NordFX Review: Could This Broker Scam You?
Before opening an account with any broker, for sure it will cross your mind. Could you be scammed? Could this broker be not what it seems? To help you resolve this dilemma, read our in-depth NordFX review. We made sure to answer all of your questions.
|Regulated by:CySEC, VFSC|
|Headquarters Country: Cyprus|
|Founder company:NFX Capital CY Ltd|
Regulation and Security
NordFX is a broker owned by NFX Capital CY Ltd. The company is based in Cyprus and regulated by CySEC. Besides this entity, the company also has entities in Vanuatu and Scotland, UK. In Vanuatu, it is operating under the name NFX Capital VU Inc and has VFSC regulation. In the UK the company is registered under the name NFX Capital VU LP, as a branch of the Vanuatu company. However, the company does not have FCA regulations.
The previous name of this company was Vinst Capital Ltd, registered with CySEC in 2014.
When it comes to the safety of the funds, as per CySEC, funds are kept in segregated accounts.
However, we were unable to find the information in which banks are the funds held.
We decided to check who this broker really is, and we had what to see. Portuguese CMVM warned against this broker. Seems that the broker was using its Vanuatu entity for clients from Portugal. We have to ask why, if the company has a CySEC license, and can operate legally. Was it a part of a scam, or an honest mistake? It is left to be seen.
In which countries does this broker work?
NordFX broker is operating within the EEA zone according to CySEC regulation. As a CIF, it can provide services in third countries if it complies with its trading regime. Based on this, the broker is legally operating in Belarus, Belize, Kazakhstan, Thailand, UAE, Ukraine, and Vanuatu. According to its website, the company does not have restricted countries. Outside the EEA zone, clients belong to the Vanuatu entity. Since this entity is offshore, we advise clients to be careful.
Is your money safe with NordFX?
NordFX broker does not have the best reputation amongst its clients. We noticed many NordFX reviews where clients complained that they cannot withdraw funds from this broker.
Also, if you are not coming from the EEA zone, you are falling under the Vanuatu entity. This entity is offshore, and the reason for a broker to go offshore is obvious. Less strict regulation, and more gray zones.
Therefore, we would advise every client to check under which entity of NordFX broker it belongs. If you find out that you will be trading with NordFX Vanuatu, be extremely careful. Or better yet, choose a broker with tier-1 regulation such as FCA or ASIC.
The broker is using the MT4 trading platform and the minimum deposit is 10$.
Scammed by NordFX? What to do?
If you were scammed by a NordFX broker, contact us immediately. We will help you request a chargeback and get your money back. Do not waste more time, get in touch with us now!
Is NordFX a good broker?
NordFX is a broker registered in Cyprus and Vanuatu. All the clients trading with its offshore entity are in danger due to offshore regulation. Be careful when starting with this broker.
Is NordFX a Scam?
NordFX has CySEC and VFSC regulations. However, there are regulatory warnings against this broker and many bad reviews. We advise traders to be careful.
Is NordFX regulated?
NordFX is regulated by CySEC and VFSC, Cyprus, and Vanuatu regulatory bodies.
Where is NordFX broker based?
NordFX is a broker based in Limassol, Cyprus. It also has entities in Vanuatu and Scotland, UK.