NicoFX HeadlinesMetaTrader 4 PlatformMarketsFees & ChargesLeverageMobile AppDeposits & WithdrawalsDemo AccountNicoFX BonusesRegulation ReviewAdditional FeaturesTrading AccountsBenefitsDrawbacksTrading HoursCustomer SupportSecurityNicoFX VerdictAccepted CountriesAlternatives to NicoFXFAQ
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
MetaTrader 4
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.
MT4 mobile
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.
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.
Alternatives to NicoFX
If you are looking for alternatives to NicoFX we have compiled a list of the top 5 brokers that are similar to NicoFX below. This list of brokers like NicoFX is in order of similarity and only includes companies that accept traders from your location.
OctaFX – OctaFX offers multi-asset trading on a range of platforms and mobile solutions.
FXCC – FXCC is a highly regulated and trustworthy MT4 trading broker.
FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.
Swissquote – Swissquote is an FCA-regulated FX & CFD broker offering 160+ trading products.
RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
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.