Global Broker governance & inquiry App

Score

0123456789
.
0123456789
0123456789
/10

NICOFX

United Kingdom|10-15 years|
Regulated in United Kingdom|Straight Through Processing(STP)|MT4/5 White Label|Regional Brokers|United Kingdom European Authorized Representative (EEA) Unsubscribed|Suspicious Overrun|High potential risk|

https://cn.nicofx.com/en/index.html

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

2
Server Name
NICOFX-MAIN Demo MT4
Server Location United States

Contact

357 24 020 288
cn.support@nicofx.com
https://cn.nicofx.com/en/index.html

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

Chinese (Simplified)

357 24 020 288

Broker Information

More

Company Name

Mount Nico Corp Ltd

Company Abbreviation

NICOFX

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

Warning: Low score, please stay away! 4
Previous Detection : 2024-03-05
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
  • United KingdomFCA (license number: 672844) The regulatory status is abnormal, the official regulatory status is Unsubscribed. Please be aware of the risk!

WikiFX Verification

Users who viewed NICOFX also viewed..

XM

9.04
Score
10-15 yearsRegulated in AustraliaMarket Making(MM)MT4/5 full license
Official website

HFM

8.25
Score
10-15 yearsRegulated in CyprusMarket Making(MM)MT4/5 full license
Official website

IronFX

7.54
Score
10-15 yearsRegulated in CyprusMarket Making(MM)Global Business
Official website

CPT Markets

8.20
Score
5-10 yearsRegulated in United KingdomMarket Making(MM)MT4/5 full license
Official website

NICOFX · Company Summary

Aspect Information
Registered Country United Kingdom
Founded Year 2013
Company Name NICOFX
Regulation CySEC (Cyprus Securities and Exchange Commission)
Minimum Deposit Standard: $100, Premium: $5,000, VIP: $10,000
Maximum Leverage Up to 1:30
Spreads Variable spreads based on market conditions
Trading Platforms MetaTrader 4 (MT4)
Tradable Assets Precious metals (gold, silver, platinum, palladium), Forex currency pairs
Account Types Standard, Premium, VIP
Customer Support Limited support options (phone and email)
Payment Methods Bank transfer, Union Pay, Visa, Mastercard, Skrill, JCB, Amex

General Information

NicoFX, owned by Mount Nico Corp Ltd, is a European Forex broker founded by a group of financial professionals, operating in 2013 and headquartered in Cyprus.

NICOFX currently raises concerns with its inaccessible website, limited transparency about services and regulatory status, and an underwhelming customer support system consisting only of phone and email options. While regulated by CySEC, NICOFX's lack of clarity about its regulatory status in other regions, high minimum deposit requirements, and variable spreads based on market conditions create uncertainty and may deter traders seeking a reliable and comprehensive trading experience.

 basic-info

Regulation

NICOFX, operated by Mount Nico Corp Ltd, is a financial institution with a diverse regulatory status across different European jurisdictions. In Cyprus, it is regulated by the Cyprus Securities and Exchange Commission (CySEC) and holds a Straight Through Processing (STP) license. This means that NICOFX is permitted to execute client orders without intervention, offering a direct market access trading model. The company has been regulated by CySEC since February 7, 2014, and its address is in Limassol, Cyprus. NICOFX maintains an active website and provides contact information, including an email address and phone number for compliance inquiries.

regulation

In the United Kingdom, NICOFX is authorized by the Financial Conduct Authority (FCA) as a European Authorized Representative (EEA). However, it is currently marked as “Unsubscribed,” suggesting that its regulatory status may have changed. The effective date of its FCA authorization is February 22, 2017, with an address in Limassol, Cyprus. The FCA license does not allow sharing of services. While the website is not specified, the compliance email address is the same as in Cyprus.

regulation

NICOFX also holds a Common Financial Service License from the Federal Financial Supervisory Authority (BaFin) in Germany, effective since February 12, 2015. The company, however, does not share its services based on this license. Again, there is no specified website or contact information provided for this jurisdiction.

regulation

Similarly, NICOFX holds a Common Financial Service License from the Autorité des Marchés Financiers (AMF) in France, with an effective date of February 16, 2015. Just like in Germany, the license does not allow sharing of services, and specific website or contact details for the French jurisdiction are not provided.

regulation

In conclusion, NICOFX is regulated by CySEC in Cyprus with STP capabilities. It also holds licenses from the FCA in the UK, BaFin in Germany, and AMF in France, though the current status of these licenses is unclear, and they do not permit service sharing. The provided information lacks some details, such as website URLs and specific contact numbers, and it is essential to verify the current regulatory status and operational details directly with the relevant authorities or the company itself due to the potential changes in the financial regulatory landscape.

