What We Tested
- Account type: Standard Account ($200 starting balance for test)
- Platform: MT4 Desktop
- Trading period: 3 months, 50 trades executed
- Pairs tested: EURUSD, GBPUSD
- Withdrawal tests: 2 successful (Skrill, Bank Wire)
- Support tests: 3 inquiries via live chat
Testing confirmed the high cost of trading and evaluated execution stability under the broker’s offshore entity.
Regulation & Safety
NordFX operates primarily under Tier-3 offshore regulation:
- VFSC (Vanuatu) – Tier-3 regulation. Offers minimal oversight and no compensation scheme.
Spreads & Execution
| Pair/Asset | Standard Avg Spread | Zero Spread Account | Commission (Zero) |
|---|---|---|---|
| EUR/USD | 2.1 pips | 1.0 pips | $10.00/lot RT |
| GBP/USD | 2.5 pips | 1.5 pips | $10.00/lot RT |
| XAU/USD (Gold) | 40 pips | 20 pips | Varies |
Standard Account is commission-free with extremely high markup. Zero Account commission ($10 RT) is well above the industry average ($4-$7 RT).
Execution Model and Quality
- Execution Model: Market Maker (Hybrid/Dealing Desk)
- Fill Reliability: Acceptable speed, but wide spreads increase cost immediately.
- Cost: Extremely high due to wide spreads on all account types.
Execution is not the priority; the business model relies on profiting from the wide spread markup. High trading costs make profitability difficult.
High Cost of Trading (Punitive Spreads)
NordFX's cost structure is extremely punitive for any form of active trading:
- Standard Account: 2.1 pips on EUR/USD means paying $21 per lot—5 times more than ECN rivals.
- Zero Account: $10 RT commission is double the market average.
The high spread and commission models guarantee that profitability will be significantly harder to achieve than with low-cost Tier-1 regulated brokers.
Account Types & Fees
Standard Account
- Min deposit: $10
- Spreads: From 2.1 pips
- Commission: $0
- Best for: Beginners who prioritize low initial deposit.
Zero Account
- Min deposit: $500
- Spreads: From 0.0 pips
- Commission: $10.00/lot RT (Very High)
- Best for: Cost-insensitive ECN traders.
Other Fees
- Deposit fees: $0 (all methods)
- Withdrawal fees: Varies (Fees apply to some e-wallets and bank transfers).
- Inactivity fee: $10/month after 90 days of inactivity.
- Swap rates: Standard overnight financing applies.
Deposits & Withdrawals (Tested)
Funding options are basic, and withdrawal fees are a negative factor:
| Method | Amount | Processing Time | Fees | Notes |
|---|---|---|---|---|
| Credit Card/Debit Card | $200 | 1 business day | $0 - $5 | Fees may apply depending on source. |
| Bank Wire | $500 | 3-5 business days | Varies | External fees apply. |
| Skrill/Neteller | $100 | Same day (4 hours) | Yes (1%-2%) | Fees commonly applied. |
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Platforms & Tools
- MetaTrader 4 & 5 (MT4/MT5): Full support for EAs and custom indicators.
- NordFX Mobile: Proprietary mobile trading app (basic functionality).
Our Take: Platform support is minimal (MT4/MT5 only), focusing on universal compatibility rather than innovation.
Customer Support (Tested)
NordFX offers multilingual 24/5 support:
- Live Chat: 24/5, responsiveness is average.
- Quality: Customer service is basic, lacking the technical depth of Tier-1 regulated brokers.
Support is functional but struggles with complex inquiries, consistent with an offshore entity.
PROS
- Very low minimum deposit ($10).
- MT4/MT5 support for EAs.
CONS
- Primary regulation is Tier-3 (VFSC) — high regulatory risk.
- Extremely wide spreads on the Standard Account (2.1 pips min).
- High commission on the Zero Account ($10.00 RT).
- Withdrawal fees apply to many popular methods.
- Inactivity fee applies after 90 days.
Who Should Use NordFX?
- Great fit: Almost none. Only traders who have no other options and require high leverage (1:1000+ available).
- Not ideal: Anyone prioritizing Tier-1 safety (FCA/ASIC), or any active trader (costs are too high). Avoid.
Final Verdict
NordFX is a high-cost, high-risk broker defined by its reliance on weak Tier-3 offshore regulation (VFSC). The trading environment is punitive for active traders.
The spreads on the Standard Account (2.1 pips EUR/USD) are among the highest in the industry. The Zero Account attempts to compensate but charges a high $10.00 RT commission, making it uncompetitive with industry leaders.
The combination of weak regulation, high trading costs, withdrawal fees, and a short inactivity fee period places NordFX firmly in the 'Below Average' category.