NSFX has been receiving some backlash from clients. We found several complaints about withdrawal issues and decided to do the NSFX Review.
Bear in mind that the NSFX broker is regulated and licensed. These instances of “fraudulent activity” may be the doing of a clone site. Or, perhaps the real NSFX is up to no good.
|Broker Status:||Regulated Broker|
|Broker Regulation:||MFSA, BaFin, CNMV, CONSOB, ACP|
|Known Broker Sites:||nsfx.com|
|Operating Status:||Regulated Forex Provider|
|Complaints From Regulators:||N/A|
|Broker Owner:||NSFX Ltd.|
|Trading Platforms:||MT4, JForex|
|Minimum Deposit:||300 USD|
|Crypto Trading:||Not Available|
|CFD Trading:||Yes, you can trade CFDs|
|Trading Instruments:||Forex pairs, Metals, Energies, Indices|
|Accepts US Clients:||US traders are not accepted|
|Global Fraud Protection Team:||Be careful when investing with this firm|
Is NSFX a Regulated Broker? – Some Details About The License
NSFX, run by NSFX Ltd from Malta, is a trading broker licensed by the Maltese Financial Services Authority (MFSA). The entity is registered as a MiFID company with a Category 3 investment services license.
As such, it is permitted to provide cross-border services by several other reputable European regulators – BaFin, CNMV, CONSOB, and the ACP. One thing worth noting is that NSFX doesn’t have an FCA license, despite claiming it does on the website.
The HQ is in Malta, and the NSFX regulation seems fine. We checked the other databases and found no issues. Therefore, NSFX is compliant with the rules of the European Securities and Markets Authority (ESMA), which oversees all financial regulators on the continent.
It implies that NSFX clients are entitled to negative balance protection, fund segregation, leverage restriction (1:30), and a compensation scheme of up to 20,000 EUR. On the other end, the broker must possess a minimum operating capital of 730,000 EUR.
One possible explanation for client complaints is a clone website. Either that or maybe the broker decided to run a fraudulent scheme under the radar of the MFSA.
NSFX is regulated by the MFSA and licensed to provide services across Europe. The main areas in which the broker was active include the US, France, Egypt, Saudi Arabia, and Germany.
Where Is The NSFX Trading Broker Active?
We did some digging to find out where NSFX provided services. It’s odd that the broker had some American traders despite stating that it doesn’t accept them.
- Saudi Arabia;
Other reviews haven’t been giving NSFX a great score. The broker has been evaluated as average at best. Complaints from traders certainly didn’t help there. If you had a negative experience with NSFX, please let us know.
However, prior to that, we’d like to invite you to read our reviews of FXCC, LiteBit, and FiatVisions brokers.
Reviews of NSFX – Traders Share Their Experience
Yet another strange fact is that NSFX doesn’t have any reviews to its name on Trustpilot. On the other hand, TradersUnion is full of them.
They mostly point to withdrawal issues so it seems that NSFX really does have a dark side. Here are some reviews from the past two years:
At the request of NSFX, before the withdrawal of funds, I sent everything that was possible and not! I’ve been waiting for money for 2 weeks already, everyone feeds me breakfast and demands all the new documents. This is just outrageous!
TradersUnion user, April 1, 2021.
Don’t even think about investing in NSFX! I relied on them and in vain! A very competent psychological approach to the client, the attentiveness and tact of a personal analyst swept away all my doubts and a week later I lost my entire deposit.
TradersUnion user, August 21, 2022.
About NSFX’s Trading Platform
The NSFX trading platforms are MetaTrader 4 and JForex. Both platforms are available for desktop, mobile and web.
The offer would be complete with MT5 but at the end of the day, MT4 and JForex are great choices. Also, MT4 has two account types available while JForex has one.
Can I Use The Mobile App?
Yes. NSFX offers mobile versions of MT4 and JForex for both Android and iOS operating systems. The download links can be found on the website.
Web versions are available too. They can be accessed via any device with an internet connection. The mobile platforms slightly differ from their desktop counterparts in terms of charting but they offer the advantage of trading on the go.
MT4 is probably the most famous trading software in the industry. It was designed by the company MetaQuotes in 2000 and has been a staple in the trading world ever since.