Pros and Cons

Pros Cons
  • Regulation: Regulated by CySEC in Cyprus, providing a level of oversight.
  • Unclear Regulation: The regulatory status in other European jurisdictions is unclear.
  • Diverse Trading Instruments: Offers trading in precious metals and Forex currency pairs.
  • Limited Support: Customer support options are limited, and support in Chinese (Simplified) may present challenges.
  • Tiered Account Types: Provides three account types catering to traders with varying experience levels.
  • Lack of Transparency: Absence of detailed regulatory information, website URLs, and specific contact numbers raises concerns.
  • Variable Spreads: Variable spreads adaptable to market conditions, providing flexibility.
  • Leverage Risk: Maximum leverage of up to 1:30 can amplify potential losses.
  • Multiple Deposit/Withdrawal Options: A range of deposit and withdrawal methods available.
  • Fees: Some deposit and withdrawal methods come with fees that could impact overall cost-effectiveness.
  • MT4 Trading Platform: Offers the widely-used MT4 platform, known for its versatility.
  • Regulatory Uncertainty: Unclear regulatory status in the UK, Germany, and France raises questions about legitimacy.

NICOFX presents a mixed picture for traders. On the positive side, it offers diverse trading instruments, tiered account types, variable spreads, and a choice of deposit/withdrawal methods. The use of the popular MT4 platform is also a plus. However, there are notable concerns, including regulatory uncertainty in multiple jurisdictions, limited customer support options, and potential challenges for Chinese-speaking clients. Traders should carefully consider these factors before choosing NICOFX as their brokerage.

Market Instruments

NicoFX offers investors a narrow variety of tradable instruments, major currency pairs, minors, exotic currency pairs, gold, silver, palladium, and platinum. Unfortunately, there are no stocks, cryptocurrencies, or commodities available.

  1. Precious Metals: Traders can access various precious metals such as gold, silver, platinum, and palladium. These metals are valued for their rarity and industrial applications. Gold and silver, in particular, are considered safe-haven assets and are subject to price fluctuations influenced by economic conditions and geopolitical events.

  2. Forex/Currencies: NICOFX provides access to the Forex market, where traders can trade currency pairs like EUR/USD or GBP/JPY. Forex trading involves speculating on the relative strength of one currency against another. It offers high liquidity, operates 24/5, and often involves leverage, which amplifies both profits and potential losses.

These market instruments allow traders to diversify their portfolios, manage currency risk, and speculate on price movements based on market analysis. It's essential for traders to understand the risks and dynamics associated with these instruments before trading.

Account Types

To meet different investors' investment needs and trading experience, NicoFX offers three trading accounts: the Standard Account (minimum deposit of $100), the Premium Account (minimum deposit of $5,000), and the VIP (minimum deposit of $10,000).

Standard Account:The Standard account is designed for traders who are just starting in the world of online trading. With a minimum deposit requirement of $100.0 USD, it offers an accessible entry point. Traders have access to the popular MT4 trading platform, which is known for its reliability and versatility. The maximum leverage available is 1:30, providing risk management options. The account supports trading in Precious Metals and Forex/Currencies, making it suitable for those interested in these asset classes. Additionally, the account allows for Expert Advisors (EAs), hedging, and scalping trading strategies. With a margin call level of 100% and a stop-out level of 50%, traders have a margin buffer to manage risk. There are no commissions, and the account features variable spreads in EUR and USD currencies.

Premium Account:

For traders with more substantial capital and experience, the Premium account is an option. It requires a minimum deposit of $5,000.0 USD, reflecting a more significant commitment to trading. Like the Standard account, it offers MT4 as the trading platform, with a maximum leverage of 1:30. This account also supports Precious Metals and Forex/Currencies trading, along with the use of EAs, hedging, and scalping strategies. The margin call and stop-out levels remain at 100% and 50%, respectively. Traders enjoy the benefits of variable spreads in EUR and USD without any commissions.

VIP Account:

The VIP account is the top-tier offering for experienced and high-net-worth traders. To access this account, a minimum deposit of $10,000.0 USD is required, indicating a commitment to substantial trading volumes. The VIP account also operates on the MT4 platform and provides a maximum leverage of 1:30. It caters to Precious Metals and Forex/Currencies trading, as well as the use of EAs, hedging, and scalping. Like the other accounts, the margin call and stop-out levels are set at 100% and 50%, respectively. There are no commissions, and variable spreads are available in EUR and USD currencies.

