FXLORDS Increase Your Profits
Who are they?
NordFX have been operating for six years now yet remain quite small when compared to other Forex brokers at their age. Their headquarters is in Mauritius and at first you get the impression they work the African market. It’s registered for regulation in exotic locations such as Mauritius, and used to have offices in Panama, which many clients and other review sites suggest is not as secure as they are not regulated in the UK, EU or the States, which limits their clients base.
They offer 37 pairs of currencies, which is not enough at all, however, they listed all the popular pairs which is enough for most traders. They also offer trading in precious metals, energy, shares and indices. They say they operate in over 100 countries, which doesn’t make sense when you remember that they are not regulated by any EU authority or the NFA. However, a closer look will reveal traces of subsidiary offices in India, Russia, Ukraine and Indonesia.
Review Overview
Compliance to Different Authoroties
Speed and Ease of Procedures
Platform Execution
Technology and Facilities
Customer Support and Offers
Not recommended!
Not regulated in a reputable or suitable jurisdiction, which leads to clients being mistreated
How do they help me learn?
One of the chief complaints about NordFX is the lack of educational material for novice traders on their website.
There is no mention of helping new traders through offering information, glossaries and alike. So the assumption is that NordFX does only offer trading services which are exclusive to experienced traders. When you open an account, you’ll be assigned an account manager but experience proves that the position “Account Manager” is in place to encourage trading rather than lead traders through the trading process or educate them about the Forex Market.
There is no mention of helping new traders through offering information, glossaries and alike. So the assumption is that NordFX does only offer trading services which are exclusive to experienced traders. When you open an account, you’ll be assigned an account manager but experience proves that the position “Account Manager” is in place to encourage trading rather than lead traders through the trading process or educate them about the Forex Market.
How is the clients support service in general?
There is access to a Live Chat service, which is available only during market working hours, from just after midnight on Monday morning until 10pm Friday evening.
You can also have assistance via email but most of the suggested topics are to do with the business aspect of NordFX like Whitelabels and IBs rather than technical help, support or advice for the client.
Experience and feedback from clients repeatedly complained about their Live Chat being often busy, which shows unreliability. Instant answers to questions are mostly unavailable on the spot. Some clients reported that emails remain unanswered very often.
What does the industry say?
The company has been nominated for some awards, and was successful receiving awards in 2013 from MasterForex-V and CFI.co, which aren’t the industry most known media channels. They are a magazine for Forex brokers in the UK which awarded them for being the Best Micro Broker, Best Bonus Program and Best Dealing Service. However, any experienced traders will note that awards are presented by many organizations to the highest invoice to an expo or show they the organization is arranging at the time, and those that NordFX have received are very similar to awards given to countless other brokers, being received from similar organizations.
How safe is my money?
Since NordFX is regulated by authorities in Mauritius, and such a location isn’t on the list of the most stringent regulators, the question why the company isn’t licensed in the UK or EU just begs to be asked. Apparently that will stay as a question only. To experienced and knowledgeable traders, this might mean involvement in activities that are considered illegal in other parts of the world or jurisdictions.
What platforms does NordFX offer?
NordFX uses the standard MetaTrader 4 and the latest version, MetaTrader 5. Both are reliable as they are with all established brokers. NordFX also offers MT4 and MT5 mobile, tablet, Blackberry versions. They also offer CQG, which is an analytical and graphing tool which monitors the market and alerts traders to optimum trading points or automatically trades on their behalf, but a fee is applicable on such services. Zulutrade is another option offered to traders. The tool is basically a social trading network that allows the trader to select an ‘expert trader’ and allows traders to mirror their trades. This service is offered originally by e-Toro and NordFX are are basically their affiliates.
What about their trading conditions?
Leverage varies depending on the account type, size of trade and the currencies being traded and as high as 1:500.
Swap charges are made as an adjustment on the entry price to a trade. This can allow traders whose culture doesn’t allow the payment of interest to hold positions.
Expert Advisor is available on almost all NordFX accounts including the Micro and Standard accounts.
NordFX’s terms and conditions indicate that whilst they will do their best to work to client instructions on stops and take profit points, they cannot guarantee quotes in times of volatility and high volume.
Swap charges are made as an adjustment on the entry price to a trade. This can allow traders whose culture doesn’t allow the payment of interest to hold positions.
Expert Advisor is available on almost all NordFX accounts including the Micro and Standard accounts.
NordFX’s terms and conditions indicate that whilst they will do their best to work to client instructions on stops and take profit points, they cannot guarantee quotes in times of volatility and high volume.
How much will it cost me?
Dependent on the type of account you choose, you’ll have both options, fixed or variable spreads. The general rule is that their spread will be reduced the higher the volume and value of your trades. Commissions are charged on other products. There will be fees applicable on some of their products like CGQ and Zulutrade.
Any special deals?
There are no regular promotions on their website and they are not known for any scheme that offers traders any kind of advantage. The only trace found was the monthly competitions which offer prizes of up to $3000 to the most successful trader, which is a competition and not an offer.
The bottom line
The company suggests that small traders who don’t want to risk big sums can start with as little as $5 with their Micro accounts but this seems impractical as well as unusual. Getting started is a long process since some their required documents has to be physically sent to one of their offices, delaying your account set up. Despite promising multilingual staff, their English website is poorly written and in some places it is confusing. Website is low in content and information meaning you’re less likely to have confidence in them and choose them as your brokers. No access to educational of material for novice traders. The company receive a number of reports complaining about their unreliable support. US citizens cannot trade using NordFX
