NSFX Review

NSFX Review

General Information

Broker Name: NSFX

Broker Type: Forex & CFDs

Country: Malta

Operating since year: 2011

Regulation: BaFIN, MFSA, ACP, Consob, CNMV, and FINANSTILSYNET

Address: 168 St Christopher Street, Valletta, Malta

Broker status: Active

 

Customer Service

Phone: (+44) 330 8080 098

Email: [email protected]

Languages: English

Availability: 24/5

Trading

The Trading platforms: MT4, JForex

Trading platform Time zone: /

Demo account: Yes

Mobile trading: Yes

Web-based trading: Yes

Bonuses: No

Other trading instruments: Yes

Account

Minimum deposit: $300

Maximal leverage: 1:50

Spread: Floating From 0.0 Pips

Scalping allowed: Yes

NSFX

Markets:

Gold & Metals, Forex, Indices CFDs, Energy CFDs

 Our rating:

3/5 (stars)

 Account Minimum:

$300

 Contact information:

(+44) 330 8080 098

[email protected]

Available 24/5

 Platforms:
MT4 (Terminal, Mobile, Web)JForex (Terminal, Mobile, Web)

 

NSFX Pros and Cons

Pros Cons
·      Regulated broker

·      Reasonable Account Minimum

·      Solid Deposit/Withdrawal Options

 ·      Low Performance

·      Limited Asset Variety in Present Markets

·      Absence of Crucial Markets (Stocks, Crypto)

·      Poor Account Structure Th

·      Slightly Outdated

NSFX

Table of Contents
·      Introduction

·      Trust and Security

·      Getting Started

·      Accounts and Funding

·      Account Details

·      Platforms and Trading

·      Customer Support

·      Conclusion

·      Alternatives

NSFX Review Introduction and Overview

NSFX is an experienced forex & CFD broker with over 10 years of operating under its belt. It was established in 2011 and has been providing trading services globally ever since. The broker is headquartered in Malta and operates from 168 St Christopher Street, Valletta.

In addition to operating from a safe location, it also carries numerous licenses, as we mentioned earlier in our NSFX review. At the time of writing, the broker is MIFID-II compliant and regulated by BaFIN, MFSA, ACP, Consob, CNMV, and FINANSTILSYNET. That leaves little room for doubt regarding the broker’s intentions. However, we will devote a later part of this review to investigating its security more thoroughly.

It offers three accounts, with the lowest requiring a $300 deposit. On top of that, there is a demo account option that you can use for an in-depth exploration of the broker’s service. However, the options the broker provides aren’t accounts in the true sense. While that may sound confusing, we will elaborate in the accounts section of our NSFX review.

Funding your account with the broker is easy, as it offers numerous options for deposits. The current options are Visa, MasterCard, Maestro, Skrill, Neteller, Fast Bank Transfer. All of these are also available for withdrawals.

The broker offers two platforms: MetaTrader 4 and JForex. Both are solid tools, with MetaTrader being the more popular option by far. However, they both offer dated user interfaces, making them less appealing to newer traders.

Lastly, it’s important to note that NSFX offers its assets as CFDs. Its selection includes forex, indices, metals, and energies. As you can see, it lacks crucial markets, such as stocks and crypto, as well as some commodities.

 

NSFX Review of Trust: Our Verdict

NSFX Review of Trust: Our Verdict

As you can see from the pros and cons section of our NSFX review, security is one of its main strengths. On a technical level, the broker leaves absolutely no room for doubt about its honesty and well-intendedness.

It’s regulated by numerous regulators and adheres to the EU’s MiFID regulation, that’s meant to protect traders. We’ve personally verified all of its license numbers and everything is in order, proving the validity of the documents.

NSFX

Additionally, it employs all standard account protection measures, including 2FA and encryption. As long as you follow internet security guidelines, your account should be safe.

It also follows general safety procedures, such as KYC, which keeps those that would abuse the system away from the broker. And there’s also the fact that it keeps its funds segregated from user funds, protecting customers in the case of a crisis.

And on top of the technical details we mentioned in this part of our nsfx.com review, it simply behaves well. It presents information clearly and doesn’t mislead clients.

However, we will note that we have found reports of the broker preventing withdrawals. Considering the broker’s experience and the presence of numerous regulators, we find the stories doubtful. Such reports are often the result of users misinterpreting their obligations or aiming to hurt the broker due to service dissatisfaction or frustration. Still, we can’t simply ignore these stories, so we do recommend some caution.

