NordFX review and ratings
NordFX is a forex broker located in the Republic of Vanuatu, regulated by the Vanuatu Financial Services Commission (VFSC).
NordFX accepts clients from all over the world, excluding USA and some jurisdictions where restrictions apply.
- Simple registration and verification process.
- Own investment portfolios offered for the clients.
Forex broker offers the following underlying assets for trading.
|30+ Currency Pairs||Based on major and minor world currencies.|
|11 Crypto Pairs||Based on Bitcoin, Bitcoin ABC, Bitcoin SV, Ethereum, Ethereum Classic, Dash, Litecoin, Ripple, OmiseGO, EOS, Zcash.|
|5 Indice CFDs||Based on baskets of different blue-chip stocks.|
|2 Metal CFDs||Based on Gold and Silver.|
|1 Energy CFD||Based on Crude Oil (Brent).|
|60+ Stock CFDs||Based on shares of US, UK and EU companies.|
NordFX is a forex & CFD brokerage company based in Vanuatu, a popular offshore jurisdiction located off the eastern coast of Australia. As usual with forex brokers in Vanuatu, NordFX is regulated by the Vanuatu Financial Services Commission (VFSC).
Although some would argue that trading with brokers registered in offshore jurisdictions comes with greater risks, many traders also appreciate the simpler registration and verification procedures that these brokers employ. In addition, offshore forex brokers typically offer much higher trading leverage than those that operate out of major countries.
In NordFX’s case, the maximum trading leverage is set to a whopping 1:1,000, which is already more than most traders can realistically manage. A high level of discipline is therefore necessary to be able to take advantage of this high leverage.
The trading instruments that are available from NordFX ranges from more than 30 currency pairs, the popular precious metals gold & silver, 11 major cryptocurrency pairs, as well as CFDs based on brent oil and stock indices such as Dow Jones 30, S&P 500, DAX 30, NASDAQ 100, and NIKKEI 225.
The spreads on these trading instruments are generally quite good compared to other forex brokers, depending on the type of trading account that is used. However, it is still important to note that this is not among the cheapest CFD & forex brokers out there for most traders.
All instruments that are available from NordFX can be traded on either the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platform, depending on each user’s preference. Both trading platforms are well-known in the forex trading community, and has a large user base world-wide. Despite being released all the way back in 2005, MT4 probably still remains the most popular of the two, largely thanks to the wide selection of trading algorithms (Expert Advisors) that are exclusively available for that platform.
In terms of account types, NordFX offers the choice between three types of trading accounts; Fix, Pro, Zero, and Stocks.
Among these account types, the Fix account comes with fixed spreads at 2 pips on FX, gold, and silver, and a minimum deposit of just USD 10. The Pro account, meanwhile, comes with floating spreads starting from 0.9 pips, and the Zero account comes with the tightest spreads, starting from 0.0 pips.
All trading accounts can be funded through a whole range of payment methods. Most notable, NordFX accepts more e-wallets than most other brokers do. This includes platforms like WebMoney, Neteller, Yandex, Dragonpay, and many more. In addition, standard methods like bank transfer and Visa & MasterCard are of course also accepted for funding trading accounts. Unfortunately, cryptocurrency deposits are not accepted by NordFX at this time.
In the event of any questions or problems, NordFX’s customer service department can be reached via live chat, email, or phone. The broker has dedicated local phone numbers in Russia, India, China, Bangladesh, Sri Lanka, and Thailand, making it even more convenient for traders located in those countries.
On a final note, we believe NordFX may be a good choice for traders looking for exceptionally high leverage on forex. This, however, requires experience and discipline, and can easily wipe out a trading account if not used with caution.
Lastly, it is also worth keeping in mind that although this broker is regulated, offshore-based forex brokers generally operate without the regulator interfering in their business. Traders should therefore not expect the same level of consumer protection as in regions like Europe, North America, and Australia.