Review of NordFX Broker

Positive Aspects of NordFX Broker

• Support in Persian

• Reasonable and competitive spreads

• High credibility and relatively long history

• Obtained necessary licenses from reputable regulatory organizations

• Low and reasonable minimum deposit amount

• Various bonuses and rewards

• Suitable leverage

• Easy and user-friendly account opening process

• The ECN account has very favorable trading conditions

Negative Aspects of NordFX Broker

• The website does not have an attractive user interface

• Limited variety of trading accounts

• The Persian language site has many issues

About NordFX Broker

NordFX offers a wide range of trading assets, including forex, stock indices, commodities, and cryptocurrencies. This brokerage utilizes diverse trading platforms such as MetaTrader 4, MetaTrader 5, and ZuluTrade for social trading.

Additionally, NordFX provides mobile access to its services, compatible with iOS and Android operating systems. These features have made NordFX a versatile broker, meeting various needs of traders.

NordFX places great importance on transparency and security. The broker operates under the oversight of reputable regulatory bodies, including the Vanuatu Financial Services Commission (VFSC) and the Cyprus Securities and Exchange Commission (CySEC).

To ensure financial security for its clients, the company uses segregated accounts for their funds and employs advanced encryption technologies to protect its website and platforms.

According to reviews on Trustpilot, NordFX has achieved a score of 3.9 out of 5, indicating a high level of customer service.

Many users have expressed satisfaction with the prompt and effective support via phone, email, and chat. The support team has been praised for its professionalism and responsiveness to issues and inquiries.

NordFX provides services to clients from diverse countries around the world, including Iran. However, access to these services is restricted for residents of certain regions, such as the United States, Japan, Canada, and others.

NordFX supports multiple languages including English, Chinese, Arabic, Bengali, Hindi, Indonesian, Malay, Persian, Portuguese, Russian, Spanish, Thai, and Urdu, catering to the diverse needs of its clients. The broker also offers localized versions of its website and trading platforms for greater user convenience.

In-Depth Look at NordFX Broker Regulation

NordFX operates under the supervision of the Vanuatu Financial Services Commission (VFSC). Compared to stricter regulatory bodies such as the Financial Conduct Authority (FCA) in the UK, the VFSC might have less stringent oversight and lower levels of trust. However, this does not imply that NordFX is unsafe or unreliable.

The company associated with NordFX, NordFX Cy, is regulated by CySEC, one of the most recognized regulatory authorities. This company uses powerful financial control systems to combat money laundering.

Traders residing in the European Union can use NordFX Cy’s services to benefit from the support of a reputable regulator. However, Iranian users are not able to access NordFX Cy.

For those who place high importance on top-tier regulations, options are more limited. If you live outside Iran, you may choose to use more renowned brokers.

This situation differs for users within Iran. Most top global brokers either do not collaborate with Iran at all or, if they accept Iranian clients, do so through their offshore branches, which do not offer much regulatory difference compared to other brokers.

Easy Registration with NordFX Broker

Registering with NordFX is a simple and hassle-free process. Even if you have no prior experience with registering with other brokers, you can easily complete it by following the instructions. The first step is to click on the registration link.

Next, you need to enter information such as your first and last name in Latin characters, the email address you intend to use with NordFX, your mobile phone number, and your country of residence.

If you have decided on the type of trading account you want, you can select it and set the currency to US dollars (USD). If you do not have information about the types of trading accounts, you can learn more in the following sections of this article.

Additionally, choose your account’s leverage, and confirm the options for automatic password generation and customer agreement. To ensure that you are a real user, activate the “I am human” option and then open your trading account.

As you can see, the registration process at NordFX is very simple and straightforward.

To complete the registration process and open a trading account with NordFX, after clicking on the option to open a trading account, you will be directed to a page where you need to upload the necessary documents for identity verification and address confirmation.

At this stage, you will typically be required to upload documents such as a valid ID card, passport, or driver’s license for identity verification, and utility bills or a bank statement to confirm your address. These steps are taken to ensure account security and comply with anti-money laundering regulations.

By clicking on the section indicated with a red arrow in the image, you can proceed to the verification stage.

After submitting the required documents for verification, you need to wait for the broker to confirm your identity. Once verified, you can start trading.

Types of Trading Accounts at NordFX

NordFX offers four types of trading accounts, each with unique features, which we will review in detail below:

• Fix Account with Fixed Spreads

Spreads in this account are mostly fixed, with the lowest spread for currency pairs being 2 pips. This account type is generally suitable for beginners or professional traders with specific strategies.
Pricing in the Fix account is done up to 4 decimal places, which is different from the common 5-digit pricing in many brokers. This feature simplifies the calculation of pips, profit, loss, margin, and risk for the user.

