 4 MultiTerminal. It is specifically created for traders and managers who prefer to use several trading accounts.

Like MetaTrader 4, the interface of the MultiTerminal is also user-friendly. Major features that can be found on MetaTrader 4 can also be accessed on the MultiTerminal trading platform.

You can easily place buy and sell orders, edit existing orders and partially or fully close trade positions. Manual and automatic distribution of the trade volume for each trading account can also be controlled.

Below are the major advantages of accessing a MetaTrader 4 Multiterminal platform.

• Allows for trading supervisions of trading managers or supervisors
• Manual or automatic distribution of trade volume is available
• Can easily open, edit and close trading positions

Which Countries Are Supported by NordFX?

Residents from over 100 countries can create trading accounts on NordFX.

The following are some of NordFX’s supported countries.

The following are some of the countries that are not supported by NordFX.

What Are The Languages Supported By NordFX?

How much are NordFX Fees And Limits?

The trading fees that you’ll need to pay will depend on your account type as well as the market you trade in.

1. Fix Account

• Commission-free trading on metals and forex
• Floating spreads are 2 pips
• Credit leverage is up to 1:1000
• Quote precision is up to 4 digits
• Minimum lot size is 0.01
• Maximum lot size is 50 with step 0.01

2. Pro Account

• 0.0035% commission per trade on metals and forex
• Floating spreads are 0.9 pips
• Credit leverage is up to 1:1000
• Quote precision is up to 5 digits
• Minimum lot size is 0.01
• Maximum lot size is 50 with step 0.01

3. Zero Account

• 0.0035% commission per trade on metals and forex
• Floating spreads are 0.0 pips
• Credit leverage is up to 1:1000
• Quote precision is up to 5 digits
• Minimum lot size is 0.01
• Maximum lot size is 50 with step 0.01

Payment Methods for Deposits And Withdrawals

Traders can withdraw as low as $1 via various payment methods.

Below is the list of the payment methods you can use when depositing, the currencies they accept and the fees you need to pay. The funds can be received by NordFX instantly, within 1 day or up to 5 business days.

How Good is NordFX Customer Support?

The customer support team of NordFX is highly responsive. Dozens of customer support staff are employed to answer the traders’ queries. Traders can communicate with them either through web chat, phone and other social channels.

There is a support button that can be seen on the right side of the traders’ dashboards, or you can use the “Contact” heading on the navigation menu. You’ll be directed to a web form where you can pick the support department you need. You can contact customer services, technical support, payments, brokers, marketing or human resources department.

Phone numbers for the support teams in different countries can also be seen at the bottom of the form. If you prefer to have a call, you can contact one of those numbers.

Regulation and Safety of Funds on NordFX

NordFX is a reliable forex broker so you can be assured that your funds are safe on this trading platform.

Trades are often executed in less than half a second a reflection of the platform’s efficient and robust servers.

NordFX’s management state that they use stringent internal policies to make sure that all traders’ funds are safe. Moreover, it is regulated by two big financial institutions in Vanuatu and Cyprus. These financial bodies ensure that the activities NordFX performs as a forex broker are within the set rules and guidelines.

Education, Research and Data

There are many research tools that NordFX traders can get access to. By visiting the “Tools” section of NordFX website, you’ll see the technical analysis, trading calculator, economic calendar, VPS as well as trading signal services.

It also sends weekly cryptocurrency and forex analysis reports. Each market report includes a technical review of the market during the past week and speculation on price for the week ahead.

Meanwhile, you find learning materials in the “Education” section of the site. This is where traders can read articles and watch tutorials. Both novice and expert traders can benefit from the “Education” section. Some trading ideas, concepts as well as practical guides are explained in a simple way so that new traders can easily understand them.

Conclusion

NordFX is one of the best forex brokers that both beginner and advanced traders can enjoy. New traders like its low minimum deposit requirement as well as all the free trading tools, analysis and tutorials it provides. Expert traders will be satisfied with its trading platforms, variety of payment methods and advanced trading features.

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