NTFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this NTFX Review.
This broker a single account type for forex trading with variable spreads, leverage up to 1:500, no commission fees, and the chance to use micro lots. However, popular instruments such as CFDs on indices, commodities and stock, are not available with this broker.
Unlike most brokers, NTFX does not provide Managed accounts.
Please take notice that this broker does not accept clients from Australia, Belgium, Canada, Japan, the USA due to their countries’ legislation.
The Company. Security of Funds
NTFX is a relatively young brokerage, which provides forex trading services through the most widely used platform, the MetaTrader 4. The brand is operated by NTFX Capital Ltd. a company licensed by the Cyprus Securities and Exchange Comission (CySEC).
CySEC requires regulated brokerages to hold a minimum of €730 000 (in order to prove their financial stability), to keep client money separately from the company’s operational assets, as well as to report to the Commission on a regular basis.
In addition, the Cypriot financial watchdog applies a compensation scheme as additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, where customers of authorized financial services firms may receive a compensation, amounting to a maximum of 20,000 EUR, if the broker becomes insolvent or ceases trading.
Furthermore, CySEC-regulated companies are authorized to provide its services across the EU under the MiFID regulations.
Minimum Initial Deposit
In order to open an account with NTFX, one has to deposit at least $30, which is a low minimum initial requirement. Yet other Cypriot brokers, such as FXTM, requires even less: $5.
Average Spreads & Commissions
This broker says on its website that its typical spreads amount to 1.4 pips on EUR/USD, which is average.
In comparison, FXTM offers average spread of 1.5 pips on EUR/USD on its commission free accounts, while its typical ECN spreads are 0.5 pips and involve a commission $4 per standard lot (round turn). For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage with this broker is considered high, reaching 1:500. Higher leverage levels may not only multiply traders` earnings on a small deposit, but also lead to losses exceeding initial investment. Nonetheless, if you are willing to take such risk, other Cyprus-based brokers offer even higher leverage ratios: XM – up to 1:888, FXTM and – up to 1:1000.
You may check out more forex brokers offering leverage equal to or exceeding 1:500 here.
This broker supports the industry’s standard MetaTrader4 (Desktop and mobile versions available). The MT4 is preferred by the majority of traders, because it is user-friendly, supports automated strategies, offers extensive back-testing environment and a number if build-in technical analysis tools, as well as advanced charting package. Here is a list of more forex brokers offering MT4 platform.
At the time of writing of this review, the broker conducts a demo account contest, called “Wheel of Fortune” with prize fund of $3000.
The contest is carried out together with several Russian forums.
Methods of Payment
NTFX offers its clients wide range of payment methods: bank wire transfer (USD, EUR, GBP, RUB), credit/debit cards (USD, EUR, GBP, RUB) and a number of e-wallets – Neteller (USD, EUR), WebMoney (USD, EUR, RUB), Qiwi (RUB), and Яндекс деньги (RUB).
The withdrawal process takes up to 1 business day, except for bank wire transfers, which may take up to 5 working days. Also, keep in mind that withdrawals are charged with extra fees.
NTFX is a well-regulated broker, whose offerings are limited to around 30 currency pairs on the MT4 platform. There is no choice of trading accounts (no managed ones either), and many popular financial instruments, such as index CFDs, are not available for trade.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
NTFX Review Conclusion
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