NordFX Review

NordFX has been a broker in the forex market for 15 years. NFX Capital VU Inc, a Vanuatu-registered company, operates the NordFX brand. In addition to its FX and CFD trading product, NordFX also operates a PAMM account service and a copy trading portal.

I. Background and Company Overview of NordFX

NordFX is the first broker to offer generous interests on savings done with cryptocurrencies on special Savings accounts. For as low as $500 held for a year, an interest of 30% is accrued with payouts made daily. The saved amounts can serve as collateral for those wishing to take loans to trade.

II. Trading Platforms and Tools

What platforms are offered by NordFX to its teeming clients?

• MetaTrader 4 (desktop client, web-based and mobile apps)
• MT4 Multiterminal

In addition to the daily market analysis carried out by in-house and external editors, NordFX provides the following tools to its traders:

• A trader's calculator, which is essentially a margin calculator. You can enter your account type, leverage, currency, trade position (buy or sell), and lot size. When you click CALCULATE, you are shown the margin requirement for your trade. You can edit the parameters as you wish. This risk management tool lets you know what your margin requirement for a trade is.
• A virtual private server, a collaboration between hosting provider Fozzy and NordFX, provides uninterrupted access to the forex market 24/7, even when your PC is off. Latency is 1 millisecond and is available at $13.95 per month.
• Access to free and paid signals services from the Metaquotes marketplace, courtesy of integration with the Signals tab on the MT4 platform.

III. Account Types and Spreads

When you open an account on NordFX, three account types are provided, of which you are to choose which suits you best.

1. Zero
2. Fix
3. Pro

The Fix account comes with a $10 minimum deposit. The lowest spread is 2 pips, with a 4-digit price quotation system. This account type only allows traders access to 28 FX pairs and CFDs on indices, energy assets, and stocks.

The Pro account has a minimum deposit requirement of $100. It has a 5-digit price quotation system with spreads as low as 0.9 pips. You can trade 33 currency pairs and CFDs on stocks, indices, cryptos, metals, and energy assets.

The Zero account is for you if you want the lowest possible spreads. However, trades come with a commission of 0.0035% per trade on each side of the transaction (i.e., entry and exit). Spreads are as low as 0.0 pips, and price quotes are of the 5-digit variety. This is the ECN-style account that gives access to the interbank trading venues.

All account types come with leverage that maxes out at 1:1000.

IV. Contract Specifications

When trading with NordFX, contract specifications differ between account types. However, some points are common to the three account variants.

• The minimum spread is 0.0 pips on the ECN (Zero) account, 0.9 pips on the Pro account and 1.3 pips on the Fix account.
• The ECN account attracts commissions (already stated).
• Expect to earn $0.5 on swaps by shorting the EUR/USD overnight. You pay $4.5 as rollover fees for going long on the EUR/USD.
• Crude oil attracts swap fees for both long and short positions held overnight, currently set at $5.1 and $1.9 respectively.
• The minimum contract size is 0.01 lots. Maximum lot size is 50 lots.
• All accounts come with a maximum leverage of 1:1000. However, leverage can be adjusted to 1:1000.

V. Security and Regulation

NordFX is regulated by the Vanuatu Financial Services Commission (VFSC) with license number 15008. Regulatory status can be confirmed on the website of The Financial Commission (Finacom).

VI. Customer Support and Education

Customer support is available via email, phone and social media handles.

• Email: support@nordfx.com
• Phone: +35725030262 (EU clients); +447458197293 (UAE and international)
• Telegram: NordFX_Eng
• Twitter: NordFX

An educational suite is provided and consists of various articles and video resources from beginner to advanced levels. There is also a full tutorial on use of the MT4 platform.

Conclusion

Take advantage of the generous savings account, lending facility and user-friendly trade conditions by trading with NordFX.