NordFX Spain Review 2024 - TU expert opinion

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Is the Forex market legit in Spain?

Forex trading is absolutely legal in Spain. A company that holds the financial license issued by the local regulator – Comision Nacional del Mercado de Valores (CNMV), is considered a legal broker in the country. The commission oversees compliance of all rules by the brokers and protects client interests.

All brokers with the license of the Spanish regulator must regularly report to the CNMV. It is also important to consider that Spain is an EU country, which means that brokers with licenses of other EU jurisdictions can also operate there.

How to Trade Forex in Spain

Traders in Spain need to choose a broker and register. Spain is an EU country, which means that the information required by the brokers complies with the MIFID. Verification is mandatory for Spanish traders. You will need to upload documents confirming your identity and address.

Detailed Review of NordFX in Spain

NordFX is a good choice for traders from Spain. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.

NordFX is a broker worthy of traders' attention. It offers the widest range of services in the Forex market.

The convenient website of the company allows you to quickly evaluate, analyze, and compare all offers for active and passive trading.

Comprehensive service and customer focus raised the company to one of the leading positions in the Trading Union broker rating.

A few figures that could be interesting for traders choosing a broker:

  • operates in 18 countries;

  • over 1,250,000 registered accounts;

  • Over 25,000 partners;

  • Over $30,000,000 paid to partners;

  • more than 12 years working in the Forex market.

Advantages of NordFX for trading in Spain

Traders Union analysts conducted a detailed analysis of NordFX for traders from Spain. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:

1

6 asset classes;

2

advanced CPA up to $700;

3

support is available in 14 languages.

4

second-level commission up to 10%;

5

low spread; accounts with fixed, floating spreads;

6

free analytics.

The brokerage company took into account the needs of clients. Close cooperation with global marketing leaders during 12 years of work has helped the broker to reach its highest level. A professional team helps their clients to master the heights of business in the Forex market.

Analysis of the Main Features of NordFX in Spain

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Traders Union analysts analyzed the key features of NordFX for traders from Spain. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.

User Satisfaction Customer Satisfaction Score (CSAT) is a unique metric of Traders Union based on the analysis of user reviews posted on pages of each broker profile by the visitors of our website from all around the world. We have been collecting these broker reviews for over 13 years, and therefore, we know and understand the level of customer satisfaction with a specific brokerage company better than anyone else.

6.97

/10

Regulation and safety The score for this parameter is based on the licenses a company holds. The higher the level of the license, the higher the score. Obtaining licenses in other jurisdictions also improves a broker’s score. We divide all licenses into three levels:

Level 1 jurisdictions (high level of trust): CFTC – USA, FINMA – Switzerland, FCA — UK, ASIC – Australia, CBI – Ireland, JFSA — Japan, MAS – Singapore, FMA — New Zealand, IIROC – Canada, SFC – Hong Kong.

Level 2 jurisdictions (medium level of trust): CySEC – Cyprus, FSCA – South Africa, CBRC – China, SEBI – India, ISA – Israel, SECT – Thailand, DFSA – United Arab Emirates

Level 3 jurisdictions (low level of trust): FSC – Belize, FSC – British Virgin Islands, FSC – Mauritius, VFSC – Vanuatu, SCB – The Bahamas, BMA – Bermuda, CIMA – Cayman Islands

7.36

/10

Commissions and fees This parameter comprises a comprehensive analysis of all commissions and fees charged by a brokerage company, including trading and deposit/withdrawal fees. Also specific fees, for example the inactivity fee, are taken into account in the final score for the fees. Users can find detailed fees charged by a company in the broker’s profile.

7.43

/10

Trading instruments For this parameter, we evaluate the number of trading assets a broker offers access to in each group of financial instruments. We analyze the quotes a broker offers on Forex pairs, metals, indices, commodities, stocks, and cryptocurrencies. This parameter also includes evaluation of broker’s investment programs, for example access to copy trading, which we regard as an additional type of a trading instrument.

7.67

/10

Brand popularity Traders Union experts are confident that brand awareness mostly fully reflects the real state of affairs in a company – the more popular the broker, the more people trust it. The score for this indicator is based on the data analysis of such services as Ahrefs and SemRush, which show how often a company’s brand is searched on Google. In addition, indicators of the SimilarWeb service, which show the approximate number of visitors of the broker’s website, are also taken into consideration. We also review disclosed official reports of brokers, which allow for evaluating their client base.