NSFX Warning:

 

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with NSFX. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Getting Started With NSFX

The registration process on NSFX is mostly straightforward and doesn’t require a ton of initial data. Of course, as you verify your account, you will need to show some form of personal ID for the broker’s KYC procedures.

The thing we like is that the registration process allows you to choose your currency right away. That preemptively avoids deposit conflicts and conversion fund losses.

However, we don’t like the fact that you need to choose your account right away. We feel like that puts unnecessary pressure on users and may confuse new traders who haven’t explored the service fully.

NSFX

NSFX Review: Rating of Accounts and Funding

NSFX Review: Rating of Accounts and Funding

As we previously mentioned in our NSFX review, the broker boasts a good range of funding options. It offers deposits and withdrawals via Visa, MasterCard, Maestro, Skrill, Neteller, Fast Bank Transfer. For deposits, all methods are fee-free, but if you wish to withdraw via Skrill or Neteller, the broker imposes a 2.9% charge.

And as we also mentioned, the broker has an account minimum of $300, provided you choose the MT4 Fixed account. If you wish to go for MT4 ECN, it jumps to $3,000, and with the JForex account, it jumps to $5,000.

This is where NSFX’s cracks begin to show, as there are numerous issues with the account structure.

You are locked into one account upon registration – As we mentioned, you choose your account when you register, which creates confusion

They aren’t true accounts – Usually, accounts are there to bring variety to the service and award more loyal users. However, with this structure, the accounts lock you into a platform and a specific type of service.

The prices are steep – Other than the MT4 Fixed account, the prices are high for what you get in return.

Altogether, our main complaint here is that the accounts are there to limit users and stifle the service. Because of that, every account feels like it loses something compared to the other options rather than feeling like a strong standalone tool.

For us, the MT4 Fixed account here is the clear winner, but even it comes with strict limitations. However, in the following part of our nsfx.com review, we will present the account options for you to decide for yourself.

Account specifications at NSFX

Account specifications at NSFX

MT4 FIXED

    • Account Minimum: $300
    • Lot Size (FX): 100,000 Units
    • Minimum Trade: 0.01 Lot
    • Maximum leverage 1:50
    • Spreads: Fixed
    • Instruments: FX Majors
    • Deposit Currency: USD, EUR, GBP
    • Deposit Options: Bank Wire, Credit Card, Skrill
    • Margin Call: 20%/50%
    • Mac/Linux Friendly: Web Based
    • Live Support: 24/5
    • Daily Analysis: Free
    • Execution: Instant Execution
    • Hedging: Allowed
    • Scalping: Not Allowed
    • Expert Advisors: Disabled
    • Personal Account Manager: Yes
    • Commissions on Trades: No Commissions

MT4 ECN     

    • Account Minimum: $3,000
    • Lot Size (FX): 100,000 Units
    • Minimum Trade: 0.01 Lot
    • Maximum leverage 1:50
    • Spreads: Variable Spreads
    • Instruments: 50+ Currency Pairs, Commodities, Indices
    • Deposit Currency: USD, EUR, GBP
    • Deposit Options: Bank Wire, Credit Card, Skrill
    • Margin Call: 20%/50%
    • Mac/Linux Friendly: Web Based
    • Live Support: 24/5
    • Daily Analysis: Free
    • Execution: Market Execution
    • Hedging: Allowed
    • Scalping: Allowed
    • Expert Advisors: Enabled (MQL)
    • Personal Account Manager: Yes
    • Commissions on Trades: $8 per lot R/T

JForex

    • Account Minimum: $5,000
    • Lot Size (FX): 100,000 Units
    • Minimum Trade: 0.01 Lot
    • Maximum leverage 1:50
    • Spreads: Variable with Market Depth
    • Instruments: 50+ Currency Pairs, Commodities, Indices
    • Deposit Currency: USD, EUR, GBP
    • Deposit Options: Bank Wire, Credit Card, Skrill
    • Margin Call: 20%/50%
    • Mac/Linux Friendly: Variable with Market Depth
    • Live Support: 24/5
    • Daily Analysis: Free
    • Execution: Market Execution
    • Hedging: Allowed
    • Scalping: Allowed
    • Expert Advisors: Enabled (Java)
    • Personal Account Manager: Dedicated
    • Commissions on Trades: $8 per lot R/T

As you can see from this part of our NSFX review, it feels like the broker intentionally limits its accounts to prevent you from getting a service that’s “too good”. For example, the MT4 Fixed account offers fee-free trading, but scalping is prohibited. On top of that, the account can only access forex assets.

