NICOFX review

On-line since: 2013
Country of origin: Cyprus
Regulation: CySEC
Payment options: bank transfer, credit cards, electronic payment systems
Minimum account size: $100
Minimum lot size: 0.01 lot
Leverage: up to 1:200
Spreads: 2.6 pips for EUR/USD

About the company:

NICOFX is a STP broker which has been operating since 2013. It offers trading 38 currency pairs, spot metals, oil, and CFDs.

Company. Security of funds

The brand is managed by Mount Nico Corp Ltd. headquartered in Cyprus. The company is licensed by CySEC. Moreover, the company owns another Forex brand, GreatSky.

Under the CySEC rules, companies must have €730,000 on their accounts, keep investor funds on segregated accounts, participate in the Investor Compensation Fund, and report regularly to the regulator.

All these requirements reduce the risks of fraudulent activities by the broker. According to the MiFID directive, the NICOFX broker can operate throughout the European Union.

Trading conditions

This broker provides its customers with the following account types: Standard, Premium, VIP, as well as Islamic accounts without charging swaps. On every account, the STP/ECN execution, variable spreads, and micro lots are available for trading.

Margin Call is set at the level of 100%; Stop Out — 50%.

Minimum initial deposit

In order to open an account with NicoFX, traders must deposit $100. In our ranking, you can find brokers who allow clients to conduct trading even with $1.

Spreads and commissions

Variable spreads of NicoFX start from 2.6 pips on EUR/USD, while, on average in the industry, variable spreads for this pair do not exceed 2 pips.

Leverage

The maximum level of leverage is 1:200. However, many brokers offer even higher values, for example, up to 1:500 or even 1:1,000.

Please note that the leverage level for gold and silver is fixed and amounts to 1:100.

Trading platforms

This broker supports MetaTrader4, the most popular trading platform on Forex, available in the desktop version, browser, and mobile applications.

The platform has a simple, user-friendly interface with a wide range of functions, which makes it suitable for both beginners and professional traders. MT4 provides a range of technical indicators, sets of charts, advisors, trading signals, and much more.

Payment methods

Customers of NicoFX can use the following methods of payment: credit/debit cards, bank transfer, China Union Pay, and the Skrill e-wallet.

Advantages:

• regulated broker;
• no commission (STP execution);
• MT4.

Disadvantages:

• large spreads;
• no choice of trading platforms.