Independent rating of Forex broker NicoFx

About company

NicoFx is a forex broker operating with an international scale of activities. The broker holds a license from the Cyprus Securities and Exchange Commission (CySEC) and is regulated by this highly established financial watchdog. Besides, NicoFX is registered with the UK-based FCA (the Financial Conduct Authority) and Germany-based BaFin (the Federal Financial Supervisory Authority). In addition, the company is a member of the Investor Compensation Fund (ICF) and also complies with the Markets in Financial Instruments Directive (MiFID), the main EU legislation to regulate financial markets. The company chose Cyprus as a location for its headquarters.

Trading conditions

The company offers its clients the most popular and time-proven trading platform, MetaTrader4 which is available in the web browser, mobile apps, and as a desk top version. This platform owes its popularity to user-friendly interface with an array of trading tools. These features make MetaTrader4 the most convenient platform both for beginners and professional traders.

The broker provides both individuals and institutional clients with access to a few financial markets like Forex, the spot metals market, and CFD market.

Clients can choose from several types of trading accounts: Standard, Premium, VIP, and Islamic swap-free accounts.

Traders are required to deposit at least $100 to open a trading account with the broker.

The highest leverage set by the broker is 1:200.

Financial instruments are traded with floating spreads. For example, a spread for EUR/USD starts from 2.6 pips with NicoFx.

Clients can deposit money and withdraw profits in the following ways: through credit and debit cards, bank wire, and popular payment systems like China Union Pay and Skrill.

Внести и вывести средства в NicoFx возможно следующими способами: кредитные и дебетовые карты, банковские переводы, China Union Pay и электронный кошелек Skrill.

NicoFx claims on its website that it cooperates with leading liquidity providers, ensures high market liquidity, and offers its clients the best market quotes, and trading conditions.

Support service

The head office is situated in Limassol, Cyprus. Clients can reach out to the broker by phone or fax specified on the website. Another way to contact representatives is to send an email.

Traders’ reviews

There are both positive and negative reviews of the broker on the Internet. Traders praise fairly good trading conditions, the possibility to trade on a reliable platform, and smooth withdrawal of funds. However, lots of clients complain about suspiciously inflated spreads.

Advantages and disadvantages

The big advantage to point out is that NicoFx is a regulated STP broker which does not charge commissions for order execution. Trading is carried out in the most popular platform, MetaTrader4.

On the other hand, the broker sets rather high spreads. Clients do not have a wide choice of trading floors.