NordFX Review – Is It Worth To Consider The Broker’s Account Through Its Bonus Offerings?
NordFX is one of the select few Forex brokers in the EU that still supports a bonus system for deposits, which might entice traders into choosing NordFX for their trading needs. Of course, free trading credit is a great way of increasing the equity in the account without taking any considerable risks, but traders should read through this NordFX broker review before committing their trading capital to NordFX.
Is NordFX An Authentic European Regulated Firm?
At first glance, NordFX claims to be from the Mauritius, with an additional office in Vanuatu. Therefore, it is easy for traders to associate NordFX with the countless number of Forex trading companies that are located in popular safe havens across the world. It is no secret that several established safe havens such as the Mauritius have a comparatively less effective regulatory framework than its counterparts in the US, the EU, and Asia-Pacific. However, upon deeper investigation, we did find out that the broker is indeed regulated by the Cyprus Securities and Exchange Commission (CySEC) through its branch office in Cyprus. Cyprus has been a member of the EU since the early 2000s, and its CySEC regulatory body has been reforming its policies and regulatory guidelines to suit the numerous laws that are outlined in the European Markets in Financial Instruments Derivatives (MiFID). NordFX is a reliable and authentic broker that is regulated by one of the leading regulatory agencies in the Forex market. The broker is also supervised according to the different laws that are applicable throughout the EU, which guarantees protection for investors under the different investor advocacy groups and official Government organizations. Traders also need not worry about the long-term reliability of the broker against insolvency or bankruptcy proceedings, as the Investor Compensation Fund does provide protection for clients up to €20,000 if the company shuts down without warning.
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NordFX has a diverse range of account options, which include market maker, STP, ECN, and hybrid trading accounts that have different trading conditions to suit the various categories of traders. First and foremost, it should be noted that NordFX has managed to create one of the most comprehensive account packages to cater to the largest group of both amateur and professional traders. Credits where credits are due, NordFX does deserve a pat on its shoulders for offering six different accounts that have stipulated low entry barriers that allow traders to start trading with as little as $5. $5 allows NordFX clients to open two different account options, the Micro Account and the 1:1000 Account. The Micro Account aims to serve as the entry option for beginner traders that offer a maximum leverage of 1:500, where the average NordFX spreads start from 2 pips. The Micro Account is a regular market maker account that is only suitable for smaller traders, in particular for those who wish to trade the markets using Micro trading conditions. There are several trading restrictions on the Micro Account, which may include a maximum cap on contract sizes, scalping, and other trading strategies. The 1:1000 Account is designed for traders that are looking for a higher leverage option, which, as the name suggests, offers a staggering NordFX leverage of 1:1000. In comparison, professional traders consider 1:50 to be a nominal amount of leverage for safe trading, while anything more than 1:100 is deemed to be highly risky. 1:1000 leverage may not be suitable for all investors, and you should be extremely careful while trading the highly volatile Forex markets on a 1:1000 NordFX account. Another drawback of the 1:1000 Account is the higher than normal spreads of 3 pips, which further makes it unsuitable for professional traders. A 1:1000 Account may only be suitable for scalpers that are capable of catching quick moves in the market. For more stable trading conditions, the Standard and the Standard MT5 accounts allow traders to start trading with as low as $50, which is subjected to a maximum leverage of 1:200. The Standard Accounts offer a hybrid of market maker and STP protocols, which does help in reducing the conflict of interest and enjoy a safer trading environment. The spreads for the Standard account is lowered to 1 pip on the majors, which is certainly competitive when compared to the spreads offered by NordFX’s direct competition. The NordFX MT-ECN Account should be the best account option for professional traders, but it does require a slightly expensive $1,000 minimum deposit for opening an account. The commission also varies between $3.5 and $5 per lot per single side, which are determined according to the initial deposit amount or the current account equity. Traders can enjoy the best trading conditions by choosing the Premium account, which guarantees 0 spreads, lowest commissions, and the best market access conditions for a minimum deposit of $50,000. However, most traders will be more or less satisfied with the MT-ECN account that offers proper ECN conditions, albeit we are a bit disappointed at the slightly higher minimum deposit requirements.
NordFX Bonus On Deposits
NordFX has an excellent bonus structure that offers around 55% to 100% in bonuses for all deposits made to their trading accounts. NordFX is one of the very few Forex trading companies in Cyprus and all over the EU that still offer a considerable amount of bonus through its promotions. NordFX clients can also opt for refer-a-friend bonus or the numerous demo trading contests, which can earn additional money as trading credits. Be warned that all trading credits can only be withdrawn after satisfying the broker’s trading conditions. NordFX deposits and withdrawals are free from any fees, as the broker absorbs all the cost of transfers that are incurred for the different payment options. You can fund your account or withdraw using a multitude of different payment options, but you may only withdraw your funds to the same account that was used to deposit your money. Due to the CySEC regulation, you can be assured of timely withdrawals without any serious concerns.
How Does The NordFX Trading Platforms Fare In Real-World Trading Conditions?
NordFX uses the MetaTrader trading platform across its range of trading accounts, which are available in both the MT4 and the MT5 versions. Fund managers and multiple account holders can also trade on the MT4 Multi-terminal, while mobile traders can access their accounts through NordFX mobile apps designed for iOS and Android operating systems. The MT4 and the MT5 do fare well under live trading conditions, but traders can improve their trading performance through the broker’s VPS option. NordFX is certainly a broker to consider in the sea of Forex brokerages that only cater to the rich and the affluent. NordFX has a Forex trading account for all types of traders, and they are not limited by any trading restrictions or impossible trading restrictions. Just be careful about the broker’s bonus terms and conditions before accepting a bonus, and always trade on a demo account before trading on a live account.