Summary Table:

Account Type Min Deposit Max Leverage Margin Call Level Stop Out Level Commission Spread Type Account Currencies Trading Instruments EA Hedging Scalping
Standard $100.0 USD 1:30 100% 50% $0 USD Variable EUR, USD Precious Metals, Forex/Currencies Yes Yes Yes
Premium $5,000.0 USD 1:30 100% 50% $0 USD Variable EUR, USD Precious Metals, Forex/Currencies Yes Yes Yes
VIP $10,000.0 USD 1:30 100% 50% $0 USD Variable EUR, USD Precious Metals, Forex/Currencies Yes Yes Yes

In summary, this broker offers three distinct trading account types, catering to traders with varying levels of experience and capital. Each account type provides access to the MT4 platform, Precious Metals, and Forex/Currencies trading, as well as the flexibility to use Expert Advisors, employ hedging strategies, and engage in scalping. While the minimum deposit and account tiers differ, all accounts share the same margin call and stop-out levels, commission-free trading, and variable spreads in EUR and USD currencies. Traders can choose the account type that aligns with their trading goals and financial resources.

NicoFX Leverage

NicoFX , being a Cyprus-regulated broker, offers the maximum trading leverage for forex instruments is capped at 1:30 and 1:10 for metals, in line with ESMA Regulation. While for professional traders, the maximum leverage for forex trading is up to 1:200.

Spreads & Commissions

Although investors do not pay commissions when trading on the NicoFX platform, NicoFX charges spread as commission. The spreads on the instruments traded on the NicoFX platform are relatively high. The spreads start at 2.6 pips on the EURUSD for Standard Accounts, 1.8 pips on the EURUSD for Premium Accounts, and 0.8 pips on the EURUSD for VIP accounts.

Spreads:

  • Standard Account: Offers variable spreads that adapt to market conditions, enhancing flexibility.

  • Premium Account: Also features competitive variable spreads, aligning with market changes.

  • VIP Account: Utilizes variable spreads, maintaining responsiveness to market volatility.

Commissions:

  • Standard, Premium, and VIP Accounts: All three account types provide commission-free trading, making costs transparent and straightforward. Trading expenses are primarily associated with variable spreads, offering clarity in pricing.

In summary, traders can select the account type that suits their preferences, with variable spreads that adjust to market dynamics and no commissions for trades across all account types. Monitoring specific spread values and the current fee structure is advisable for informed trading decisions.

NicoFX Trading Platform

NicoFX provides traders with the market-leading and widely acclaimed MT4 trading platform, MT4 Windows, and the MT4 Mobile App, available for iOS and Android versions. Traders can access the latest forex news, interactive charts, trading history, and more through MT4, an excellent all-around mobile trading solution with a user-friendly interface, instant and pending order types, built-in support, and automated trading features.

Deposit & Withdrawal

This brokerage provides a selection of deposit and withdrawal methods, each with its own attributes, fees, and processing times. Here's an overview of these methods:

Deposit Methods:

Bank Transfer:

  • Fees: No specific fee mentioned.

  • Processing Time: 2 - 5 working days.

  • Exchange Rate: Transactions based on the current exchange rate.

Union Pay:

  • Fees: A 1% fee applies to deposits.

  • Processing Time: 1 - 4 working days.

  • Exchange Rate: Transactions use the current exchange rate.

Visa

  • Fees: Deposits incur a 2.40% fee.

  • Processing Time: Deposits are instant.

  • Exchange Rate: Transactions use the current exchange rate.

Mastercard:

  • Fees: A 2.40% fee applies to deposits.

  • Processing Time: Deposits are processed instantly.

  • Exchange Rate: Transactions based on the current exchange rate.

Skrill:

  • Fees: Deposits are subject to a 3.85% fee.

  • Processing Time: Deposits are completed instantly.

  • Exchange Rate: Transactions based on the current exchange rate.

JCB:

  • Fees: Deposits carry a 5.85% fee.

  • Processing Time: Deposits are processed instantly.

  • Exchange Rate: Transactions based on the current exchange rate.

Amex:

  • Fees: Deposits also have a 5.85% fee.

  • Processing Time: Deposits are processed instantly.

  • Exchange Rate: Transactions based on the current exchange rate.

Withdrawal Methods (corresponding to deposit order):

Bank Transfer:

  • Withdrawal Amount: USD 40.

  • Processing Time: 2 - 5 working days.

  • Exchange Rate: Transactions use the current exchange rate.

Union Pay:

  • Withdrawal Amount: USD 20.

  • Processing Time: 1 - 4 working days.

  • Exchange Rate: Transactions based on the current exchange rate.

Visa:

  • Fees: A 1% fee applies to withdrawals.

  • Processing Time: Withdrawals are processed within 1 working day.

  • Exchange Rate: Transactions use the current exchange rate.

Mastercard:

  • Fees: A 1% fee applies to withdrawals.

  • Processing Time: Withdrawals are processed within 1 working day.

  • Exchange Rate: Transactions based on the current exchange rate.

Skrill:

  • Fees: A 1% fee applies to withdrawals.

  • Processing Time: Withdrawals are processed within 1 working day.

  • Exchange Rate: Transactions based on the current exchange rate.

