Headquartered in Cyprus, NICOFX is an online financial services provider that was founded by a group of professionals with over two decades of experience in financial markets. They offer access to Forex, Spot Metal, and CFD trading to retail and institutional clients all over the world. NICOFX provides traders with an intuitive trading platform and tools. They offer flexible leverage and various trading account types with a minimum deposit requirement of $100.
NICOFX Review, Pros & Cons
- Regulated brokerage firm
- MetaTrader 4 trading platforms
- Educational resources
- Responsive client support
- No MetaTrader 5 platforms
- Not the lowest spreads
- No USA clients
- No standalone trading tools
In this detailed NICOFX review, our online broker research team has covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
Founded in 2013, NICOFX is a licensed multi-asset brokerage firm. They provide traders with the MT4 trading platform, which is available in desktop, web, and mobile versions. The broker operates the STP execution model, which offers access to the interbank markets. Other essential features of the broker include zero commission, multiple account options, ESMA leverage, pips from 0.9 pips, and more.
The broker has won several industry awards in honor of their satisfactory brokerage services. The awards include the Fastest Growing STP Broker Europe 2016 by the Global Banking & Finance Awards and the Best STP Broker 2016 by the MENA Awards.
NICOFX is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with the license number 226/14. NICOFX is also registered with the Financial Conduct Authority (FCA, UK) under reference number 672844, and Federal Financial Supervisory Authority (BaFin, GER) with registration ID 142143.
NICOFX does not offer its services to residents of certain jurisdictions, including the U.S.A, Cuba, Iran, Syria, Sudan, and North Korea.
Some NICOFX features and products mentioned within this NICOFX review may not be available to traders from certain countries because of legal restrictions.
NICOFX provides traders with the MT4 trading platform. MT4 was launched in 2005 but has grown to become one of the most relied-upon platforms. It has a user-friendly interface, combining technology with design to present a set of various features for trading. Some of the essential features of the MT4 trading platform include different chart types, multiple timeframes, one-click trading, support for automation of trades via expert advisors, and more. The MT4 trading platform is available in the following versions: desktop, web, and mobile.
NICOFX Trading Tools
There are no standalone trading tools on the broker’s website at the moment.
Traders are provided with various learning resources — learning articles, trading guides, news, and an FAQ section — to help them make knowledgeable trading decisions whilst staying up to date with the events that take place in the financial markets.
The following trading products are available at NICOFX: forex, spot metals, and CFDs.
NICOFX Accounts & Fees
Traders are allowed to choose the account type that best fits their trading needs from a choice of three live trading account options: Standard, Premium, and VIP accounts. The minimum deposits range from $100 to $10,000.
As broker fees can vary and change, there may be additional fees that are not listed in this NICOFX review. It is imperative to ensure that you check and understand all of the latest information before you open a NICOFX broker account for online trading.
All clients’ general, technical, and account-based inquiries can be sent to a responsive client support team who can be contacted via telephone, email, fax, or by visiting their office address in Limassol.
NICOFX Deposit & Withdrawal
The following payment methods are accepted for both account deposit and withdrawal purposes:
- Bank Wire/ Telegraphic Transfer
- Credit/ Debit Cards, such as Master, Visa, and Union Pay.
- Online payment gateways: Neteller and Skrill.
NICOFX Account Opening
Registering with NICOFX is simple and easy. Log on to the NICOFX website, click on the “Open Live Account” button, and complete the steps within minutes.
It is imperative to ensure that when you are going through a broker application, you clearly read all of the broker’s terms, conditions, and policies. Only proceed if you fully understand and agree with them.
Overall, NICOFX is an established retail broker that offers access to trade multiple financial instruments via the MT4 trading platform. They provide traders with various learning resources and a professional customer support team to assist them. There are various favourable trading conditions to enhance clients’ trading experience. The minimum deposit required to start trading is $100.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 63% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.