NordFX is an established global trading platform specialising in cryptocurrency, forex and CFDs. Regulated in both Vanuatu and Cyprus, NordFX provides a comprehensive brokerage service aimed at both professionals and novice traders. Our NordFX Review 2020 found it had plenty of great features and is certainly worth considering if you are in the market for a new brokerage platform.
NordFX is also available in approximately 200 different countries (excluding the US) so if you are a trader from the UK, Canada, Australia or New Zealand, then you will find the following NordFX Review contains plenty of useful information to help you decide if it sounds like a good fit for your own investment goals.
Pros & Cons of NordFX
- Available in over 200 countries
- Different account types available
- Well regulated
- Offers dedicated crypto trading
- Good customer support channels
- Not available in the USA
- Limited trading assets
As part of our NordFX Review 2020, we took an in-depth look at the usability and overall feel of the trading platforms and web interface, as well as the security offered for user accounts. NordFX uses the industry-leading MT4 and MT5 platforms, which most traders will no doubt be familiar with. Each incarnation of MetaTrader offers an impressive suite of professional-level trading tools and a huge amount of options when it comes to exploring metrics and market analyses. Traders who manage multiple accounts also have the option of the MT4 Multiterminal. Finally, NordFX also offers its own proprietary mobile trading app.
Our NordFX review was also pleased to find that the platform takes the security of its users extremely seriously. Being subject to some pretty strict regulation, NordFX stores all of its deposits in Tier 1 banks, which in a nutshell means deposits are extremely well protected. The NordFX website also employs the latest SSL encryption and DDoS attack protection to keep user data secure. All user accounts are also subject to a thorough verification process, which offers further safeguards against identity theft and unauthorised access.
When it comes to the appearance of the site and various interfaces, our review team found that NordFX has a professional and sleek aesthetic that is clearly laid out, making it easy for even novice traders to easily navigate through the various features. The trading platforms, MT4 and MT5 are standardised, but users can customise what is displayed and where.
How To Trade
Of course, before you can start using the platform, you’ll need to actually open a NordFX account. The initial process is very straightforward and simply involves inputting a few details. It’s important to make sure these are accurate however, as you will be asked to verify them at a later stage by providing proof of address and proof of identity. Verification is usually a one-off process and there is plenty of information available on the site as to what documents you need to provide.
Now that you are up and running with an account, the next step is to add some funds. As our NordFX 2020 review has already noted, the platform accepts numerous payment options and most deposits are processed instantly. Accounts are available in US dollars, Bitcoin or Ethereum. Our review advises that you also make yourself familiar with all the fees associated with NordFX before committing funds.
Once you’ve opened your account and added funds, then it’s time to choose the most appropriate trading platform (MT4 forex, MT5 for crypto, for example) and start exploring the markets. Our NordFX review has already noted the different trading pairs available, so it’s simply a case of doing your research and making your picks. The NordFX website and the MetaTrader platforms contain a wealth of information and strategies for trading, so be sure to make use of all the resources available.
Of course, if you end up making profits from your trades, then you’ll want to withdraw funds at some point. More information on the options available can be found in the “Payments” section of this NordFX Review, but users should remember that verification must be completed before any withdrawal requests can be processed, so it’s advisable to ensure you have all the necessary documents before opening an account.
NordFX accepts deposits made via most major payment methods, including Visa, Mastercard and bank transfers. In addition, users can also use numerous e-payment platforms, including Neteller, Skrill, PerfectMoney, QIWI and PayToday. Most deposits are made instantaneously, with the exception of bank transfers, which can take up to 5 business days to reach your account. Our NordFX review 2020 has already noted that WebMoney charges a commission of 0.8% for transactions, and PayToday charges a 0.4% fee for depositing funds. Other than these, all other payment methods incur no additional fees.
All the same methods can be used for withdrawing funds from your NordFX account. The platform claims to process all withdrawals within a 24 hour period, with any additional delays being down to third party processing times.
NordFX has a fairly competitive offering when it comes to fees. Our NordFX Review 2020 found that the platform operates a largely commission-free model, wherein the fees are effectively included in the spread – arguably the norm in the forex/crypto trading world. However, NordFX offers a degree of flexibility here and users can opt for narrow spreads if they open a NordFX Zero account. These offer spreads close to or at zero pips, but charge a small commission fee of 0.0035% on either side of a given trade.
NordFX has no fees for most methods of depositing and withdrawing funds. However, our NordFX review did note a few exceptions. Whilst popular payment options like Visa and Mastercard incur no charges, some of the e-payment methods do. WebMoney, for example, charges a commission of 0.8%, whilst PayToday charges a 0.4% fee for depositing funds. Whilst fees for depositing/withdrawing to a trading platform are never welcome, it should be noted that these are among the least popular methods and charges are more than likely linked to third-party costs rather than NordFX themselves.
Getting to grips with a new trading platform can seem a complex task, so a solid customer service team is often a key consideration – especially for the less experienced trader. Fortunately, our NordFX review found the platform to have a fairly comprehensive if unremarkable offering in this area. The easiest way to get in touch is via the web chat function. Lines are manned 25 hours a day, 5 days a week and an agent should respond in under two minutes. There’s also the option to get in touch via email or through social media channels, if the query is less urgent. There are also direct phone lines in China, India, Russia, Sri Lanka and Thailand.
Another important consideration for any NordFX Review 2020, is how and where the platform is licensed and what security features are offered. NordFX is regulated in two jurisdictions, its European operation is registered with the Cyprus Securities and Exchange Commission (CySEC), whilst the global side of things is regulated by the Vanuatu financial authority.
These regulatory bodies have stringent rules that each registered broker must adhere to. These include the requirement for capital reserves, adequate deposit insurance, transparent financial statements, and for user deposits to be kept with a Tier 1 bank, completely separate from the business accounts. Taken together, users can be pretty confident that any funds deposited with NordFX are as safe as can be.
Our NordFX review was also pleased to find that the platform employs strict KYC protocols to protect users against identity fraud.
Reputation and Customer Feedback
NordFX has a very good reputation in the industry and has won numerous awards since being founded in 2008. In fact, at the time of writing, NordFX has won around 46 industry awards, including Best Cryptocurrency Broker at the 2019 FXDailyInfo Awards, Best Forex Broker Asia in the 2018 Forex Awards Ratings, and Most Trusted Cryptocurrency Broker 2018 from the Global Brands Awards and Best Micro Forex Broker at the China Forex Expo awards. Taken together, this is a fairly strong indication of quality and how highly regarded the platform is.
Overall, our NordFX review was impressed with the platform. Whilst it offers trading in fewer financial instruments than some rivals, this focused approach can actually be an advantage and we found that what NordFX does do, it does well. Having been around since 2008, the platform has a strong reputation with the industry and naturally that can only be a positive attribute.
We also noted that NordFX has a truly global offering and is suitable for customers across Europe, as well as those in Australia, New Zealand, Canada, and India, for example. All things considered, NordFX is one of the top forex/crypto trading platforms on the market and one that both novice and professional traders should certainly take a look at.