NSFX Review 2024: Pros & Cons and In-depth Review by Our Experts

Item: nsfx
Rating: 6.6

Key Takeaways

NSFX is an online broker founded in 2010 and headquartered in Malta.
NSFX is regulated by the Malta Financial Services Authority (MFSA) under License no. IS/56519.
NSFX complies with the European Markets in Financial Instruments Directive (MiFID), meaning it operates in a strictly harmonized regulatory environment for investment services across the European Economic Area (EEA).
NSFX covers its clients with additional depositor insurance up to €20,000 as mandated by the MFSA.
The broker works under an Electronic Communications Network (ECN) trading model.
The broker provides Contract for Differences (CFD) access to markets in asset classes such as FOREX, indices, energies and commodities like gold and metal.
NSFX offers competitive spreads and commissions across its account types, with good non-trading fees.
NSFX offers three main account types that adequately cater to novice and expert traders alike.
The broker provides clients with desktop and mobile access to two versions of MetaTrader4 (MT4) and its proprietary JFOREX platform.
The broker prioritizes its research repository, which is filled with helpful resources aimed at helping clients make better trading decisions.

NSFX Evaluate - research result

Overall Evaluation 6.6

Regulations

Deposits and Withdrawals

5.5

Commissions

Assets

Trading Platform

Research and Development

Customer Service

Mobile App Trading

Learning

Experience with broker

7.5

Trading Tools

9.2

Website

Overall Summary

Founded in 2010, NSFX is an online broker with a comprehensive set of services designed to provide quality trading opportunities to all types of traders and institutions. The company works as a pure ECN broker that tries to offer its clients the best trading conditions in the areas of trade execution speed and deal stability.

The company has built a powerful technological infrastructure with the trader’s needs in mind. It uses its partnerships with tier-1 banking service providers to offer its clients deep liquidity at attractive pricing. It also has solid market coverage with access to four main asset classes.

NSFX takes pride in maintaining a transparent trading experience that is founded on three pillars it has carefully selected: “Innovative trading platforms, innovative trading tools, and excellent trading conditions.” In our review, we found these claims to be largely true.

The broker serves clients from over 194 countries, including countries in Europe, Asia, Oceania and Africa. Unfortunately, the broker does not accept US customers. At last count, the broker had more than 10,000 users.

NSFX

Rating

Foundation Year

2010

Main Branch

Malta

Other Branches

Not mentioned

Languages

7 languages, including English

Work Hours

Markets Hours

Who Is NSFX Good For?

NSFX provides investment services to individual traders and institutions all the same. Unlike other brokers that provide services to institutions, NSFX does not leave the average retail trader in the cold, as it has a good selection of competitive account types to serve this often-neglected market.

NSFX runs a partner program called NSFX Affiliates, through which it offers white label services to interested companies. The partner program concentrates on delivering high quality tools and attractive promotions to participating companies.

Traders should be careful not to confuse NSFX Ltd, the retail arm of this company, with NSFX Affiliates, as the two are not very well differentiated. Here are some key factors to consider before using this broker’s services:

Pros

Consistently rapid trade execution.
Works with partners to provide deep liquidity.
Strong research and education platforms.
Competitive fees.
Advanced trading platforms.

Cons

Does not offer cryptocurrency trading.
Does not accept US clients.
The broker is not regulated by the UK’s Financial Conduct Authority (FCA) or any other tier-1 regulator.
Some product information can be confused with NSFX Affiliates.

Is NSFX Safe?

For the fact that this broker does not enjoy any tier-1 regulation, it must be considered moderately unsafe.

On the plus side, the broker has been in business since 2010 and has established a global footprint. It is regulated by the tier-3 MFSA under License no. IS/56519. This regulator operates an investor protection fund that protects qualifying traders up to €20,000.

NSFX is licensed to operate in Germany, France, Italy, Spain and Denmark. However, traders should note that merely being licensed to operate in a region is not the same as being regulated by a body whose fundamental purpose concerns investor protection.

The company is also MiFID-compliant, meaning it operates in the EEA market and strives to adhere to practices that foster greater financial transparency, fairer competition, and improved consumer protection. In line with this, the broker adheres to the segregation of client funds, offers negative balance protection, and holds relationships with top-tier international banks.

On the negative side, the broker is not regulated by any tier-1 regulators, and, indeed, is not regulated by any other body besides the tier-3 MFSA. For a broker with international ambitions, this is uncommon. Traders should know that brokers who submit themselves to regulation, especially by the most stringent regulators such as the FCA, do so as a show of good faith to clients, internal stakeholders and external partners alike.

Trading Account Information

Account Currency

USD, EUR, GBP

Minimum Deposit

$300

Segregated Accounts

Yes

Payment Methods

Bank transfer, credit card , Electronic Banks

America Accepts

Yes

Available Markets

Currency pairs, commodities, stocks, indices, cryptocurrencies

Trial Duration

30 Days

Offering of Investments

NSFX has developed a solid slate of products. Clients can trade the following asset classes:

Gold and metals.
Energy CFDs.
Indices CFDS.
FOREX.

