Offshore Forex companies are pretty much common in the industry. Since the Forex globalization, many brokers realized that they could offer the same service package from any location in the world, and the main offshore targets are destinations which offer tax benefits and affordable labor force. Sometimes, traders are hesitant towards offshore brokers, but some of them who took the risk were pleasantly surprised by the service and professionalism of such brokers. NordFX is situated in Cyprus, which counts as both, an offshore destination, and a major Forex center. But this is not all; NordFX also opened a registered office in Mauritius, one of the known Forex offshore destinations, where the broker registered with the local supervisory authority. Find out more about the broker in the following NordFX review.
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The Broker’s History
The broker’s history is not that long since the broker had joined the online Forex trading business in 2008. The time might not have been the most convenient since the global financial crisis hit the world in that year, but our NordFX broker has overcome the obstacles and remained in the business until today. As we said, the broker also offers its services from Mauritius under the instructions provided by the Financial Services Commission in Mauritius. Still, many traders rather rely on the CySEC license the broker has, since in Mauritius, the Financial Commission has not so much power and cannot keep the brokers under control due to legal loopholes. It is always good when brokers have a good regulator who has the necessary power and authority to stop any malversations immediately. Mauritius is not yet at that stage but tries hard to become like CySEC and other powerful licensers. Nevertheless, let us see what NordFX offers to its clients.
The NordFX broker is a big fan of the Meta Quotes family and offers not one, but two of its products.
- Meta Trader 4
- Meta Trader 5
You probably already knew that one of the platforms was the Meta Trader 4, and you were right. The MT4 offers different timeframes for trading operations, testing of your own strategy indicators, instant execution, news feeds, etc. The MT5 is somewhat like an improved MT4, but still, many stay with the MT4. The MT5 offers five different execution types, 21 timeframes, creation of own Forex robots, almost 40 built-in indicators, etc. Both platforms offer ideal trading conditions and can be personalized to a great extent supporting traders to build their own personal strategies which enhances their trading careers. If you should sign up with this broker, do not skip to download the NordFX mobile app which allows you instant access to the market. The mobile app is as powerful as the desktop version, as long as you have a decent Internet connection.
The accounts are classified into three different groups with this broker. First there is the Mini account for all those who are not yet ready to invest significant amounts of money into the Forex market. Simply open the NordFX Micro account with $5. Along the demo account, newcomers can also use this account for practice as well, whereby traders will be automatically faced with real-time market events, as opposed to the simulated market with a demo account. The spreads are fixed and already start from 2 pips, which is not bad considering the $5 deposit. Leverage is 1:500. The second is the so-called 1:1000 Account, named after the huge leverage. The pips are even wider with this account, i.e. 3 pips, and you can open this account also with only $5. The MT-ECN account is a more serious account and is available at $1,000, and is the only NordFX account with floating spreads, as low as 0 pips. Leverage comes about 1:100. The ECN account offers the most competitive spreads in general, and more and more traders try to save up enough to switch from market making to ECN.
Luckily, NordFX is one of the generous ones and offers the NordFX deposit bonus up to 100%. The maximum bonus limit is $5,000. Deposits required for this bonus vary from only $100 to $5,000. The bonus requires a specified trade amount for each bonus amount (e.g. a deposit of $200, will generate a $200 bonus, only if the trader traded 40 lots).
This broker offers a long list of deposit and withdrawal methods. Accepting over 18 payment methods, NordFx is definitely at the top of the list regarding banking options. Some of them are bank wire, credit cards, Skrill, Qiwi, WebMoney, Neteller, VixiPay, OKPay, Fasapay, and many more. The withdrawals are processed very fast, so you do not have to wait longer than a few days for the money to appear in your account.
The customer support is competent and tries to answer as fast as possible to any request. Customers are always priority with NordFX which can be credited to the support team. The polite customer support can be reached via the online request form on their website, e-mail, phone, and live chat.