As for the other two, they get access to scalping, but the relatively high fees and variable spreads make it an unviable option. On top of that, the prices are ridiculous for what is a sidegrade rather than an upgrade over the cheapest account.

That’s why we believe that the broker’s age is beginning to show. While such account structures were standard in the past, most brokers nowadays offer a much more flexible experience with much higher rewards for luxury investors.

Platforms and Trading Experience on NSFX

Platforms and Trading Experience on NSFX

By the merit of the accounts being tied to the platform, we’ve already mentioned the platforms a bit in our NSFX review. However, here, we would like to clarify that while we don’t like the accounts, the platforms are good. MetaTrader 4 has been the industry standard for years, and JForex is a nice addition.

Our only complaint is that we would have preferred a more modern platform to supplement MT4. The fact that both platforms are dated interface-wise may deter those used to trading on newer software. However, here’s a comprehensive list of the key platform features that proves they are still potent:

MetaTrader 4 JForex
·      Powerful Charting Tools

·      Wide Range of Indicators

·      Custom Indicators

·      Alarms and Signals

·      Expert Advisors

 ·      Powerful Charting Tools

·      Wide Range of Indicators

·      Custom Indicators

·      Alarms and Signals

·      Expert Advisors

·      One click trading

·      Pattern Analysis assistant

JForex is the more powerful tool here, as it’s built on MT4 fundementals, with numerous upgrades. However, we don’t believe it’s worth the $2,000 more the broker requires for it. Of course, that doesn’t apply if you plan to deposit more than $5,000 regardless, in which case, you may as well go for the standard option.

Trading Experience

Unfortunately, as we mentioned earlier in our NSFX review, the trading experience isn’t great. Despite a solid platform setup, the broker’s account structure and overall trading conditions severely damage the service.

First off, the maximum leverage is 1:50, which is often too small for startegies that employ leverage to bolster earnings. On top of that, the market selection is too small to craft a solid portfolio. Additionally, there are no supplementary trading features, even on the more expensive accounts.

And while we hate to sound like a broken record, most of the miserable trading experience comes from the accounts. While the conditions stifle trading, they wouldn’t be too bad if the accounts didn’t put traders in extremely rigid boxes.

You can either choose to have barely any assets with a solid fee structure or to have slightly more assets with horrible charges. The fact that your account choice comes before you even start using the service, along with it locking you into a platform choice, is just the final nail in the coffin.

NSFX Review of Customer Support

NSFX Review of Customer Support

In this final part of our NSFX review, we would like to look at how the broker communicates. We don’t have much to complain about here, as the broker covers all the bases with multiple phone lines, live chat representatives, and emails. There are even multiple emails for different purposes, such as marketing and sales enquiries.

The support team is available 24/5, and while we would prefer a 24/7 availability, we realize the former is standard for most of the industry. You can access the broker’s full contact info below.

Phone Numbers Emails Live Chat
UK: (+44) 330 8080 098

Spain: (+34) 9 3220 0491

Germany: (+49) 696 4350 0009

Russia: (+8) 800 100 6295

 Client Support: [email protected]

Sales Enquiries: [email protected]

Partners Program: [email protected]

Marketing Enquiries: [email protected]

 Available on nsfx.com

NSFX Review Summary and Verdict

The only thing that NSFX does noticeably better than most brokers is security. Its numerous regulators and overall safety measures all but guarantee that you won’t see any issues. However, a safe but miserable trading experience isn’t nearly worth it in our eyes.

The registration process is needlessly complicated, making you choose an account straight away. The accounts are limiting, locking you out from certain features straight away. Additionally, they aren’t nearly powerful enough to make up for that.

The platforms, while solid, are dated, with numerous more intuitive and better-looking options out there. The nature of the platforms also locks mobile and web users from accessing their key features, making the non-terminal experience rather rudimentary.

That, mixed with limited asset choices, weak leverage, and a lack of any extra features, places the broker in the slightly below-average category. Its safety is impressive, but there are numerous brokers that are just as safe while offering much more to traders.

Alternatives to NSFX

Here are some of the brokers that share NSFX’s strong points while also performing well where it’s weak. You should look through these, as we consider them a better choice for most traders.

Multibank group fxrevenues Stocklinity
·      Safe

·      Lower Minimum Depoit

·      Higher Leverage

·      More Feature-rich

 ·      Lower Minimum

·      Education Tools

·      Personal Mentor

·      Improved Accounts

 ·      Improved Accounts

·      Spread and Swap Discounts

·      Bonuses

·      Webinars and Tutorials