https://cn.nicofx.com/en/index.html
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357 24 020 288
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Mount Nico Corp Ltd
NICOFX
United Kingdom
Pyramid scheme complaint
Expose
NICOFX’s Office in Cyprus Does Not Exist
The visit by our survey personnel confirmed that the broker NICOFX’ real address was inconsistent with its regulatory address. Although it has an CySEC STP license (reference number 226/14) and an FCA EEA Representative license (reference number 672844), it is running business out of the fields allowed by its BaFin license (No.142143) and French BDF license (No.75131).
NICOFX’s Office in Cyprus Does Not Exist
The visit by our survey personnel confirmed that the broker NICOFX’ real address was inconsistent with its regulatory address. Although it has an CySEC STP license (reference number 226/14) and an FCA EEA Representative license (reference number 672844), it is running business out of the fields allowed by its BaFin license (No.142143) and French BDF license (No.75131).
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 |
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.
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.
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.
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.
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.
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
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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.
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.
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.
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.
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:
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).
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.
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