NordFX Review 2020

GENERAL INFORMATION

NordFX is a global brokerage specializing in crypto and CFD trading. The firm started working in 2008, meaning it has amassed over a decade of experience. It operates from Cyprus, or more precisely, 14 Louki Akrita street, Ayias Zonis, 3030, Limassol.

While a brokerage’s experience is usually a good thing, it can also present specific issues. Namely, many established brokerages hinge on their status, which in turn hinders motivation to innovate. And when you look at NordFX’s website, that’s exactly what you see. Visually, everything looks outdated and cheap by modern standards. On top of that, functionally, it seems very odd. There are a lot of loading spots that seem unnecessary, and handling and navigation are quite clunky.

However, the site did manage to leverage its experience and provide a few good trading conditions. To elaborate, let’s take a look at some of the best specifications:

• HIGH LEVERAGE

While leverage is known to be a double-edged blade, having the option to choose is nice. NordFX offers a max leverage of 1:1000, which is quite a bit above the standard number. Such a high rate can be quite meaningful for traders that prefer short-term tactics, such as day trading. As long as you’re cautious, leverage can be a powerful tool.

• LOW POTENTIAL SPREADS

NordFX offers account types that can go as low as 0.0 pip spreads. Tight spreads can provide a much more transparent trading process, where the prices you see are the ones you get. Pairing with that, the broker has fast execution speeds, improving the overall experience.

• INVESTMENT FUNDS & COPY TRADING

NordFX enabled the two features, significantly lowering the skill level needed to turn a profit. Perhaps you’re not a trader and just want to invest safely. You can use one of the few investment funds with transparent year-on-year results for the previous year and simply return to your money after the fixed period. Another option is to copy one of the successful traders on the website via the Copy Trader, achieving mutual benefits.

Funds Trading and Security

One area the brokerage does surprisingly well in is security. The firm secured double regulation, with SEBI, and VFSC covering it. The reputation isn’t bad either, with only a few major complaints over the years. NordFX is diligent in answering customer dissatisfaction comments, with many of the negative ones seeming like review bombing attempts.

Overall, the security doesn’t look like it has anything wrong with it, which is quite commendable.

Trading Accounts

When you get to the trading accounts, you start to see the negative impact of NordFX’s age. The only good thing about the account setup is that there’s a demo. Older traders can use the free version to inspect the service’s details, but it’s even more useful for inexperienced ones. If you’ve never traded before or are just starting out, feel free to use a demo account to familiarize yourself with trading platforms, and get to know how the entire process works.

But a test account is a feature that’s quite common with brokerages, so even though it’s a win, it’s not a significant one. However, once you get to the live accounts, things get rough. There are three accounts that at first seem like linear upgrades. Those are the Fix, Pro, and Zero. Each step introduces new trading materials along with tightening spreads.

However, the broker also introduces fees to your account on the last step, which is quite an unorthodox move. Pricier versions should bring more benefits instead of introducing downsides. Additionally, we believe that assets shouldn’t be locked behind a paywall in the form of account typing.

And that’s not even the worse part, since you can’t trade stocks with any of the accounts we mentioned. For that, you need a separate account type called Stock, which has significantly worse conditions. The account division method creates a series of issues that only worsen the further you inspect the service. However, if you’d like to take a look for yourself, here are some of the account specs:

Fix

• $10 Minimal deposit
• from 2 pips Spread
• up to 1:1000 Credit leverage
• 4 digits Quote precision
• No Commissions
• 28 FX Pairs + Metals + Crypto +
• Indices + Oil

Pro

• $250 Minimal deposit
• from 0.9 pips Spread
• up to 1:1000 Credit leverage
• 5 digits Quote precision
• No Commissions
• 33 FX Pairs + Metals + Crypto +
• Indices + Oil

Zero

• $500 Minimal deposit
• from 0.0 pips Spread
• up to 1:1000 Credit leverage
• 5 digits Quote precision
• 0,0035% per trade (each side) Commission
• 33 FX Pairs + Metals + Crypto +
• Indices + Oil

Stocks

• 1:5Credit leverage
• 0.2% (round turn) Commission (fee)
• 68 Stocks (CFD)

Trading Conditions

As you could’ve seen earlier from the account typing in our NordFX review, the trading conditions on paper are better than they are in practice. To get one thing, you need to sacrifice another, and stocks are entirely unavailable aside from one account. Even then, you only get to trade CFDs on stocks.

The broker somewhat redeems by offering a decent service for budget traders and some secondary features. Some might opt to use it merely because of the rare investment fund and social trading capabilities. However, we don’t advise that.

Trading Platform

Another area NordFX did well in is securing a good trading platform. The website offers MetaTrader4, which has become the standard trading tech solution. The tool eases newer traders into the finance world by offering intuitiveness while remaining a potent analytical tool for experts. There are also mobile and web browser versions that make the platform more accessible.

NordFX’s Trading Products

There’s a decent variety in NordFX’s materials, although most are only available as CFDs. It’s worth noting that specific accounts lock you out of accessing certain trading instruments. If you do decide to trade with NordFX, be careful about picking an account type that can buy and sell the asset you’re aiming for. Here are the categories you can expect to see:

• Stocks
• Forex
• Commodities
• Cryptocurrency
• Indices

Customer Service

The customer service options at NordFX are serviceable and make it simple to reach the broker. The firm went with the common email and phone line methods, although a live chat is missing.

English phone number: +357 25 281 682

Email: support@nordfx.com

Conclusion

NordFX is a veteran broker, but it seems to hold itself back a great deal. A potentially good experience is ruined by faulty account typing that makes it thoroughly underwhelming. On top of that, the asset count is somewhat limited, making diversification a challenge. It does moderately well in the budget trader experience area, but even then, there are better alternatives.

If NordFX decides to rid itself of the account typing, which is its core issue, and a few things surrounding it, it could become a globally competitive force. However, as-is, the entire service falls flat and is easily trampled by competitors.