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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 brokerâ€™s selling points. The financial instruments sold on the platform are commodities, CFDs, treasuries, indices, and currencies.
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 canâ€™t withdraw through same. However, this may change in future as more organizations are beginning to embrace the virtual money.
- 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.
- 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.
The broker is well regulated and licensed and it has segregated accounts so tradersâ€™ 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.