NoaFX is a unique Forex broker that takes a step away from the conventional broker concept by offering ECN accounts as a standard for all traders. Of course, different types of accounts are available according to the initial deposit and other factors, which we will discuss later in this NoaFX review. However, the interesting fact is that NoaFX is certainly not your average FX broker.
NoaFX is the brokerage arm of Capital Market Investments Ltd, which is a hedge fund that has a significant presence in over 30 different countries. NoaFX came into existence only during 2013, but the idea of starting a brokerage initiated out of the group’s internal requirements to manage the billions of cash flow. Being a global hedge fund, CIM had access to millions of dollars as their assets under management.
Is NoaFX Regulated & Where Is The Company Situated?
NoaFX is regulated by the FSP in New Zealand, but the broker has its representative offices in both New Zealand as well as Cyprus. The FSP has recently come out with a host of regulatory guidelines that are designed to curb the rising number of scam brokers operating out of the country. In an attempt to invigorate investor trust, all brokers regulated by the FSP are required to hold at least a Million US Dollars in liquid capital and keep all client funds should be held in segregated accounts. NoaFX customers are also protected by the Investor’s Protection Fund insurance, which protects traders from company insolvency.
NoaFX Account Information, Spreads, Leverage, & Types Of Accounts
NoaFX offers the option of opening an account for just $10, which is great news for small retail traders with a desire to step up to the big league of FX trading with a low starting capital. NoaFX offers a maximum leverage of 1:500, however, there are a few conditions that are to be satisfied before the broker grants the entire leverage to its customers. The spreads are also nominal, as the broker adopts a complete STP/ECN model that eliminates issues relating to dealing desks such as high spreads, excessive slippages, or untimely re-quotes.
As we mentioned earlier, NeoFX is an entirely revolutionary broker that has taken the fight to the industry giants by offering several tools that can put even the more established brokers to shame. For instance, traders can choose from a wide variety of account types such as Money Manager Account, MAMM Account, Corporate Account, Joint Account, or even a White Label Account. The MAMM account is of particular significance, which allows traders to invest in highly profitable traders without actually getting involved in the markets.
As far as the standard live accounts are concerned, NoaFX offers two basic account types known as the NoaFX Ultra and the NoaFX Pro accounts. The NoaFX Ultra is the basic account that comes with a $10 initial deposit and a maximum of $5000. The Ultra account acts more or less like an ECN account by offering spreads close to 0.2 pips on the majors, and all trades performed on the Ultra account come with a commission of 0.5 pips. The spread is fixed for every asset and will not change according to the market conditions.
The NoaFX Pro account, on the other hand, is similar to a standard account that starts with a $1000 initial deposit but comes with average spreads of 1.6 and a no commission trading model. This account also enjoys floating spreads that rise according to market conditions. When the cost of trading is concerned, NoaFX spreads are certainly on the higher side.
What Are The NoaFX Deposit & Withdrawal Options?
NoaFX offers a broad range of deposit and withdrawal options. Traders can deposit or withdraw money using bank wire, credit cards, or online payment processors. All withdrawals require at least 48 hours, which is a significant delay when compared to existing market competition. There also have been some complaints among few existing clients that there are extensive delays in the withdrawal process, with the company outright rejecting withdrawal claims. Some of these might be due to the bonus terms and conditions, which is one of the primary reasons why withdrawals are withheld with most FX brokers.
NoaFX Mobile Trading & NoaFX Trading Platforms
NoaFX platforms are primarily based on the MT4 platform which is available for Windows, Mac, iOS, and Android. NoaFX traders can also use the WebTrader that can be used to trade using browsers such as Chrome, Safari, and Edge. All NoaFX trading platforms are connected via high-speed servers that ensure fast order execution with minimal slippage and virtually no re-quote. The mobile trading platforms are the standard MT4 platforms that have been tried and tested by a majority of traders to offer a safe and convenient trading environment.
NoaFX Demo Trading & NoaFX Bonus
It is normal for traders to be apprehensive about new Forex brokers; therefore, the NoaFX demo account can be highly suitable for potential clients to test the broker’s platform before depositing real money into a live account. The relatively low cost of entry provided by a small $10 initial deposit also lowers the risk of trading, which is a great way for traders to gauge the performance of the NoaFX platform under live trading conditions.
NoaFX bonus is available for all new accounts, which qualifies for a 15% bonus on initial deposit. The company has an illustrious history in the field of investing and asset management. Therefore NoaFX takes care of its clients by offering excellent training through resources, tools, and one-on-one sessions. Therefore, NoaFX is certainly a good broker for traders who are inclined to trade with people who have a real history of investing in the markets to make profits on their own.
Start trading Forex with NoaFX!