NSFX offers its clients a choice of two trading accounts: fixed-spread Standard account with instant execution and Professional one, providing ECN environment and tighter variable spreads. The Standard account is commission-free and offers higher leverage, up to 1:200, while the ECN one involves a standard commission of $4 commission per standard lot (per side) and leverage is up to 1:100.
As regards novice traders, they are offered practice account with a generous $100,000 in virtual funds, and may also try their hand at trading in micro lots, available on the Standard account, which may be opened with $300. Scalping and Expert advisors, however, are not allowed for Standard account holders.
Islamic (swap-free) accounts are available with this broker upon request. Besides, NSFX provides special trading conditions to VIP clients with deposits of $50 000 or more.
The Company. Security of Funds
NSFX is a Maltese broker, offering trading in more than 50 currency pairs, CFDs on indices, commodities, silver & gold through both the MetaTrader 4 and its proprietary NSFX Pro platform.
NSFX Ltd., doing business as NSFX, holds a Category 3 investment services license issued by the Malta Financial Services Authority (The MFSA), which allows them to provide any investment service, to hold clients’ money and to deal on own account.
MFSA is the single regulator for financial services in Malta and it applies certain rules and requirements to license holders. The MFSA also manages the Registry of Companies and responsibility as the Listing Authority.
Apart from the minimum capital requirement of €730,000, which should be satisfied on an ongoing basis, license holders are expected to have local presence, to put in place adequate internal controls for their day-to-day operations, to maintain a risk management system, regularly report to MFSA, among other requirements.
License holders are also required to abide by ESMA guidelines on the sale of complex products where online forex is specifically mentioned as a complex product. Malta has been a member of the European Union since 1st May 2004. So, every MFSA-regulated investment company is also MiFID compliant and therefore entitled to offer cross-border services within the EU under the MiFID Passporting Regime.
As a further guarantee to clients’ funds, NSFX Ltd. is a member of the Maltese Investor Compensation Scheme – a rescue fund for customers of failed investment firms which are licensed by MFSA.
What is more, NSFX Ltd. is registered with a number of EU authorities, such as UK`s FCA, Germany`s BaFin, CONSOB, and others.
Minimum Initial Deposit
In order to open an account with NSFX, traders have to invest a minimum of $300. Such minimum initial amount is common; however, many other European brokers require less. For instance, FCA-regulated HY Markets demands $50 from its clients as a start and Cyprus-based Easy-forex – just $25.
Spreads & Commissions
This broker has both fixed and floating spreads in its portfolio. Standard accounts with NSFX are commission-free, yet we would not recommend them for the fixed spreads offered are quite high, amounting to 3.0 pips on EUR/USD. In comparison, Cyprus-based Exness provides fixed spreads amounting to 1.7 pips on EUR/USD on its Classic account.
NSFX`s Professional ECN accounts, on the other hand, provide tight variable spreads, averaged 0.9 pips on EUR/USD, but also include a commission, which is $8 per lot round-turn. So, basically, trading costs of ECN account holders amount to around 1.7 pips for the EUR/USD pair, commission included, which is a comparatively high value for the forex market. Besides, one has to invest at least $3 000 in order to access the ECN environment.
For purposes of comparison, leading EU broker FxPro charges $4.5 per lot and offers average spreads as low as 0.4 pips on the EUR/USD for its cTrader ECN accounts.
The maximum leverage level offered by NSFX is 1:200, which is considered average. Although we would not advise traders to operate with higher leverage levels because of the greater risk of heavy loss involved, some small traders may not be able to score big profits with low initial deposits. If you need higher leverage levels, many EU brokers offer such – for example, FXPro provides leverage up to 1:500 and FXTM – up to 1:1000. Check out a list of brokers, providing leverage equal to or exceeding 1:500 here.
This broker supports the renown MetaTrader 4 (MT4), and also offers its proprietary NSFX Pro. Both platforms come in desktop, web and mobile versions.
MT4 is an internationally acclaimed trading terminal, offering a full spectrum of trading tools and resources: a number of built-in technical indicators, advanced charting package, a wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work.
What is more, NSFX has developed the Personal Account Dashboard, MyNSFX, a personal account management console that provides clients with seamless total control over their trading experience.
NSFX`s in-house platform NSFX Pro provides trading in ECN/STP environment, so in order to open a live NSFX Pro, one has to invest at least $3000. The platform has a single point dashboard that integrates trading tools and information directly into the trading platform, in order to allow traders to execute the trades instantly, without having to flip from screen to screen. However, we found it strange that charts do not launch by default and the overall interface is not so user-friendly.
NSFX Pro supports a wide list of direct and pending orders with the ability to place trades directly within the spread. Orders include Market, Limit, Stop, Stop Loss, Take Profit, Place/Bid offer, Trailing Stop, Stop Limit, OCO, IFD, and more.
According to us, the best thing about NSFX Pro is the deep interbank liquidity it offers.
This broker regularly launches various promotions and also organizes trading contests. At the time of writing this review, NSFX offers a Welcome on deposit bonus of 15%.
Methods of Payment
The following payment methods are available to NSFX clients: credit/debit cards (MasterCard, Maestro, American Express, Visa, verified by Visa), bank wire transfer, fast bank transfer, and the popular e-wallet payment system Skrill.
According to a statement on NSFX`s website, withdrawals are processed within 1 business day.
NSFX is a reputable Maltese broker that offers online in forex currency pairs, CFDs and precious metals through the widely used MT4 platform.
NSFX Review Conclusion
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