NPBFX Review 2020
NPBFX is an online broker that offers competitive spreads and trade executions on the MT4 platform available for web, desktop and mobile devices. They operate as an STP broker with a license from the SVGFSA and FinaCom membership. The broker offers social trading platforms, trader education, trading signals, market news and analysis.
NPBFX Review 2020, Pros & Cons
- STP trade executions without conflict of interest & no dealing desk (NDD)
- Social trading via ZuluTrade, MyDigiTrade & Myfxbook AutoTrade
- Low trading capital; only $10 is required to commence live trading
- Real-time trading signals on a range of instruments
- News & analytics powered by Claws & Horns
- Offshore regulated broker
- Limited tradable assets
- Spread mark-ups
- No stock trading
- Only the MT4 platform is available
- No US clients accepted
In this detailed NPBFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.
NPBFX is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including NPBFX.
NPBFX Review: Summary
NPBFX is a forex and CFD broker that offers its services to retail, corporate and institutional partners. Founded since 1996, the broker boasts of over 200,000 clients from all over the world. Its clients can trade over 45 assets on the popular MT4 platform.
NPBFX states that it uses the Straight through processing (STP) brokerage model and has No Dealing Desk (NDD). All its price quotes are obtained from the liquidity providers (LPs) which are large Tier 1 banks like Deutsche Bank, Citi, BNP Paribas, HSBC, etc. Its liquidity aggregator bridges the LPs and the clients’ MT4 platforms. There is no conflict of interest as the broker profits from the slightly marked up spreads. All orders are routed to the LPs for execution at the best available bid/ask prices. NPBFX affirms that it uses high-tech software and hardware to bring about reliable trade execution speeds. The brokers servers are located at Equinix NY4 in New York.
NPBFX has been given awards for its brokerage services. At the IAFT awards, NPBFX was voted the “Best STP Broker 2019”. This is the third consecutive time that NPBFX has won this award. Also, at the 2017 China Forex Expo, NPBFX won the “Best Execution Broker”.
NPBFX Review: Regulation
NPBFX is the trading name of NMarkets Limited; a company incorporated in Saint Vincent and the Grenadines (SVG). It is regulated by the Financial Services Authority (SVGFSA). The license number is 24454 IBC 2018. This regulation is not considered by many experts to be on par with regulation from the FCA, CySEC or ASIC. You can refer to our best trading brokers for alternative options that have such regulation in place.
NPBFX is a member of the Financial Commission (FinaCom) which is an organization that resolves disputes between brokers and their clients. If an aggrieved NPBFX client takes their case to FinaCom and wins the case, they may be entitled to compensations capped at €20,000 for each case won.
NPBFX Review: Countries
NPBFX states that its services are not available to residents of Canada and the United States. Some NPBFX features and products mentioned within this NPBFX review may not be available to traders from specific countries due to legal restrictions.
NPBFX Review: Trading Platforms
MetaTrader 4 (MT4)
This is s a very popular trading platform widely used in forex trading. It has become one of industry standards among brokers and is used by millions of traders worldwide. The MT4 platform is stable, fast, rugged and flexible. It is available on multiple devices and has inbuilt tools for complex charting, analysis and trading.
Brokers like NPBFX have already built software bridges to aggregate quotes from LPs to clients’ MT4 portals and also transmit client orders via the same route. Traders can also build plugin apps to extend the features of the platform courtesy of the MQL4 programming language that comes within MT4.
The NPBFX MT4 platform is freely available as WebTrader which runs on web browsers eliminating the need for downloads and it is compatible with all operating systems and devices. It also comes as downloadable windows desktop application and mobile application for iOS and Android devices.
MT4 has a fully customizable interface and ‘market watch’ window which displays the real time live quotes of all available trading instruments. Orders can be placed from the market watch, charts and ‘new order’ button. Market orders, stop orders and up to 4 pending orders can be used to place trades. MT4 supports multiple charts on 9 timeframes; M1, M5, M15, M30, H1, H4, D1, W1 and MN. 30 technical indicators come with MT4 but the number of indicators can be increased to thousands through plugin apps.
AutoTrading is activated by installing software robots known as Expert Advisors (EAs). These EAs can be built from the MQL editor, rented or bought from the MetaTrader market. These are all accessible from the MT4 platform. There is a strategy tester where users can back test EAs over historical data although these results are by no means an indication of how an EA will perform moving forward.