• Pro Account (Standard Account)

The Pro account at NordFX is quite similar to the standard account with variable spreads in other brokers. Spreads in this account are lower than those in the Fix account and are variable, with no commission charged.

• Zero Account (ECN Account)

This account is similar to ECN or Prime accounts in other brokers and features very low spreads. Alongside low spreads, a commission is also charged. At NordFX, the commission is 0.007% for currency pairs and 0.12% for cryptocurrencies.

• Saving Account

NordFX has introduced a new type of account using DeFi technology, which is less common in other brokers. In this account, investment and annual returns ranging from 15% to 30% are possible.
You can also receive a loan with an annual interest rate of 3% based on your investment. The minimum investment for this account is $500, which must be deposited using stablecoins such as Tether (USDT), DAI, or BUSD.

Islamic Account at NordFX

Different beliefs and viewpoints in the trading world can sometimes be challenged, but religious issues, especially concerning swaps or overnight interest, can be sensitive for some individuals.

For those who consider their trades as long-term or even medium-term, paying swap fees can be an unpleasant challenge. In this context, choosing a broker with Islamic account conditions for trading is seen as a desirable option.

Brokers offering Islamic accounts without restrictions can be important for traders with religious constraints. In this regard, NordFX is considered a suitable option as it provides Islamic accounts without any restrictions, for all symbols and across all account types.

Thus, choosing a suitable broker not only enhances trading facilities but also aligns with religious beliefs and values. This option allows traders to participate in financial markets with greater confidence and ease, without facing religious barriers.

NordFX is seen as an exceptional choice because it allows traders to conduct their trades based on ethical and religious criteria with confidence and peace of mind.

This not only improves the trading experience but also demonstrates that the broker has considered the diverse needs of traders and offers services aligned with those needs.

Spread Levels in Different Trading Accounts

It is observed that the spreads offered by NordFX are generally within normal ranges. However, there are two cases where NordFX’s spreads may not be very satisfactory.

The first case concerns gold trading, especially in the Zero account where better spreads are expected, but it seems those expectations are not met.

The second case concerns cryptocurrencies, where the combined spread and commission, with a 0.12% commission, are relatively high compared to other brokers. These factors might influence the decision of traders who plan to trade gold or cryptocurrencies.

At NordFX, although spreads are not at the lowest possible levels, they are reasonably acceptable. Here, as an example, we review the spreads of a few popular symbols across three types of trading accounts at this broker:

• In the Pro Account at NordFX

  , the spreads for various trades are as follows:

  • EUR/USD: Approximately 1.0 pip
  • GBP/USD: Approximately 1.9 pips
  • AUD/USD: Approximately 1.5 pips
  • USD/JPY: Approximately 1.5 pips
  • USD/CAD: Approximately 2.5 pips
  • Gold: Around 35 to 40 cents
  • Bitcoin: Approximately $20 plus a 0.12% commission

This information shows that the Pro account at NordFX offers competitive spreads for different currency pairs and other assets like gold and Bitcoin.

• For the Fix Account at NordFX

  , the spreads are as follows:

  • EUR/USD: Fixed 2 pips
  • GBP/USD: Fixed 3 pips
  • AUD/USD: Fixed 3 pips
  • USD/JPY: Fixed 2 pips
  • USD/CAD: Fixed 3 pips
  • Gold: Between 40 to 50 cents
  • Bitcoin: Approximately $20 plus a 0.12% commission

The Fix account has fixed spreads that may be more suitable for some traders.

• In the Zero Account at NordFX

  , the spreads for different symbols are defined as:

  • EUR/USD: Estimated around 0.3 pips
  • GBP/USD: Approximately 1.1 pips
  • AUD/USD: About 0.9 pips
  • USD/JPY: Approximately 0.8 pips
  • USD/CAD: Around 1.5 pips
  • Gold: About 27 cents plus a 0.007% commission
  • Bitcoin: Approximately $20 plus a 0.12% commission

This information indicates that the Zero account at NordFX provides very competitive spreads for various currency pairs, along with specific commissions for transactions.

Symbols and Trading Platforms at NordFX

At NordFX, access to a wide range of financial instruments is available across all accounts. You can trade with 33 currency pairs in the Pro and Zero accounts and 28 currency pairs in the FIX account. These currencies include pairs from major market currencies.

In addition to currencies, you can also trade metals like gold and silver at this broker. Moreover, US oil and Brent oil have been added to the list of tradable instruments.

