NordFX Review 2023
The forex market has a very competitive ecosystem with individual brokers always competing with each other to produce the best platforms, offer the fastest withdrawals, and the best commissions. As a result, brokers like NordFX are constantly working to provide users with a better and better experience.
NordFX is an internationally recognized broker that’s known for providing a high quality trading experience through its competitive rates, great educational resources, and its smartphone app. NordFX is most known for having a great smartphone platform. Although most of your requisites would have already been ticked, let’s review this broker so you can judge if it’s right for you. But if you’re in a hurry, here is a short-cut to kickstart the application.
Regulation and Security
NordFX is an international forex broker that’s active in over 190 countries with a high number of users (over 1.7 million users have opened an account with the company since it’s inception).
NordFX is officially regulated by the Vanuatu Financial Services Commission and they follow strict AML policies.
But, the company isn’t regulated by stricter governing bodies like the FCA, so it’s comparatively less well-regulated than the most regulated brokers. This allows the broker to offer higher leverage in most instances of up to 1:1000. While the increased leverage may be beneficial to experienced traders, newbies should be careful as although higher leverage can increase the amount of profit one can make, it also can magnify the risk of loss.
NordFX stores all trader’s payments in a segregated bank account. It also only uses Tier-1 banks to store traders’ payments for additional security. Tier-1 banks are considered the most financially safe, and it’s ranked as Tier-1 according to its financial health and strength.
Negative Balance Protection
Negative balance protection prevents you from losing more money than what’s stored in your account. You won’t owe more money to your broker than what you’ve funded into your account. It’s a common protective measure afforded by most forex brokers.
NordFX also offers negative balance protection, which means that if in the rare case where your balance drops below zero (into the minus) due to an unprecedented market move you will not owe the broker money and your balance will be reset to zero.
Is NordFX available worldwide?
Yes, NordFX currently operates in over 190 countries, including nations in Europe, Asia, Oceania, and Africa. But, it is not available in the United States or Canada. If you are ever unsure whether NordFX caters to your country or not you can find more information here.
NordFX supports multiple platforms, including its own smartphone app, Metatrader 4 (MT4), and the MetaTrader Multiterminal.
The NordFX smartphone app is available on both the Google Play Store and Apple App Store for free, so it works on both Android and iOS. NordFX designed its smartphone app with ease of use at the front of their mind, so it has a user-friendly interface and simple controls.
The app is downloadable from virtually every country in the world, and you’re given full control over the account. You can deposit or withdraw funds from the app using different payment types.
You also get access to popular trading instruments, like 33 Forex currency pairs, gold, silver, crude, brent oil, and even cryptocurrency pairs, including Bitcoin, Ripple, and Ethereum among others.
The NordFX app has four order types modes:
- Market order – this order can be activated by simply using the “Buy” or “Sell” buttons and entering the desired lot size on the MetaTrader platform. Sending your order directly to market as soon as it’s opened.
- Stop Orders – Commonly referred to as “buy stop” or “sell stop”. A buy stop refers to opening a long/buy position at a price higher than the current market price.
- Limit Orders – In the form of a “buy limit” or “sell limit” order. For example, a buy limit order involves opening a long/buy position at a price lower than the current market price. Both Limit and Stop type orders are known as pending orders.
- Trailing Stop – Essentially a dynamic stop loss.The trailing stop follows the asset price rise in long positions and the fall in short positions, at a predefined distance. It is updated as our position in the market evolves.
Additional features include separate accounts for transactions and orders, interactive real-time quotations and charts, along with advanced technical analytical tools and indicators, like charting tools. You can also access an economic calendar to access trading news.
Security wise, the app has a safe and secure network, and you can contact its 24/7 customer support if you ever face any problems.
Overall, the NordFX app is an excellent piece of software that makes mobile trading easy and efficient. it has a secure network, good support features, and a helpful library of financial information.
MetaTrader 4 (MT4) is among the world’s most popular trading platforms because it’s easy to use and has an array of useful tools and features. You can download MT4 from the NordFX website and install it on either a Windows or Mac computer.
