Is NordFX Regulated? Is it safe? - TU Expert review
License is the most important document you have to consider when choosing a broker. Many traders, who would like to start working with NordFX try to check whether it is regulated. Traders Union experts have already done that. In this article, you will learn whether NordFX is regulated, what regulatory authorities supervise the broker and whether it is safe to work with the company in general.
Short summary about the broker NordFX
NordFX is an international company founded in 2008. Over the years, the broker has been awarded over 50 prestigious awards and various prizes. You can find below a shortlist of the company's achievements over the past decade. In 2020, NordFX received the “Best Platform for Central Asset Accounts” award. Earlier in the year, its affiliate program received this award as well as the social trading platform award. According to the Masterforex-V Academy, NordFX became the best world broker in 2019. In 2018, it was declared the Best Broker in Asia. Since 2011, its bonus programs, promotions, and partner programs have regularly been recognized as the best in Asia. The high quality of service was noted and NordFX was recognized as the “Best Forex broker in China” for the quality of its dealing. NordFX operates in nearly 190 countries and has over 1.25 million trading accounts. The company offers services for active and passive trading on the Forex market. It operates under the jurisdiction of the British Virgin Islands.
| 💰 Account currency: | USD, BTC, ETH |
|---|---|
| 🚀 Minimum deposit: | Fix — $10, Pro — $100, Zero — $500, Savings - $500 |
| ⚖️ Leverage: | 1:1000 |
| 💱 Spread: | From 0.9 pips (floating), from 2 pips (fixed) |
| 🔧 Instruments: | Currency pairs, cryptocurrency (11 pairs), 6 CFDs on indices, oil, gold, silver |
| 💹 Margin Call / Stop Out: | Fix - 40%/20%, Pro - 40%/20%, Zero - 60%/40% |
Pros and cons of NordFX
👍 Advantages of trading with NordFX:
•you can trade on Forex not only with currency pairs, but also with cryptocurrency, gold and silver, major stock indices (including Dow Jones, Nasdaq, Nikkei), as well as oil, stocks, etc.;
•the leverage is up to 1:1,000.
•desktop and mobile versions of MetaTrader 4 and MetaTrader 5 platforms;
•deposit from $10;
•spreads from 0 pips;
•flash order execution that takes 0.5 seconds;
•deposits in US dollars, bitcoins, ethereums;
•PAMM service;
•copy trading;
•investments in shares of world leaders: Apple, Ferrari, and Boeing, Coca-Cola, Visa, Google, Microsoft, Alibaba, etc.;
•comprehensive theoretical underpinning: analytics, news, education portal containing hundreds of materials (text, graphics, video);
•multilevel affiliate IB program with the ability to earn up to 65% commission.
👎 Disadvantages of NordFX:
•technical support service works only 5 days a week.
Why is it important to work with a regulated broker?
License is a document that certifies that a broker operates legally and guarantees fulfillment of its obligations to the traders. A financial license is issued by a financial regulatory authority of a country (the National Bank) or a specialized authority (for example, Securities Commission, Futures Trading Commission, etc.). It is important to choose licensed brokers for the following reasons:
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A license guarantees that the broker operates in compliance with the rules of the financial regulator that issued the document.
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In order to obtain the license, a broker must comply with certain requirements, for example, the size of the authorized capital or personnel qualification. It is simply not lucrative for scammers to comply with such requirements.
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A broker’s license provides access to real markets, and you can be sure that the quotes are real and up-to-date.
The best option is to work with a broker that holds the license of the jurisdiction, where the trader resides. You can also choose a company with a financial license of another reliable jurisdiction, for example, the U.S. or the European Union.
Is NordFX Regulated? Broker’s license
Security (Protection for Investors)
Information
NordFX activities are regulated by VFSC (15008). Responsible monitoring by the regulators is a guarantee that the brokerage company will fulfill its obligations.
👍 Advantages
- Confident trading due to the stable operation of servers, platforms
- Advanced customer reporting
- Ability to track traffic and commission statistics
👎 Disadvantages
- The regulator does not consider the claims of traders with minor amounts
Brokerage fees
Broker’s regulation is the most important choice criterion. However, before you start working with the broker, it is also important to analyze its commissions and fees. TU analysts have studied the commissions and fees charged by NordFX, which you can see below.
NordFXtrading conditions were reviewed by Traders Union analysts for the presence of explicit and hidden commissions. There is no commission for replenishment; commission for withdrawal depends on the type of account and in some cases, it is also absent.
| Account type | Spread (minimum value) | Withdrawal commission |
| Fix | From 2 pips | No |
| Pro | From 0.9 pips | No |
| Zero | From 0 pips | 0.0035% for the transaction (in each direction) |
Brokers that are similar to NordFX
Many brokers operate legally, obtaining relevant licenses and permissions. However, when choosing a broker, it is important to compare their trading conditions. TU experts have prepared a comparative analysis of NordFX conditions with its closest competitors.
Comparison of NordFX with other Brokers
| NordFX | RoboForex | Pocket Option | Exness | FBS | FreshForex | |
|---|---|---|---|---|---|---|
Trading platform |
MT4, MT5, MobileTrading, Zulu Trader, Integral |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MobileTrading |
MT4, MobileTrading |
Min deposit |
$10 |
$10 |
$5 |
$10 |
$1 |
No |
Leverage |
From 1:200 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
No |
Accrual of % on the balance |
No |
No |
No |
No |
No |
No |
Spread |
From 0 points |
From 0 points |
From 1.2 point |
From 1 point |
From 0.2 points |
From 0 points |
Level of margin call / stop out |
No |
No |
No |
No |
No |
No |
Execution of orders |
Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
No deposit bonus |
$8 |
No |
No |
No |
$5 |
$30 |
Cent accounts |
No |
Yes |
No |
No |
Yes |
Yes |
NordFX is an excellent choice for active and passive earnings. The all-business broker is perfect for traders with different temperaments, trading styles, and experience in the Forex market.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Pocket Option offers a wide range of trading instruments and copy trading services. It constantly improves its service quality and expands the list of assets and trading platforms. The broker is suitable even for novice traders without significant capital due to the low initial deposit. Experienced traders who work with CFDs and binary options can also use Pocket Option’s services.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
FreshForex is a reliable Forex broker providing a standard set of trading tools. The company is a good option for traders of all levels, from beginner to professional traders. It is mid-range in terms of size and number of registered traders and they are reliable based on our research and analysis.
Conclusions
NordFX cannot be considered absolutely reliable. The broker operates on a license of an offshore regulator. This creates certain risks regarding security of your funds. The broker has a good reputation. However, you can work with companies with an offshore regulation only at your own risk.
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FAQ
How difficult is it to obtain a brokerage license?
The procedure for obtaining a license differs depending on the jurisdiction, but it is very difficult and expensive to get the document in a reliable jurisdiction. This is why only reliable brokers obtain licenses.
Why is it not recommended to work with offshore brokers?
Offshore brokers have to meet minimum requirements for obtaining a license and reporting, which is why often scammers get such licenses.
Can an offshore broker be reliable?
Yes, although there are not many of such brokers. There are brokers with a good reputation, but with an offshore license. You still need to be very cautious when working with such companies.
How do I check a broker’s reputation?
In order to check a broker’s reputation, you need to read user reviews. However, it is recommended to only use independent websites for that.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.