NicoFX Review 2024

NicoFX has closed. Please see the list of similar brokers or the Best Brokers List for alternatives.

1.5 / 5
NicoFX is #142 in our broker rankings.

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

Forex, Metals
Mastercard, Visa, UnionPay, Credit Card, Skrill, Wire Transfer

Forex Trading

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 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


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 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.


NicoFX offers several advantages, including:


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.


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.

Top 3 Alternatives to NicoFX

Compare NicoFX with the top 3 similar brokers that accept traders from your location.

  1. IC Markets – IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

  2. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  3. AvaTrade – AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

NicoFX Comparison Table

Compare NicoFX With Similar Brokers
NicoFX IC Markets IG AvaTrade
Rating 1.5 4.8 4.4 4.9
Markets Forex, Metals CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
Demo Account Yes Yes Yes Yes
Minimum Deposit $100 $200 $0
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Education No Yes Yes Yes
Platforms MT4 MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Leverage 1:30 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) 1:30 (Retail), 1:250 (Pro) 1:30 (Retail) 1:400 (Pro)
Payment Methods 6 14 6 13
Visit Visit Visit Visit Visit
Review IC Markets

Compare Trading Instruments

Compare the markets and instruments offered by NicoFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare NicoFX Trading Instruments
NicoFX IC Markets IG AvaTrade
CFD No Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks No Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No No Yes Yes
Silver Yes Yes Yes Yes
Corn No Yes No Yes
Crypto No Yes Yes Yes
Futures No Yes Yes Yes
Options No No Yes Yes
ETFs No Yes Yes Yes
Bonds No Yes Yes Yes
Warrants No No Yes No
Spreadbetting No No Yes Yes
Volatility Index No Yes Yes Yes

NicoFX vs Other Brokers

Compare NicoFX with any other broker by selecting the other broker below.


Customer Reviews

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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.