NicoFX Review 2024

NicoFX has closed. Please see the list of similar brokers or the Best Brokers List for alternatives.
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Written By
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Written By
William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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Fact Checked By
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Fact Checked By
Tobias Robinson
Tobias is a partner at, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

1.5 / 5
NicoFX is #143 in our broker rankings.
Forex, Metals
Mastercard, Visa, UnionPay, Credit Card, Skrill, Wire Transfer


  • Fastest Growing European STP Broker 2016 - Global Banking & Finance Awards
  • Best STP Broker 2016 - MENA Awards

NicoFX Review

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. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US 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.

  2. – Founded in 1999, is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

  3. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.

NicoFX Comparison Table

Compare NicoFX With Similar Brokers
NicoFX IG Interactive Brokers
Rating 1.5 4.4 4.5 4.3
Markets Forex, Metals CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting Forex, Stocks, Futures, Futures Options Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
Demo Account Yes Yes Yes Yes
Minimum Deposit $100 $0 $100 $0
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots $100
Bonus Active Trader Program With A 15% Reduction In Costs
Education No Yes Yes Yes
Platforms MT4 Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Leverage 1:30 1:30 (Retail), 1:250 (Pro) 1:50 1:50
Payment Methods 6 6 8 6
Visit Visit Visit Visit
Review IG
Interactive Brokers

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 IG Interactive Brokers
CFD No Yes No Yes
Forex Yes Yes Yes Yes
Stocks No Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes No
Gold Yes Yes Yes Yes
Copper No Yes No No
Silver Yes Yes Yes No
Corn No No No No
Crypto No Yes No Yes
Futures No Yes Yes Yes
Options No Yes Yes Yes
ETFs No Yes No Yes
Bonds No Yes No Yes
Warrants No Yes No Yes
Spreadbetting No Yes No No
Volatility Index No Yes No No

NicoFX vs Other Brokers

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


Customer Reviews

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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.