NordFX Group is a globally recognized foreign exchange broker that debuted back in 2008. After years of service and expansion, it currently provides financial solutions to 1,200,000 clients from over 100 countries. Its tight market traction could be attributed to its highly secured asset management, providing three conditions that make trading convenient and hassle-free for investors. To fully enhance trading experience and to provide an inclusive service not only for traders but also for trading managers, it also offers Percentage Allocation Money Management (PAMM) accounts.
NordFX is composed of three independent and well-regulated subsidiaries located in Vanuatu, Cyprus, and India. The company’s office in Vanuatu functions as the main office where most of the clients are served from. Its leg office in Cyprus has distinct and separate trading conditions for EEA traders, while NordFX India LTD facilitates the needs of traders living in Asia and the Pacific.
NordFX Account Selection
In terms of account selection, NordFX offers the Fix, Pro, Zero, and Stock accounts for live trading. While these four types are industry-level kind of accounts, they bear minimal restrictions as clients are not allowed to trade Contract for Difference and Forex using the same account.
Fix Account- As the name suggests, the Fix account provides fixed spreads starting from 2.0 pips. For a minimum deposit of $10, clients are provided with a wide set of assets including 28 FX pairs, metals, cryptocurrencies, indices, and oil. Its leverage can also be utilized up to 1:1000, allowing users to expand their margin of profitability with a pocket-friendly deposit.
Pro Account- With this type of account, trading costs are way lower. However, its registration fee is at $250. Similar to the Fix account, it offers a leverage of up to 1:1000, but its spread starts from 0.9 pips. The Pro account’s asset classes are heavily diversified as it offers 33 Fx pairs, metals, virtual coins, indices, and oil.
Zero Account- This account type comes as the most competitive among NordFX’s account options. For a minimum deposit of $500, its EUR/USD is equipped with an average spread of 0.3 pips, but is only charging 0.0070% for commission. While the aforementioned accounts comply with the market-maker model, the structure of the Zero account is ECN. It is a great advantage for traders if only NordFX provides the necessary plug-ins to connect the Zero account to a network.
Stock Account- This account is made to facilitate equities and Contract for Difference trading. It charges a commission of 0.20% with a maximum leverage of 1:5. With these conditions, clients may trade 68 shares- a generous offer that stands ahead of other brokers that offer stock account.
NordFX Features
MT4- Platform- This brokerage firm is a MetaTrader-powered platform. But as mentioned above, NordFX does not have the necessary plug-ins to unlock and maximize MT4’s complete functionality. Its basic platform is also proven inadequate as there is an absence of critical features which may come disadvantageous for advanced traders. While there are some add-ons available, it usually requires a separate fee. But on the positive side, the MT4 is wired with automated solutions and open-source codes that allow customization, making the system the most commendable platform in the retail sector.
Account Management– As trading usually comes daunting for novice traders, NordFX deemed it necessary to provide management assistance. It provides three investment funds, all available for a 2% management fee and a 35% performance fee. While there is a standard fee for all the available funds, all of them vary in terms of investment conditions. Investors may pick between quarterly or annual investments, and they have to note that early withdrawals entail a penalty.
Research and Education-One of the most advantageous features under this category is its weekly analysis. This function provides a comprehensive and thorough rundown of the previous week’s events, while providing an outlook for the coming week. To reinforce its sentiment analysis, there are also signals provided by MetaQuotes.
Customer Support- NordFX offers various methods for customer assistance. As it is a global brokerage firm, it offers a multilingual support including English, Spanish, Chinese, Arabic, Bengali, Farsi, Thai, and Malay. Not only does it work 24/5, it can also be reached through multiple means including email, ticket, telephone, and the most advantageous- live chat.
Conclusion
Truth be told, there is still untapped potential in NordFX. For one, the absence of additional plug-ins comes as a disadvantage as clients are restricted from unlocking the MT4’s full functionality. Another thing is its asset classes since it is only limited to retail trading. Lastly, the MT4 can only be utilized in its standard form and without the ability to be connected to an electronic communications network. If clients will look beyond these restrictions, they may still appreciate NordFX when it comes to trading education, security, and customer support.