NicoFX Review 2023
NicoFX facilitates trading in forex and precious metals under CySEC regulation.
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Start trading a long list of leading currencies with up to 1:30 leverage.
- Fastest Growing European STP Broker 2016 - Global Banking & Finance Awards
- Best STP Broker 2016 - MENA Awards
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, 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.
- Online quotes
- One-click trading
- Interactive charting
- 23 analytical objects
- Advanced frame view
- Automated trading (EAs)
- 30 built-in technical indicators
NicoFX supports trading in spot currencies and metals:
- Forex – Deep market liquidity and low-cost execution make forex a popular day trading instrument. NicoFX offers major, minor and exotic currency pairs including the EUR/USD and USD/JPY.
- Metals – A popular way to diversify investment portfolios, precious metals such as gold, silver, platinum and palladium are available at NicoFX.
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 limits at NicoFX are capped at 1:30, in line with ESMA regulations:
- Forex – 1:30 maximum
- Metals – 1:10 maximum
Leverage limits are a safety measure to help protect customers when margin trading.
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.
Deposits & Withdrawals
NicoFX supports the following payment methods:
- Bank wire transfer
- Mastercard & Visa
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.
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 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.
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.
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.
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 that are still getting to grips with 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 favourable.
- VIP – Spreads start at 0.8 pips and the minimum deposit is $10,000. The VIP account is suitable 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.
NicoFX offers several advantages, including:
- STP execution
- CySEC regulated
- Zero commissions
- $100 minimum deposit
- Scalping & hedging allowed
- Multi-lingual customer support
There are also drawbacks 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
Opening hours vary according to the market:
- Forex – Trading session begins on Sunday at 22:00 GMT and ends Friday at 22:00 GMT
- Metals – Trading session begins on Sunday at 23:00 GMT and ends on Friday at 21:45 GMT
Most strategies lend themselves to trading during peak hours when volumes are high and spreads are tightest.
Head to the ‘Contact us’ tab on the website for customer support. The multi-lingual team can be reached via:
- Phone – +357 24 020 299
- Email – firstname.lastname@example.org
Unfortunately, NicoFX does not offer a live chat option. This is another drawback and a service offered by most leading brokers.
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 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.
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.
|Minimum Trade||0.01 Lots|
|AI / Machine Learning||No|
|Negative Balance Protection||No|
|Auto Trading||Expert Advisors (EAs) on MetaTrader|
|Guaranteed Stop Loss||No|
Forex Trading Details
|GBPUSD Spread||From 0.9|
|EURUSD Spread||From 0.9|
|EURGBP Spread||From 0.9|
Top 3 Alternatives to NicoFX
Compare NicoFX with the top 3 similar brokers that accept traders from your location.
IG Group – IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
Go to IG Group
Just2Trade – Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.
Go to Just2Trade
Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Go to Forex.com
NicoFX Comparison Table
|Markets||Forex, Metals||CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting||Stocks, ADRs, ETFs, Futures, Options, Commodities, Bonds||Forex, Spot Metals|
|Minimum Trade||0.01 Lots||0.01 Lots||0.01 Lots||0.01 Lots|
|Regulators||CySEC||FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA||CySEC, NFA, FINRA, Bank of Russia||NFA, CFTC|
|Bonus||–||–||Up to $2,000 for professional accounts||Active Trader Program With A 15% Reduction In Costs|
|Platforms||MT4||MT4, AutoChartist, TradingCentral||MT4, MT5, TradingCentral||MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral|
|Leverage||1:30||1:30 (Retail), 1:250 (Pro)||1:20||1:50|
Compare Trading Instruments
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NicoFX vs Other Brokers
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|NicoFX facilitates trading in forex and precious metals under CySEC regulation.|
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.