Thinking of getting into business with NordicTradeFX? Here is what you must know about this broker. Carefully read this review to find out if NordicTradeFX.com is the trading platform you will want to trade with.
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About NordicTradeFX Broker
NordicTradeFX is an offshore brokerage company with a lot of promises for traders. The broker address indicates it is located in the United Kingdom.
There are various account types the broker offers.
Added, the broker claims regulations from popular financial regulators such as the Cyprus Securities Exchange Commission (CySEC), the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).
To clarify, regardless of the trading instruments NordicTradeFX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
NordicTradeFX.com: Reasons to Avoid This Broker
Firstly, NordicTradeFX.com is a platform with no financial authority overseeing its financial services. The license claims are not legit as we search each of the world known regulators’ data-base, but they do not approve this broker as a licensed entity.
Secondly, we noticed NordicTradeFX.com has no demo account for traders. Since traders can’t test the broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. In fact, It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, NordicTradeFX withdrawal process takes 2 to 5 working days and it claims zero withdrawal fee. There is a minimum withdrawal amount for wire transfer as €200.
Added, the broker charges 10% each month on an inactive account of 3 months.
Minimum Deposit
NordicTradeFX minimum deposit is $500 according to account type.
As for the payment methods, the broker accepts Debit/Credit, Bank Transfer, PayBis, Bitnovo and more. But, you should not consider making any payment with this broker because it is a risk. So beware!
NordicTradeFX Platform
NordicTradeFX offers Web Trader and MT4 (Industry standard trading platform), however, the option of MT4 doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:300. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
NordicTradeFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Conclusion: Is NordicTradeFX.com a Reliable Broker?
No, NordicTradeFX.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.