5.45

/10

Customer support The score of this parameter is based on the number of available communication channels of a company’s support service. The quicker and easier it is to contact the broker’s support, the higher the score. We check every available support channel, test the speed of processing of requests and completeness of provided information through several interactions.

5.06

/10

Education This parameter provides an evaluation of a company’s capacity to work with beginners. Only quality training and provision of full and unbiased information can help novice traders and investors minimize the risks of losing money, even when working with top-ranked companies. Brokers with useful educational and informational tools, including webinars, tutorials, podcasts and articles, receive higher scores.

7.35

/10

Trading conditions for NordFX traders from Spain

It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of NordFX trading conditions for traders from Spain. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.

💻 Trading platform:
MT4 MultiTerminal, MetaTrader Mobile, MetaTrader 4
📊 Accounts:
Demo, Fix, Pro, Zero, Savings
💰 Account currency:
USD, BTC, ETH
💵 Replenishment / Withdrawal:
Perfect Money, Neteller, WebMoney, Skrill, PayWeb, Payza, HandyBank and Elexnet, FasaPay, EgoPay, DIXIPAY, Payment, bank cards, bank transfer
🚀 Minimum deposit:
Fix — $10, Pro — $100, Zero — $500, Savings - $500
⚖️ Leverage:
1:1000
💼 PAMM-accounts:
Yes
📈️ Min Order:
0.01
💱 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%
🏛 Liquidity provider:
Multiple
📱 Mobile trading:
Yes
➕ Affiliate program:
Yes
📋 Orders execution:
Order execution: instant and market
⭐ Trading features:
Cryptocurrency trade; Copy Trading; RAMM service; Free analytics.
🎁 Contests and bonuses:
n/a

NordFX Commissions and Fees

Traders Union analysts analyzed commissions and fees charged by NordFX for traders from Spain. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.

Information

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)

Also, our experts have compared trading commissions at NordFX with those of the broker's competitors. As a result of comparing the brokerage company, we assigned a level: low, medium, high.

Expert Review of NordFX

The brokerage company NordFX has proven itself as a reliable partner by its cooperation with the International Traders Union. Members of the Union especially appreciate the three types of trading accounts offered by the broker. You can choose a trading account with the best conditions for you.

For over ten years of cooperation, there have been no significant complaints from traders against the broker. All issues were resolved in the client's favor.

The Traders Union recommends NordFX as a reliable partner with optimal trading conditions for traders with different levels of expertise.

Anton Kharitonov

Anton Kharitonov

Financial expert and analyst at Traders Union

FAQs

Is NordFX legal in Spain?

Yes. NordFX operates legally in Spain. The broker holds the necessary licenses.

Can you learn trading with NordFX? Does the broker offer courses for traders from Spain?

Yes, NordFX offers good trading courses and a lot of educational information for clients from Spain.

Can NordFX be trusted? Has the broker been operating in Spain long?

NordFX has been operating in Spain quite long and has a good reputation. Therefore, traders can work with NordFX.

Is NordFX suitable for novice traders from Spain?

Yes. NordFX offers optimal trading conditions and good education for beginners from Spain.

How efficient is NordFX customer support in Spain?

NordFX offers a sufficient number of ways to contact customer support in Spain, and also provides support in the state language.

Has NordFX had any incidents involving theft of funds of clients from Spain?

No. NordFX provides reliable security of funds of clients from Spain.

Will I be able to file a lawsuit in Spain if NordFX violates my rights?

Yes. If NordFX violates your rights, you can file a complaint with the regulator of Spain, and then with a court.

Can NordFX clients from Spain use the broker’s mobile app?

Yes. The mobile app of NordFX is available for the clients from Spain.

Does NordFX provide Spain market analysis?

Analysis of Spain is featured in the information provided by NordFX.

How can I withdraw funds from my account at NordFX in Spain?

NordFX supports bank transfers and debit/credit cards of the banks operating in Spain.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

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
Author and editor at Traders Union

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.