In the stock indices sector, NordFX provides the ability to trade with globally recognized indices, including the Dow Jones, S&P, Nasdaq, and indices from Germany and Japan.

Additionally, with NordFX, you can participate in the cryptocurrency market. Supported cryptocurrencies at this broker include 11 major cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Ripple, and others.

Another feature of this broker is the ability to trade stocks of major global companies. NordFX allows you to manage stocks among 68 large companies like Tesla, Google, Apple, Microsoft, Visa, and others, and to react swiftly to market developments.

With NordFX, you will experience professional financial trading with access to a wide range of tools and various unique and extensive features.

Trading Platforms

NordFX mainly uses the reputable MetaTrader 4 and MetaTrader 5 platforms to provide financial trading services to its clients.

A noteworthy point is that to open an account with MetaTrader 5, only the NordFX mobile application is available. This might be due to promoting the use of the mobile app, but the exact reasons for this decision might relate to specific features and ease of trade execution.

Currently, the broker’s mobile application is available and is updated regularly, though some updates may occasionally take a few days.

With these changes and updates, NordFX has demonstrated its commitment to maintaining and improving its services for clients, striving to create a better user experience.

Quality of Support and Trade Execution at NordFX

Undoubtedly, one of the critical aspects for a trader is the quality of trade execution at the broker. This quality is often assessed from two perspectives: execution speed and slippage.

Unfortunately, it must be acknowledged that in terms of execution speed, NordFX, as a prominent broker, has not performed optimally.

Order execution times are approximately 800 milliseconds, which is considered long with a server ping of 130 milliseconds.

However, in terms of slippage, NordFX has the capability to provide services without slippage, which could position it as one of the top brokers in this regard.

In several transactions tested at this broker, no slippage was observed under normal market conditions. Although execution speed might be frustrating, the absence of slippage can mitigate this issue to some extent.

Overall, compared to other brokers, NordFX’s quality of trade execution is at an average level.

Customer Support Quality

It is proudly announced that NordFX has added Persian support to its website. This allows Iranian users of NordFX to communicate with Persian-speaking support staff via live chat or phone from Monday to Friday.

Additionally, the “Support” option is located at the top right of the website. By clicking on this option, you can submit a ticket to contact the NordFX support team.

This variety in communication methods not only reflects the broker’s attention to the needs of Iranian customers but also enables quick and effective communication. These actions demonstrate NordFX’s commitment to providing quality and professional services globally.

Deposit and Withdrawal Methods at NordFX

To provide greater convenience for Iranian users, NordFX offers a variety of deposit and withdrawal methods. One of the important options is performing deposit and withdrawal operations using Top Change.

In addition to this main method, users can benefit from other options, including:

• Visa Card: For quick and secure transfers of funds, including deposits and withdrawals via Visa cards.
• MasterCard: A reliable method for executing financial transactions at NordFX.
• WebMoney: Through the WebMoney system, users can directly transfer their funds to this brokerage.
• Skrill: This platform facilitates fast and secure money transfers via Skrill accounts.
• Neteller: Users can easily transfer funds to the broker’s account and benefit from its services via Neteller.
• Perfect Money: This method is also considered a valid option for transferring funds to users’ accounts.
• DragonPay: Allows for high-speed and efficient financial transactions.

Overall, Top Change and cryptocurrencies are considered the best deposit and withdrawal methods for Iranian users of NordFX, but these diverse options indicate the broker’s excellent performance in this area.

Bonuses and Rebates at NordFX

On the main page of the NordFX website, you can always take advantage of attractive bonuses offered to users of this platform for various reasons.

Bonuses and Rebates at NordFX

The bonuses offered by NordFX are typically tradable and added to traders’ accounts. Users can withdraw these bonus amounts upon making a profit. For example, at the beginning of 2023, the broker awarded a $100,000 bonus to appreciate its loyal users.

Rebates at NordFX are paid monthly, and the amount of rebate depends on the type of trading account, the currency pairs traded, and the trading volume.

In general, users can receive up to 55% of their trading spread costs from NordFX as a rebate or cashback. This opportunity is provided through various methods, allowing users to make the most of these financial benefits.

Summary

NordFX is an attractive and lesser-known option for Iranians, committed to providing quality trading services with Persian language support.

With various trading accounts and platforms, including MetaTrader 4 and 5, NordFX makes access and execution of trades as easy as possible.

Offering over 50 trading instruments with minimal spreads, NordFX enables users to achieve greater success and profit in their trades. The availability of Islamic accounts and deposit and withdrawal options through cryptocurrencies are also notable features of this broker.