NicoFX Review 2024
NicoFX facilitates trading in forex and precious metals under CySEC regulation.
Forex Trading
Start trading a long list of leading currencies with up to 1:30 leverage.
Awards
- 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:
- Online quotes
- One-click trading
- Interactive charting
- 23 analytical objects
- Advanced frame view
- Automated trading (EAs)
- 30 built-in technical indicators
Markets
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
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.
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.
Deposits & Withdrawals
NicoFX supports the following payment methods:
- Bank wire transfer
- Mastercard & Visa
- UnionPay
- Skrill
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:
- 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.
Benefits
NicoFX offers several advantages, including:
- STP execution
- CySEC regulated
- Zero commissions
- $100 minimum deposit
- Scalping & hedging allowed
- Multi-lingual customer support
Drawbacks
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
Trading Hours
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.
Customer Support
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 – support@nicofx.com
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.
Top 3 Alternatives to NicoFX
Compare NicoFX with the top 3 similar brokers that accept traders from your location.
-
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.
Go to IG -
FP Markets – FP Markets is an ASIC- and CySEC-regulated broker that offers forex and CFD trading on a broad range of assets through the MT4, MT5 and IRESS platforms. With trading available through standard and raw spread accounts on thousands of international stocks, forex, indices, commodities, cryptocurrencies, bonds and ETFs, this broker has some of the most comprehensive market coverage available. FP Markets also offers a full range of additional features, including educational resources and access to powerful software such as Autochartist.
Go to FP Markets -
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.
Go to IC Markets
NicoFX Comparison Table
| NicoFX | IG | FP Markets | IC Markets | |
|---|---|---|---|---|
| Rating | 1.5 | 4.4 | 4 | 4.8 |
| Markets | Forex, Metals | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting | CFDs, Forex, Stocks, Indices, Commodities, Bonds, ETFs, Crypto | CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto |
| Demo Account | Yes | Yes | Yes | Yes |
| Minimum Deposit | $100 | $0 | $100 | $200 |
| Minimum Trade | 0.01 Lots | 0.01 Lots | 0.01 Lots | 0.01 Lots |
| Regulators | CySEC | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA | ASIC, CySEC, ESMA | ASIC, CySEC, FSA |
| Bonus | – | – | – | – |
| Education | No | Yes | Yes | Yes |
| Platforms | MT4 | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral | MT4, MT5, cTrader, TradingView, AutoChartist, TradingCentral | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
| Leverage | 1:30 | 1:30 (Retail), 1:250 (Pro) | 1:30 (UK), 1:500 (Global) | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Payment Methods | 6 | 6 | 9 | 14 |
| Visit | Visit | Visit | Visit | Visit |
| Review | – | IG Review |
FP Markets Review |
IC Markets Review |
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.
| NicoFX | IG | FP Markets | IC Markets | |
|---|---|---|---|---|
| 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 | Yes | Yes | No |
| Silver | Yes | Yes | Yes | Yes |
| Corn | No | No | Yes | Yes |
| Crypto | No | Yes | Yes | Yes |
| Futures | No | Yes | Yes | Yes |
| Options | No | Yes | No | No |
| ETFs | No | Yes | Yes | Yes |
| Bonds | No | Yes | Yes | Yes |
| Warrants | No | Yes | No | No |
| Spreadbetting | No | Yes | No | No |
| Volatility Index | No | Yes | Yes | Yes |
NicoFX vs Other Brokers
Compare NicoFX with any other broker by selecting the other broker below.
 |
Visit | |
| NicoFX facilitates trading in forex and precious metals under CySEC regulation. | ||
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.
Customer Reviews
There are no customer reviews of NicoFX yet, will you be the first to help fellow traders decide if they should trade with NicoFX or not?