You can access NordFX using MT4 and use all of the platform’s advanced features, including its search functions, fee reports, and notifications. The Market Watch feature even shows live asset quotes fluctuating in real time, and you can display customizable charts and windows against 9 different timeframes, ranging from a minute to a month.
MetaTrader 4 also has a mobile application that you can use, but you may be better off using the dedicated NordFX app if you’re only going to trade with NordFX.
MetaTrader MultiTerminal is a trading program for traders and managers who use multiple accounts simultaneously. The platform is user-friendly, has all of MT4’s features, and uses advanced data security features to securely transmit your information.
One of the best aspects of MetaTrader MultiTerminal is that its wide array of features lets even inexperienced traders quickly learn about the industry. Beginners can use MT4 for market analysis and MultiTerminal for trading.
Some of the other features of MultiTerminal include that managers only need light supervision since operations are conducted only in an investor’s account. You can even let the program automatically distribute trade volumes based on equity ratios.
Overall, the MetaTrader MultiTerminal is a good trading platform for traders with multiple accounts, and it provides a secure and easy-to-use trading opportunity.
NordFX offers three main accounts, plus a savings account.
The account types are intended to range from beginners to experienced traders, and all accounts have a minimum lot size of 0.01 and a maximum of 100 open positions or pending orders.
Fix accounts are for beginners. The minimum deposit starts at $10 and the spread starts at 2 pips. Fix accounts let you trade with 28 currency pairs, 11 cryptocurrency pairs, and 6 CFDs on indices, gold, and silver.
This account has no commission, comes with a 1:1000 leverage, has a 4 digits quote precision, and you can even start with a demo account.
Pro accounts are for experienced traders. The minimum deposit is $250, and it has a dynamic spread starting at 0.9 pips. This account also lets you trade with 33 forex pairs, has no commission, and comes with a 1:1000 leverage and a 5 digits quote precision.
Zero accounts provide access to interbank liquidity, and it’s intended for a wide range of traders. The minimum deposit for zero accounts starts at $500. This account has 33 forex pairs, a 1:1000 leverage, spreads that start from 0.0 pips, 5 digits quote precision and a starting commission rate of 0.0035% per trade on each side.
NordFX has a savings account that can generate income as high as 30% annually. This account needs a minimum investment of $500, and payments are made daily. You can also take a trade loan at a competitive 3% interest rate charged annually. The NordFX trading account can also be funded with stable coins, like USDT, DAI, and USDC.
NordFX has quite the signup process that starts with heading to its website, clicking on accounts, and selecting the account type you want. You’ll then provide personal details, including your name, phone number, desired currency, leverage, and contact information.
NordFX will then confirm your identity through proof of identity(ID card or passport) and proof of residence(typically a utility bill or a bank statement no more than 3 months old.)
Your account will be ready for use after verification. Overall, NordFX has a fast and straightforward sign-up process no different than most other brokers.
Deposit and withdrawals
NordFX follows standard industry practices by offering multiple deposit and withdrawal methods, including bank transfers, debit and credit cards, online payments, and internal transfers. They also charge the following fees for each payment method:
- Bank transfer
NordFX does not charge you fees for deposits or withdrawals, but your bank may charge fees. For example, if you deposit your NordFX account balance is different from your bank account balance there may be some fees.
- Visa Cards
NordFX does not charge you fees for deposits or withdrawals, but your card issuer may charge fees.
NordFX does not charge any fees for deposits, but they charge 4% of any withdrawal exceeding $7.50.
NordFx does not charge any deposit fees for Skrill, but they charge a 1% withdrawal fee.
NordFX does not charge you fees for deposits or withdrawals.
NordFX charges a deposit and withdrawal fee of 0.8% that’s capped at $50.
Commissions and fees
The trading costs on NordFX depend on the market you’re trading in and the type of account you’ve opened. For example, the Fix and Pro accounts are completely commission free, but the Zero account is commission-based. Generally, NordFX’s trading costs are market competitive, so you don’t have to worry about paying an expensive commission. NordFX also charges a $10 inactivity fee if you don’t use your account for 365 calendar days.
