NordFX ReviewCategory: Reviews | Author: Trading Brokers | Date: April 25, 2023
NordFX is an online forex and CFD broker that has a good range of trading accounts with low spreads from just 0.0 pips, ultra-fast execution speeds and very competitive commission fees. Traders from around the globe can open a NordFX account with a minimum deposit of just $10 to get instant access to trade financial markets including forex currency pairs, precious metals and equities investments. They also provide demo accounts if you want to practice your trading strategies and get a feel for what the broker has to offer before making a commitment.
Pros & Cons
- Experienced and award-winning broker with a global clientele
- Tight spreads from 0.0 pips and fast execution speeds
- High leverage goes up to 1:1000 and low opening capital of only $10
- Flexible account types including fixed spreads and low commission fees
- Trade on the user-friendly MT4 platform across all of your devices
- Additional trading tools and educational resources for beginners
- Copy trading signals and managed accounts
- Up to date market analysis for trade ideas
- Good variety of convenient account funding options
- Excellent customer support
- Currently do not have MetaTrader 5 (MT5) platform
- Could add some individual stocks
NordFX was established way back in 2008 and have won numerous awards over the years which is a testament to the quality and consistency of their trading products and services. During this time, the broker has garnered a wealth of experience which has enabled them to understand exactly what retail traders and investors need.
You can trade a range of financial instruments across different asset classes with NordFX, via easy to use trading platforms and apps which give you convenient access to the markets as and when you need it. You will find trading guides and tools to help you make informed decisions whilst they also provide trading signals and managed account services for those of you who are looking to take a more hands-off approach.
NordFX is regulated by the Vanuatu Financial Services Commission (VFSC). This means that they must comply with the rules and regulations that are put in place to protect investors, so you can trade with peace of mind. The broker states that clients’ deposits are held in segregated bank accounts opened with the top-rated banks.
All clients are verified using “Know Your Customer” (KYC) procedures. NordFX mandates all clients to provide a ‘proof of identity’ and a ‘proof of address’. Clients are required to scan and upload their government issued ‘Identity cards’ and also their utility bills. The broker also abides with the Anti-money Laundering Policy.
When it comes to successful trading, one of the most important things that you need is a reliable trading platform. Thankfully, NordFX provide you with one of the best trading platforms in MetaTrader 4 (MT4). This is the platform of choice for millions of traders who are looking for a simple yet powerful way to buy and sell various trading instruments using manual and automated strategies.
Whatever your experience level, you can navigate the financial markets using the MT4 platform on desktop, web and mobile. It is well regarded primarily because of its array of tools, features and thousands of add-ons which can further enhance the possibilities of the platform. It is the platform of choice for beginners due to its quick learning curve, whilst having enough functionality to meet the needs of even the most demanding of forex traders.
- The ‘Market Watch’ window shows live assets quotes that keep fluctuating in real time.
- One-click trading as well as trading from charts can be enabled and utilized.
- Multiple order types including instant execution, pending and limit orders.
- Customizable windows and charts that can be displayed against 9 different timeframes from one minute (M1) to one month (MN).
- Packed with robust trading tools for conducting in-depth market analysis.
- Direct access to the MetaTrader market where traders can download free and paid add-ons.
The MT4 Multiterminal platform designed for account managers who operate several accounts at the same time. The platform is capable of placing bulk orders across numerous trader accounts instantly. It also has other MT4 features in addition to its unique multiple account management features. The manager can easily add and remove accounts, place and modify bulk orders and also use trading tools like expert advisors, trading signals and virtual private server (VPS).
It is great to see that NordFX support traders with a plethora of handy trading tools. This helps to give them an edge in the market and shows the broker cares about their client’s success. There are copy trading services if you want to following in the footsteps of successful traders. This can be a good solution for those of you who do not have the time nor experience to trade manually by yourself.
If you want to learn more about the markets and develop your own trading strategies, then you will be pleased to see that up to date market news and analysis are provided by NordFX’s analysts. This section of the website is normally updated on weekends. It gives a review of the previous week’s activities and gives a forecast of the week ahead. This can help to inspire trade ideas so you can make informed decisions that may have otherwise been overlooked.
The economic calendar shows dates and time of economic events that are likely to impact the financial markets. The calendar also shows the impact assessment, history, forecast and the assets involved. Trades can be directly placed from the data available on economic calendar.