JCB:

  • Fees: A 1% fee applies to withdrawals.

  • Processing Time: Withdrawals are processed within 1 working day.

  • Exchange Rate: Transactions use the current exchange rate.

Amex:

  • Fees: A 1% fee applies to withdrawals.

  • Processing Time: Withdrawals are processed within 1 working day.

  • Exchange Rate: Transactions based on the current exchange rate.

These deposit and withdrawal methods offer traders a range of choices, allowing them to select the most suitable option based on their preferences and requirements. Traders should consider factors such as fees, processing times, and convenience when managing their funds with this brokerage.

payment

Trading Hours

With regard to trading hours, opening hours vary according to the market: Forex – Trading session begins on Sunday at 22:00 GMT and ends Friday at 22:00 GMT; Metals – Trading session begins on Sunday at 23:00 GMT and ends on Friday at 21:45 GMT.

Customer Support

For those in need of assistance or with inquiries, NICOFX provides the following limited support options:

  1. Phone (Chinese Simplified): +357 24 020 288

The support team can be contacted by phone, but potential challenges may arise when seeking help in Chinese (Simplified).

  1. Email: cn.support@nicofx.com

For written inquiries, customers have the option to email NICOFX. However, response times may vary, and resolution cannot be guaranteed.

NICOFX's customer support offerings are limited, and individuals are advised to exercise caution when expecting assistance.

Summary

NICOFX operates as a financial institution with a regulatory status that appears inconsistent and unclear across different European jurisdictions. While it is regulated by CySEC in Cyprus, the regulatory status in the UK, Germany, and France is uncertain. The lack of transparency regarding its licenses and the absence of specific contact information for these jurisdictions raises concerns.

Additionally, NICOFX offers limited customer support options, which can be challenging, especially for those requiring assistance in Chinese (Simplified). The absence of detailed regulatory information, website URLs, and specific contact numbers makes it difficult for potential clients to ascertain the broker's legitimacy and reliability.

Furthermore, the broker's leverage offering of up to 1:30, while in line with regulatory guidelines, presents significant risk for traders, amplifying potential losses. The variable spreads and fees associated with deposit and withdrawal methods could also impact the overall cost-effectiveness of trading with NICOFX.

In summary, NICOFX's regulatory status, customer support, and transparency regarding licenses and contact details raise concerns, making it a potentially risky choice for traders seeking a reliable and reputable brokerage. Traders are advised to exercise caution and thoroughly research before considering NICOFX as their trading partner.

FAQs

Q1: What regulatory bodies oversee NICOFX's operations?

A1: NICOFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) in Cyprus. However, its regulatory status in other European jurisdictions is unclear.

Q2: What trading instruments are available at NICOFX?

A2: NICOFX offers trading in precious metals like gold, silver, platinum, and palladium, as well as various Forex currency pairs.

Q3: What are the minimum deposit requirements for NICOFX's trading accounts?

A3: NICOFX offers three account types: Standard ($100), Premium ($5,000), and VIP ($10,000) accounts, each with different minimum deposit requirements.

Q4: What is the maximum leverage offered by NICOFX?

A4: NICOFX provides a maximum leverage of up to 1:30, allowing traders to control larger positions with a smaller amount of capital.

Q5: What support options are available for NICOFX clients?

A5: NICOFX offers limited customer support options, including a phone line and email. However, responses may vary, and support in Chinese (Simplified) may present challenges.

User Reviews

Sort by content

  • Sort by content
  • Sort by time

User comment

3

Comments

Write a review

蓝知苑
more than one year
I think the most important thing is safety. If your money is scammed, what is the point of other trading conditions? Although the service provided by NICOFX looks very attractive, it does not seem very secure. There are so many currency exchangers in the world, why don't I choose the ones that are safest?
2022-11-28 10:35
Reply
0
0
Mr. 尚
more than one year
The broker’s website is no longer accessible, and their address in Cyprus does not seem to exist. I dare not think about what happened...
2022-11-25 13:49
Reply
0
0
我的优乐美
more than one year
Who can tell me how this NICOFX performs? My friendly Joseph recommended it to me. I was satisfied with its friendly minimum deposit, zero-commission trading environment, but it seems that this broker lacks of some useful educational resources, no live chat support, and I can hardly find any customer reviews about it? Should I trade with it? I am hesitating
2022-11-24 18:33
Reply
0
0
TOP
Select Country/District
United States
※ The content of this website abides with local laws and regulations.
You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
consumer hotline:006531290538
Official Email:support@wikifx.com;
Mobile Phone Number:234 706 777 7762;61 449895363
Telegram:+60 103342306
Whatsapp:+852-6613 1970;
License or other information error corrections, please send the information to:qawikifx@gmail.com
Cooperation:fxeyevip@gmail.com