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Feb 04, 2019 Forex brokers Views: 11

NicoFX

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Withdrawal Methods
Paypal, Payoneer, Skrill, Plastic Card, Qiwi, Neteller, test
Supported Countries
Afghanistan, Åland Islands, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antarctica, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh...
Afghanistan, Åland Islands, Albania, Algeria, American Samoa, Andorra, Angola, Anguilla, Antarctica, Antigua and Barbuda, Argentina, Armenia, Aruba, Australia, Austria, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belarus, Belgium, Belize, Benin, Bermuda, Bhutan, Bolivia, Plurinational State of, Bonaire, Sint Eustatius and Saba, Bosnia and Herzegovina, Botswana, Bouvet Island, Brazil, British Indian Ocean Territory, Brunei Darussalam, Bulgaria, Burkina Faso, Burundi, Cambodia, Cameroon, Canada, Cape Verde, Cayman Islands, Central African Republic, Chad, Chile, China, Christmas Island, Cocos (Keeling) Islands, Colombia, Comoros, Congo, Congo, the Democratic Republic of the, Cook Islands, Costa Rica, Côte d'Ivoire, Croatia, Cuba, Curaçao, Cyprus, Czech Republic, Denmark, Djibouti, Dominica, Dominican Republic, Ecuador, Egypt, El Salvador, Equatorial Guinea, Eritrea, Estonia, Ethiopia, Falkland Islands (Malvinas), Faroe Islands, Fiji, Finland, France, French Guiana, French Polynesia, French Southern Territories, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar, Greece, Greenland, Grenada, Guadeloupe, Guam, Guatemala, Guernsey, Guinea, Guinea-Bissau, Guyana, Haiti, Heard Island and McDonald Islands, Holy See (Vatican City State), Honduras, Hong Kong, Hungary, Iceland, India, Indonesia, Iran, Islamic Republic of, Iraq, Ireland, Isle of Man, Israel, Italy, Jamaica, Japan, Jersey, Jordan, Kazakhstan, Kenya, Kiribati, Korea, Democratic People's Republic of, Korea, Republic of, Kuwait, Kyrgyzstan, Lao People's Democratic Republic, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg, Macao, Macedonia, the former Yugoslav Republic of, Madagascar, Malawi, Malaysia, Maldives, Mali, Malta, Marshall Islands, Martinique, Mauritania, Mauritius, Mayotte, Mexico, Micronesia, Federated States of, Moldova, Republic of, Monaco, Mongolia, Montenegro, Montserrat, Morocco, Mozambique, Myanmar, Namibia, Nauru, Nepal, Netherlands, New Caledonia, New Zealand, Nicaragua, Niger, Nigeria, Niue, Norfolk Island, Northern Mariana Islands, Norway, Oman, Pakistan, Palau, Palestinian Territory, Occupied, Panama, Papua New Guinea, Paraguay, Peru, Philippines, Pitcairn, Poland, Portugal, Puerto Rico, Qatar, Réunion, Romania, Russian Federation, Rwanda, Saint Barthélemy, Saint Helena, Ascension and Tristan da Cunha, Saint Kitts and Nevis, Saint Lucia, Saint Martin (French part), Saint Pierre and Miquelon, Saint Vincent and the Grenadines, Samoa, San Marino, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Sint Maarten (Dutch part), Slovakia, Slovenia, Solomon Islands, Somalia, South Africa, South Georgia and the South Sandwich Islands, South Sudan, Spain, Sri Lanka, Sudan, Suriname, Svalbard and Jan Mayen, Swaziland, Sweden, Switzerland, Syrian Arab Republic, Taiwan, Province of China, Tajikistan, Tanzania, United Republic of, Thailand, Timor-Leste, Togo, Tokelau, Tonga, Trinidad and Tobago, Tunisia, Turkey, Turkmenistan, Turks and Caicos Islands, Tuvalu, Uganda, Ukraine, United Arab Emirates, United Kingdom, United States, United States Minor Outlying Islands, Uruguay, Uzbekistan, Vanuatu, Venezuela, Bolivarian Republic of, Viet Nam, Virgin Islands, British, Virgin Islands, U.S., Wallis and Futuna, Western Sahara, Yemen, Zambia, Zimbabwe

Nico FX is a broker that was established in 2013 as a subsidiary of Mount Nico Corp Ltd with their headquarters in Cyprus. The broker is regulated by Cyprus Securities and Exchange Commission (CySEC). The company also owns another forex brokerage brand. Any broker that is regulated by CySEC must have segregated accounts and this is applicable to Nico FX too. One commendable quality of this broker is that they offer Meta Trader 4 for PC and mobile trading applications. Offering Islamic (Swap-free) accounts is one of the broker’s selling points. The financial instruments sold on the platform are commodities, CFDs, treasuries, indices, and currencies. 

Features

The broker offers a demo account for newbies who might want to learn for a while before going live. When you are through with the demo account, you can upgrade to any of their mini, standard, and premium accounts. The minimum initial deposit for mini account is $100, that of standard account is $5,000 and for premium account, it is $10,000. The maximum leverage for all of them is 1:200.

You can deposit through MasterCard, Visa, bank transfers, American Express, Skrill, and China Union Pay. You can also withdraw through the same methods. It is necessary to bear in mind that deposits via MasterCard, Visa, Skrill, and American Express will reflect in your trading account instantly but you will be charged between 2.4% and 5.85% processing fees. The slowest deposit method is bank transfer that takes about 2 to 5 days before the money hits your trading account. However, its zero processing fee is an interesting tradeoff.

Withdrawal through Skrill, American Express, MasterCard, and Visa takes just 24 hours and 1% processing fee. Bank transfers take about 2 to 5 days for withdrawal and a flat processing fee of $40. The financial instruments traded on the platform are currencies, indices, commodities, treasuries, CFDs. Unfortunately, cryptocurrency is not traded on the platform at this time. 

While expert advisors are allowed, the broker does not provide VPS, a virtual server for hosting EAs. You can contact their support team through phone call, live chat, and email. Some traders on the platform complained that their spreads are relatively higher than average. 

Support of cryptocurrencies

This broker has zero support for cryptocurrencies at this time. No digital currency is traded on the platform. Deposit through digital coins is not allowed and you can’t withdraw through same. However, this may change in future as more organizations are beginning to embrace the virtual money.

Advantages

  • The brokerage service is licensed and well-regulated.
  • Traders are not charged trading commission fees.
  • The trading platform offered is MT4
  • There is mobile trading platform for on-the-go traders.
  • There is STP execution.
  • There is fast execution and transparent business model.
  • The company has deep liquidity.
  • There is demo account for newbies.
  • The trading interface is user-friendly. 
  • Trading signals are offered and the use of expert advisors are allowed.

Disadvantages

  • There is zero support for cryptocurrencies.
  • Users have no choice of trading platforms as they can only use MT4.
  • There are no CFDs on indices and stocks.
  • There is no VPS on the platform.
  • Their spreads are too high.
  • Processing fees for deposit through e-wallets are too high.

Conclusion

The broker is well regulated and licensed and it has segregated accounts so traders’ money is safe. These are the requirements to look out for in any broker. Despite the few disadvantages of the platform, you can still have great trading experience with Nico FX so it is recommended.
 

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