NoaFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this NoaFX Review.
NoaFX is a Straight-Through-Processing (STP) broker with No Dealing Desk that offers trade in currency pairs, CFDs, Stocks, Indices and Commodities.
NoaFX is a brokerage company established in New Zealand. It is a subsidiary of Capital Market Investments (CMI), a premier asset management firm, spanning across 32 countries.
NoaFX holded a license for financial services from 2013, granted by by FMA, but it has been discontinued in January 2016.
An added layer of protection for NoaFX’s clients is the Insurance Backed Deposit Scheme offered by the broker. Under this scheme, the clients’ deposits are invested with an independent trust and insured.
Traders have a wide range of leverage options to choose from with NoaFX. The default leverage setting for all NoaFX accounts is 1:100 and the maximum leverage available is 1:500 (for the Ultra Account), however it is subject to approval. 100:1 leverage is common for the forex market and a leverage level of 1:500 is considered comparatively high. There are brokers offering leverage levels as high as 1000:1, however this increases the risk of incurring heavy losses.
The minimum initial deposit is $10 for the Ultra Account, while the Pro Account it amounts to a minimum of $1000. For the purposes of comparison, some brokers require a minimum initial deposit as high as $10 000 (Interactive brokers), while others require none at all (CMC Markets for instance).
As for average spreads offered by this broker, they amount to around 1,2 pips on the EUR/USD and around 0,7 pips on the EUR/GBP. NoaFX charges commission fees amounting to 0.5 pips Ultra Account holders only.
There are different NoaFX trading account types and all of these can be traded using the same platform. The smallest order size in any of the accounts is a micro lot order at 0.01 lot size. The two main types of accounts are the NoaFX Ultra and the NoaFX Pro Account.
The NoaFX Ultra Account is targeted at FX traders looking for tight fixed spreads, high leverage of up to 1: 500 and a small deposit of up to $5,000.
The NoaFX Pro Account is for professional multi-instrument traders and offers true market environments, including low variable spreads and 70 different products with no maximum capital restriction.
Indices and commodities can be traded only by Pro Account holders. Scalping, Arbitrage and Social trading are also available to those traders only.
Except for those two account types, there is also the MAMM account (Multi Account Money Manager Account) available at this broker, which targets investors. The MAMM account allows investors to make money on the Forex market without actually trading, they just have to look through the account ratings for MAMM accounts, and to decide which of them they wish to invest in.
Additionally, NoaFX offers Corporate and Joint accounts, as well as a Demo account, which is always appreciated by newbies.
The main trading platform adopted at NoaFX is the standard in the trading industry MetaTrader4. NoaFX provide their traders MT4 PC version, as well as with mobile compatible versions or iOS, Android, iPad and iPhone devices.
Web Trader is a platform allowing NoaFX’s clients to trade without bothering to download anything and provides them with Instant access to MT4 trading account and trading.
NoaFX is one of the few Forex brokers in the world that provides trading platforms for Apple Safari – the Safari Trader. What is more, the broker provides one of its kind MT4 trading solutions to all Blackberry users by offering the Blackberry Trader platform.
This broker has developed a number of useful trading tools, among which are several useful calculators on its website (margin, stoploss, lot size and profit/loss calculators) as well as the so called Signal Trader, an innovative trading solution that enables you to automatically mirror professional traders into your NoaFX trading account.
NoaFX offers wide range of payment options, which include debit/credit cards (Visa and MasterCard), UnionPay, Skrill, Neteller, Payza, FasaPay.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
NoaFX Review Conclusion
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