Trading in cryptocurrencies is currently not supported by this broker.

Account types

Account Type	Minimum Deposit	Spread Commission	Commission	Swap Commission	Deposit Commission	Withdrawal Commission
MT4 FIXED	$300	Fixed	No Commissions	Not mentioned	Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks.	1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers.
MT4 ECN	$3,000	Variable Spreads	$8 per lot	Not mentioned	Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks.	1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers.
JForex	$5,000	Variable with Market Depth	$8 per lot	Not mentioned	Starting at $0 with credit cards and wire transfer, and up to to 2% with electronic banks.	1.5% when using credit cards and/or electronic banks and up to 30$ with bank transfers.

The broker has created a Personal Account Dashboard through which clients can take control of all aspects of their trading. Using this fully customizable console, clients can fund their account, get detailed market reports, receive daily news and access powerful features like the economic calendar and the live quote module. Islamic trading is available on request.

NSFX offers clients three types of online trading account. Each has unique characteristics that will satisfy traders across the spectrum.

MT4 ECN: This ECN account is a professional trading platform that provides traders with great liquidity, variable tight spreads, and fast trade execution.
MT4 Fixed Spreads: This account is unlike the MT4 ECN option in that it offers fixed spreads throughout the trading process.
JFOREX: This account is suitable for every type of trader. It offers tight spreads and good liquidity. It seamlessly integrates ECN and Straight Through Processing (STP) trading to provide the best experience.

Account Opening

Opening an account with this broker is fast and convenient. Users simply access the broker’s Website and click “Open Live Account.” After reading and accepting all the broker’s terms and conditions, traders can move on to choose their account type, show their trading experience, and provide the standard documentation required to get approval.

Demo Account

The NSFX Demo Account is a value-adding feature that allows clients to practice for an unlimited time. Traders can trial their strategies and build their trading confidence for as long as they need to. The account comes with $100,000 of “virtual” money.

Bonuses and Promotions

At the time of writing, new retail clients stood to win a 15% Welcome Bonus, as well as receiving as much as a $1,000 bonus on their first qualifying deposit.

Advantages of Trading

Maximum Leverage

1:100

Minimum Lot Size

0.01

Available FOREX Pairs

40 Currency Pairs

Scalping

Yes

Hedging

Yes

Spread

Starting at 0.6 Pips

Trailing Stop

Yes

Islamic Account

Yes

Trading Platforms

JForex ,MT4

Regulatory Bodies

MFSA

Broker Type

Deposits and Withdrawals

NSFX clients can fund their trading account using one of the convenient options below.

Wire transfer.
Credit/debit card.
Skrill.
Neteller.
Fast bank transfer.

The broker does not charge any deposit fees. Wire transfers can take two to three business days to reflect. Fast bank transfers can take up to 10 business days. Credit cards, debit cards and e wallets are instant.

Withdrawal requests are processed within one business day. Wire transfers and credit and debit cards are free of fees, but Neteller and Skrill cost 2.9%.

Customer Service

NSFX clients can contact the customer service desk via the international numbers provided for the broker’s UK, Spain, Germany and Russia offices. Clients can also contact the Malta head office number. There is also a range of email addresses provided. However, in our view, the level of customer service support is not up to scratch, as there is no call back service and no social media channels to be explored, features that have become increasingly common with similar brokers.

Commissions and Fees

NSFX has generally competitive fees. With average spreads on major currency pairs such as the EUR/USD ranging from 0.8 to 1.2, retail traders can be satisfied. The broker does not charge any fees on inactive accounts. It also does not charge any deposit fees. Withdrawal fees vary according to the payment method, with e-wallet services attracting a withdrawal fee of 2.9%, which could start to add up with larger transactions.

Leverage

The broker does not make it very clear what leverage levels are offered, except to say that its MT4 maximum is 1:100. As such, traders are advised to visit the broker’s Website to search for additional information on this important topic.

Platforms and Tools

NSFX offers two main trading platforms, as will be discussed below.

MT4: This popular and well-loved platform is suitable for entry level and highly experienced traders alike. It offers a strong selection of features, including fast and stable execution, comprehensive charting tools, real time quotes, helpful technical indicators, as well as automated trading signals and messages.

JFOREX: This proprietary platform offers a quality trading experience that easily integrates ECN and STP trading technology while offering tight spreads and deep liquidity. The platform works well for any level of trader, from novices to professionals. Some of its best features include direct trade placement within the spread, an integrated economic calendar, and a powerful range of technical indicators.

Mobile Trading

Both MT4 and JFOREX can be used “on-the-go” and are available for Android and iPhone users. Clients can trade on the full selection of market instruments using a mobile app for both these platforms. Many of the best features of the desktop and Web versions remain, meaning that news alerts, economic calendars and financial announcements are all available from the app.