NordFX allows its clients to benefit from the various Trading signals services embedded into the MT4 platform. Some signals are free while others are accessed by paying subscriptions. Clients can search and subscribe for any signal of choice right from the MT4 platform.
NordFX provides Virtual Private Server (VPS) services in partnership with Fozzy Forex VPS; a VPS hosting company popular in US, Europe and Asia. VPS is important to Expert Advisor (EA) users and other traders who need fast and reliable connection to the trading servers. The price is discounted for NordFX clients which is great if you are looking to run automated systems around the clock and don’t always want to have your computer switched on.
A useful trading calculator is also available and free to use, which helps traders to estimate their profits based on account type, leverage, currency, action and instrument traded.
You can get free access to the NordFX learning centre which is a convenient and practical online resource that allows traders of all levels to develop their skills and gain valuable knowledge and experience required for trading forex successfully. This again emphasises that the broker is looking to encourage educated traders to make informed trading decisions.
The learning centre consists of Forex training videos and a glossary. The videos are grouped under beginners, advanced, terms, strategies and MetaTrader. There are a total of 28 videos designed to train beginners. The full training videos are only accessible to registered clients. The videos are short, professionally presented and very clear in terms of audio and picture quality. A glossary of over 160 trading terms and their detailed definitions and explanations are provided by NordFX on its website.
There are over 50 tradable assets available to clients of NordFX. This includes major, minor and exotic forex currency pairs. You can also trade equities and commodities including gold. It would be great if they could add some more individual stocks but if you are a forex trader, then you should find more than enough choice to diversify your portfolio. Spreads for major currency pairs are as low as 0.0 pips with ECN execution. This can dramatically reduce your trading costs and makes the broker suitable for all types of trading strategies including scalping. It is worth noting that cryptocurrency trading is also available through partner website NordFX.io.
There are 3 different types of accounts offered by NordFX, the Fix, Pro and Zero account. You can choose an account depending on your trading style and level of investment. There is also a savings account where owners can take loans on their investment to trade, thus generating extra profit on their trading activity. Profit is generated daily and can be used at any time.
The maximum leverage is 1:1000 for all accounts which is very high and the minimum deposit starts at just $10 on the fixed spread account. Spreads are fixed at 2 pips with no commission charged on top. This is a good option for those of you who have strategies that rely on consistent spreads.
If you are looking for the tightest spreads possible, the Zero account has spreads from 0.0 pips with Electronic Communications Network (ECN) execution and requires an industry standard minimum deposit of $500. The commission is just 0,0035% per trade (each side).
The Pro Account is for experienced traders. The minimum opening deposit is $250 while the floating spread starts from 0.9 pips. Market execution is the used to process all orders placed from this account type. There is also no commission on this account type as it is already accounted for within the spread.
NordFX have top class customer support where they treat all clients individually, regardless of their account balance or experience level. The customer support desk operates 24 hours, 5 days a week. They speak multiple languages and can be reached via a short online form, instant web chat and email. You will also find NordFX on popular social media channels where they are frequently sharing market and company updates.
You will find a range of convenient deposit and withdrawal methods for moving funds in and out of your NordFX account. They accept bank transfer, card payments and online payment gateways. NordFX insists that it does not charge deposit and withdrawal fees. However, any charges incurred by the broker while processing payments will be passed to the client. All accounts are completely verified before withdrawal requests are approved.
If you don’t mind waiting for funds to land, then bank transfers take 3-5 business days for processing. If you want quick access to your funds, then card payment and online processors can be transferred into your account instantly. This is ideal if there is some market news that you want try and capitalise on.
Overall, there is a lot to like about NordFX. They have a no hassle trading environment where forex traders can buy and sell a good range of currency pairs using intuitive platforms and get access to top trading conditions such as tight spreads and reliable trade execution speeds. There is a good variety of account types for all sorts of trading strategies, including scalping with fixed spreads and no commission fees or zero pip spreads with a small commission on top.
If you are just starting out on your trading journey, then you will be pleased to see they have a decent selection of educational materials and trading tools to help you become a better trader along the way. There is also the option to copy signals of professional traders if you want to try and take advantage of their experience without needing to spend hours analysing charts yourself. If you prefer to trade manually, the broker has inhouse analysts that provide frequent trade ideas which can be used for inspiration.
For anyone looking to trade forex on the MT4 platform with high leverage, flexible account types, convenient funding options and excellent support, then NordFX are certainly worth consideration.