Overview of NordFX
NordFX is the next broker with a simple registration form, maximizing the procedure, by allowing users to log in through a number of available social networks. As a result, customers can experience the transaction almost instantly. Combined with a large number of IBs supporting customers on a large scale, stretching from North, Central to South, making NordFX one of the most talked about forex brokers today.
However, despite being “familiar with names” by traders, NordFX is a controversial exchange when it has an equal number of traders complimenting and criticizing. So is NordFX really a reputable forex broker worth trading? Let's find out with the following article.
Currently, NordFX is regulated by 2 main agencies: VFSC, CySEC (under license number 209/13).
In addition, Nord Forex India Pvt LTD is licensed by the Securities and Exchange Commission of India (SEBI) under registration number INZ010009835. NordFX is also part of the National Stock Exchange of India (NSE) and the Stock Exchange of India (USEIL).
An interesting point, similar to FBS, it took 5 years for NordFX to be licensed by CySEC.
This shows that NordFX not only strives to improve quality to bring the best experience to customers, but also proves that the more reputable financial regulators such as ASIC , BaFIN or FCA , the harder it is . Difficulty in applying for a license, not wanting to be! That is, the floor is required to meet certain standards. And these standards, sometimes, also make “difficult” making the floor unable to meet. Or if there is, it takes 5 years like NordFX or 8 years like FBS !
How to licensed by CySEC
NordFX is required to meet the following requirements:
Capital : at least 750,000 € (about 18 billion VND)
Investor Compensation : As an EU regulated forex broker, NordFX is required to comply with the Financial Instruments Directive 2014/65/EU or MiFID II and the EU Anti-Money Laundering Directive, to protect Trader protection under the Investor Compensation Fund (CIF) with a maximum coverage of €20,000.
Regular financial reports : Brokers in general or NordFX in particular must submit regular financial statements and CySec will periodically review these reports, to confirm whether the broker is really compliant or not.
Must have a separate account and store deposits in a separate bank to ensure the safety of customers. This is a mandatory requirement, every exchange must have it if they want to be licensed by any agency. Therefore, NordFX is no exception!
In addition to the above requirements, NordFX also provides a number of other features such as:
NordFX has an advanced risk management system that can protect negative balances. That is, no matter how much negative your account is in the event of a fire, it will be protected from being negative.
Not only that, NordFX also has standard SSL protection, so all customer personal information will be encrypted before being sent to NordFX's servers.
In fact, compared to forex brokers like XTB , XM or ICMarkets , NordFX ‘s license is very small. Therefore, the level of protection for traders will not be equal to that of agencies like ASIC, FCA or BaFIN. Therefore, it is understandable that NordFX is not appreciated by long-time traders in terms of license.
The following table shows the different investment products offered by NordFX:
|Currency Pairs (Total Forex Pairs)||33|
|Cryptocurrencies are traded as real assets||15|
|Cryptocurrencies are traded as CFDs||Is not|