Research and Development

NSFX has partnered with leading analytical provider Trading Central to boost its already-impressive research section. The powerful and detailed research page includes graphical analysis and twice-daily newsletters.

The section also features a technical analysis plug-in that traders can use to access market commentaries and technical indicators directly on the MT4 platform. They can even execute orders directly from live charts. The section also offers a Fundamental Analysis feature, which is a rolling selection of opinion-based analysis on important daily financial news. This is in addition to a detailed economic calendar.

One very useful feature is the NSFX Guardian Angel, which is a tool that gives traders automated guidance to help them better manage the risks and opportunities of each trade. However, the broker is keen to stress this is not investment advice, but just another way that it is offering useful investor assistance.

Education
The broker’s education section is also of a very high quality and features FOREX trading video courses with step-by-step guides on how traders can get ahead in their trading journey. Furthermore, the broker has commissioned a detailed FOREX eBook that is available for free. The section also features illustrated trading examples that help traders by clearly laying out winning calculations.

Final Thoughts

NSFX offers a well-designed product that is equally suitable to beginner traders, advanced traders and institutional partners. Its fees are competitive, and traders will get access to tight spreads on certain accounts as well as attractive non-trading fees. However, the broker is not well-regulated, giving clients cause to wonder if their funds are safe. This is most certainly an area of improvement for NSFX. Clients can access a range of CFD instruments covering FOREX, indices, metals, gold and stocks from key markets.

Clients can choose between MT4 for desktop and mobile, or NSFX’s own JFOREX platform. Traders can access a comprehensive range of research and education tools that are designed to answer all kinds of common questions. The material is well curated and professionally produced.

Conclusion

NSFX’s market access, platforms, prices and overall service is highly competitive. The company does a good job of serving entry-level traders and seasoned traders alike. It also serves institutional traders through its incentivized partner program.

NSFX has access to good liquidity and has useful trading platforms. The broker’s customer service desk could do with improved contact methods to better serve its markets. Overall, this broker is a good option for traders who are looking for an accessible and inexpensive broker.

NSFX in Brief

NSFX has created a balanced set of products that is helping it succeed in a competitive area. Traders will find good market access, intuitive platforms, competitive rates and good research materials. On the other hand, they will be rightly concerned with the broker’s weak regulation.

Review Methodology

The team at Arincen collected over 120 pieces of data covering in excess of 100 licensed FOREX companies. Data collection was done in three ways:

Companies’ Websites.
Other Websites that have ranked FOREX companies.
A survey questionnaire (referred to here as Survey “1”) we had sent to the companies invited to participate in the exercise.

We have identified 12 criteria for our assessment, each containing several aspects and carrying its own relative weight. These include licensing, deposits and withdrawals, number of assets etc.

Afterward we validated the data by:

Registering with FOREX companies as a secret shopper and/or as Arincen.
Survey number “2,” in which we asked these companies’ customers for important feedback and past experience.

The next step saw us evaluate and rank each company, relying on the hard work of 15 Arincen employees. We were very careful in ensuring the most accurate assessment possible, including taking into account different languages, as well as the various mobile-app operating systems, e.g., Apple, Samsung etc.

To add credibility to our research project, we sent a final and third survey (referred to here as Survey “3”) to enable participating FOREX companies evaluate our own research and whether it accurately reflects the realities on the ground. We were fortunate enough to receive a mark of 9.9 out of 10! We have kept to a minimum the margin of error, which stood at a measly 1%. To learn more on how we came up with the evaluation, please click here.

FAQ

Where is nsfx regulated?

NSFX is regulated in Malta by the tier-3 (low-trust) MFSA.

In what other ways does nsfx protect me?

The MFSA operates an investor protection fund that protects qualifying traders up to €20,000. NSFX is also MiFID-compliant, meaning it operates in the EEA market and strives to adhere to practices that foster greater financial transparency. In line with this, the broker adheres to the segregation of client funds, offers negative balance protection, and holds relationships with top-tier international banks.

Which countries does nsfx serve?

The broker serves clients from over 194 countries. Unfortunately, it does not accept US customers.

Does nsfx offer Cryptocurrency trading?

No. Cryptocurrency trading is not offered at this time.

Does nsfx provide any extra offerings?

At the time of writing, new retail clients stood to win a 15% Welcome Bonus, as well as receiving as much as a $1,000 bonus on their first qualifying deposit.

How do I fund my account?

NSFX clients can fund their trading account using one of the following options: wire transfer, credit/debit card, Skrill, Neteller and fast bank transfer.

Which trading platforms does nsfx offer?

The broker offers two main trading platforms: MT4 and JFOREX.

How can I access customer service?

Clients can contact the customer service desk via the international numbers provided for the broker’s UK, Spain, Germany and Russia offices. Clients can also contact the Malta head office number. There is also a range of email addresses provided.