The platform comes with a variety of neat features such as automated trading, live market reports, instant execution, advanced charting, placing & pending orders, multiple timeframes, etc. It can only be rivaled by its successor – MT5.
The other available platform is JForex. This unique trading terminal is great for both manual & automated trading, as well as testing strategies based on the Java programming language, hence the name.
It features up to 180 indicators. The market depth options feature prices and liquidity taken from various liquidity providers in order to come up with the best possible strategy.
What Can You Trade With This Broker?
NSFX offers FX pairs and CFD trading. Here’s a quick overview of the NSFX trading assets:
- FX pairs – EUR/USD, AUD/JPY, GBP/CHF…
- Indices – DAX30, FTSE100, NIKKEI225…
- Commodities – crude oil, gold, silver;
Fees and Spreads Overview
Spreads can be either fixed or variable, depending on the account type. Thus, for example, the EUR/USD features a fixed spread of 3.0 pips but there are no commissions.
In the case of variable spreads, NSFX charges 8 $ per round lot turn. The leverage cap is 1:50, which is odd because ESMA imposed a 1:30 limit for all brokers under its jurisdiction.
NSFX Trading Account Review
NSFX offers three different account types:
- MT4 Fixed – 300 $, fixed spreads, no commissions;
- MT4 ECN – 3,000 $, variable spreads, 8 $ per round lot turn;
- JForex – 5,000 $, variable spreads, 8 $ per round lot turn.
The leverage cap is the same for all accounts – 1:50. The MT4 Fixed account offers only FX major pairs for trading while the other two offer all the instruments but are more expensive.
Fixed spreads are more suitable for scalpers and short-term traders while variable spreads benefit long-term traders.
NSFX Demo Account – Can I Trade For Free?
Yes. NSFX included a free demo account for practice. Traders can choose between all three available account types, i. e. trading platforms with either fixed or variable spreads. Just be careful if you decide to open a live account and invest real money.
NSFX Negative Balance Protection
Since NSFX is regulated by the MFSA, it has to include negative balance protection. This concept is pretty self-explanatory.
If a trader’s account hits zero, it won’t be negative. This is especially useful in volatile markets because rapid movements are dangerous.
Withdrawing Profits From Your Broker Account
Let’s take a look at the available funding methods at NSFX:
- Credit/debit cards;
- Wire transfer;
- Fast bank transfer;
- E-wallets – Skrill & Neteller.
There are no deposit fees and the processing time is instant except for wire and fast bank transfers (2-3 days and up to 10 days respectively).
As for the withdrawals, the processing time is 1-2 business days. The broker charges a 2.9% fee for Skrill and Neteller withdrawals. Judging by the reviews, the NSFX withdrawal process is where most clients faced issues.
I Am Having Issues With NSFX, What Should I Do?
If the broker violated any terms and conditions or if you’re having other issues related to withdrawals or trading, please let us know.
Are you wondering how to get your money back? Over here at Global Fraud Protection, we have a team of experts that specializes in bank chargebacks and recalls.
Contact us today if you need any help but bear in mind that a chargeback can only be performed within 540 days of the transaction.
If this broker steals your money, start the chargeback process. Use Online Chat to book your free consultation with Global Fraud Protection, it’s the easiest and fastest way.
Is NSFX a Legit Broker and Should I Invest In It?
NSFX is a regulated broker. That doesn’t mean there won’t be any issues. If you have problems with NSFX, contact us for help.
Does NSFX Offer a Demo Account?
Yes. NSFX offers a free demo account for all three available platforms.
Does NSFX Have a Mobile Trading App?
Yes. Both MT4 and JForex are available on Android and iOS operating systems.
Are My Funds Safe With NSFX?
They should be given that NSFX is regulated by the MFSA. However, some clients had issues with the broker.
The views and opinions expressed in these articles are those of the source ForexIndustry.com and do not necessarily reflect the official position of ‘Fox on Law,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
This article is syndicated automatically through a third-party agency from ForexIndustry.com.
To view the original article at ForexIndustry.com, you can visit https://www.forexindustry.com/2023/03/12/nsfx-review-is-something-wrong-with-this-broker/.