The MT4 platform supports trading on the go with its mobile trading apps developed for iOS and Android devices. These apps can be freely downloaded and installed from the relevant app stores. The app is user friendly, very fast, stable and reliable.
Like the desktop and WebTrader versions, it displays all the assets’ quotes in real time. It supports charting on 9 timeframes, technical analysis using indicators and drawing tools as well as multiple orders which includes 4 pending orders. Market news updates are also accessible from the app.
NPBFX Review: Trading Tools
This is a platform where thousands of traders automatically copy the trades of other expert traders (signal providers) without knowing how to trade or needing to conduct any market analysis. The available platforms are ZuluTrade, Signals MetaQuotes, MyDigiTrade and Myfxbook AutoTrade. From the clients’ area, NPBFX clients can open accounts on any of these social trading platforms. It must be strongly emphasized that there are absolutely no guarantees on what the performance will be like when copying trading signals.
For instance, in ZuluTrade, the traders who provide signals are ranked by ZuluRank; a ranking algorithm that tracks the performance statistics of the signal providers and collates them on a table. Prospective copiers can view the detailed performance data of each provider. From there, he makes a choice of who to follow based on the various metrics provided. The expert traders are compensated through commissions from their copiers. You can read more information in the trading brokers detailed ZuluTrade review.
From the analytical portal, which is accessible only from the personal office of registered clients, forex signals are updated every minute on over 100 tradable assets. Clients can choose the asset class, time frame and instruments of interest to view the signals available. The technical indicators that generated the signals are also shown. There is no guarantee on the quality or results of these signals.
Weekly Video Reviews
This section of the ‘Analytical portal’ gives a weekly analytical review of the forex market. It is updated every Monday and it gives insights on what to expect in the week ahead. It is powered by ‘Claws and Horns’; an independent financial research firm that provides trading signals and expert analysis for the financial markets.
This is a very important tool in fundamental analysis. The calendar shows events’ dates and times as well as the estimated impact on the markets. Clicking on an event shows its details, history and forecast. Users can customize the calendar to only show news events that are important to them.
The following calculators are available: Fibonacci, Pivot points, Deal size and correlation calculators. The forex calculators available are: margin calculator, profit/loss calculator, stop loss calculator and pip calculator. These calculators can be useful to help prepare and manage trades.
News and Analytics
This section of the ‘Analytical portal’ is updated several times a day. The analytics is available on a wide range of instruments. Guest analysts are sometimes featured on this portal. Clients can use the provided filter to choose the assets’ news and analytics that they are interested in. The news and analytics is courtesy of Claws and Horns.
NPBFX Review: Education
The educational resources can be accessed from the ‘Analytical portal’ of the NPBFX personal office.
There are about 17 MT4 platform tutorials teaching clients how to place orders, create or buy EAs, rent a VPS as well as how to use other features of the MT4.
There is a list of ‘Trading strategies’ and their detailed explanations. Up to 69 strategies, their charts and meanings are provided.
A glossary of over 350 terms associated with forex and CFD trading, economics and the financial markets are provided in the analytic portal of the NPBFX website.
An eBook titled ‘A Beginner’s Guide to Forex Trading’ is available for reading online or downloading in pdf format. The 45-page book focuses on introduction to forex, basics of forex, fundamental and technical analysis. It rounds off with money management and trading psychology.
10 video lessons on the forex trading, markets and analysis are also part of the education section. The videos are animated, professionally presented and of high quality.
NPBFX Review: Trading Instruments
The trading brokers review team found the available instruments to be very limited compared to other online brokerages, some of whom offer thousands of trading instruments. The following instruments are available for trading online with NPBFX:
- 38 Currency pairs
- 2 Metal assets
- 6 Cryptocurrencies
- 3 Commodities
NPBFX Review: Trading Accounts & Fees
NPBFX accounts are based on a number of factors such as trading capital, spread and leverage. All clients have access to trade all the assets all the MT4 versions. All trading strategies are welcome.
Here are the account types:
- Master account: The minimum deposit is $10 and the spreads start from 0.8 pips but averages 1.2 pips. The maximum leverage is 1:1000
- Expert account: $5,000 is required to open this account and the maximum leverage is 1:200. The spreads start from 0.6 pips and averages 1.0 pip.
