About the company:
NicoFX is a broker that specializes in spot forex and precious metals trading. Mount Nico Corp Ltd owns a European forex broker that was formed by a group of financial experts. The company is based in Cyprus and has been in operation since 2013.
YYou can trade Forex. high market liquidity and low market costs with major, minor, and exotic currency pairs. Also, precious metals such as gold, silver, platinum, and palladium are available.
The company’s award-winning MT4 platform is available. Its plethora of technical indicators, customizable design, and ease of use have helped it become a favorite among traders all around the world. MT4 is available for download on desktops, mobile devices, and web browsers.
The MT4 mobile app, which is available for iOS and Android smartphones, allows traders to view their portfolios while on the road. A version for Windows devices is also available. Traders get access to the most up-to-date currency news, interactive charts, trading history, and other resources.
The MT4 app is simple to use and includes features like immediate and pending order types, built-in support, and automated trading. Instant deposits and withdrawals are also possible using the mobile app. This is a fantastic all-in-one mobile trading solution.
There are no commissions charged by the firm. Rather, the broker makes money on relatively high spreads. On a popular currency pair like EUR/USD, spreads start at 2.6 pips for a regular account, 1.8 pips for a premium account, and 0.9 pips for a VIP account. To access industry average spreads, traders would need to fulfill the high minimum deposit requirements for premium and VIP accounts, which are $5,000 and $10,000, respectively, according to our assessment.
When trading on margin, leverage limitations serve as a safety net for clients. Limits are capped at 1:30, per ESMA rules.
- Forex – maximum time of 1:30
- Metals-maximum of 1:10
The following payment options are accepted by the company:
- Transfer via bank
- MasterCard and Visa credit cards.
Accounts are available in both US dollars and euros. If you deposit funds in a currency other than the account’s base currency, they will be converted at the current exchange rate into the account’s base currency. Traders must wait 3-5 days for bank transfers to be completed. It takes 1-3 days for funds to show up after a credit or debit card deposit.
To withdraw funds from your account, you need to complete a withdrawal request form. Within one business day, applications are processed. Funds will be credited to accounts within 3-5 business days for bank transfers.
A demo account is available to traders. Demo trading is a risk-free method to learn about a broker’s services and a wonderful way to try out different techniques, strategies, and markets. On the broker’s home page, you may sign up for a free sample account.
The Cyprus Securities and Exchange Commission (CySEC), license number 226/14, has approved and regulated the firm. It also belongs to the Investor Compensation Fund (ICF). The broker follows the European Union’s Markets in Financial Instruments Directive (MiFID) and keeps customer money separate. We are generally happy with the company’s reliability.
The firm provides three different types of accounts:
- Standard: The minimum deposit is $100 and the spreads start at 2.6 pips. The standard account provides realistic trading conditions and is the ideal choice for novices learning the fundamentals of day trading.
- Spreads start at 1.8 pips with a $5,000 minimum deposit. For traders with greater experience, a premium account is an excellent choice. The rates are good, despite the higher deposit requirements.
- VIP: The minimum deposit is $10,000 and the spreads start at 0.8 pips. The VIP account is for highly experienced traders who want to adopt riskier leveraged trading tactics like scalping.
On the MT4 platform, all accounts offer commission-free trading. Accounts with no swaps are also accessible.
The hours of operation differ depending on the market:
- Forex: The trading period begins at 22:00 GMT on Sunday and finishes at 22:00 GMT on Friday.
- Metals: The trading period begins at 23:00 GMT on Sunday and finishes at 21:45 GMT on Friday.
- The majority of methods work best during peak trading hours when volumes are high and spreads are at their narrowest.