This broker has also been regulated by VFSC 15008.
Extensive Review
NordFX is known as an online Forex and CFD broker company operating in Vanuatu. Following the norm of forex brokers in the country, NordFX is registered under the Vanuatu Financial Services Commission (VFSC). Although not as popular as Cyprus as an offshore destination, Vanuatu still serves as one of the main offshore jurisdictions for retail online brokers.
One of the main advantages of opening a trading account in NordFX is the simplicity in trading registration and flexibility in trading conditions. Those characteristics somehow offset the negative sides of offshore brokers that concern the majority of traders with big deposits.
As for NordFX, the maximum leverage offered reaches up to 1:1000, allowing traders to dream big with small capitals (but high-disciplined trading rule and psychology). The available instruments vary from tens of forex pairs, commodity-based CFDs, and index-based CFDs. This allows traders to get involved in not only currency markets but also stock indices, precious metals, and oil markets.
Compared to other forex brokers with a similar level of credibility, NordFX is quite generous in its spread policy. The Pro and Zero accounts are equipped with spreads starting from 0.9 pips and 0.0 pip respectively. Yet, the Fix account is presented with 2 pips spread, which is quite ironic since the account is the most suitable for small traders with a minimum deposit starting only from $10.
Here are the basic specifications for each account types in NordFX:
Fix Account
- Minimum deposit: $10
- Spread: from 2 pips
- Leverage: up to 1:1000
- Account Balance: in USD, ETH, and BTC
- Quote precision: 4 digits
- Commission: None
Pro Account
- Minimum deposit: $250
- Spread: from 0.9 pips
- Leverage: up to 1:1000
- Account Balance: in USD, ETH, and BTC
- Quote precision: 5 digits
- Commission: None
Zero Account
- Minimum deposit: $500
- Spread: from 0.0 pips
- Leverage: up to 1:1000
- Account Balance: in USD, ETH, and BTC
- Quote precision: 4 digits
- Commission: 0.0035% per trade (each side)
For platform choices, trading in NordFX allows the use of both MetaTrader 4 and MetaTrader 5; all available for desktop and mobile interfaces. It signifies the broker's initiative to keep up with current trends as MetaTrader 5 is starting to gain followers, while MetaTrader 4 is kept to facilitate its faithful users. Both have a tremendous selection of Expert Advisors, custom indicators, as well as Strategy Providers in their built-in mirror trading feature.
NordFX accepts payment from nearly all of the popular online methods among retail traders around the globe. Hence, it’s not surprising to see it offering traders a wide range of payment methods that include Bank Transfer, Visa, MasterCard, WebMoney, Skrill, Neteller, Perfect Money, Qiwi, and many others. However, NordFX hasn't accepted payments via cryptocurrency wallets even though the broker is starting to promote the digital asset as its latest recommended trading instrument.
To conclude, NordFX may hold the unavoidable impression of being an offshore forex broker. However, it is still highly competitive and considered ideal as traders' preferred choice for a broker with zero spread conditions and flexible leverage. Since the loose trading condition usually goes hand in hand with a high-risk trading environment, it is also important to implement cautious measurements on all front when calculating money management and risk management in NordFX.