NicoFX Review and Tutorial 2021

NicoFX is an online STP broker offering to trade in precious metals and spot forex. Here we will analyze the CySEC-regulated brokerage’s services, from its three live accounts to spreads and leverage limits. We will also explore any reception bonuses and solutions to mobile trading.  Check out whether to open a NicoFX account.

NicoFX Headlines

NicoFX is a European forex broker owned by Mount Nico Corp Ltd, founded by a group of finance specialists. Since 2013 the company has been operating, and its headquarters is situated in Cyprus. Available in countries across the world, NicoFX offers multiple accounts and extensive tools via the MT4 platform.

MetaTrader 4 Platform

NicoFX presents the award-winning MetaTrader 4 (MT4) platform. Probably the leading retail trading solution, its dozens of technical indicators, customizable interface, and ease of use have made it a favorite with traders worldwide. MT4 can be downloaded to desktop and mobile devices and is also available through web browsers.

Functionality includes:

• Online quotes
• One-click trading
• Interactive charting
• 23 analytical objects
• Advanced frame vie
• Automated trading (EAs)
• 30 built-in technical indicators

Markets

NicoFX upholds trading in spot currencies and metals:

• Forex – Profound market liquidity and minimal expense execution make forex a mainstream day trading instrument. NicoFX offers exotic, major, and minor currency pairs, including the EUR/USD and USD/JPY.
• Metals – A mainstream approach to broaden speculation portfolios, valuable metals like gold, silver, platinum, and palladium are accessible at NicoFX.

Shockingly the item range is restricted contrasted with different brokers without any stocks, cryptos, or commodities like oil.

Fees and Charges

NicoFX doesn’t charge commissions. All things considered, the broker takes its cut from the spreads, which are genuinely high. Spreads begin at 2.6 pips with the Standard Account on famous forex pair like EUR/USD, dropping to 1.8 pips if it is Premium Account, 0.9 pips with the VIP account. Our audit was disappointed to see that dealers should meet the powerful least deposit prerequisites of the VIP accounts and premium accounts, $10,000 and $5,000 separately, to get to normal industry spreads.

Leverage

Leverage freezes at NicoFX are capped at 1:30, in accordance with ESMA guidelines:

• Forex – 1:30 greatest
• Metals – 1:10 greatest

Leverage limits are a well-being measure to assist with securing clients when margin trading.

Mobile App

Dealers can get to their portfolio in a hurry with the MT4 mobile app, accessible on iOS and Android gadgets. There is additionally a rendition viable with Windows gadgets. Merchants appreciate admittance to the most recent forex news, intelligent diagrams, trading history, and that’s just the beginning.

The MT4 app is not difficult to use, offers instant and forthcoming order types, inherent help in addition to mechanized trading capacities. Instant deposits can be made through the mobile application, and withdrawals can be mentioned. It’s an astounding all-around mobile trading arrangement.

Deposits & Withdrawals

NicoFX accepts the payment methods below:

• Bank wire transfer
• Mastercard & Visa
• UnionPay
• Skrill

Accounts can be carried in EUR and USD. If you deposit funds in another currency at a relevant exchange rate, they will be converted to the base account currency. Head to ‘My NicoFX Login’, follow the instructions to make a transfer.

For bank wire transfers, traders should permit 3 – 5 days for payments to settle. For deposits made by debit or credit card, funds take 1 – 3 days to dismiss.

You will need to confirm a withdrawal request form to make a withdrawal from your account. Within 1 business day, requests will be processed. Funds will be credited to accounts for bank wire transfers in 3 – 5 business days.

Our review was satisfied to see NicoFX does not bill any withdrawal or deposit fees.

Demo Account

NicoFX provides all traders a demo account to know and understand the whole thing. The demo solution is a risk-free technique to get to grasp the broker’s services and an opportunity to test new tactics, strategies, and markets. You can sign up for a free demo account from the broker’s homepage.

NicoFX Bonuses

NicoFX is not running any promotional deals or sign-up bonuses right now for traders. This is progressively the case among regulated brokers, and while dissatisfying for new traders, it’s outlined to protect investors from burdensome bonus incentive conditions.

Regulation Review

NicoFX is authorized and managed by the Cyprus Securities and Exchange Commission (CySEC), with license number 226/14. NicoFX is a component of the Investor Compensation Fund (ICF) as well. The broker is flexible with the European Union Markets in Financial Instruments Directive (MiFID) and separates client funds. Overall, we’re assured the company is reliable.