- VIP account: This is the flagship account reserved for professional clients. The minimum opening balance is $50,000 while the maximum leverage is 1:200. The spreads start from 0.4 pips but averages 0.8 pips.
Demo accounts are freely available without any risks to the trader. It is unlimited and the trader specifies how much virtual trading capital he needs when creating the account.
Swap free Muslim friendly accounts are available after opening any of the accounts above and then sending email to support requesting for swap free option. Only about 30 currency pairs are available on a swap free account.
As broker fees can vary and change, there may be additional fees that are not listed in this NPBFX review. It is imperative to ensure that you check and understand all of the latest information before you open an NPBFX broker account for online trading.
NPBFX Review: Customer Service
The NPBFX customer support desk works from 22:00 GMT Sunday to 21:00 GMT on Friday (24/5). The team speaks up to 8 languages. They can be reached through instant web chat, email, phone and by filling the ‘feedback’ form. If you wish to be called at your convenience, then, fill the ‘call back’ form and a support representative will can you back.
NPBFX Review: Deposit & Withdrawal
NPBFX has multiple payment options. Funds can only be transferred from bank accounts, electronic accounts/wallets and credit cards belonging to NPBFX live trading account holders. Third party deposits are not allowed. The broker does not charge deposit commissions.
Here are the accepted payment options:
- Bank Wire transfer: Deposits can be made from the clients’ bank to NPBFX bank accounts and vice versa. Though NPBFX does not charge commissions, the client’s bank will charge some internal fees. For withdrawals, a commission of €100 is charged.
- Credit/Debit cards: Visa, Maestro and MasterCard are the popular cards accepted for payments by NPBFX. Card deposits are processed instantly and no commissions are charged.
- Local Bank transfer: NPBFX accepts payments in local currencies in countries where it has subsidiaries or representatives. In Indonesia, transfers to the following banks are accepted: BCA, Mandiri, BNI, CIMB Niaga. Also in Malaysia, payments can be made via Maybank, CIMB Bank, Hong Leong Bank, RHB, Public bank and AmBank. In Vietnam, up to 8 banks are accepted. In Thailand, ‘online banking Thailand’ is allowed in THB currency. No commissions are charged and the payments are processed within a day.
- Electronic Payment Methods: The payment options accepted are WebMoney, QIWI wallet, Yandex Money, FasaPay, Skrill, Neteller and Ngan Luong. Both deposits and withdrawals are processed within a few hours and there are no charges for deposits.
NPBFX Review: Account Opening
It takes a few minutes to open a live trading account with NPBFX. On the website, click ‘Register’ to display the form below.
Enter your name, email, phone number, city and click ‘Register’. Verification codes will be sent to the email and phone number that you just inputted. Supply the codes and confirm your registration. Upon successfully confirmation, you are automatically logged into the clients’ area called ‘personal office’. From there, you can create new demo or real accounts, verify your identity, download platforms, make deposits and commence trading. Your personal office login details are sent through the registered email address. It is vitally important that you read and understand all of the brokers terms, conditions and policies during the account opening process.
NPBFX Review: Conclusion
NPBFX is an STP broker that has been around since the 90’s. The brokers spreads are competitive and trade executions reliable. Multiple payment options are allowed and live trading can commence with only a paltry $10 deposit.
NPBFX allows all trading styles and strategies courtesy of the versatile MT4 trading platform which is available on all devices. Social trading is available via the ZuluTrade, AutoTrade and MyDigiTrade platforms.
Registered clients have access to the analytical portal which is powered a reputable research and analytical firm ‘Claws and Horns’. Clients are provided with market news and analytics, trading signals, trading calculators, economic calendar and educational resources.
The regulation of SVGFSA is not regarded as stringent and standard by most professional traders and analysts. In fact, most experts will always warn traders to stay away from such offshore regulated brokers. You can see alternative regulated brokers on our best trading brokers list. Clients have no other choice apart from the MT4 platform whilst the withdrawal fees of €100 for bank transfers are considered high in comparison to other brokers.
Trading on the Forex market involves substantial risks, including complete possible loss of funds and other losses and is not suitable for all members. Clients should make an independent judgment as to whether trading is appropriate for them in the light of their financial condition, investment experience, risk tolerance and other factors.