NordFX Broker Overview

Company Overview

NordFX is an international online brokerage that has been in operation since 2008. The broker offers forex, CFDs, cryptocurrencies, and other financial instruments to traders around the world. NordFX aims to provide accessible trading solutions to both beginners and experienced traders, with competitive conditions, advanced trading platforms, and a wide range of asset classes.

NordFX operates globally, providing services to a diverse client base. It focuses on offering a flexible and secure trading environment, along with educational resources to support traders in their journey. The broker is known for its low minimum deposit requirement, making it an attractive option for those new to trading.

Pros and Cons

Pros

• You can trade on Forex not only with currency pairs, but also with cryptocurrency, gold and silver, major stock indices (including Dow Jones, Nasdaq, Nikkei), as well as oil, stocks, etc.
• The leverage is up to 1:1,000
• Desktop and mobile versions of MetaTrader 4 and MetaTrader 5 platforms
• PAMM service
• Copy trading

Cons

• Technical support service works only 5 days a week

Security

NordFX employs a range of security measures to protect traders' funds and personal data:

• SSL Encryption: NordFX uses Secure Socket Layer (SSL) encryption to secure sensitive information transmitted over the internet.
• Segregated Accounts: Client funds are held in segregated accounts, meaning that traders' funds are separated from the broker's operational funds, which provides an added layer of security.
• Two-Factor Authentication (2FA): NordFX offers 2FA for account login and withdrawals, ensuring that only authorized users can access their accounts.
• No Regulation by Top-Tier Authorities: One key downside is that NordFX is not regulated by top-tier financial authorities like the UK’s FCA or Australia’s ASIC. This may be a concern for some traders seeking greater regulatory protection.

Tradable Instruments

NordFX offers a wide range of instruments across several asset classes:

• Forex: The broker offers over 30 currency pairs, including major, minor, and exotic pairs.
• Cryptocurrencies: NordFX provides access to popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), among others.
• Commodities: Traders can trade CFDs on commodities like gold, silver, oil, and natural gas.
• Indices: CFDs on major global stock indices are available for trading.
• Stocks and CFDs: NordFX allows trading in CFDs based on shares of companies listed on major exchanges.

However, compared to some larger brokers, NordFX’s selection of asset classes may be somewhat limited.

Account Types

Commissions and Fees

NordFX operates a spread-based model for most account types, but commissions may apply on certain accounts:

• Spreads: Spreads start from 0.0 pips on the ECN account, with the Standard and Micro accounts having wider spreads. For example, the Standard account typically offers spreads starting from 1.5 pips.
• Commission: ECN accounts incur a commission per trade, which is typically $6 per round turn (i.e., both opening and closing a trade).
• Swap Fees: Traders who hold positions overnight will incur swap fees, which vary based on the instrument being traded and the direction of the position.
• Inactivity Fees: NordFX charges an inactivity fee for accounts that remain inactive for 90 days or more.

Traders should be aware of the cost structure for the account they choose and carefully consider commissions, spreads, and withdrawal fees.

Trading Platforms

NordFX supports two of the most popular and widely used trading platforms:

• MetaTrader 4 (MT4): MT4 is a time-tested and user-friendly platform, offering advanced charting tools, automated trading (via Expert Advisors), and real-time market analysis. It’s the preferred platform for many retail traders.
• MetaTrader 5 (MT5): MT5 is the successor to MT4 and offers additional features such as more timeframes, an economic calendar, and enhanced order types. However, MT5 is still not as widely adopted as MT4, especially for forex trading.

Both platforms are available for desktop, web, and mobile trading, giving traders flexibility in how they manage their trades.

Customer Support

NordFX offers customer support through several channels:

• Live Chat: Available on the website, providing quick responses to basic inquiries.
• Email Support: You can contact customer support via email for more detailed issues.
• Phone Support: NordFX provides a phone number for direct support, available during trading hours.
• Support in Multiple Languages: Customer support is available in multiple languages, including English, Russian, and other popular languages.

Traders have reported that NordFX’s customer support is generally responsive and helpful.

Account Opening

Opening an account with NordFX is a simple and straightforward process:

1. Registration: Complete the registration form on the NordFX website, providing your personal and contact details.
2. Verification: Submit the required documents for identity verification (e.g., passport, utility bill, etc.).
3. Initial Deposit: Deposit funds into your account using one of the available payment methods.
4. Start Trading: Once your account is verified and funded, you can begin trading live markets.

NordFX also offers a demo account, which allows you to practice trading with virtual funds before committing real money.

Deposits and Withdrawals

NordFX supports various deposit and withdrawal methods, including:

• Bank Wire Transfers
• Credit and Debit Cards (Visa, MasterCard)
• E-wallets (Skrill, Neteller)
• Cryptocurrency Deposits/Withdrawals

Deposits are generally processed quickly, while withdrawals can take longer, especially when using bank wire transfers. Withdrawal fees may apply depending on the method chosen.

FAQ