NordFX Is A Scam? Updated Review 2022

NordFX

$20

Min Deposit

0.0

Min Spread

2021

Foundation

+2

Broker Trusted Points

NordFX is a Vanuatu-based worldwide forex trading firm. The firm will appeal to many traders because it offers a variety of accounts to fit diverse trading demands, minimal minimum deposits, a demo account, and MT4 connectivity. Automated trading and trading signals are also available through the Metatrader platforms. To learn more, read our in-depth review.

Trading on more than 100 financial CFD instruments, including Forex, Indices, Commodities, Shares, and Cryptocurrencies, is available through the broker’s MetaTrader 4 platform for PC and MAC.

NordFX also provides a copy trading signals service. Using the NordFX Pro account, experienced traders with profitable accounts can sell their trading recommendations to subscribers. 

Experts determine their subscription prices, and all revenue goes straight to their bank account, boosting profit for those willing to pay in the effort. Furthermore, there are no restrictions on techniques; scalping and EAs are both allowed.

Is NordFX legit? 

NordFX is an offshore forex and CFD broker established in 2008 and is regulated by the Vanuatu Financial Services Commission (VFSC). Fix, Pro, Zero, and Savings accounts are the four main account kinds available to users. The Fix and Pro accounts have slightly higher spreads, but no commissions, whilst the Zero accounts have raw spreads but no commissions. Only account balances in stablecoins are allowed in the Savings account. There are also demo, and Islamic (swap-free) accounts available.

Debit/credit card, bank transfer, Neteller, Skrill, WebMoney, Perfect Money, and other payment methods are also accessible. Almost all deposit methods are fees-free, although some withdrawal methods do have fees. Users can also enter the $100,000 Super Lottery contest, which will run through December 31, 2021.

Pros And Cons

Pros

  • Commission-Free Trading
  • It Offers more than 100 CFD trading Instruments.
  • Leverages up to 1:1000
  • 24*5 Customer Support
  • Educational Material available such as online classes, tutorials, etc.
  • Regulated by VFSC

Cons

  • Regulated Offshore
  • Lack of MT 5 Trading Platform

Trading Account Types? 

NordFX offers three account kinds to suit various markets, from beginners to professional investors. Fixed Account, Pro Account, or Zero Account are the three options available to investors. Although the leverage remains constant at 1:1000, initial deposits and spreads vary from 0.9 to 2.

Some accounts (such as the Zero Account) have no commissions, while others have slightly higher fees and market execution rates.

A Defi-based savings account is also available from the broker. The investing solution can create passive income of up to 30% per year. Clients can acquire a trade loan with a 3% interest rate that is deducted from investment income as part of their account terms.

Fix Account  Pro Account  Zero Account
Minimum Deposit Limit 10 250 500
Average Spreads 2 Pips 0.9 Pips 0.0 pips
Commission Zero Commission Zero Commission 0.0035%
Minimum Trade Size  0.01 Lot 0.01 Lot 0.01 Lot

 

How To Open Trading Account With NordFX?

Users can create a new trading account in a few simple steps, as outlined below:

Step 1: Go through and visit the official website. Click on the Create Account.

Step 2: Sign up on the website and submit the required information such as Name, Address, contact number, email, currency pair, and account type.

Step 3: Verify identity by submitting proof of identity and residence address.

NordFX does not operate in the United States, Canada, European Union, Cuba, Sudan, Syria, and North Korea. Trader also Compare this Broker review our recommend client Broker InvestFw Review

Trading Instruments?

NordFX allows you to trade on over 100 financial CFD products, including Forex, indices, commodities, metals, stocks, and cryptocurrencies. The following is a list of only a few of the trading markets available:

Forex:  It includes many different currency pairs such as EURJPY, EURCAD, AUDUSD, etc.

Shares: Various stocks traded, including Amazon, Apple, Tesla.

Indices: It deals with many indexes, including Dow Jones 30 and Hong Kong 50.

Cryptocurrencies: There are various tradable currencies such as Bitcoin, Ethereum

Commodities: It offers various types of commodities for trading like Gold, Silver, Brent Crude Oil.

Spreads and overnight funding (swap) rates vary based on the entity, account type, and instrument being traded and are discussed further down in this study.

Commission and Spreads? 

NordFX’s spreads start at just 0.0 pips and are incredibly narrow (especially when compared to several competitors). In addition, they stay competitive by outsourcing trades to a third-party liquidity provider, which helps to keep costs down because of the high volume of deals.

