About the company:
NicoFX is an STP broker that specializes in spot forex and precious metals trading. The company is owned by Mount Nico Corp Ltd, a European forex broker created by a group of financial specialists. The company is based in Cyprus and has been in operation since 2013.
MetaTrader 4 platform.
The award-winning MetaTrader 4 platform is available through the company. Its plethora of technical indicators, customizable design, and ease of use have helped it become a favorite among traders all over the world. MT4 is available for download on desktops, mobile devices, and web browsers.
- One-click trading
- Interactive Graph
- 23 analytical objects.
- Extended frame preview
- 30 built-in technical indicators
The firm supports trading in spot currencies and metals:
- Forex is a popular intraday trading technique because of its high market liquidity and low execution costs.
- A common method of diversifying investment portfolios Gold, silver, platinum, and palladium are among the precious metals available.
Unfortunately, compared to other brokers, the product range is limited, as it does not include stocks, cryptocurrencies, or commodities such as oil.
Fees and payments:
There are no commissions charged by the broker. Rather, the broker makes money on relatively high spreads. On a popular currency pair like EUR/USD, spreads start at 2.6 pips for a regular account, 1.8 pips for a premium account, and 0.9 pips for a VIP account. To access industry average spreads, traders would need to meet the high minimum deposit requirements for premium and VIP accounts, which are $5,000 and $10,000, respectively, according to our assessment.
Leverage limits are capped at 1:30, per ESMA rules.
- Forex – maximum time of 1:30
- Metals-maximum of 1:10
Leverage limits are a security measure to help protect clients when trading on margin.
The MT4 mobile app, which is available for iOS and Android smartphones, allows traders to view their portfolios while on the road. A version for Windows devices is also available. Traders get access to the most up-to-date currency news, interactive charts, trading history, and other resources.
The MT4 app is simple to use and includes features such as instant and pending order types, built-in support, and automated trading. Instant deposits and withdrawals are also possible through the mobile app. This is a fantastic all-in-one mobile trading solution.
Deposits and withdrawals
The broker supports the following payment methods:
- Bank transfer
- Mastercard and Visa
Accounts are available in both US dollars and euros. If you deposit funds in a currency other than the account’s base currency, they will be converted at the current exchange rate to the account’s base currency. Traders must allow 3-5 days for bank transfers to be completed. It takes 1-3 days for funds to show after a credit or debit card deposit.
You must fill out a withdrawal request form to remove money from your account. Within one business day, applications are processed. Funds will be credited to accounts within 3-5 business days for bank transfers.
Demo trading is a risk-free way to learn about a broker’s services and a wonderful way to try out new techniques, strategies, and markets. On the broker’s webpage, you can sign up for a free demo account.
The Cyprus Securities and Exchange Commission (CySEC), license number 226/14, has authorized and regulated the broker. In addition, the company is a member of the Investor Compensation Fund (ICF). The broker follows the European Union’s Markets in Financial Instruments Directive (MiFID) and keeps client funds separate. We are generally satisfied with the company’s reliability.
Traders get access to a restricted number of additional features provided by the company. The broker’s website has no educational content, which is a significant disadvantage, especially for novices. Traders will have to look elsewhere for news, courses, and industry experience.
The broker offers three types of accounts:
- Standard: The minimum deposit is $100 and the spreads start at 2.6 pips. The standard account provides realistic trading conditions and is the best choice for beginners learning the fundamentals of day trading.
- Spreads start at 1.8 pips, with a $5,000 minimum deposit. For traders with more experience, a premium account is an excellent choice. The rates are favorable, despite the higher deposit requirements.
- The minimum deposit is $10,000 and the spreads start at 0.8 pips. The VIP account is for highly experienced traders who want to adopt riskier leveraged trading tactics like scalping.
All accounts offer commission-free trading on the MT4 platform. Swap-free accounts are also available.
There are also disadvantages to consider:
- Lack of educational resources
- US customers are not accepted.
- Bad customer reviews
- Only Forex and metals.
- No chat support.
Opening hours vary by market.
- Forex: The trading period begins at 22:00 GMT on Sunday and finishes at 22:00 GMT on Friday.
- Metals: The trading period begins at 23:00 GMT on Sunday and ends at 21:45 GMT on Friday.
- The majority of methods work best during peak trading hours when volumes are high and spreads are at their narrowest.