NicoFX Review and Tutorial 2021

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NicoFX Facts & Figures

NicoFX facilitates trading in forex and precious metals under CySEC regulation.

Awards
• Fastest Growing European STP Broker 2016 - Global Banking & Finance Awards
• Best STP Broker 2016 - MENA Awards
InstrumentsForex, Metals
Demo AccountYes
Min. Deposit$100
Pay MethodsCredit Card, Mastercard, Skrill, UnionPay, Visa, Wire Transfer
Min. Trade0.01 lots
Regulated ByCySEC
MetaTrader 4Yes
MetaTrader 5No
cTraderNo
ECN AccountYes
DMA AccountYes
Mobile AppsYes
Auto TradingYes (EAs)
Social TradingNo
Copy TradingNo
Trade SignalsYes
Islamic AccountYes
Forex

Start trading a long list of leading currencies with up to 1:30 leverage.

GBPUSD SpreadFrom 0.9
EURUSD SpreadFrom 0.9
EURGBP SpreadFrom 0.9
Assets38
Risk Warning – Your capital is at risk

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

NicoFX Headlines

NicoFX, owned by Mount Nico Corp Ltd, is a European forex broker founded by a group of finance professionals. The company has been in operation since 2013 and is headquartered in Cyprus. Available in countries around the world, NicoFX offers multiple accounts and extensive tools through the MT4 platform.

MetaTrader 4 Platform

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

Functionality includes:

NicoFX trading platform
MetaTrader 4

Markets

NicoFX supports trading in spot currencies and metals:

Unfortunately the product range is narrow compared to other brokers with no stocks, cryptos or commodities such as oil.

Fees & Charges

NicoFX does not charge commissions. Instead, the broker takes its cut from the spreads which are fairly high. Spreads start at 2.6 pips with the Standard account on popular forex pair such as EUR/USD, dropping to 1.8 pips with the Premium account and 0.9 pips with the VIP account. Our review was disappointed to see that traders will need to meet the hefty minimum deposit requirements of the Premium and VIP accounts, $5,000 and $10,000 respectively, to access industry average spreads.

Leverage

Leverage limits at NicoFX are capped at 1:30, in line with ESMA regulations:

Leverage limits are a safety measure to help protect customers when margin trading.

Mobile App

Traders can access their portfolio on-the-go with the MT4 mobile app, available on iOS and Android devices. There is also a version compatible with Windows devices. Traders enjoy access to the latest forex news, interactive charts, trading history and more.

The MT4 app is easy to use, offers instant and pending order types, built-in support, plus automated trading capabilities. Instant deposits can be made via the mobile application and withdrawals can be requested. It’s an excellent all-round mobile trading solution.

NicoFX mobile app
MT4 mobile

Deposits & Withdrawals

NicoFX supports the following payment methods:

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

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

To make a withdrawal from your account, you will need to submit a withdrawal request form. Requests will be processed within 1 business day. For bank wire transfers, funds will be credited to accounts in 3 – 5 business days.

Our review was pleased to see NicoFX does not charge any deposit or withdrawal fees.

Demo Account

NicoFX offers all traders a demo account option. The demo solution is a risk-free way to get to grips with the broker’s services and a great 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 currently running any promotional deals or sign-up bonuses for traders. This is increasingly the case among regulated brokers and while frustrating for new traders, it’s designed to protect investors from onerous bonus incentive conditions.

Regulation Review

NicoFX is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC), license number 226/14. NicoFX is also a member of the Investor Compensation Fund (ICF). The broker is compliant with the European Union Markets in Financial Instruments Directive (MiFID) and segregates client funds. Overall, we’re satisfied the company is trustworthy.

Additional Features

NicoFX offers limited additional features to traders. The broker’s website does not host any educational content which is a real downside, especially for beginners. For news updates, tutorials and industry expertise, traders will need to head elsewhere.

Trading Accounts

NicoFX offers three account types:

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

Benefits

NicoFX offers several advantages, including:

Drawbacks

There are also drawbacks to take into account:

Trading Hours

Opening hours vary according to the market:

Most strategies lend themselves to trading during peak hours when volumes are high and spreads are tightest.

Customer Support

Head to the ‘Contact us’ tab on the website for customer support. The multi-lingual team can be reached via:

Unfortunately, NicoFX does not offer a live chat option. This is another drawback and a service offered by most leading brokers.

Security

Client data is secured using 256-bit SSL encryption provided by Symantec (VeriSign). MT4 also offers two-factor authentication at the login stage. Additionally, all accounts benefit from negative balance protection while client funds are held in reputable banks.

NicoFX Verdict

NicoFX is an established and regulated broker. But whilst it offers the MT4 platform, spreads are wide unless you opt for the higher account tiers and additional features are limited. Also, there is no live chat support and a narrow range of trading instruments. As a result, we’d recommend considering alternative brokers.

Accepted Countries

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

Traders can not use NicoFX from United States, Cuba, Japan, Korea, Syria, Sudan, Iran.

FAQ

How can I view my trading history with NicoFX?

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

Can I trust NicoFX?

NicoFX is a reputable broker that adheres to industry standards and regulations. The broker holds all client funds in segregated accounts with reputable banks. Customers also benefit from negative balance protection. Overall, NicoFX is trustworthy.

Is trading forex with NicoFX easy?

It would be inaccurate to describe forex trading with any broker as ‘easy’. It can be a complex and tricky process owing to fluctuating market conditions and fierce competition. However, the NicoFX website does aim to make forex and metal trading as easy as possible, though additional educational content could further aid users.

What trading instruments are offered by NicoFX?

NicoFX offers 38 forex pairs and a selection of precious metals, including gold, silver and platinum. Unfortunately, this is a fairly limited list compared to other brokers that typically offer stocks and shares, plus cryptos like Bitcoin.

Is scalping permitted with NicoFX?

Yes, NicoFX permits scalping and hedging strategies. You can also use the broker’s demo account to test scalping strategies before investing real money.

NicoFX facilitates trading in forex and precious metals under CySEC regulation.

NicoFX vs Other Brokers

NicoFX vs