NordFX does not charge commission on the great majority of trades, which is a benefit of using this platform. However, keep in mind that when funds are taken, fees are imposed – the amount varies depending on the withdrawal method (E.G., online payment systems, digital wallets, or bank transfers).

Maximume Leverages

Like many other prominent brokers, NordFX is not regulated by the FCA or ESMA. As a result, the leverage available is quite high — rates of up to 1:1000 are available, but it varies by asset class.

Though many experienced traders may appreciate the high leverage level, it is critical for inexperienced investors to reduce their risk. Overextending one’s position is a common reason for rookie traders to lose money. This is simple to accomplish with such great leverage.

How Do I Withdraw Money?

NordFX accepts a variety of payment methods. Users can deposit monies directly into their accounts, pay with credit or debit cards, or use various other online payment options on the platform.

  • Credit Card
  • Debit Card
  • Bank wire Transfer
  • Netteler
  • Skrill
  • Perfect Money

The same payment options are available for withdrawal, and the method you choose has an impact on how much time it takes for the money to reach your bank account — their website claims that it can take anywhere from 1 to 6 business days.

Withdrawals must normally be made back to the same funding source used for the deposit, according to money laundering regulations.

Trading Platforms?

Users can trade with NordFX using the popular MetaTrader 4 trading software for PC and MAC.NordFX is a great ‘one-size-fits-all’ trading platform; it uses the popular MetaTrader 4 platform like many other online brokers. 

It’s easy to use and basic enough for individuals who are new to trading to pick up quickly. Managed funds and automated investments are readily available choices requiring very little customization to implement.

More experienced traders, on the other hand, are not limited by the simple interface. There are additional levels of capability to delve into and a vast range of data and charts available for analysis if users feel they want more direct control and knowledge over their investing selections.

Features

  • It is Customizable
  • Updated Charting Facilities
  • Various Tools and Indicators
  • Expert advisors

Mobile App

NordFX uses the MetaTrader 4 platform, and it is widely used in business. This is a comprehensive, multipurpose, and versatile tool that requires the installation of certain software. As a result, users must have computers with enough RAM to use them. There is an app called MT4 accessible for mobile users. These can be downloaded for iOS and Android, albeit the functionality is limited compared to the PC version.

Customers can also use the broker’s specialized mobile trading software. It includes complete account administration, quick executions, and a variety of order kinds and is available for free download from separate app stores. Technical analysis and price alerts are still possible for mobile traders. The app is a fantastic trading tool. 

Education and Research

Articles, Forex Videos, and a Glossary are among the instructional resources available through NordFX’s learning center. The article content is extensive and updated monthly, but the forex videos offer a broader range of topics and are organized by category: Beginners, Advanced, Terms, Strategies, and MetaTrader.

Market Analysis, Trading Signals, an Economic Calendar, a Trader’s Calculator, and a Currency Converter are among the market research tools offered by NordFX. The market analysis area is extensive and includes many future news and events each week. However, the content is only available in article format. Newer traders will benefit from trading signals because they can imitate the trades of more experienced traders simply by subscribing.

Customer Support

NordFX  Says that he provides multilingual customer assistance via Live Chat, Email, and Phone 24*7 in English, Spanish, Chinese, Arabic, Hindi, Bengali, Farsi, Indonesian, Thai, Sinhalese, and Vietnamese.
In the website’s assistance section, there is also a contact form.

An agent welcomed us after 1 minute of testing the live chat option and swiftly answered our question.

  • Address: Pot 805/103 Rue D’Auvergne, Port Vila, Vanuatu.
  • Phone No.: +91 120 4333948
  • Email: [email protected]
  • Social Media: Twitter, Instagram, Facebook, Telegram, YouTube 

Conclusion

This was the detailed Nordfx review based on every aspect of trading features and conditions. Overall the broker is new and offers very average and limited services which are not good for novice traders. Funds safety is also not guaranteed as the broker is completely new in the market and there is not proper information on its official website. Do your thorough research before choosing this broker. There are various top rated forex brokers in the market, you can start your trading with them.

You can Explore Detailed InvestFw Review

FAQs

How did NordFX make money?

Spreads, commissions, and swaps on certain tradable asset classes and trading accounts are how NordFX makes money.

Minimum deposit limit in NordFX?

The minimum deposit is $10

How to withdraw money from the NordFX account?

NordFX accepts withdrawals via debit/credit card, bank wire, Neteller, Skrill, WebMoney, Perfect Money, and other methods.

Maximum Limit of Leverage in NordFX?

The maximum leverages offered 1:1000.

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