Additional Features

NicoFX provides limited secondary features to traders. There is no hosted educational content by the broker’s website, which is a real problem, especially for starters. For tutorials, news updates, and industry expertise, traders will need to head elsewhere.

Trading Accounts

NicoFX offers three account types:

• Standard – Spreads start at 2.6 pips, and the minimum deposit is $100. The standard account offers reasonable trading conditions and is the best option for novices who are still trying to grip the basics of day trading.
• Premium – Spreads start at 1.8 pips, and the minimum deposit is $5,000. The Premium account is a good option for traders with more experience. Whilst the deposit requirement is greater, the rates are favorable.
• VIP – Spreads begin at 0.8 pips, and the least deposit is $10,000. The VIP account is fitting for more experienced investors looking to deploy riskier, leveraged trading strategies, such as scalping.

All accounts offer commission-free trading on the MT4 platform. Swap-free accounts are also available.

Benefits

NicoFX offers several advantages, including:

• STP execution
• CySEC regulated
• Zero commissions
• $100 minimum deposit
• Scalping & hedging allowed
• Multi-lingual customer support

Drawbacks

There are drawbacks too to take into account:

• Lack of educational resources
• US clients not accepted
• Poor customer reviews
• Forex and metals only
• No live chat support
• Wide spreads

Trading Hours

Opening times fluctuate as per the market:

• Forex – Trading meeting starts on Sunday at 22:00 GMT and finishes Friday at 22:00 GMT
• Metals – Trading meeting starts on Sunday at 23:00 GMT and finishes on Friday at 21:45 GMT

Most techniques loan themselves to trading during peak hours when volumes are high and spreads are most secure.

Customer Support

Head to the ‘Contact us’ tab on the site for customer support. The multi-lingual group can be reached through:

• Phone – +357 24 020 299
• Email – support@nicofx.com

Shockingly, NicoFX doesn’t offer a live talk choice. This is another drawback and assistance offered by most driving brokers.

Security

Customer information is obtained using 256-digit SSL encryption given by Symantec (VeriSign). MT4 additionally offers two-factor confirmation at the login stage. Moreover, all accounts profit with negative equilibrium security while customer reserves are held in respectable banks.

NicoFX Verdict

NicoFX is a setup and regulated broker. Yet, while it offers the MT4 platform, spreads are wide except if you select the higher account levels, and extra highlights are restricted. Likewise, there is no live talk support and restricted scope of trading instruments. Subsequently, we’d suggest thinking about elective brokers.

Accepted Countries

NicoFX acknowledges dealers from Germany, Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most different countries.

Brokers cannot use NicoFX from United States, Cuba, Japan, Korea, Syria, Sudan, and Iran.

Alternatives to NicoFX

In case you are searching for alternatives to NicoFX, we have aggregated a rundown of the best 5 brokers that are like NicoFX underneath. This rundown of brokers like NicoFX is arranged by likeness and just incorporates organizations that acknowledge merchants from your area.

OctaFX – OctaFX offers multi-asset trading on a scope of platforms and portable arrangements.

RoboForex – RoboForex is a multi-asset online broker contributing amazing trading aides.

FP Markets – FP Markets is a multi-asset broker contributing a decision of trading platforms.

FXCC – FXCC is an exceptionally regulated and trustworthy MT4 trading broker.

HYCM – Trade on the financial markets with minimal expense, leveraged items at HYCM.

FAQ

How might I see my trading history with NicoFX?

Users can see their trading history in the Terminal window on the MT4 trading platform. Once in Terminal, head to Account History to see previous trading information.

Would I be able to trust NicoFX?

NicoFX is a legitimate broker that adheres to industry standards and guidelines. The broker holds all customer assets in segregated accounts with respectable banks. Customers likewise get an advantage from negative equilibrium assurance. Generally speaking, NicoFX is trustworthy.

Is trading forex with NicoFX simple?

It is wrong to portray forex trading with any broker as ‘simple.’ It might be an unpredictable and interesting interaction attributable to fluctuating market conditions and savage contest. Nonetheless, the NicoFX site means to make forex and metal trading as simple as possible conceivable. However, extra instructive substances could additionally help users.

What are trading instruments offered by NicoFX?

NicoFX offers 38 forex pairs and a determination of precious metals, including gold, silver, and platinum. Sadly, this is a genuinely restricted rundown contrasted with different brokers that commonly offer stocks and shares, plus cryptos like Bitcoin.

Is scalping allowed with NicoFX?

Indeed, NicoFX grants scalping and hedging methodologies. You can likewise use the broker’s demo account to test scalping procedures prior to putting away genuine cash.