Overall, NordFX is highly competitive when it comes to commissions and costs, and only its Zero account has commissions. So, NordFX can be a good choice if you’re looking for a broker that’s at least market competitive in commissions and overall costs.
NordFX has tight spreads that start with just 0.0 pips. NordFX is competitive in terms of spreads because it outsources its trades to a third-party liquidity provider, keeping overall costs low despite large trade volumes.
NordFX’s Fix accounts have a spread starting from 2 pips, while the Pro account spreads starting at 0.9 pips, while the Zero accounts spreads begin at 0.0 pips. So, there’s no difference in pips between bid prices and ask prices with the Zero account when the spread is 0 pips.
NordFX offers a wider range of leverage, starting from 1:10 and offering a maximum of 1:1000, This higher leverage limit may be considered acceptable by experienced traders, but it may be classed as too risky for most beginners.
So, NordFX may not be the best choice for a new trader who’s likely to overextend themselves and lose a large portion of their investment if they aren’t careful when selecting the leverage they wish to trade with.
Analysis and Education
NordFX has a wide variety of educational resources provided through its learning center. These resources include financial articles, trading videos, and a forex glossary. It updates its articles every month and its videos cover different topics that are also sorted under different categories for ease of access. Most of this content is only accessible after you’ve opened an account.
its educational library also includes these impressive features and tools:
- Market Research
The market research includes extensive content and tools about market conditions over long time periods and tools like currency converters.
- Market Analysis
It includes weekly news stories and global market updates, in addition to information on developments in the forex and cryptocurrency markets supported by detailed analyses.
- Trading Signals
You can access trading signals by opening an MQL5 community account and subscribing to market signals. Most of the data in market signals are directly copied to your NordFX MetaTrader 4 account.
- Economic Calendar
You can use the economic calendar to receive news on current economic developments and new data releases.
- Trader’s Calculator
The trader’s calculator tells you how much potential profit you can earn after entering the relevant parameters of a trade.
- Currency Converter
The currency converter instantly provides you with an exchange rate between two currencies.
Overall, NordFX has a good educational resource section that provides comprehensive information. The videos and articles are regularly updated and relevant, the financial tools and economic calendar are also practical. While these resources aren’t incredible, it’s more than useful for a majority of traders. You don’t need to have a trading account to access some of their research sources, and you can access them by clicking here.
NordFX has 24/5 customer service support that can be reached through its live chat, email, or phone numbers. Overall, it provides a good quality of customer service, but it’s disappointing that its customer support isn’t 24/7.
That being said, NordFX does an excellent job at explaining its services and products in great detail. And, its platforms are both easy-to-use and simple, so it’s doubtful that most traders will need extensive support.
Reputation amongst Traders
NordFX is highly regarded amongst traders with an average score of 4.1 out of 5 stars on TrustPilot, however with a total review count of 9 reviews the number of reviews is rather on the low side to help us see the bigger picture. However, on ForexPeaceArmy’s website they score an average of 3.5/5 from over 172 reviews which helps to give us a more detailed view. Traders have praised NordFX’s easy-to-use smartphone app and its relatively fast withdrawals. Many traders have also praised its good customer service features, especially its online multilingual chat features.
Can beginners trade with NordFX?
Overall, NordFX isn’t all that beginner friendly. Its smartphone app is designed for experienced traders who are familiar with complex investment terminology and have prior experience with trading platforms. That being said, NordFX does try to incorporate beginner-friendly features like its demo accounts, which are intended for beginners. Yet, it’s still a complex broker overall for a beginner. That being said, NordFX is comparatively more user friendly than some other brokers, but likely not enough that a beginner would want to trade with them.
In conclusion, NordFX is a high-quality international broker that provides competitive rates, great educational resources, and an impressive smartphone application. It’s a great broker for people looking to trade with a wide variety of leverage and who want a dedicated mobile platform instead of a third-party provider. Overall, it’s a great broker unless you’re either a beginner or want a broker which allows more instruments to be traded.